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Cautionary Announcement

Shareholders are advised that Telkom has entered into negotiations with MTN South Africa (MTN) regarding agreements involving the potential outsourcing of the operation of the Telkom radio access network (RAN) to MTN and a potential expansion of the existing roaming relationship between the parties to include bilateral roaming.

If successfully concluded, this may have a material effect on the price of Telkom's securities. Accordingly, shareholders are advised to exercise caution when dealing in Telkom's securities until a further announcement is made.


06 March 2014

The Standard Bank of South Africa Limited