BUSINESS CONNEXION GROUP LIMITED - Business Connexion/Telkom SA - Joint update ann: Acquisition by Telkom of the entire issued share capital of BCX

Business Connexion/Telkom SA - Joint update ann: Acquisition by Telkom of the entire issued share capital of BCX

   BUSINESS CONNEXION GROUP LIMITED                             TELKOM SA SOC LIMITED
    (Incorporated in the Republic of South              (Incorporated in the Republic South Africa)
                    Africa)                                (Registration number 1991/005476/30)
    (Registration number 1988/005282/06)                               JSE code: TKG
                JSE code: BCX                                       ISIN: ZAE000044897
             ISIN: ZAE0000154631                                         ("Telkom")
          ("BCX" or the "Company")



Joint update announcement: Acquisition by Telkom of the entire issued share capital of BCX

Unless defined herein, terms used in this announcement shall bear the same meaning as defined in
the circular published by BCX on 11 July 2014 (“Circular”).

We wish to inform shareholders of BCX and Telkom (“Shareholders”) that the Competition Tribunal of
South Africa has approved the acquisition by Telkom of the entire issued share capital of BCX with
conditions, which conditions are acceptable to Telkom and BCX.

The last remaining condition precedent to the Proposed Transaction is the issue of a compliance
certificate by the Takeover Panel in terms of section 119(4)(b) of the Companies Act, which the
parties will approach the Takeover Panel on in due course.

Shareholders will be advised on SENS of progress made in respect of the remaining conditions
precedent and a finalisation announcement will be made in due course. Upon fulfilment of the
remaining condition precedent, the Affected Transaction Call Option shall become unconditional and
the provisions of paragraph 6.4.2 of the Circular shall not be applicable.



BCX                                                        Telkom
Midrand                                                    Pretoria
4 August 2015                                              4 August 2015


Investment bank and corporate advisor to BCX: Investec Bank Limited

Transaction sponsor to BCX: Investec Bank Limited

Investment bank and corporate advisor to Telkom: Absa Bank Limited

Transaction sponsor to Telkom: Absa Bank Limited

Legal advisor to BCX and Telkom: Edward Nathan Sonnenbergs Incorporated

Sponsor to BCX: One Capital Sponsor Services (Proprietary) Limited

Sponsor to Telkom: The Standard Bank of South Africa Limited

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