Exercise of share appreciation rights and conditional share awards Transaction Capital Limited TransCapital Investments Limited (Incorporated in the Republic of South Africa) (Incorporated in the Republic of South Africa) (Registration number: 2002/031730/06) (Registration No. 2016/130129/06) JSE share code: TCP Bond Company code: TCII ISIN: ZAE000167391 ("Transaction Capital" or "the Company") EXERCISE OF SHARE APPRECIATION RIGHTS AN D CONDITIONAL SHARE AWARDS In compliance with the JSE Limited Listings Requirements, notification is hereby given that the following directors of the Company and directors of major subsidiaries of the Company have exercised share appreciation rights ("SARs") and conditional share plan awards ("CSPs") in terms of the Transaction Capital Share Appreciation Rights Plan and the Transaction Capital Conditional Share Plan. Share appreciation rights Name of director David Hurwitz Name of company Transaction Capital Limited Date transaction was effected 27 May 2019 Class of security SARs in respect of ordinary shares Share price R20.16 Number of shares to be delivered 187 278 Total value R3 775 524 Nature of transaction Off market exercise of SARs Nature of interest Direct beneficial Clearance obtained Yes Name of director Mark Herskovits Name of company Transaction Capital Limited and SA Taxi Finance Holdings Proprietary Limited Date transaction was effected 27 May 2019 Class of security SARs in respect of ordinary shares Share price R20.16 Number of shares to be delivered 156 065 Total value R3 146 270 Nature of transaction Off market exercise of SARs Nature of interest Direct beneficial Clearance obtained Yes Name of director Lorenzo Cardoso Name of company SA Taxi Finance Holdings Proprietary Limited Date transaction was effected 28 May 2019 Class of security SARs in respect of ordinary shares Share price R19.77 Number of shares to be delivered 109 307 Total value R2 160 999 Nature of transaction Off market exercise of SARs Nature of interest Direct beneficial Clearance obtained Yes Conditional shares Name of director Mark Herskovits Name of company Transaction Capital Limited and SA Taxi Finance Holdings Proprietary Limited Date transaction was effected 29 May 2019 Class of security CSPs in respect of ordinary shares Share price R19.97 Number of shares to be delivered 27 916 Total value R557 483 Nature of transaction Off market exercise of CSPs Nature of interest Direct beneficial Clearance obtained Yes Name of director Lorenzo Cardoso Name of company SA Taxi Finance Holdings Proprietary Limited Date transaction was effected 29 May 2019 Class of security CSPs in respect of ordinary shares Share price R19.97 Number of shares to be delivered 16 749 Total value R334 478 Nature of transaction Off market exercise of CSPs Nature of interest Direct beneficial Clearance obtained Yes Dunkeld West 30 May 2019 Enquiries: Phillipe Welthagen - Investor Relations Telephone: +27 (0) 11 049 6700 Sponsor: RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 30/05/2019 01:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.