Exercise of share appreciation rights in terms of the Transaction Capital Share Appreciation Rights Plan 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 JSE debt code: TCII 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 director of major subsidiaries of the Company has exercised share appreciation rights (“SARs”) in terms of the Transaction Capital Share Appreciation Rights Plan. Name of director Lorenzo Cardoso Name of company SA Taxi Holdings (Pty) Ltd and SA Taxi Development Finance (Pty) Ltd Date transaction was effected 3 December 2019 Class of security SARs in respect of ordinary shares Share price R21.53 Number of shares to be delivered 78 410 Total value of transaction R1 688 167 Nature of transaction Off market exercise of SARs (and receipt of corresponding Transaction Capital ordinary shares) Nature of interest Direct beneficial Clearance obtained Yes Dunkeld West 4 December 2019 Enquiries: Phillipe Welthagen - Investor Relations Telephone: +27 (0) 11 049 6700 Sponsor: RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 04-12-2019 05:30:00 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.