BUSINESS CONNEXION GROUP LIMITED (Incorporated in the Republic of South Africa) (Registration number 1988/005282/06) JSE code: BCX ISIN: ZAE0000154631 ("BCX" or the "Company") TELKOM SA SOC LIMITED (Incorporated in the Republic South Africa) (Registration number 1991/005476/30) JSE code: TKG ISIN: ZAE000044897 ("Telkom")


JOINT UPDATE ANNOUNCEMENT: ACQUISITION BY TELKOM OF THE ENTIRE ISSUED SHARE CAPITAL OF BCX 1. INTRODUCTION

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

2. UPDATE ON REGULATORY APPROVALS

On the 14 May 2015 an announcement was released on the SENS advising shareholders that the Competition Commission has recommended to the Competition Tribunal that the Proposed Transaction be approved, with conditions. The Competition Tribunal hearing has been set down for
30 July 2015 to 07 August 2015.
The following regulatory approvals still remain outstanding:
- The Competition Tribunal of South Africa; and
- to the extent required, The Independent Communications Authority of South Africa ("ICASA").
Upon receipt of the above approvals, final approval of the Proposed Transaction will be sought from the Takeover Regulation Panel.

3. AMENDMENT TO THE IMPLEMENTATION AGREEMENT

Shareholders are advised that the Implementation Agreement, as amended by addenda, has been further amended to extend the Long Stop Date from 30 June 2015 to 31 August 2015 to cater for the outstanding regulatory approvals as stated above.
Midrand
30 June 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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