Moody’s Recalibrates South Africa’s National Rating Scale and Repositions National Scale Ratings of Non-Financial Co Telkom SA SOC Limited Registration number 1991/005476/30) JSE Bond code: TL20 ISIN: ZAG000021528 (“Telkom” or “the Company”) Moody’s Recalibrates South Africa’s National Rating Scale and Repositions National Scale Ratings of Non-Financial Corporates Noteholders are advised of Moody’s Investor Services (“Moody’s”) recent decision to recalibrate the National Scale Rating (“NSR’s”) of 17 South African non-Financial corporates in conjunction with the recalibration of the South African national rating scale. In addition to the above, Moody’s has also assigned global scale ratings (GSR’s) to these issuers for the first time. As a consequence to this methodology adjustment, Telkom’s NSR Issuer Rating (local currency) has been repositioned to Aa2.za from A2.za. (Telkom’s new NSR (Aa2.za) is one notch higher on the rating scale than the previous NSR (A2.za.) The principal methodology used in rating Telkom was Global Telecommunications Industry published in December 2010 and the last rating action taken was on 1 October 2012. The detailed press release regarding this is available for viewing on the Moody’s website: https://www.moodys.com/research/Moodys-recalibrates-South-Africas- national-rating-scale-and-repositions-national--PR_348432 Centurion 12 May 2016 Debt Sponsor The Standard Bank of South Africa Limited Date: 12/05/2016 03:05:00 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.