TELKOM SA LIMITED TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT

TELKOM SA LIMITED TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT                 
Telkom SA Limited                                                               
(Registration Number 1991/005476/06)                                            
ISIN ZAE000044897                                                               
JSE and NYSE Share Code TKG                                                     
("Telkom" or "the Company")                                                     
TELKOM SA LIMITED TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT                 
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 6 month period ending 30     
September 2003, which are expected to be released on 24 November 2003.          
Telkom accordingly advises that it expects both earnings per share and headline 
earnings per share for the 6 month period ending 30 September 2003 to be        
substantially above earnings per share and headline earnings per share for the 6
month period ended 30 September 2002. In terms of the JSE Listings Requirements,
"substantially" is defined as an increase or decrease of more than 30%.         
Cautionary announcement                                                         
The above information has not been reviewed or reported on by the Company"s     
auditors. Shareholders are therefore advised to exercise caution when dealing in
the Company"s securities until the publication of the Company"s results for the 
six months ended 30 September 2003.                                             
Johannesburg                                                                    
28 October 2003                                                                 
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 September 30, 2003      
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.                              
Date: 28/10/2003 08:00:02 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department