Exhibit 99.3

Clear connection

Telkom SA Limited

Analyst presentation

2

Cautionary statement on forward looking statements

All of the statements included in this presentation, as well as oral statements that may be made by us or by officers, directors or employees acting on
behalf of us, that are not statements of historical facts constitute or are based on forward-looking statements within the meaning of the US Private
Securities Litigation Reform Act of 1995, specifically Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the US Securities
Exchange Act of 1934, as amended. 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 historical results or from any future results expressed or
implied by such forward-looking statements. Among the factors that could cause our actual results or outcomes to differ materially from our
expectations are those risks identified in Item 3. “Key Information-Risk Factors,” of Telkom’s most recent Annual Report on Form 20-F filed with the
US Securities and Exchange Commission (SEC) and its other filings and submissions with the SEC which are available on Telkom’s website at
www.telkom.co.za/ir, including, but not limited to, any changes to Telkom’s mobile strategy and its ability to successfully implement such strategy and
organisational changes thereto; increased competition in the South African telecommunications markets; developments in the regulatory
environment; continued mobile growth and reductions in Vodacom’s and Telkom’s net interconnect margins; Vodacom’s and Telkom’s ability to
expand their operations and make investments and acquisitions in other African countries and the general economic, political, social and legal
conditions in South Africa and in other countries where Vodacom and Telkom invest; our ability to attract and retain key personnel; our inability to
appoint a majority of Vodacom’s directors and the consensus approval rights at Vodacom that may limit our flexibility and ability to implement our
preferred strategies; Vodacom’s continued payment of dividends or distributions to us; our ability to improve and maintain our management
information and other systems; our negative working capital; changes in technology and delays in the implementation of new technologies; our ability
to reduce theft, vandalism, network and payphone fraud and lost revenue to non-licensed operators; our ability to improve our internal control over
financial reporting; health risks related to mobile handsets, base stations and associated equipment; risks related to our control by the Government of
the Republic of South Africa and major shareholders and the South African Government’s other positions in the telecommunications industry; the
outcome of regulatory, legal and arbitration proceedings, including tariff approvals, and the outcome of Telkom’s proceedings with Telcordia
Technologies Incorporated and others and its hearing before the Competition Commission related to the VANs litigation; our ability to negotiate
favourable terms, rates and conditions for the provision of interconnection services and facilities leasing services; our ability to implement and recover
the substantial capital and operational costs associated with carrier pre-selection, Number Portability and the monitoring, interception and customer
registration requirements contained in the South African Regulation of Interception of Communication and Provision of Communication - Related
Information Act; Telkom’s ability to comply with the South African Public Finance Management Act and South African Public Audit Act and the impact
of the Municipal Property Rates Act; fluctuations in the value of the Rand; the impact of unemployment, poverty, crime and HIV infection, labour laws
and exchange control restrictions in South Africa; and other matters not yet known to us or not currently considered material by us.

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 hereof, either to conform them to actual results or to changes in our
expectation.

3

Agenda

Strategy Overview

Customer Service - Telkom today

Multi-Links

Africa Online

Tea

Telkom Media

Fixed Mobile Strategy

Lunch

Strategy overview

Reuben September

5

Our core strategy is to defend

and grow profitable revenue

The core strategy remains on track

6

Build customer

loyalty

(service provider

of choice)

Build customer

retention

(resistance to

switch)

Convert to

annuity
revenue

Defend

Defend strategy

7

Growth strategy

•An imperative to replace declining revenue due to:

–Market share losses to competitors

–Fixed‑to‑mobile substitution

–Pricing pressures

–Economic pressures on ARPU’s

•Growth strategies aimed at exploiting opportunities identified in external
environmental analysis:

–Fixed-mobile growth

–Geographic expansion

–Converged solutions

•Rich media over broadband (consumer market)

•Network, data centre & IT solutions

8

Three axis approach

•Become an integrated service provider
across the fixed & mobile value chain

•Position entity as a competitive converged
solutions service provider

•Expand aggressively into the managed
voice, managed data, IT services &
applications

•Diversify into new revenue growth
opportunities in adjacent markets, such as
rich content

•Expand beyond South Africa through the
integrated service provider strategy

•Reduce our dependence on domestic
revenue streams

Fixed / mobile capability

Geographic reach

Converged services (voice, data, video
& Internet)

What does each axis represent?

