Harmony Gold Mining Company Limited

(Incorporated in the Republic of South Africa)

(Registration number: 1950/038232/06)

Share code: HAR ISIN: ZAE000015228

("Harmony")

UNAUDITED PRO FORMA FINANCIAL EFFECTS ON HARMONY AND WITHDRAWAL OF CAUTIONARY
ANNOUNCEMENT

1.Introduction

Further to the announcement released on SENS on 22 April 2008 wherein it was
stated that Harmony and Newcrest Mining Limited ("Newcrest") had signed an
agreement which will allow Newcrest to earn 50% interest in Harmony's Papua New
Guinea gold assets ("the joint venture"), shareholders are advised of the pro
forma financial effects of the transaction.

Newcrest will earn its 50% interest in the joint venture by contributing a
maximum of US$525 million(1). The commitment will be in two stages, namely, an
initial US$180 million payment to acquire a 30.01% interest by 30 June 2008,
together with a reimbursement to Harmony of US$45 million(1) in project
expenditure ("Stage 1 completion"); and a farm-in commitment for the remaining
19.99% of approximately US$300 million to fund project expenditure up to the
commencement of mining operations at Hidden Valley.

(1) Based on the current estimate of Harmony's project expenditure of US$150
million from 1 January 2008 to the expected Stage 1 completion date of 30 June
2008.

2.Pro forma financial effects

The unaudited pro forma financial effects of the transaction have been prepared
for illustrative purposes only and because of its nature may not fairly present
Harmony's financial position, changes in equity, results of operations or cash
flows. The pro forma financial effects are the responsibility of the directors
of Harmony.

                                          Before the       After the           
                                                                               
                                         transaction     transaction     Change
                                                                               
                                             (cents)         (cents)        (%)
                                                                               
(Loss)/Earnings per share                       (44)              48        209
                                                                               
Fully diluted (loss)/earnings per share         (44)              47        207
                                                                               
Headline earnings per share                       35              36          3
                                                                               
Fully diluted headline earnings per               35              36          3
share                                                                          
                                                                               
Net asset value per share                       6161            6264          2
                                                                               
Tangible net asset value per share              5546            5649          2

Notes:

1.The pro forma financial effect was only calculated on Stage 1 of the
transaction whereby Newcrest acquires a 30.01% interest.

2.The pro forma financial effects are based on the unaudited results of Harmony
for the nine months ended 31 March 2008.

3.The financial impact on the earnings of Harmony is illustrated as if the
joint venture had been completed at 1 July 2007 while the impact on the net
assets of Harmony is shown as if the joint venture had been implemented on 31
March 2008.

4.The pro forma financial effects have been prepared using accounting policies
that comply with International Financial Reporting Standards. The accounting
policies are consistent with those applied in the previous financial year.

3.Withdrawal of cautionary announcement

Shareholders are advised that caution is no longer required when dealing in
Harmony securities.

For more details contact:

Graham Briggs

Chief Executive Officer

on +27 (0)83 265 0274

or

Amelia Soares

General Manager, Investor Relations

on +27 11 411 2314 or +27 (0)82 654 9241

Johannesburg

15 May 2008



END
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