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Mon 3 Jul 2006, 9:48 Investec Bank Limited - Adjustment To The Terms An
JSE
 INVS                                                                            
Investec Bank Limited - Adjustment To The Terms And Conditions Of The Telkom SA 
                          Limited Warrants                                      
ADJUSTMENT TO THE TERMS AND CONDITIONS OF THE TELKOM SA LIMITED WARRANTS        
Share    Old      New      Ex-    Old     New     Call/  Style   Issue   JSE    
         Strike   Strike   piry   Conv.   Conv.   Put            Size    Code   
         Price    Price    Date   Ratio   Ratio                                 
Telkom   R140.00  R135.59  08/11/ 30:1    29.06   Call   Amer-   100     TKGIBF 
SA                         2006                          ican    Mil            
Limited                                                                         
Telkom   R135.00  R130.75  07/09/ 45:1    43.58   Put    Europe  100     TKGIBR 
SA                         2006                          an      Mil            
Limited                                                                         
As a result of the R4.00 "Special Dividend" an adjustment will be made to ensure
the financial position of the warrant holders is unprejudiced by this event.    
This adjustment will be effective from 3 July 2006.  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: 03/07/2006 09:48:03 AM Produced by the JSE SENS Department                
                                                                                
                                                                                
                                                                                
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