Harmony Gold Mining Company Limited: Convertible Bond Issue LONDON, March 31 /PRNewswire/ -- Incorporated in the Republic of South Africa (Registration number 1950/038232/06) Share Code: HAR ISIN:ZAE 000015228 Harmony Gold Mining Company Ltd ("Harmony") today announces that it intends to issue ZAR1,700 million (c.US$270 million) of convertible bonds (the "Bonds"). The proceeds of the issue will be used primarily to refinance Harmony's existing South African Rand debt, hence benefiting from the attractive financing opportunities currently available in the convertible bond market. Terms of the Bonds Subject to the terms and conditions of the Bonds, the Bonds will be issued by Harmony and will be convertible into approximately 14 million new Harmony ordinary shares (the "Shares"), representing approximately 5% of Harmony's issued ordinary share capital. The Bonds will be denominated in Rand and will be issued at 100% of their principal amount. The coupon on the Bonds will be 4.875% payable semi-annually in arrears and the conversion price will be ZAR121. The Bonds are expected to settle on or about 21 May 2004. Applications will be made for the Bonds to be admitted to the Official List of the UK Listing Authority and to the London Stock Exchange plc's market for listed securities. J.P. Morgan Securities Ltd. is the lead manager of the Bond issue. Background information Harmony Gold Mining Company Limited Harmony is the largest gold producer in South Africa and the sixth largest gold producer in the world. Harmony is listed on stock exchanges in Johannesburg, New York, London, Paris, Berlin and Brussels, and has a market capitalisation of approximately US$ 4.0 billion. Since becoming an independent mining company in 1995, Harmony has implemented a successful strategy of delivering shareholder value by pursuing a focused strategy of growth through acquisitions. Harmony has completed some 25 acquisitions, many of which have also provided the company with opportunities for significant organic growth. As at 30 June 2003, Harmony's mining operations in South Africa and Australia reported in aggregate total proven and probable reserves of approximately 61.9 million ounces, and a gold resource in excess of 410 million ounces. In the United Kingdom, this announcement is directed exclusively at persons who have professional experience in matters relating to investments who fall within Article 19 or 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001. In the United Kingdom, the Bonds will only be issued to such persons. This announcement is not for distribution in or into the United States or to US persons. This announcement is not an offer of securities for sale in the United States or to US persons. The securities referred to herein may not be offered or sold in the United States or to US persons unless they are registered under the US Securities Act of 1933 or exempt from registration. There will be no public offering of the securities referred to herein in the United States. For further information please contact: Ferdi Dippenaar Harmony +27 82 807 3684 Ian Hannam JPMorgan +44 207 325 1168 DATASOURCE: Harmony Gold Ferdi Dippenaar, Harmony, +27-82-807-3684. Ian Hannam, JPMorgan, +44-207-325-1168

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