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 APPRECIATIO N RIGHTS IN TERMS OF THE TRANSACTION CAPIT AL 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 director of the company has exercised share appreciation rights (“SARs”) on 30 November 2016 in terms of the Transaction Capital Share Appreciation Rights Plan. Name of director David Hurwitz Name of company Transaction Capital Limited Dates of grant 11 July 2013 in respect of 2 004 494 SARs (“Tranche 1”) ; and 18 November 2013 in respect of 979 049 SARs (“Tranche 2”) Date transaction was effected 30 November 2016 Class of security SARs in respect of ordinary shares Number of SARs 2 983 543 Exercise Price R14.72 Grant Price R3.69 in respect of Tranche 1; and R4.21 in respect of Tranche 2. Number of shares to be delivered 2 200 860 Total Value R32 396 659 Nature of transaction Off market exercise of SARs Nature of interest Direct beneficial Clearance obtained Yes Post the exercise of the abovementioned SARs, David Hurwitz owns (directly and indirectly) approximately 4.7 million shares in the company. Dunkeld West 2 December 2016 Enquiries: Phillipe Welthagen - Investor Relations Telephone: +27 (0) 11 049 6700 Sponsor: Deutsche Securities (SA) Proprietary Limited Date: 02/12/2016 08:57:00 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.