

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) Ltd is a wholly owned (100%) subsidiary of the Public Investment Corporation holding 8.9% of the Group's issued share capital. Black Ginger 33 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 4.0% of the Group's issued share capital directly.
Rossal No 65 (Pty) Ltd holds 7,442,974 shares, 1.4% of the Group's issued share capital which were purchased for the Telkom Conditional Share Plan. Acajou Investments (Pty) Ltd holds 8,143,556 shares, 1.6% of the Group's issued share capital for the Telkom Conditional Share Plan.
The free float of 44.3% makes up the remainder of the Group's issued share capital. Included in the free float are 12,554,616 shares held by 85,540 retail shareholders representing 2.4% of the Group's issued share capital.