| 2. | GROUP COMPOSITION |
| 2.3 | (B) ASSESSMENT OF INVESTMENT IN ASSOCIATES AND JOINT VENTURES FOR IMPAIRMENT |
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Based on the share price of Cell C at 31 May 2026, TPC’s economic interest of 65.48% equates to R5.9 billion. Management believes that the listed share price does not necessarily reflect the fair value of a Cell C share because it is very thinly traded. A calculation performed as at 31 May 2026 reflects a value well in excess of the carrying amount of R6.3 billion. |