TELKOM SA SOC LIMITED - Telkom appoints a single credit rating agency

Telkom appoints a single credit rating agency

Telkom SA SOC Limited
(Incorporated in the Republic of South Africa)
(Registration number 1991/005476/30)
JSE Bond Code: BITEL
JSE Share Code: TKG
ISIN ZAE000044897
("Telkom")

TELKOM SA SOC LIMITED APPOINTS A SINGLE CREDIT RATING AGENCY

In accordance with paragraph 6.29 of the JSE Debt and Specialist Securities Listings Requirements
("the DSS Requirements"), Telkom would like to advise its shareholders and noteholders of its decision
to no longer have two crediting rating agencies in line with the company's broader cost reduction
initiatives. As a result, Telkom will continue and have appointed S&P Global Ratings (S&P) as the sole
credit rating agency and terminate the Moody's Ratings (Moody's) credit rating agency services
effective 11 December 2024.

In compliance with the DSS Requirements, the S&P National Scale Rating of za.AAA will replace the
current Moody's rating of Aa2.za contained in the Domestic Medium Term Note Programme and
Applicable Pricing Supplements.

Moody's last issued a Credit Opinion on Telkom in July 2024 with a corporate family rating of Ba2, a
national scale rating of Aa2.za and a stable outlook.

S&P's most recent ratings publication was issued in September 2024 and affirmed Telkom's 'BB' long-
term global scale issuer credit rating with a stable outlook and subsequently issued a National Scale
Rating ("NSR") of 'za.AAA' in December 2024. Both the reports can be found on the Telkom website
https://group.telkom.co.za/ir/debt-investors/debt-securities.html.


11 December 2024

Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 11-12-2024 04:00:00
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