Repurchase of ordinary shares Blue Label Telecoms Limited (Incorporated in the Republic of South Africa) (Registration number 2006/022679/06) Share code: BLU ISIN: ZAE000109088 (“Blue Label”) REPURCHASE OF ORDINARY SHARES INTRODUCTION In terms of a general authority granted by Blue Label shareholders at the Company’s annual general meeting held on 22 January 2018, a special resolution was passed to approve the repurchase of its ordinary shares. AUTHORISED LIMITS In terms of the special resolution (a) The general authority is limited to a maximum of 20% of Blue Label’s’ issued ordinary share capital being 174,901,808. (b) Any repurchase may not be made at a price greater than 10% above the weighted average of the market value of the ordinary shares for the five business days immediately preceding the date of such repurchase. (c) The repurchase of shares being affected through the order book operated by the JSE trading system and done without any prior understanding or arrangement between Blue Label and the counter party. IMPLEMENTATION Details are as follows: Total number of ordinary shares repurchased during the period (22 August 2018 to 04 September 2018) 26,235,271 Total value of ordinary shares repurchased R182,960,971 Highest price paid per ordinary share R7.28 Lowest price paid per ordinary share R6.80 Average price paid per ordinary share including costs R7.01 The number of ordinary shares which may still be purchased by Blue Label in terms of the general authority 148,666,537 The percentage of ordinary shares which may still be repurchased by Blue Label in terms of the general authority 17% Ordinary shares in issue on 31 May 2018, the date of Blue Label’s most recent published financial year end results 946,509,041 Ordinary shares in issue on 30 November 2017, the date of Blue Label’s most recent published half year end results 874 509 041 Treasury shares held after the repurchase 9,452,963 SOURCE OF FUNDS The repurchases to date have been funded from available cash resources and it is intended that all future purchases will also be funded from available cash resources. OPINION OF THE DIRECTORS The directors of Blue Label have considered the impact of the share repurchase and are of the opinion that: - Blue Label and its subsidiaries will be able, in the ordinary course of business, to repay its debts for a period of 12 months from date of this announcement. - The assets of Blue Label and its subsidiaries are in excess of the liabilities, measured in accordance with the accounting policies used in the audited results for the year ended 31 May 2018. - The ordinary share capital and reserves of Blue Label and its subsidiaries will be adequate for a period of 12 months from the date of this announcement. - The working capital of Blue Label and its subsidiaries will be adequate for a period of 12 months from the date of this announcement. FINANCIAL INFORMATION Blue Label’s cash balance decreased by R183,945,230 as a result of the repurchase and costs related thereto. The repurchased shares will be cancelled and the listing under the JSE will be terminated. For and on behalf of the Board Sandton 05 September 2018 Sponsor: Investec Bank Limited Date: 05/09/2018 03:30:00 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.