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Mon 8 Nov 2004, 14:31 DECISION OF THE PANEL
The Securities Regulation Panel - Decision Of The Panel                         
THE SECURITIES REGULATION PANEL (`the SRP`)                                     
In re: Offers by Harmony Gold Mining Company Limited to the holders of          
securities in Gold Fields Limited                                               
Ruling of the Executive Committee of the SRP (`the Panel`) pursuant to the      
hearing of an appeal in the above matter on Friday 29 October 2004              
DECISION OF THE PANEL                                                           
Having read the submissions of all the parties and further heard arguments by   
counsel representing all the parties the Panel`s decision is that the actions of
Harmony Gold and Norilsk Nickel do not amount to parties acting in concert.  In 
the premises it is unnecessary to consider whether an affected transaction has  
occurred.                                                                       
The full reason for the Panel`s decision will be furnished to the Parties in    
terms of the Code.                                                              
5 November 2004                                                                 
MR J. DAMONS                                                                    
MR S. MOLOKO                                                                    
PROF. S. LUIZ                                                                   
ADV. M SIMELANE                                                                 
Date: 08/11/2004 01:25:13 PM                   
Produced by the JSE SENS Department
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