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 No: 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 the Company and director of a major subsidiary of the Company have exercised share appreciation rights ("SARs") in terms of the Transaction Capital Share Appreciation Rights Plan. Name of director David Hurwitz Name of company Transaction Capital Limited, TCRS Holdings (Pty) Ltd, TCRS (Pty) Ltd and SA Taxi Holdings (Pty) Ltd Date transaction was effected 25 June 2020 Class of security SARs in respect of ordinary shares Share price R18.08 Number of shares to be delivered 114 044 Total value of transaction R2 061 916 Nature of transaction Off market exercise of SARs (and receipt of corresponding Transaction Capital ordinary shares) Nature of interest Direct beneficial Clearance obtained Yes Name of director David McAlpin Name of company TCRS Holdings (Pty) Ltd and TCRS (Pty) Ltd Date transaction was effected 25 June 2020 Class of security SARs in respect of ordinary shares Share price R18.08 Number of shares to be delivered 91 235 Total value of transaction R1 649 529 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 26 June 2020 Enquiries: Phillipe Welthagen - Investor Relations Telephone: +27 (0) 11 049 6700 Sponsor: RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 26-06-2020 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.