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 a major subsidiary of the company has exercised share appreciation rights (“SARs”) on 25 May 2017 in terms of the Transaction Capital Share Appreciation Rights Plan. Name of director Carl de Villiers Name of company Transaction Capital Recoveries Proprietary Limited Date of grant 6 May 2014 Date transaction was effected 25 May 2017 Class of security SARs in respect of ordinary shares Number of SARs 250 000 Exercise Price R14.70 Grant Price R5.41 Number of shares to be delivered 158 001 Total Value R2 322 615 Nature of transaction Off market exercise of SARs Nature of interest Direct beneficial Clearance obtained Yes Dunkeld West 29 May 2017 Enquiries: Phillipe Welthagen - Investor Relations Telephone: +27 (0) 11 049 6700 Sponsor: Deutsche Securities (SA) Proprietary Limited Date: 29/05/2017 01:17:00 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.