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Wed 5 Jul 2006, 7:25 Nedbank - Adjustment to the terms & conditions of
JSE   TKGNBUTKGNBITKGNBH
 NEDB                                                                            
Nedbank - Adjustment to the terms & conditions of the Telkom SA LTD Warrants    
Nedbank Limited                                                                 
Adjustment to the terms & conditions of the Telkom SA LTD Warrants              
Old Strike Price           170.00         150.00          145.00                
New Strike Price           164.65         145.28          140.43                
Expiry Date                04/08/2006     12/10/2006      04/07/2006            
Old Conv.Ratio             25             30              25                    
New Conv. Ratio            24.21          29.06           24.21                 
Call / Put                 CALL           CALL            PUT                   
Style                      AMERICAN       AMERICAN        EUROPEAN              
Issuer Code                TKGNBH         TKGNBI          TKGNBU                
ISIN Code                  ZAE000078713   ZAE000080305    ZAE000078119          
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 the 03 July 2006.                        
The Warrant is exercisable only in accordance with the terms & conditions as set
out in the relevant offering circular.                                          
04 July 2006                                                                    
Date: 05/07/2006 07:25:03 AM Produced by the JSE SENS Department                
                                                                                
                                                                                
                                                                                
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