Exercise of share appreciation rights in terms of the Transaction Capital Share Appreciation Rights Plan Transaction Capital Limited (Incorporated in the Republic of South Africa) Registration number: 2002/031730/06 JSE share code: TCP ISIN: ZAE000167391 (“Transaction Capital” or “the company”) EXERCISE OF SHARE APPRECIATION RIGHTS IN TERMS OF THE TRANSACTION CAPITAL SHARE APPRECIATION RIGHTS PLAN In compliance with paragraphs 3.63 to 3.65 of the JSE Limited Listings Requirements, notification is hereby given that the following directors of the company and of major subsidiaries have exercised share appreciation rights (“SARs”) on 25 November 2016 in terms of the Transaction Capital Share Appreciation Rights Plan. Name of director Ronen Goldstein Name of company Transaction Capital Limited Date of grant 18 November 2013 Date transaction was effected 25 November 2016 Class of security SARs in respect of ordinary shares Number of SARs 70 180 Exercise Price R14.40 Grant Price R4.21 Number of shares to be delivered 49 668 Total Value R715 219 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 Date of grant 11 July 2013 Date transaction was effected 25 November 2016 Class of security SARs in respect of ordinary shares Number of SARs 939 607 Exercise Price R14.40 Grant Price R3.69 Number of shares to be delivered 698 893 Total Value R10 064 059 Nature of transaction Off market exercise of SARs Nature of interest Direct beneficial Clearance obtained Yes 2 Name of director Carl de Villiers Name of company Transaction Capital Recoveries Proprietary Limited Date of grant 18 November 2013 Date transaction was effected 25 November 2016 Class of security SARs in respect of ordinary shares Number of SARs 140 360 Exercise Price R14.40 Grant Price R4.21 Number of shares to be delivered 99 335 Total Value R1 430 424 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 of grant 18 November 2013 Date transaction was effected 25 November 2016 Class of security SARs in respect of ordinary shares Number of SARs 280 721 Exercise Price R14.40 Grant Price R4.21 Number of shares to be delivered 198 670 Total Value R2 860 848 Nature of transaction Off market exercise of SARs Nature of interest Direct beneficial Clearance obtained Yes Name of director Terry Kier Name of company SA Taxi Finance Holdings Proprietary Limited Date of grant 18 November 2013 Date transaction was effected 25 November 2016 Class of security SARs in respect of ordinary shares Number of SARs 979 049 Exercise Price R14.40 Grant Price R4.21 Number of shares to be delivered 692 885 Total Value R9 977 544 Nature of transaction Off market exercise of SARs Nature of interest Direct beneficial Clearance obtained Yes 3 Name of director Riek Olivier Name of company SA Taxi Finance Holdings Proprietary Limited Date of grant 18 November 2013 Date transaction was effected 25 November 2016 Class of security SARs in respect of ordinary shares Number of SARs 187 147 Exercise Price R14.40 Grant Price R4.21 Number of shares to be delivered 132 447 Total Value R1 907 237 Nature of transaction Off market exercise of SARs Nature of interest Direct beneficial Clearance obtained Yes Name of director Dawid Spangenberg Name of company SA Taxi Finance Holdings Proprietary Limited Date of grant 11 July 2013 Date transaction was effected 25 November 2016 Class of security SARs in respect of ordinary shares Number of SARs 626 404 Exercise Price R14.40 Grant Price R3.69 Number of shares to be delivered 465 929 Total Value R6 709 378 Nature of transaction Off market exercise of SARs Nature of interest Direct beneficial Clearance obtained Yes Dunkeld West 28 November 2016 Enquiries: Phillipe Welthagen - Investor Relations Telephone: +27 (0) 11 049 6700 Sponsor: Deutsche Securities (SA) Proprietary Limited Date: 28/11/2016 04:05:00 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.