FTSE/JSE Africa Index Series - Harmony and Avgold (South Africa): Scheme of     
                               Arrangement                                      
FTSE/JSE Africa Index Series                                                    
12 May 2004                                                                     
Following the scheme of arrangement between Harmony (constituent) and Avgold    
(constituent) and notification from the Stock Exchange, FTSE and the JSE        
announces the following changes:                                                
INDEX                         CHANGE                             EFFECTIVE FROM 
                                                               START OF TRADING 
FTSE/JSE Africa               Harmony (South Africa,                            
 Top 40 (J200)                ZAE000015228, 6410562)                            
will remain in the index                          
                              with an increased shares                          
                              in issue figure of                                
                              355,235,131 and an                                
unchanged investability                           
                              weighting of 100%.                                
                              Avgold (South Africa,                             
                              ZAE000012175, 6049933)                            
will be deleted from the index.                   
                              Discovery Holdings                                
                              (South Africa, ZAE000022331,                      
                              6177878) will be added to the                     
index with a shares in issue                      
                              figure of 532,415,916 and                         
                              an investability weighting                        
                              of 30%.                            17 May 2004    
FTSE/JSE Africa                                                                 
Mid Cap (J201)                Discovery Holdings                                
                              will be deleted.                                  
                              Grindrod (South Africa,                           
ZAE000052247, 6741284)                            
                              will be added to the                              
                              index with a shares in                            
                              issue figure of 87,251,152                        
and an investability                              
                              weighting of 75%.                  17 May 2004    
FTSE/JSE Africa                                                                 
Small Cap (J202)              Grindrod will be deleted.          17 May 2004    
FTSE/JSE Africa                                                                 
All Share (J203)              Harmony will be treated as above.                 
                              Avgold will be deleted.            17 May 2004    
FTSE/JSE Africa                                                                 
Resource 20 (J210)            Harmony will be treated as above.                 
                              Avgold will be deleted.                           
                              Afrikander Lease (South Africa,                   
                              ZAE000000253, 6009807) will                       
be added to the index with a                      
                              shares in issue figure of                         
                              213,192,739 and an investability                  
                              weighting of 50%.                  17 May 2004    
FTSE/JSE Africa                                                                 
Capped Top 40 (J300)          Harmony will be treated as above.                 
                              Avgold will be deleted.                           
                              Discovery Holdings will be                        
added as above.                    17 May 2004    
FTSE/JSE Africa                                                                 
Capped All Share (J303)       Harmony will be treated as above.                 
                              Avgold will be deleted.            17 May 2004    
FTSE/JSE Africa                                                                 
Shareholder Weighted                                                            
Top 40 (J400)                 Harmony will be treated as above.                 
                              Avgold will be deleted.                           
Discovery Holdings will be                        
                              added as above.                    17 May 2004    
FTSE/JSE Africa                                                                 
Shareholder Weighted                                                            
All Share (J403)              Harmony will be treated as above.                 
                              Avgold will be deleted.            17 May 2004    
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Date: 12/05/2004 05:38:05 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department