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Anglogold limited (Incorporated in the Republic of South Africa) (Registration Number: 1944/017354/06) ISIN Number: ZAE000014601 JSE Share Code: ANG NEWS RELEASE www.anglogold.com 10 December 2001 ANGLOGOLD COMMENTS ON NEWMONT'S REVISED OFFER Newmont Mining Corporation today announced a revised takeover offer for Normandy Mining. AngloGold continues to believe that the revised Newmont proposal is complex, highly conditional and a high-risk proposition for Normandy shareholders. AngloGold considers that it is not meaningful at this stage to compare the relative values of the AngloGold and Newmont offers. The relative values can only be properly assessed once the Newmont share price has responded to the revised offer. AngloGold notes that since the announcement of Newmont's dual takeover offers for Franco Nevada and Normandy on 14 November Newmont's share price has fallen by more than 10%. It is probable that the Newmont share price will again fall in response to the revised offer for Normandy. In contrast, AngloGold's share price has risen since the announcement of its offer on 4 September 2001. AngloGold notes the following: 1. Dangerous level of financial leverage It is important for Normandy shareholders to appreciate that under Newmont's proposal there is no guarantee that the acquisition of Franco Nevada will be completed. In the absence of completion of the acquisition of Franco Nevada, Newmont will have a dangerous level of financial leverage particularly in the event of a fall in the gold price. Newmont is particularly exposed to a fall in the gold price given its stance on gold hedging. 2. Newmont's proposal remains highly conditional Newmont's offer remains subject to a large number of conditions including: a 50.1% minimum acceptance condition; Foreign Investment Review Board approval; the approval of Newmont shareholders; no material adverse change of Normandy; various governmental and regulatory approvals; and various modifications from the Australian Securities and Investments Commission. This compares with AngloGold's offer, which is now free from defeating conditions. 3. Timing for payment AngloGold also notes that Normandy shareholders will not be able to receive their consideration from Newmont until mid-February at the earliest, whereas AngloGold's offer is open and capable of immediate acceptance. Therefore, Normandy shareholders will remain exposed to further downward movements in the Newmont share price for at least the next two months. In contrast, payments under the AngloGold offer will be made from 20 December. 4. Australian Takeovers Panel Challenge Normandy shareholders should also be aware that the Australian Takeovers Panel is seeking further advice in relation to AngloGold's application regarding the special benefits that are to be given to Franco Nevada, its associates and shareholders that are not being offered to Normandy shareholders. The outcome of this application could have a material bearing on Newmont's offer for Normandy. AngloGold is also reviewing the legality of these arrangements in other jurisdictions, including Canada, and whether it will also commence legal proceedings in those jurisdictions. AngloGold remains of the view that the combination of AngloGold and Normandy offers a compelling strategic fit of assets, a sustainable high dividend and the real possibility of significant share price growth. Ends Aysha Ruhsmann Communications Assistant Corporate Affairs Department AngloGold SA Region Tel +27 11 637-6385 Mobile +27 83 302 4919 Fax +27 11 637-6399/6400 E-mail abruhsmann@anglogold.com In South Africa Steve Lenahan +2711 637 6248 (tel) +2711 637 6107 (fax) +27 83 308 2200 (mobile) slenahan@anglogold.com Shelagh Blackman +2711 637-6379 (tel) +2711 637-6399 (fax) +27 83 308 2471 (mobile) sblackman@anglogold.com In Australia Andrea Maxey +61 8 9425 4604 (tel) +61 8 9625 4650 fax) +61 438 001 393 (mobile) amaxey@anglogold.com.au Hamish Douglass Deutsche Bank +61 2 9258 2039 (tel) +61 2 9258 2440 (fax) +61 419 560 349 (mobile) hamish.douglass@db.com In Europe Tomasz Nadrowski +41 22 718 3312 (tel) +41 22 718 3335 (fax) +41 79 345 9774 (mobile) tnadrowski@anglogold.com Alex Buck +44 20 7664 8712 (tel) +44 20 7664 8711 (fax) +44 7932 2740 452 (mobile) abuck@anglogold.com In the USA Charles Carter 800 417 9255 toll free +1 212 750 7999 (tel) +1 212 750 5626 (fax) ccarter@anglogold.com
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