Desired

Current

Fixed / mobile
capability

Geographic
reach

Broadband &
converged services
(voice, data, video &
Internet)

Pillars are
mutually
reinforcing

Growth initiatives

9

Consumer

Enterprise

Value-added telecoms

Interactive entertainment

IT support services

Home management

Communications

Managed services

Equipment

Applications

High Speed
Access

Fibre, SHDSL, ADSL,
WiMax, Ethernet, 3G

– Own the home via a home gateway

– Deliver rich content via the Do Broadband portal

– Revenue generation through advertising streams

– Strong focus on gated community market

– Strong focus on the youth market

– NGN-enabled services

– Expand data centre hosting capabilities

– Selected IT services such as LAN management

Broadband & converged services - Product innovation

10

Business acumen

‘From short-term
silos to long-term
enterprise focus’

Organisation &
people

‘From complacency to
high performance’

Areas of
transformation

Customer

centricity

‘From product to
customer centric’

Network evolution

‘From legacy voice
to IP converged’

Enabling strategies

Customer Service

Motlatsi Nzeku

*

Radical approach needed

•Deteriorating service levels

Customer service - current challenges

12

Radical approach needed

13

Photo examples of typical theft

14

… more photo examples of theft

15

Leveraging industry capability and scale is key

Customer service - taking on the challenge 2008/9

16

Creating public awareness and engaging relevant stakeholders

Public and media communication

•Public and SMME interactions

•Media interactions

–3rd March 2008:Cape Talk 567 / KFM

–3rd March 2008:SAFM

–3rd March 2008:Jacaranda FM

–3rd March 2008:Heart Radio (Western Cape based)

–4th March 2008:Summit TV (Face2Face)

–14th March 2008:SABC 3 (News @ 1)

–17th March 2008:Talk Radio 702

–25th March 2008:Morning Live

17

What Drives Our Wireless Deployment

•Spectrum availability, assignment and cost

•Competitive environment

•Technology maturity and general availability

•Services capability - Nomadic Voice, ….. Portable data

•Old and vulnerable technology replacement options

–cost effectiveness - old, vulnerable and rural

–technology scalability, longevity and capability

–reach (distance/footprint)

•Target Market

–corporate market

–townships and villages

–gated communities

–Youth & young adults - Universities and colleges

•Enablement of mobility factored into network planning

18

•Improved customer communication

•Optimised forecasting model for the purpose of improved
network planning

•Differentiated customer segmentation and treatment

•Unified and automated service provisioning and assurance

Customer service - taking on the challenge 2008/9

•Lobbying authorities to declare copper a precious metal and
cable theft as sabotage

•Investing in alarming of cable routes and deploying armed
response teams

International subsidiaries

Thami Msimango

Multi-Links

Justin Ramayia

21

Nigeria presents excellent growth opportunities

Nigerian market

22

Multi-Links to target voice and data solutions for corporates

CDMA market share

23

Multi-Links: Nigerian licence

•Multi-Links holds a Unified Access Service Licence

–Provide mobile, fixed-wireless and fixed-wireline
telecommunication services

–For the conveyance of voice, data and video

–Use of an International Gateway

–Lease from or provide transmission capacity to any authorised
licensee

–No restriction in the choice of technology used

–Multi-Links has national “right of way”

