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Further Cautionary Announcement

Further to the cautionary announcement dated Friday 7 March 2014, shareholders of Telkom are advised that Telkom and MTN South Africa ("MTN") are still in discussions regarding the potential extension of their existing roaming agreement to include bilateral roaming and outsourcing of the operation of Telkom's radio access network (the "Proposed Transaction").

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

Telkom intends releasing its results for the year ended 31 March 2014 on or about 13 June 2014. Further information relating to the Proposed Transaction may likely be disclosed in the results announcement, depending on the status of negotiations at that time.

Pretoria

23 April 2014

Sponsor
The Standard Bank of South Africa Limited