

The Board of Directors will continue to provide value to our shareholders and service to the country as a strategic national asset.
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The Government of the Republic of South Africa is the largest shareholder in Telkom, holding 39.8% of the company's issued share capital. The Government is the Class A shareholder.
Black Ginger 33 (Pty) Limited is a wholly owned (100%) subsidiary of the Public Investment Corporation holding 8.9% of the company's issued share capital. Black Ginger is the Class B shareholder.
The Public Investment Corporation (PIC) is an investment management company wholly owned by the Government. It invests funds on behalf of public sector entities. The PIC holds 6.7% of the company's issued share capital.
The Elephant Consortium is a Black Economic Empowerment group, which through Newshelf 772 (Pty) Ltd holds 7.2% of Telkom's issued share capital.
Rossal No 65 (Pty) Ltd holds 11,646,680 shares, 2.2% of the company's issued share capital and Acajou Investments (Pty) Ltd holds 8,143,556 shares, 1.6% of the company's issued share capital, which were purchased for the Telkom Conditional Share Plan.
The free float of 33.6% makes up the remainder of the company's issued share capital. Included in the free float are 11,570,245 shares held by 91,625 retail shareholders representing 2.2% of the company's issued share capital.