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 number: 2016/130129/06
  JSE share code: TCP                                               Bond company code: TCII
  ISIN: ZAE000167391                                                LEI: 378900AA31160C6B8195
  (“Transaction Capital” or “the group”)

TRADING STATEMENT IN RESPECT OF THE FULL YEAR ENDED 30 SEPTEMBER 2023

Shareholders were advised in the pre-close update in respect of the full year ending 30 September 2023
(“FY2023”), released on SENS on 11 September 2023, that a further trading statement would be released
once there was reasonable certainty on the specific ranges, in line with section 3.4 (b) (iii) of the JSE Limited
Listings Requirements. In this regard, a further trading statement is provided below.
                                                             Full year ended            Full year ended             Full year ended
                                                         30 September 2023          30 September 2023           30 September 2022
                                                                    Expected                   Expected                       Actual
                                                              number range            percentage range                     reported
Continuing earnings1
Headline earnings3                                      -R784m to -R703m                 -148% to -143%                     R1 621m
HEPS                                            -103.3 cents to -92.5 cents              -146% to -141%                   224.4 cents
Basic earnings                                          -R958m to -R874m                 -157% to -152%                     R1 676m
Basic EPS                                      -126.1 cents to -114.9 cents              -154% to -149%                   232.0 cents
Core earnings2                                            R220m to R282m                   -82% to -77%                     R1 246m
Core EPS2                                          29.0 cents to 37.2 cents                -83% to -78%                   172.5 cents

Total earnings
Headline earnings3                                      -R792m to -R713m                 -150% to -145%                     R1 588m
HEPS                                            -104.3 cents to -93.9 cents              -148% to -143%                   219.8 cents
Basic earnings                                          -R966m to -R884m                 -159% to -154%                     R1 643m
Basic EPS                                      -127.1 cents to -116.3 cents              -156% to -151%                   227.4 cents
Core earnings2                                            R212m to R272m                   -83% to -78%                     R1 213m
Core EPS2                                          27.9 cents to 36.0 cents                -83% to -78%                   167.9 cents

Net asset value4                                      R8 624m to R9 211m                    -26% to -21%                  R11 729m
Net asset value per share                    1 130.3 cents to 1 207.3 cents                 -27% to -22%               1 548.6 cents
 1.   Earnings from continuing operations exclude results from discontinued operations.
 2.   Core earnings from continuing operations is a non-IFRS measure which is calculated by adjusting headline earnings with the
      following:
      •    Once-off transaction costs which are directly attributable to corporate activity,
      •    Adjustments on put and call options over non-controlling interests,
      •    Once-off or accelerated items, where these are reasonably expected not to re-occur in the ordinary course of business in
           future reporting periods, and
      •    Adding back specified headline earnings exclusions, if the gain/loss is considered part of Transaction Capital’s normal
           operations.
 3.   Headline earnings is calculated as basic earnings in terms of IAS33-Earnings Per Share less all re-measurements as defined in
      the SAICA Revised IFRS Circular 1/2023-Headline Earnings. FY2023 basic and headline earnings include material adjustments
      relating to the re-basing of SA Taxi’s business.
 4.   Relates to the net asset value attributable to ordinary equity holders of the parent adjusted for put and call options.



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Transaction Capital owns majority stakes in three separate underlying businesses: Mobalyz (SA Taxi and
Gomo), WeBuyCars and Nutun.

SA Taxi
In March 2023 Transaction Capital announced the aggressive restructuring of SA Taxi in response to an
industry-wide structural shift in the South African minibus taxi industry. The persistently challenging economic
environment continues to negatively impact taxi operators’ ability to afford new minibus taxis. Accordingly,
SA Taxi has moved away from financing new minibus taxis to financing only pre-owned vehicles, creating
affordability in this market segment. This change in strategy, together with lower volumes, has resulted in
additional significant write downs of repossessed vehicle stock. The challenging economic environment
resulted in SA Taxi’s continued underperformance in H2 2023.


With the strategic focus on pre-owned taxis at lower volumes, and the progress made in simplifying and
downscaling SA Taxi’s auto refurbishment and repair facilities, this business will no longer be sold. The auto
refurbishment and repair business had been classified as a discontinued operation in H1 2023 and has now
been reclassified as part of continuing operations.


Progress has been made in restructuring SA Taxi’s balance sheet. SA Taxi’s long-term viability depends on the
successful restructuring of the balance sheet underpinned by the ongoing support of existing debt funders.
Transaction Capital remains fully committed to SA Taxi; however, no shareholder funding beyond March 2023
has been provided.

WeBuyCars
Transaction Capital previously guided that WeBuyCars’ FY2023 earnings were expected to be approximately
20% down in comparison to the prior year, in line with H1 2023 performance. WeBuyCars experienced a
better than anticipated last trading quarter resulting in improved earnings in H2 2023.

Nutun
Nutun’s performance for FY2023 remains in line with the guidance provided by management in the pre-close
update released on SENS on 11 September 2023.

This trading statement has not been reviewed or reported on by the external auditors and is the responsibility
of the directors.

RESULTS ANNOUNCEMENT
Transaction Capital’s results for the full year ended 30 September 2023 will be released on SENS on Tuesday,
5 December 2023.
Shareholders may register on the link below for the live results presentation:
Early Registration | Annual results 2023 (themediaframe.com)
A replay will be available shortly after the end of the call on the Transaction Capital website:
https://www.transactioncapital.co.za/investor-relations-overview/transaction-capital-limited/

Rosebank
29 November 2023

Enquiries:
Nomonde Xulu - Investor Relations
Email: nomondex@transactioncapital.co.za

JSE sponsor: Investec Bank Limited
JSE debt sponsor: Rand Merchant Bank (A division of FirstRand Bank Limited)




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