Clarification announcement: Firm intention by Telkom to make a cash offer to acquire the entire issued share capital BUSINESS CONNEXION GROUP LIMITED (Incorporated in the Republic of South Africa) (Registration number 1988/005282/06) JSE code: BCX ISIN: ZAE0000154631 ("BCX" or the "Company") CLARIFICATION ANNOUNCEMENT: FIRM INTENTION BY TELKOM TO MAKE A CASH OFFER TO ACQUIRE THE ENTIRE ISSUED SHARE CAPITAL OF BCX Unless defined, terms used in this announcement shall bear the same meaning as per the circular published by BCX on 11 July 2014 (“Circular”). BCX shareholders are referred to the joint announcement released on the Stock Exchange News Service of the JSE Limited ("SENS"), dated 11 August 2014, relating to the results of the general meeting (“General Meeting Announcement”). In addition to the announcement released on SENS on 20 October 2014, we wish to inform BCX shareholders that both parties are awaiting the following approvals: - Approval from the Competition Commission of South African - Approval from the Competition Authority in Botswana - Approval from the Common Market for Eastern and Southern Africa (COMESA) Commission - The Independent Communications Authority of South Africa (ICASA). Upon receipt of the above approvals, final approval will be sought from the Takeover Regulations Panel (TRP) and the Johannesburg Stock Exchange (JSE). Unconditional approvals have been obtained from the following regulatory bodies: - The Namibian Competition Commission on 8 October 2014 - The Tanzania Fair Competition Commission on 13 October 2014 The transaction is still on track as we await the appropriate regulatory approvals noted above. Midrand 21 October 2014 Investment bank and corporate advisor to BCX: Investec Bank Limited Transaction sponsor to BCX: Investec Bank Limited Sponsor to BCX: One Capital Sponsor Services (Proprietary) Limited Legal advisor to BCX and Telkom: Edward Nathan Sonnenbergs Incorporated Date: 21/10/2014 08:00:00 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.