24

CDMA benefits

•Voice - CDMA delivers higher Erlang capacity

•Data capacity vastly superior - higher throughputs and better uplink
speeds

•CDMA 2000 1x base stations offer up to 3 times more capacity

•Offers superior soft handover when roaming

•Can re-use frequencies in the same cell

•Offers very reliable Internet service

•CDMA operators have lower tariffs

•Multi-Links currently has 10% market share of all Internet subscribers

•Cost of handsets at $30, introduction of Ruim card will level playing
field

25

A network with integrity

•Reliability

•Technology Pioneer

•Innovation and Leadership

•Extremely loyal customer base - 2.4% churn per annum

•Entrance of Telkom has given major credibility

•Growing excitement about the provision of fixed-line data
services

26

Marketing strategy

•Strong drive to invest in brand equity and
brand visibility

•Specific product and price promotions

•Visibility and continuous communication is
key to the Nigerian market

•Niche value proposition focusing on
communities and families

•GSM operators tend to target the youth

•Aims to be strategic business partner of
choice - focus on data

•R105 million targeted spend for marketing
and advertising in FY 2008/09

27

Integrated OSS and BSS systems in planning phase

Customer service

•Quality and customer service are increasingly becoming key requirements
for both the regulator and customers

•The call centre is being planned around customer and product segmentation
to maintain minimum turn-around times

•A focus on ambiance on all customer facing outlets

•Reward and recognition programmes

•Pro-active communication through automated communication, SMS’s and
calls

•Increasing the number of customer touch points and channels for interaction

•Nationwide distribution network

28

Details	2007/08	2008/09	2009/10
CDMA Subscribers	812,000	3,500,000	4,200,000
EV/DO	0	225,000	270,000
Data Leased Line	0	350	1,000
Corporate Internet	1	70	200
Wholesale Internet	0	8	14
Total blended subscribers	812,001	3,725,428	4,471,214

Aggressive network build-out and marketing campaigns

Subscriber targets

29

Growth into the data market

•Strong potential to grow fixed-line
corporate data business

•Data market in Nigeria is virtually green-
fields

•Self provisioning via satellite and
microwave is prominent

•Few service providers - not too contested

•National connectivity is extremely
expensive and profitable

•ISP’s currently provide Internet access
with very little added value

30

Growth into the data market

•Multi-Links to focus on the following data
connectivity solutions :

–National VPN services

–Metropolitan VPN services

–Corporate Internet access

–IPLC services

–Wholesale bandwidth leased lines

•Building a landing station in 2008/09 financial year

•Building a national network operations centre
(NNOC)

•Deliver value added services :

–VoIP

–Video

–Interactive entertainment

–IT support

31

Coverage map

Existing (Q1 2008)

Benin City

Ore

Ijebu-Ode

Shagamu

Owo

Bida

ABUJA

Akwanga

Jos

Dutse

Kano

Katsina

Sokoto

Makurdi

Enugu

Abakiliki

Calabar

Kaduna

Umuahia

Owerri

Yola

153km

436km

133km

190km

155km

303km

364km

254km

293km

800km

482km

405km

262km

Yenagoa

•Planned: 3,100km fibre
during 2008/09

•Target: 80% of Nigerian
population covered by
20011/12

Q2-2008/9

Q2-2009/10

2010 >>

Lagos

Ibadan

Damaturu

Zaria

32

Capex per year	2007/08	2008/09	2009/10
Fibre in kms	1,418	3,100	2,000
Base Stations	134	1,000	500
Capacity for Voice (ports)1	812,000	3,200,000	1,600,000
NGN Nodes	0	58	126

1.Includes data connectivity (Narrowband)

Demand driving capex spend

Capex focus

•Currently have 267 base stations

•Capex programme on track despite power interruptions

•Targeted to spend US$228 million in 2008 financial year

33

Financial targets

•Revenue targets - US$1.5 billion by 2010/11

•EBITDA margin :

–currently below 20%

–next 3 years in excess of 20%

•ARPU - currently above US$30, envisaged
decline of 15% per year for the next 3 years

