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Financials
Directors' responsibility statement

for the year ended 31 March 2018

The directors are responsible for the preparation, integrity and fair presentation of the consolidated annual financial statements of the company and its subsidiaries. It is their responsibility to ensure that the financial statements fairly present the financial position of the group as at the end of the financial year, the results of the operations and the cashflow information is in conformity with International Financial Reporting Standards (IFRS) and Interpretations of IFRS standards, as issued by the International Accounting Standards Board, the SAICA financial reporting guides as issued by the Accounting Practices Committee, Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, the JSE Listings Requirements and the Companies Act of South Africa, 71 of 2008, as amended.

The annual financial statements are prepared based on appropriate accounting policies which have been consistently applied and have incorporated prudent judgements and estimates.

The external auditor has expressed an independent opinion on the consolidated annual financial statements of the group.

In order for the directors to discharge their responsibilities, management continues to develop and maintain a system of internal control aimed at reducing the risk of error or loss in a cost-effective manner. This is designed to provide reasonable but not absolute assurance that assets are safeguarded and that transactions are executed and recorded in accordance with generally accepted business practices and the group's policies and procedures.

The directors, primarily through the audit committee, which consists of independent non-executive directors, meet periodically with the external and internal auditors, as well as executive management to evaluate matters concerning accounting policies, internal controls, auditing and financial reporting.

The directors are of the opinion, based on information and explanations given by management and internal audit as well as discussions with the external auditor on the results of the audit, that the internal accounting controls are adequate, so that the financial records may be relied on for preparing the financial statements and maintaining accountability for assets and liabilities.

The directors are satisfied that the company and the group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, Telkom SA SOC Limited continues to adopt the going concern basis in preparing the annual financial statements.

Against this background, the directors of the group accept responsibility for the annual financial statements, which were approved by the board of directors on 25 May 2018 and are signed on its behalf by:

Jabu Mabuza

Chairman of the Telkom board

Sipho Maseko

Group chief executive officer

Centurion

25 May 2018