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Mon 2 Jul 2007, 16:16 INVS - Investec - Adjustment to the strike price a
JSE   TKGIBJTKGIBI
 INVS                                                                            
INVS - Investec - Adjustment to the strike price and conversion ratio of Telkom 
SA Warrants                                                                     
Investec Bank Limited                                                           
ADJUSTMENT TO THE STRIKE PRICE AND CONVERSION RATIO OF TELKOM SA WARRANTS -     
("TKGIBI" and "TKGIBJ")                                                         
Investec Stock Warrants                                                         
  Share                Telkom SA Limited       Telkom SA Limited                
Old Strike Price     R160.00                 R180.00                          
  New Strike Price     R155.36                 R174.78                          
  Expiry Date          17/07/2007              04/09/2007                       
  Old Conv. Ratio      35:1                    40:1                             
New Conv. Ratio      33.98:1                 38.84:1                          
  Call/Put             Call                    Call                             
  Style                American                American                         
  Issue Size           100 Million             100 Million                      
JSE Code             TKGIBI ZAE000091336     TKGIBJ ZAE000093753              
As a result of the "Special Dividend" an adjustment will be made to ensure the  
financial position of the warrant holders is unprejudiced by this event.  This  
adjustment will reflect on Wednesday, 4 July 2007.  The warrant is exercisable  
only in accordance with the terms and conditions as set out in the relevant     
offering circular.                                                              
Copies of the offering circular may be obtained from:                           
Investec Bank Limited                                                           
100 Grayston Drive                                                              
Sandown                                                                         
Sandton                                                                         
2196                                                                            
For further information contact:                                                
Investec Warrants                                                               
Tel.: 0860 103 343                                                              
E-mail: warrants@investec.co.za                                                 
Internet: www.investecwarrants.com                                              
Sponsor                                                                         
Investec Securities Limited                                                     
Member of the JSE                                                               
Registration number. 1972/008905/06)                                            
Date: 02/07/2007 16:16:00 Produced by the JSE SENS Department.
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