Further Cautionary Announcement Avmin/ARMI/Harmony

Anglovaal Mining Limited

(Incorporated in the Republic of South Africa)

(Registration number 1933/004580/06)

Share code: AIN ISIN: ZAE000017141

('Avmin')

African Rainbow Minerals & Exploration

Investments (Proprietary) Limited

(Incorporated in the Republic of South Africa)

(Registration number 1997/020158/07)

('ARMI')

Harmony Gold Mining Company Limited

(Incorporated in the Republic of South Africa)

(Registration number 1950/038232/06)

Share code: HAR ISIN: ZAE000015228

('Harmony')

FURTHER CAUTIONARY ANNOUNCEMENT

Shareholders of Avmin and Harmony are referred to the detailed joint cautionary
announcement dated 13 November 2003 regarding a range of indivisible
transactions involving Avmin, Harmony and ARMI as well as to the financial
effects and further cautionary announcement dated 19 December 2003.

Shareholders are advised that the requisite legal agreements are still being
finalised. Accordingly, the shareholders of both Avmin and Harmony are advised
to continue to exercise caution when trading in their securities until a
further announcement is made.

Johannesburg

30 January 2004

Financial adviser and sponsor to Avmin

Deutsche Securities

Member of the Deutsche Bank Group

Attorneys to Avmin

Deneys Reitz Attorneys

Financial adviser and sponsor to Harmony and joint financial adviser to ARMI

JPMorgan

Attorneys to Harmony

Cliffe Dekker

Joint financial adviser to ARMI

Nedbank Corporate

Attorneys to ARMI

Bowman Gilfillan