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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 Company”)

FURTHER VOLUNTARY TRADING UPDATE IN RESPECT OF WEBUYCARS FOR THE FIVE MONTHS
ENDED 29 FEBRUARY 2024

INTRODUCTION
Shareholders are referred to the voluntary trading update released by Transaction Capital on SENS on Tuesday,
13 February 2024 regarding WeBuyCars’ operating performance for the four months ended 31 January 2024.

This announcement aims to provide shareholders with a further business trading update for WeBuyCars for the
five months ended 29 February 2024 in light of the anticipated WeBuyCars bookbuild. The information
contained in this announcement has not been reviewed or reported on by the group’s external auditors and is
the responsibility of Transaction Capital’s board of directors.

FURTHER TRADING UPDATE
During February 2024 (29 days) WeBuyCars continued its strong performance with 14 354 vehicles purchased
and 13 132 vehicles sold. The sales number for February 2024 is pleasing, with sales per-day volumes in-line
with January 2024, and this positive momentum has continued into March 2024. Revenue for the month of
February 2024 was R1 855 million and core earnings was R66 million.

Year-to-date numbers are as follows:
 For the 5 months ended February                            2024          2023         2022 Movement
                                                                                            2024 vs 2023
    Financial performance
    Revenue                                       Rm        9 491        8 148        6 677            16%
    Core earnings                                 Rm          333          266          340            25%
    Core cost-to-income ratio                      %         64.0         58.5         49.5
    Cash generated from operating activities      Rm          305          401          106           -24%
    Net interest-bearing liabilities
                                                  Rm        1 154        1 261        1 119                -8%
    (excl IFRS 16)
    Operational performance
    Vehicles purchased                         Number     68 209        59 077       48 826            15%
    Vehicles sold                              Number     66 276        58 823       47 255            13%
    Stock days                                 Number          30           29           24
    Inventory                                     Rm        2 135        1 900        1 245            12%
    Inventory units                            Number     13 569        11 450        8 387            19%




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 F&I penetration on units sold                   %           19.3          21.4          16.6
 F&I units                                   Number        12 778        12 588         7 856              2%
 Vehicle parking bays                        Number        10 444         9 895         6 985              6%
 Buying pods                                 Number             74            59           24            25%
 Total e-commerce sales                      Number        17 695        12 151        14 303            46%
 Total e-commerce sales                            %          26.7          20.7         30.3

Core earnings grew by 25% in the first five months of the 2024 financial year, compared to the same five month
period in the 2023 financial year.

WeBuyCars’ balance sheet continues to be conservatively geared with net debt of R1 154 million consisting
primarily of mortgage loans of R733 million on several vehicle supermarkets, and working capital facilities of
R421 million to fund inventory. Inventory levels have increased to R2 135 million due to increased purchasing
activity. The decrease in cash generated from operating activities relative to the prior corresponding period,
and marginal increase in inventory days, is primarily due to the increase in inventory (more vehicles have been
purchased relative to sales).

We refer to note 9.1.1 of the Pre-listing Statement that was published on Transaction Capital and WeBuyCars’
websites on 12 March 2024 and wish to point shareholders to the data sheets in the investor relations section
of Transaction Capital’s website. These data sheets have previously been disclosed as part of Transaction
Capital’s half year and full year results reporting and show financial information relating to WeBuyCars for
comparable 12 month periods ending 30 September.

Sandton
18 March 2024

Transaction Advisor and Sponsor
PSG Capital

Legal Advisor as to South African law
ENSafrica

Legal Advisor as to US and UK law
Goodwin

Tax Advisor
Werksmans Attorneys

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




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