Absa - Proposed amendments to the terms and conditions of the warrants relating

Absa - Proposed amendments to the terms and conditions of the warrants relating 
       to the ordinary shares of Telkom SA Limted                               
Absa Corporate & Merchant Bank                                                  
A division of Absa Bank Limited                                                 
Reg. No. 1986/004794/06"                                                        
PROPOSED AMENDMENTS TO THE TERMS AND CONDITIONS OF THE WARRANTS RELATING TO THE 
ORDINARY SHARES OF TELKOM SA LIMTED                                             
ISIN: ZAE000044897                                                              
JSE Share Code: TKG                                                             
Following the announcement dated 6 June 2005 whereby the board of Telkom SA     
Limited (TKG) declared a special dividend of 500c, Absa Bank Ltd (the Issuer)   
proposes to amend the conditions of the Telkom warrants in the following way.   
Share   Warrant   Old       New      Expiry        Type   Old      New Conv     
        Code      Strike    Strike                        Conv     Ratio        
                                                          Ratio                 
TKG     TKGABC    8500      8131     15-Sep-05     AC     15       14.349       
TKG     TKGABD    10500     10044    15-Dec-05     AC     20       19.132       
TKG     TKGABE    13500     12914    15-Jun-06     AC     25       23.915       
TKG     TKGABF    12500     11957    15-Dec-05     AC     15       14.349       
TKG     TKGABP    10000     9566     15-Sep-05     EP     20       19.132       
The effect of the abovementioned adjustment is to place the Warrant holders in  
the same position it would have been in had the special dividend not been       
declared.                                                                       
The abovementioned adjustments have been approved by the JSE Securities Exchange
South Africa ("the JSE") listings division and will be effective from 27 June   
2005.                                                                           
Copies of the Offering Circular may be obtained from:                           
Absa Bank Ltd                                                                   
1st Floor, Absa Towers North                                                    
180 Commissioner Street                                                         
Johannesburg, 2001                                                              
Sponsor                                                                         
Absa Corporate & Merchant Bank - Corporate Finance                              
A division of Absa Bank Limited                                                 
Reg. No. 1986/004794/06"                                                        
For further information contact                                                 
Absa Warrants                                                                   
Tel:  (011) 221 9083/4/5                                                        
e-mail: derivatives@absa.co.za                                                  
Date: 27/06/2005 03:56:04 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department