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Telkom SA Limited Trading Statement

In terms of the Listings Requirements of the JSE Securities Exchange, South Africa (JSE Listings Requirements), companies are required to publish a trading statement as soon as they become aware that the financial results for the period to be reported upon next will be materially different from that of the previous corresponding period.

Telkom is currently finalising its results for the financial year ending 31 March 2004, which are expected to be released on 7 June 2004. Telkom accordingly advises that it expects earnings and headline earnings for the financial year ending 31 March 2004 to be substantially above earnings and headline earnings for the financial year ended 31 March 2003. In terms of the JSE Listings Requirements, substantially is defined as an increase or a decrease of more than 30%.

The above information has been reviewed by Telkom's Independent Reporting Accountant. The Independent Reporting Accountants report is available for inspection at the registered office of Telkom.

Johannesburg

23 March 2004

Sponsor: UBS

Special note regarding forward-looking statements

Many of the statements included in this announcement constitute or are based on forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995, specifically Section 21E of the US Securities Exchange Act of 1934, as amended. This statement contains forward-looking statements, particularly the projections related to our March 31, 2004 results. These forward-looking statements involve a number of known and unknown risks, uncertainties and other factors that could cause our actual results and outcomes to be materially different from those expressed or implied by such forward-looking statements. We caution you not to place undue reliance on these forward-looking statements. All written and oral forward-looking statements attributable to us, or persons acting on our behalf, are qualified in their entirety by these cautionary statements. Moreover, unless we are required by law to update these statements, we will not necessarily update any of these statements after the date of this annual report, either to conform them to actual results or to changes in our expectations. Telkom SA Limited files an annual report on Form 20-F with the US Securities and Exchange Commission (SEC), which includes a detailed description of risk factors that may affect its business. Telkom filed its Form 20-F annual report for the year ended March 31, 2003 on August 4, 2003. For further information you should refer to the Form 20-F and other filings with the US SEC annual report which are available on the investor relations website at www.telkom.co.za/ir.