BUSINESS CONNEXION GROUP LIMITED (Incorporated in the Republic of South Africa) (Registration number 1988/005282/06) JSE code: BCX ISIN: ZAE0000154631 ("BCX") TELKOM SA SOC LIMITED (Incorporated in the Republic South Africa) (Registration number 1991/005476/30) JSE code: TKG ISIN: ZAE000044897 ("Telkom") Update announcement: Acquisition by Telkom of the entire issued share capital of BCX

Unless defined herein, terms used in this announcement shall bear the meanings ascribed to them in the circular published by BCX on 11 July 2014.
Shareholders of BCX and Telkom ("Shareholders") are referred to the announcements released on the Stock Exchange News Service ("SENS") of the JSE Limited dated:

11 August 2014, relating to the results of the general meeting;

20 October 2014, being an update announcement relating to the regulatory approvals;

21 October 2014, being a clarification announcement relating to the update announcement ref erred to above; and

30 January 2015, relating to the extension of the Long Stop Date from 30 January 2015 to 31

March 2015.
Further to these announcements, we wish to inform Shareholders that the COMESA Competition
Commission has unconditionally approved the Proposed Transaction.
The last remaining conditions precedent to the Proposed Transaction are (i) the approval of the South Africa Competition Authorities; (ii) to the extent required, the approval by the Independent Communication Authority of South Africa (ICASA) and (iii) the issue of a compliance certificate by the Takeover Regulation Panel in terms of section 119(4)(b) of the Companies Act. Shareholders will be advised on SENS of progress made in respect of the remaining conditions precedent.
BCX Telkom
Midrand Pretoria
16 March 2015 16 March 2015
Investment bank and corporate advisor to BCX: Investec Bank Limited
Transaction sponsor to BCX: Investec Bank Limited
Investment bank and corporate advisor to Telkom: Absa Bank Limited
Transaction sponsor to Telkom: Absa Bank Limited
Legal advisor to BCX and Telkom: Edward Nathan Sonnenbergs Incorporated
Sponsor to BCX: One Capital Sponsor Services (Proprietary) Limited
Sponsor to Telkom: The Standard Bank of South Africa Limited

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