Update on cautionary announcement Telkom SA SOC Limited (Incorporated in the Republic of South Africa) (Registration number 1991/005476/30) JSE Share Code: TKG JSE Bond Code: BITEL ISIN: ZAE000044897 (“Telkom” or the “Company”) UPDATE ON CAUTIONARY ANNOUNCEMENT Further to the cautionary announcement released by the Company on SENS on 12 November 2019, shareholders are advised that Telkom is in discussions with Cell C Limited ("Cell C") regarding the potential acquisition of Cell C ("Potential Acquisition"). Telkom has substantially concluded its due diligence, however discussions are at a preliminary stage. The Potential Acquisition will be subject to Cell C completing a financial restructuring to ensure that its gearing levels are reduced to a sustainable level as specified by Telkom and commercial contractual relationships are renegotiated to terms acceptable to Telkom. The Potential Acquisition will be subject to a number of regulatory approvals. The Potential Acquisition, if concluded, may have a material effect on the price of the Company’s securities. Accordingly, shareholders are advised to continue to exercise caution when dealing in the Company’s securities until a further announcement is made. 15 November 2019 Centurion Sponsor: Nedbank Corporate and Investment Banking, a division of Nedbank Limited Date: 15/11/2019 10:19:00 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.