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Further cautionary announcement relating to negotiations with MTN South Africa(MTN)

Shareholders are referred to the various cautionary announcements published on the Securities Exchange News Service of the JSE Limited , the last of which was released on 13 June 2014.

Shareholders are advised that Telkom and MTN South Africa remain 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, which if successfully concluded may have a material effect on the price of Telkom's securities. The parties are following the legally required regulatory approval processes, and as such would expect responses within the normal course of such proceedings.

Accordingly, shareholders are advised to continue to exercise caution when dealing in Telkom securities until a further announcement in this regard is made.

Pretoria

25 July 2014

Sponsor
The Standard Bank of South Africa Limited