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Trading statement

In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited ("JSE"), companies are required to publish a trading statement as soon as they become reasonably certain that the financial results for the period to be reported on next will differ by at least 20% from those of the prior corresponding period.

Accordingly, shareholders are advised that Headline Earnings per Share ("HEPS") and Basic Earnings per Share ("BEPS") for the six months ended 30 September 2014 ("2015 interim reporting period") are expected to be at least 20% lower than those of the prior corresponding period.

The expected decrease in the results for the 2015 interim reporting period is due to the net curtailment gain of R2.2 billion recognised on the post retirement medical aid liability in the prior corresponding period.

Excluding the R2.2 billion gain in the six months ended 30 September 2013, BEPS for the 2015 interim reporting period would have been at least 20% higher than the prior corresponding period. The increase is mainly attributable to lower payments to other operators resulting from the decrease in mobile termination rates and lower asset write offs.

An updated detailed trading statement confirming a more specific range for HEPS and BEPS will be released once the Group has reasonable certainty of the result to be reported on.

The Group's interim results will be published on or about 17 November 2014.

This trading statement has not been reviewed or reported on by the external auditors of Telkom.

Pretoria

10 October 2014

Sponsor
The Standard Bank of South Africa Limited