Harmony's Bid For Gold Fields Unconditional

South African gold miner Harmony Gold said in its press release of Tuesday, 17 May 2005, that its hostile bid for its domestic rival Gold Fields is unconditional in all respects following last week's approval by the South African Competition Tribunal approval of the proposed merger.

After announcing on 10 May 2005 its intention to appeal the Competition
Tribunal ruling, Gold Fields has noted an appeal against the whole of the order of the Competition Tribunal to the CAC, particularly, on the basis that the Tribunal erred in failing to find that the proposed merger is likely to substantially prevent or lessen competition and that the proposed merger cannot be justified on substantial public interest grounds having regard to
the factors set out in the Competition Act.

The Harmony offer document clearly states that the proposed merger is subject to approval by the South African Competition Authorities. The offer will therefore remain conditional pending the final determination by the CAC of the permissibility of the proposed merger.

As a result of Gold Fields' appeal:

- Harmony's subsequent offer has not become unconditional;

- Harmony may not, in terms of the provisions of the Competition Act and
the terms of the Harmony offer, implement the subsequent offer; and

- The CAC's interdict of Harmony voting any of its shares in Gold Fields until final determination by the competition authorities of the merger application therefore stands, and Harmony may not vote such shares as it may have acquired in the early settlement offer or otherwise until the CAC has finally determined Gold Fields' appeal.