TRANSACTION CAPITAL LIMITED - Trading Statement in respect of the 6 months ended 31 March 2014

Trading Statement in respect of the 6 months ended 31 March 2014

Transaction Capital Limited
(Incorporated in the Republic of South Africa)
 Registration number: 2002/031730/06
 JSE share code: TCP
 ISIN: ZAE000167391
 Tax reference number: 9466/298/15/6
 (“Transaction Capital” or “the company” or “group”)


TRADING STATEMENT IN RESPECT OF THE 6 MONTHS ENDED 31 MARCH 2014

In terms of paragraph 3.4(b) of the Listing Requirements of the JSE Limited, an issuer is required to
publish a trading statement as soon as it is satisfied that earnings per share (“EPS”) and/or headline
earnings per share (“HEPS”) for the next period to be reported on are expected, with a reasonable
degree of certainty, to differ by at least 20% from those of the previous corresponding period.

Accordingly, the table below provides guidance for the increases or decreases in the group's Basic
Earnings, Basic EPS, Headline Earnings and HEPS for the 6 months ended 31 March 2014.

It is important to note that Transaction Capital started the 2014 financial year with a portfolio of
assets substantially different from those reported on in the 2013 year. The change in portfolio was a
response to emergent opportunities to realise value for shareholders while reducing the range and
complexity of risks facing our group. Significant developments since the 2013 financial year end
date are highlighted below:

    -  The sale of Paycorp became effective on 1 November 2013, on which date proceeds of
        R937m were received, resulting in its earnings being disclosed under discontinued
        operations. In addition, the depreciation and amortisation in the entity was reversed as the
        business was classified as an asset held for sale from 1 July 2013 until the date of sale. Profit
        on sale of the business is included in profit from discontinued operations and is thus
        included in basic earnings but excluded from the calculation of headline earnings.

    -  The sale of Bayport became effective on 31 December 2013 with proceeds of R1 336 million
        for Transaction Capital’s 82.65% stake received on 10 January 2013. Bayport’s earnings is
        disclosed under discontinued operations. In addition, the depreciation and amortisation in
        the entity was reversed as the business was classified as an asset held for sale from 1
        October 2013 until the date of sale. Profit on sale of the business is included in profit from
        discontinued operations and is thus included in basic earnings but excluded from the
        calculation of headline earnings.
                                          6 months ended             Guidance
                                           31 March 2013       increase/(decrease)
                                               (Rand)          for 6 months ended
                                                                  31 March 2014
                                                                   (Percentage)
 Basic earnings – continuing                   R116m               25% to 30%
 Basic earnings – discontinued                 R117m              415% to 420%
 Basic earnings                                R233m              220% to 225%

 Basic EPS – continuing                     19.9 cents             25% to 30%
 Basic EPS – discontinued                   20.0 cents            420% to 425%
 Basic EPS                                  39.9 cents            225% to 230%

 Headline earnings – continuing                R116m               25% to 30%
 Headline earnings – discontinued              R117m             (80%) to (85%)
 Headline earnings                             R233m             (25%) to (30%)

 Headline EPS – continuing                  19.9 cents             25% to 30%
 Headline EPS – discontinued                20.0 cents           (80%) to (85%)
 Headline EPS                               39.9 cents           (25%) to (30%)

Shareholders are advised that the financial information on which this trading statement is based has
not been reviewed and reported on by the group’s external auditors.

Transaction Capital’s results for the 6 months ended 31 March 2014 are expected to be released on
the Stock Exchange News Service of the JSE Limited on Tuesday 6 May 2014.

Sandton
5 May 2014

Enquiries:
Phillipe Welthagen - Investor Relations
Telephone: +27 (0) 11 555 5004

Sponsor:
Deutsche Securities (SA) Proprietary Limited

Date: 05/05/2014 11:23:00 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.