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Telkom SA Limited Trading Statement

In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Securities
Exchange South Africa, issuers are required to publish a trading statement as soon as they become reasonably certain that the financial results for the period to be reported on next will differ by at least 20% from those of the previous corresponding period.

Telkom is currently finalising its results for the 6 months ending 30 September 2004, which are expected to be released on 15 November 2004. Telkom accordingly advises that it expects an increase of between 60%-80% in basic earnings per share and 50%-70% in headline earnings per share for the 6-month period ending 30 September 2004 from the six months ended 30 September 2003. The main difference between basic earnings and headline earnings is the impairment and write-offs relating to property, plant and equipment.

This trading statement has neither been reviewed nor reported on by the Company's external auditors.

Johannesburg
18 October 2004
Sponsor: UBS