•Average cost of borrowing - approximately 10%

•Pioneer tax status ended on 31 December 2007

•Current tax rate of 30% plus an education tax of
2% paid on sourced revenues

Africa Online

John Joseph

35

Africa Online - at a glance

●Powerful well recognised brand -
    obvious choice to many

●          Pioneer in affordable broadband

    technology (InfiNet) in 3 markets,

    Kenya, Ghana and Tanzania

●AFOL operating in the corporate
    and consumer markets in 8
    countries (AFOL Kenya only focus
    on consumer market)

●JV with Verizon in Kenya
    (Corporate market) and Zambia

36

Pan-African solutions for multi-national blue chip clients
including AIG, Toyota, Firestone, Mantrac-CAT, SITA, Galileo,
Coca-Cola, Oxfam, CARE International and the International
Monetary Fund (IMF)

We offer a wide range of corporate solutions utilising
various access technologies; Leased Lines, Frame-relay,
Fibre, Wireless, VSAT, DSL, cable and radio as last mile
technology

Direct Pan African coverage of 9 countries, plus further
affiliate relationships, availing one stop account
management and on the ground accountable support. This
is key for major multi-national corporates and carriers

We provide 24x7 customer support in Kenya, Ghana, Cote
d’Ivoire, Tanzania and Zambia.24x7 support extended to
remaining countries in the next financial year

24x7

Customer

Service

Customer

Base

Corporate

Solutions

Growing

African

Footprint

Pan African ICT provider

37

Africa Online

•Focusing on aggressive wireless broadband infrastructure roll-out

•Intends to grow presence from 9 - 15 countries within 3 years

•Capitalising on synergies with Telkom

•Driving broadband VSAT services to corporates and multi-nationals

•Has strategic partnerships with 5 major carriers

•Signing up 10 affiliates to expand the footprint

38

Medium term:

§Reduce churn through
improved customer service

§Improve ‘wallet share’
through better targeting

§Drive more new services,
with reduced time to
revenue

§Drive solutions

Short-term:

§Efficient Processes

•Asset management

•Bandwidth
management

•Improve QoS

•Realise new revenues

Immediate:

•Improve on synergies

•Increase coverage

•Increase choice for

customers

Towards Pan African ICT Provider

Tactical plan

39

AFOL - Achievements 2007/2008

•Major growth in Pan African multi-national segment

•Introduced wireless broadband in Tanzania

•Expanded wireless coverage in Kenya and Ghana

•Developed channel strategy for the mass market

•Negotiated interconnection agreements in East African markets

•New products developed. To be launched in Q1 2008/09

–VoIP

–Content management and web development

–International interconnection

–Wholesale of bandwidth in West African market

40

TSA VSAT
services on the
continent and

co-operation
agreement

•Migrate Telkom’s existing 171 international VSAT
services to AFOL

•SAIX services for targeted markets - Swaziland, Namibia
and Zimbabwe

•Enhance VSAT services for multi-nationals

•VoIP

•Managed security

•Professional services

•Data back up and storage

•Hosting (website and applications)

Telkom Internet
“white label”
products

International
voice

termination

•Conclude more interconnection agreements

•Utilise voice licence in Uganda

•Finalising voice licences in East Africa

Growth Pillar 1: Telkom & AFOL synergies

41

•Fax to e-mail service

•VPN Services (MPLS)

•Space stream access service with VPN offering

•Packaging and bundling

Develop new
products

Hosting and
application
services

•Digital design, development & hosting of corporate & brand
specific websites, e-commerce sites, campaign landing pages
and content portals

•Targeting content management acquisitions

•Develop portal for Africa Online

New
acquisitions

•Corporate market in Kenya

•New markets assessment - Angola, Senegal, Botswana and
Ethiopia

•New International Gateway licenses in Tanzania, Uganda and
Kenya

Growth Pillar 2:Market expansion

42

Pan African
business
growth
opportunities

•Finalise partnership agreements with strategic partners

–SITA, VANCO, Equant, Expereo, SITA expansion
agreement, BT, Carril International

