TeleMasters : Closed Period Share Repurchase Programme

TELEMASTERS HOLDINGS LIMITED

(Incorporated in the Republic of South Africa)

Registration number 2006/015734/06

Share code: TLM & ISIN Number: ZAE000093324 ("TeleMasters" or "the Company" or "the Group")

CLOSED PERIOD SHARE REPURCHASE PROGRAMME

In accordance with the general authority to repurchase shares granted to the board of directors at the annual general meeting of the Company held on 10 December 2021 ("the AGM"), the Company, acting either directly or through a subsidiary company, may purchase up to 5% of its shares in issue as at the commencement of the financial year on 1 July 2021 (2 525 000 shares).

Shareholders are advised that the Company, acting through one of its subsidiary companies, will be continuing with the share repurchase programme commenced in October 2020 (under the previous authority to repurchase shares) and that, in accordance with paragraph 5.72(h) of the JSE Listings Requirements, may continue to repurchase shares during the closed period commencing on 1 July 2022 and terminating on or about 30 September 2022, when the Company is scheduled to publish its financial results for the year ended 30 June 2022 ("closed period repurchase programme").

Shares purchased in terms of the closed period repurchase program will not be purchased at a price greater than 10% above the volume weighted average traded price of the Company's shares on the Johannesburg Stock Exchange for the 5 (five) business days preceding any particular purchase and will be effected through the order book operated by the JSE Limited. An independent broker has been appointed for the repurchase program in accordance with the JSE Listings Requirements.

The closed period repurchase programme may be discontinued at any stage during the period concerned and there is no obligation on the Company or its subsidiary to purchase any shares during this period.

Waterfall City

1 July 2021

Designated Advisor

AcaciaCap Advisors Proprietary Limited