HARMONY - ISSUE OF INDEPENDENT FAIR AND REASONABLE STATEMENT                    
HARMONY GOLD MINING COMPANY LIMITED                                             
(Incorporated in the Republic of South Africa)                                  
(Registration number 1950/038232/06)                                            
Share code JSE:  HAR                                                            
Share code NYSE:  HMY                                                           
ISIN No.:  ZAE000015228                                                         
("Harmony" or the "company")                                                    
ISSUE OF INDEPENDENT FAIR AND REASONABLE STATEMENT IN CONNECTION WITH THE       
PROPOSED ISSUE OF CONVERTIBLE BONDS TO RAISE R1,700 MILLION                     
The attention of Harmony shareholders ("shareholders") is drawn to the          
announcement published over SENS on 31 March 2004, regarding the proposed issue 
by Harmony of Rand denominated convertible bonds to international investors in  
order to raise R1,700 million (the "convertible bonds"), as well as to the      
circular to shareholders dated 15 April 2004, which contains, inter alia,       
details regarding the convertible bonds. Shareholders are advised that Investec 
Bank Limited has issued a fair and reasonable statement complying with Schedule 
5 of the JSE Listings Requirements, to the effect that the issue of the         
convertible bonds is fair and reasonable to shareholders.                       
Shareholders are advised that a copy of the fair and reasonable statement will  
be available for inspection at Harmony"s Corporate Office, Randfontein Office   
Park, Corner Main Reef Road and Ward Avenue, Randfontein, from the date of this 
announcement until the general meeting of shareholders convened to be held at   
10:00 on Friday, 7 May 2004, at which the resolutions necessary to approve the  
issue of the convertible bonds will be proposed.                                
Virginia                                                                        
5 May 2004                                                                      
Financial adviser and sponsor                                                   
JPMorgan                                                                        
Independent Professional Expert                                                 
Investec Bank Limited                                                           
Attorneys                                                                       
Cliffe Dekker                                                                   
Date: 05/05/2004 01:24:21 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department