•Affiliate recruitment and management

•Formalise affiliate agreements to increase footprint

Develop VoIP
services and
bundling

•Corporate voice service - quality of service

•Conference calling

•Develop prepaid voice over broadband service

Growth Pillar 3: Grow corporate & multi-national market

43

Develop
wholesale
market

•IP transit services (cable) - Ghana and Cote D’Ivoire

•Virtual ISP model for broadband services

Increase
broadband
penetration

•Accelerated network roll-out of wireless broadband in
Kenya, Ghana and Tanzania. New markets: Uganda
and Zimbabwe

•New channel strategy implemented, channel partners
and service activation contact centre

•Develop new wireless broadband products

•Accelerate broadband over powerline service - Cote
D’Ivoire

Growth Pillar 4: Growth of wireless broadband Internet access

44

	2007/08	2008/09	2009/10
Dial-up & wireless	15,560	34,643	67,439
Unbundled Local Loop & ADSL	428	637	773
Dedicated Corporate Links	700	1,063	1,456
Broadband VSAT	102	616	726
Total	16,790	36,959	70,394

•Aggressive deployment of wireless broadband base stations

•Develop more effective and efficient mass market channels

•Corporate and multi-national market to grow via strategic partnerships -

Vanco, BT, Expereo International, CIPRIS, SETA

•Dedicated expansion of affiliate network

Subscriber targets

45

Financial targets

•Revenue slightly under US$20 million in 2007/08 financial year

•Revenue target - US$70 million by 2009/10

•EBITDA margin - aiming for 18% by 2009/10

•Cash flow positive in 2009/10 financial year

•Expected Capex spend of US$11.6 million in 2007/08

•Targeted Capex spend of US$12 million in 2008/09

Telkom Media

Reuben September

47

Contents

•Initial investment rationale

•Current content landscape

•Telkom Media’s business plan

•Why reduce shareholding?

•Current status and next steps

48

Initial Investment rationale

•Strategic value in owning content

–security

–price

–quality

•Emerging “triple play” market requirement for
quality content

•Expected only one IPTV broadcast licence

–Require licence to offer “triple play” products

•Diversify revenue streams

•Supply content into the untapped African market

•Lower Telkom’s unit cost of content by creating
scale through pay TV business

•Be an active participant in the ICT industry

49

Content landscape

•Regulatory clarity

–Only IPTV requires a broadcasting licence

–Video-on-demand does not

•Recent content market developments

–Improved ability to purchase content

»reduced strategic importance of
owning content

»No need to “subsidise” content costs

•The absence of IPTV products not overly value
destructive

–Required to fulfil customer expectations

50

Telkom Media’s business plan

•Telkom Media’s business model sound

–target market LSM 5-8

–differentiate on content and price

•Media companies have long pay-back periods

•In depth review of business plan by Telkom

–supported by independent 3rd party

•Telkom accepted the business plan

–realistic and achievable

–peak funding of 100% of Telkom Media
reduced to R5.3 billion

51

Why reduce shareholding?

•Number of initiatives competing for limited funds

–shorter pay-back periods than Telkom Media

•Fixed-line businesses (the world over) need to focus on their strengths in
face of increased competition

–Telkom’s interest in content:to support and strengthen the fixed-line
business

•A controlling equity stake is not necessarily a requirement to access
content

52

Current status and next steps

•Process to reduce shareholding currently underway

•Telkom’s aim is to keep the smallest possible stake

•Size of stake informed by :

−Retention value of having IPTV products vs
value of investment

−To a lesser extent access to content

−To secure access to attractive and affordable
content:

»Is a controlling stake required? or

»Is a minority stake sufficient?

