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HARMONY GOLD MINING COMPANY LIMITED - HARMONY GOLD ANNOUNCES INSTITUTIONAL

Release Date: 29/10/2004 13:30:00      Code(s): HAR
HARMONY GOLD MINING COMPANY LIMITED - HARMONY GOLD ANNOUNCES INSTITUTIONAL      
SHAREHOLDER SERVICES SUPPORT FOR PROPOSED MERGER WITH GOLD FIELDS               
ISS RECOMMENDS SHAREHOLDERS VOTE "FOR" HARMONY PROPOSALS                        
HARMONY GOLD MINING COMPANY LIMITED                                             
(Incorporated in the Republic of South Africa)                                  
(Registration number 1950/038232/06)                                            
Share code: HAR     ISIN: ZAE000015228                                          
("Harmony")                                                                     
HARMONY GOLD ANNOUNCES INSTITUTIONAL SHAREHOLDER SERVICES                       
SUPPORT FOR PROPOSED MERGER WITH GOLD FIELDS                                    
ISS RECOMMENDS SHAREHOLDERS VOTE "FOR" HARMONY PROPOSALS                        
Harmony today announced that Institutional Shareholder Services, Inc. ("ISS")   
released reports recommending that the company"s shareholders vote in favor of  
the proposed merger with Gold Fields Limited ("Gold Fields") at the special     
meeting scheduled for November 12, 2004.                                        
ISS is the world"s leading independent provider of proxy voting and corporate   
governance services, serving more than 1,000 institutional and corporate clients
worldwide and issuing vote recommendations for more than 28,000 companies across
102 markets worldwide.                                                          
Bernard Swanepoel, Chief Executive of Harmony stated, "We are pleased that ISS  
agrees that shareholders should vote in favor of all Harmony proposals. The     
backing of ISS is an important step in moving forward with this merger, as it   
provides a credible, independent endorsement that this transaction is truly in  
the best interest of all shareholders."                                         
In reviewing the Harmony proposal, ISS examined whether the merger makes        
strategic sense, particularly from a long-term investor perspective.  ISS       
concluded that the merger "would have a positive impact on shareholders" revenue
streams and their investments, and that the effect on their voting rights would 
not be disproportionate to that benefit."                                       
ISS noted Harmony"s track record of achieving higher cost savings with its      
acquired assets and that if Harmony could obtain a unit cost reduction of 15%   
annually, the Company could justify the premium paid for control of Gold Fields"
shares.                                                                         
ISS also noted that:                                                            
The proposed merger is in line with Harmony"s strategic plan of growth          
The new Harmony would be better equipped to compete and gain access to capital  
internationally                                                                 
A larger, more diversified Harmony could manage risk more effectively           
About Institutional Shareholder Services                                        
Institutional Shareholder Services is the world"s leading provider of proxy     
voting and corporate governance services. Located in Rockville, Maryland, ISS   
provides proxy research, voting recommendations and governance advisory services
to financial institutions and corporations worldwide. Founded in 1985, ISS has  
satellite offices in New York, Chicago, London, Toronto, Manila, and Tokyo.     
Marian van der Walt                                                             
Secretary                                                                       
29 October 2004                                                                 
Virginia                                                                        
In connection with the proposed acquisition of Gold Fields, Harmony has filed a 
registration statement on Form F-4, which includes a preliminary prospectus and 
related exchange offer materials, to register the Harmony ordinary shares       
(including Harmony ordinary shares represented by Harmony American Depositary   
Shares (ADSs)) to be issued in exchange for Gold Fields ordinary shares held by 
Gold Fields shareholders located in the US and for Gold Fields ADSs held by Gold
Fields shareholders wherever located, as well as a Statement on Schedule TO.    
Investors and holders of Gold Fields securities are strongly advised to read the
registration statement and the preliminary prospectus, the related exchange     
offer materials and the final prospectus (when available), the Statement on     
Schedule TO and any other relevant documents filed with the Securities and      
Exchange Commission (SEC), as well as any amendments and supplements to those   
documents, because they will contain important information.  Investors and      
holders of Gold Fields securities may obtain free copies of the registration    
statement, the preliminary and final prospectus (when available), related       
exchange offer materials and the Statement on Schedule TO, as well as other     
relevant documents filed or to be filed with the SEC, at the SEC"s web site at  
www.sec.gov.  The preliminary prospectus and other transaction-related documents
may be obtained for free from MacKenzie Partners, Inc., the information agent   
for the U.S. offer, at the following address: 105 Madison Avenue, New York, New 
York 10016; telephone 1 (212) 929 5500 (call collect) or 1 (800) 322 2885 (toll-
free call); e-mail proxy@mackenziepartners.com. Investors and security holders  
may obtain a free copy of the Form 20-F filed with the SEC on October 5, 2004,  
as amended, and any other documents filed with or furnished to the SEC by       
Harmony at www.sec.gov.                                                         
This communication is for information purposes only.  It shall not constitute an
offer to purchase or exchange or the solicitation of an offer to sell or        
exchange any securities of Gold Fields or an offer to sell or exchange or the   
solicitation of an offer to buy or exchange any securities of Harmony, nor shall
there be any sale or exchange of securities in any jurisdiction in which such   
offer, solicitation or sale or exchange would be unlawful prior to the          
registration or qualification under the laws of such jurisdiction.  The         
distribution of this communication may, in some countries, be restricted by law 
or regulation.  Accordingly, persons who come into possession of this document  
should inform themselves of and observe these restrictions.  The solicitation of
offers to buy Gold Fields ordinary shares (including Gold Fields ordinary shares
represented by Gold Fields ADSs) in the United States will only be made pursuant
to a prospectus and related offer materials that Harmony expects to send to     
holders of Gold Fields securities.  The Harmony ordinary shares (including      
Harmony ordinary shares represented by Harmony ADSs) may not be sold, nor may   
offers to buy be accepted, in the United States prior to the time the           
registration statement becomes effective.  No offering of securities shall be   
made in the United States except by means of a prospectus meeting the           
requirements of Section 10 of the United States Securities Act of 1933, as      
amended.                                                                        
Joint financial advisers and                                                    
investment banks               Co-financial advisers                            
HSBC          Investec         Merrill Lynch  Morgan                            
                                              Stanley                           
Joint transaction sponsors     Attorneys                                        
Investec      Merrill Lynch    Cliffe Dekker  Hogan and                         
Hartson                           
Date: 29/10/2004 01:30:03 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
                                                                                
                                                                                
                                                                                



                                        
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