TKG/BCX: Update Announcement: Acquisition by Telkom of the Entire Issued Share Capital of BCX BUSINESS CONNEXION GROUP LIMITED TELKOM SA SOC LIMITED (Incorporated in the Republic of (Incorporated in the Republic South Africa) South Africa) (Registration number (Registration number 1988/005282/06) 1991/005476/30) JSE code: BCX JSE code: TKG ISIN: ZAE0000154631 ISIN: ZAE000044897 (“BCX” or the “Company”) (“Telkom”) TKG/BCX: 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. Shareholders of BCX and Telkom (“Shareholders”) are referred to the various announcements released on the Stock Exchange News Service of the JSE Limited (“JSE”), regarding the Proposed Transaction. Further to these announcements, we wish to inform Shareholders that the South African Competition Commission has concluded its investigation of the Proposed Transaction and recommended that the acquisition by Telkom of the entire issued share capital of BCX is approved subject to conditions. The South African Competition Tribunal will set the matter down for hearing in due course (“Competition Tribunal Hearing”). After the completion of the Competition Tribunal Hearing, Shareholders will be advised on SENS of the outcome thereof and of the salient dates for the implementation of the transaction, if the Proposed Transaction is approved on terms acceptable to the parties. BCX and Telkom remain committed to the Proposed Transaction, and will engage and work with the applicable regulatory bodies accordingly. Further information with regards to the South African Competition Commission’s recommendation, will be available in due course at the following website: www.compcom.co.za BCX Telkom Midrand Pretoria 14 May 2015 14 May 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 Date: 14/05/2015 03:37:00 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.