•Loan account at 29 Feb 2008 ofR252 million

−Including assets of R150 million

•Will continue to fund essential opex in the interim

−Aim to limit Telkom’s exposure

−Simplify realisation of investment

Fixed mobile strategy

Reuben September

54

Fixed mobile strategy - Telkom’s position

•Key considerations

•Focussing on fixed line strengths

•Oger offer

•Building our own mobile capabilities

•Vodacom

55

Fixed Mobile strategic considerations

Key issues informing Telkom’s positioning:

•The Telkom Group is significantly over-exposed to the South African
economy and currency risk

•Telkom is acutely aware of growth opportunities in emerging markets, both
in Africa and beyond

•The South African voice market is highly competitive and saturated

•Telkom’s strength lies in our fixed line network and related capabilities
including data centre, network management capabilities, satellite and
undersea cable among others

•It is important to incorporate or obtain mobile capabilities to explore growth
opportunities fully, especially in emerging markets

•The disposal of Telkom or any of its investments will be considered but only
if compelling strategic rationale supports such a disposal

56

Transforming our fixed line operations

•Leading international fixed line operators continue to grow in highly
competitive environments by:

–remaining focussed on their existing strengths

–continuously transforming their fixed line business model to increase its
value proposition to customers

•Telkom will follow suite

•Some untapped initiatives include:

–Data Centres

–Digital Home

–increasing usage per ADSL link to homes and businesses, including
multiple and simultaneous usage of the same link

–partnering with leading IT Companies to provide products up and down
the value chain i.e. remote Home IT support

57

Rejection of the Oger offer

•Oger’s non-binding offer has been considered

•Telkom board and management concluded that the offer
is not in the best interest of shareholders

58

Building own fixed wireless and mobile data network

The decision has been made to selectively build a fixed wireless and mobile data
network. The assigning of GSM spectrum to Telkom provides the necessary
impetus to this initiative.

The rationale for the decision include:

•Improves Telkom’s competitive position and international bid-credentials

•Have an “up and running” network to take advantage of the EC Act

•Secure last mile access to “pump” traffic back through our fixed network

•The decision as to where and to what extent we will build will be determined by the
availability and willingness of the MOs

•Telkom’s fixed wireless network will not allow cell-to-cell handover

•Telkom intends to focus on providing mobile data services, e.g.

–offer 3G interim service whilst ADSL is being installed

–expanding Telkom’s Do Broadband to “Do Mobile Broadband”, etc.

59

Building own fixed wireless and mobile data network (cont.)

•The depth and pace of penetration levels
will be based on viabilities taking into
account:

–existing co-location synergies

–network sharing and roaming
arrangements with MOs

–revenue share arrangements with
suppliers

60

Building own fixed wireless and mobile data network (cont.)

A selective build programme, focussing on rural areas,

niche high ARPU and data opportunities makes strategic sense.

Mobile capabilities compliment Telkom’s fixed line offering

This route provides a more viable alternative to marginal fixed line operations, mobile
technologies being more efficient regarding:

–rural areas

–high cable theft and high maintenance areas

–servicing regulatory obligations including payphones, offering roaming prospects
etc

–GSM spectrum enables the deployment of cheaper and more appropriate CPE

–quicker roll-out capabilities

–enhanced customer satisfaction, convenience, security proposition factors,
mobile banking prospects etc.

61

Leveraging the value created in Vodacom to expand globally

remains an important consideration

Vodacom

•Telkom’s 50% stake in Vodacom remains a valuable asset

•Disposal of Vodacom will be considered but only if compelling strategic
rationale convinces us to do so

–all alternatives measured against the full value of Vodacom

–the point of exit, if at all, will be determined by the alternative value
comparison

–Telkom is pragmatic about its interest in Vodacom

•Telkom has identified a number of attractive alternative opportunities

Investor Relations

Nicola White

Tel: +27 12 311 5720

Fax: +27 12 311 5721

e-mail: whitenh@telkom.co.za