Announcement relating to the pricing, allocation and results of a global offering by the Government of the Republic of South Africa (the "Government") of ordinary shares in Telkom ("ordinary shares") which comprised:

• an offering of ordinary shares by the Government to retail and institutional investors in the United States of America ("United States") and to institutional investors outside of the United States, including institutional investors in the Republic of South Africa ("South Africa"), in the form of ordinary shares or American Depositary Shares ("ADSs") at the initial public offering price; and
• an offering of ordinary shares by the Government to South African retail investors, referred to as the South African retail offering, in the form of ordinary shares, which comprised:
• an offering of ordinary shares to individuals in possession of a valid South African identity number and who provided a South African postal address and groups of such individuals, known as stokvels, at a 20% discount to the initial public offering price, rounded down to the nearest SA Cent, referred to as the Khulisa offer and specifically targeted at historically disadvantaged individuals and stokvels consisting only of historically disadvantaged individuals; and
• an offering of ordinary shares to individuals in possession of a valid South African identity number and who provided a South African postal address, at a 5% discount to the initial public offering price, rounded down to the nearest SA Cent, for applications for any amount of ordinary shares applied for, referred to as the general offer. This offering was made to individuals only and therefore excluded stokvels.

An English copy of a full prospectus (the "JSE prospectus"), issued in compliance with the Listings Requirements of the JSE Securities Exchange, South Africa ("JSE") and the South African Companies Act, 1973 (Act 61 of 1973) as amended (the "Companies Act") as well as a summary prospectus (the "summary prospectus"), were both registered by the South African Registrar of Companies on 29 January 2003, in terms of section 155 (1) of the Companies Act. This announcement does not constitute a prospectus and is issued merely for record purposes in connection with the global offering. Words and expressions defined in the JSE prospectus have the same meaning when used in this announcement, unless the context requires otherwise.

In connection with the global offering, Deutsche Bank AG London or its affiliates, in consultation with J.P. Morgan Securities Ltd., may for the account of the underwriters, over-allot or effect transactions with a view to supporting the market price of Telkom`s ordinary shares or ADSs at a level higher than that which might otherwise prevail for a limited period after the commencement of conditional trading. However, there is no obligation to do so. Such action, if commenced, may be discontinued at any time, provided two business days notice is given to the JSE, but may under no circumstances continue beyond the 30th calendar day after the date of the listing of the ordinary shares on the JSE.

1. Results of the global offering
The global offering raised approximately R3,9 billion and comprised approximately 139,257,954 ordinary shares in aggregate, assuming no exercise of the over-allotment option. Of such number, approximately 127,244,962 ordinary shares have been allocated to retail and institutional investors in the United States and to institutional investors outside of the United States, including institutional investors in South Africa, approximately 4,967,914 ordinary shares have been allocated in the Khulisa offer and approximately 7,045,078 ordinary shares have been allocated in the general offer.

2. Pricing and offer statistics
The following offer statistics reflect the results of the global offering based on a total offering: