Document:

<PAGE>
                              FIRST LOAN AGREEMENT

                                     Between

                                 NEDBANK LIMITED
                  (ACTING THROUGH ITS NEDBANK CAPITAL DIVISION)

                                       and

                      THE ARM BROAD-BASED EMPOWERMENT TRUST

     AN ORAL TRUST ESTABLISHED BY ORAL AGREEMENT ON 15 APRIL 2005 AND HEREIN
                        REPRESENTED BY ITS TRUSTEES BEING

                                 NEDBANK LIMITED
            (REPRESENTED BY ANTON TALJAARD AND CLIVE DONALD STEWART)

                       HARMONY GOLD MINING COMPANY LIMITED
                        (REPRESENTED BY NOMFUNDO QANGULE)

                                  FRANK ABBOTT

                                       and

                   DENEYS REITZ TRUSTEES (PROPRIETARY) LIMITED
                      (REPRESENTED BY LIONEL CHARLES SHAWE)

                                                                  DENEYS | REITZ
                                                                       ATTORNEYS
<PAGE>
                              NOTARIAL CERTIFICATE

I, THE UNDERSIGNED,

                                MARK ROBERT KYLE

OF SANDTON IN THE GAUTENG PROVINCE OF THE REPUBLIC OF SOUTH AFRICA, NOTARY
PUBLIC BY LAWFUL AUTHORITY DULY ADMITTED AND SWORN, DO HEREBY CERTIFY AND ATTEST
UNTO ALL WHOM IT MAY CONCERN THAT I HAVE THIS DAY COLLATED AND COMPARED WITH THE
ORIGINAL THEREOF, THE COPY HERETO ANNEXED MARKED "A", BEING:

"A"  FIRST LOAN AGREEMENT BETWEEN NEDBANK LIMITED (ACTING THROUGH ITS NEDBANK
     CAPITAL DIVISION) AND THE ARM BROAD-BASED EMPOWERMENT TRUST AN ORAL TRUST
     ESTABLISHED BY ORAL AGREEMENT ON 15 APRIL 2005 AND HEREIN REPRESENTED BY
     ITS TRUSTEES BEING NEDBANK LIMITED (REPRESENTED BY ANTON TALJAARD AND CLIVE
     DONALD STEWART), HARMONY GOLD MINING COMPANY LIMITED (REPRESENTED BY
     NOMFUNDO QANGULE), FRANK ABBOTT AND DENEYS REITZ TRUSTEES (PROPRIETARY)
     LIMITED (REPRESENTED BY LIONEL CHARLES SHAWE), DATED 15 APRIL 2005

AND I, THE SAID NOTARY, DO FURTHER CERTIFY AND ATTEST THAT THE SAME IS A TRUE
AND FAITHFUL COPY OF THE SAID ORIGINAL AND AGREES THEREWITH IN EVERY RESPECT. AN
ACT WHEREOF BEING REQUIRED, I HAVE GRANTED THESE PRESENTS UNDER MY NOTARIAL FORM
AND SEAL, TO SERVE AND AVAIL AS OCCASION SHALL OR MAY REQUIRE.

THUS DONE AND SIGNED AT SANDTON AFORESAID ON THIS THE 26TH DAY OF APRIL IN THE
YEAR TWO THOUSAND AND FOUR.

                                                                   NOTARY PUBLIC

DENEYS REITZ ATTORNEYS
SANDTON
<PAGE>
                              FIRST LOAN AGREEMENT

                                     Between

                                 NEDBANK LIMITED
                  (ACTING THROUGH ITS NEDBANK CAPITAL DIVISION)

                                       and

                      THE ARM BROAD-BASED EMPOWERMENT TRUST

     AN ORAL TRUST ESTABLISHED BY ORAL AGREEMENT ON 15 APRIL 2005 AND HEREIN
                        REPRESENTED BY ITS TRUSTEES BEING

                                 NEDBANK LIMITED
            (REPRESENTED BY ANTON TALJAARD AND CLIVE DONALD STEWART)

                       HARMONY GOLD MINING COMPANY LIMITED
                        (REPRESENTED BY NOMFUNDO QANGULE)

                                  FRANK ABBOTT

                                       and

                   DENEYS REITZ TRUSTEES (PROPRIETARY) LIMITED
                      (REPRESENTED BY LIONEL CHARLES SHAWE)

                                                                  DENEYS | REITZ
                                                                       ATTORNEYS
<PAGE>
                                TABLE OF CONTENTS

<TABLE>
<S>   <C>                                                                     <C>
1.    PARTIES..............................................................    1
2.    DEFINITIONS AND INTERPRETATION.......................................    1
3.    INTRODUCTION.........................................................   20
4.    EARLY TERMINATION EVENTS.............................................   21
5.    PURPOSE..............................................................   21
6.    LOAN.................................................................   22
7.    INTEREST.............................................................   23
8.    REPAYMENT............................................................   23
9.    COLLECTION ACCOUNT...................................................   24
10.   VOLUNTARY PREPAYMENT.................................................   25
11.   MANDATORY PREPAYMENT.................................................   26
12.   PAYMENTS.............................................................   27
13.   REPRESENTATIONS AND WARRANTIES.......................................   28
14.   POSITIVE UNDERTAKINGS................................................   30
15.   NEGATIVE UNDERTAKINGS................................................   31
16.   FINANCIAL INFORMATION................................................   34
17.   INCREASED/DECREASED COSTS............................................   34
18.   EVENTS OF DEFAULT....................................................   37
19.   BREAKAGE COSTS / GAINS...............................................   40
20.   RENUNCIATION OF BENEFITS.............................................   41
21.   CERTIFICATE OF INDEBTEDNESS..........................................   41
22.   DEFAULT INTEREST.....................................................   41
23.   CESSION AND ASSIGNMENT...............................................   42
</TABLE>
<PAGE>
<TABLE>
<S>   <C>                                                                     <C>
24.   NOTICES AND DOMICILIA................................................   43
25.   GOVERNING LAW........................................................   45
26.   JURISDICTION.........................................................   45
27.   SEVERABILITY.........................................................   45
28.   GENERAL..............................................................   45
29.   COSTS................................................................   46
</TABLE>
<PAGE>
                              FIRST LOAN AGREEMENT

1.   PARTIES

1.1  The Parties to this Agreement are:

1.1.1 NEDBANK LIMITED (ACTING THROUGH ITS NEDBANK CAPITAL DIVISION); and

1.1.2 THE ARM BROAD-BASED EMPOWERMENT TRUST AN ORAL TRUST ESTABLISHED BY ORAL
     AGREEMENT ON 15 APRIL 2005 HEREIN REPRESENTED BY ITS TRUSTEES BEING:

1.1.2.1 NEDBANK LIMITED (REPRESENTED BY ANTON TALJAARD AND CLIVE DONALD
     STEWART);

1.1.2.2 HARMONY GOLD MINING COMPANY LIMITED (REPRESENTED BY NOMFUNDO QANGULE);

1.1.2.3 FRANK ABBOTT; and

1.1.2.4 DENEYS REITZ TRUSTEES (PROPRIETARY) LIMITED (REPRESENTED BY LIONEL
     CHARLES SHAWE).

1.2  The Parties agree as set out below:

2    DEFINITIONS AND INTERPRETATION

2.1  The headings to the clauses of this Agreement are for reference purposes
     only and shall in no way govern or affect the interpretation of nor modify
     nor amplify the terms of this Agreement nor any clause hereof.
<PAGE>
                                                                         Page 2.

2.2  Unless the context dictates otherwise, the words and expressions set forth
     below shall bear the following meanings and cognate expressions shall bear
     corresponding meanings:

2.2.1 "ADVANCE DATE" means the "Effective Date" as defined in the Sale of Shares
     Agreement;

2.2.2 "AHJIC" means ARMGold Harmony Joint Investment Company (Proprietary)
     Limited (Registration No. 2002/032163/07), a private company duly
     incorporated according to the company laws of South Africa;

2.2.3 "AGREEMENT" means this First Loan Agreement;

2.2.4 "APPLICABLE MARGIN" means 2,25% (two comma two five percent) nacm;

2.2.5 "ARM" means African Rainbow Minerals Limited (Registration No.
     1933/004580/06), a public company duly incorporated according to the
     company laws of South Africa;

2.2.6 "ARM DISTRIBUTION" means any payment in respect of the ARM Shares by or on
     behalf of ARM to the Borrower, by way of dividend, capital reduction
     (including, but not limited to, any share repurchase), interest, principal,
     fee, royalty or other distributions or payments whether or not made to the
     shareholders of ARM generally;

2.2.7 "ARMI" means African Rainbow Minerals & Exploration Investments
     (Proprietary) Limited (Registration No. 1997/020158/07), a private company
     duly incorporated according to the company laws of South Africa;
<PAGE>
                                                                         Page 3.

2.2.8 "ARM SHARE PROCEEDS" means the proceeds of any ARM Distribution and all
     proceeds received by the Borrower or to which the Borrower is or becomes
     entitled, by virtue of the sale or other disposal of any ARM Shares or by
     virtue of the vesting of any of the ARM Shares in any beneficiary of the
     Borrower;

2.2.9 "ARM SHARES" means 28 614 740 (twenty-eight million six hundred and
     fourteen thousand seven hundred and forty) ordinary par value shares of
     R0,05 (five cents) each in the issued share capital of ARM listed on the
     JSE and constituting 14% (fourteen percent) of the issued share capital of
     ARM as at the Signature Date to be purchased by the Borrower from AHJIC
     pursuant to the Sale of Shares Agreement;

2.2.10 "ARREAR INTEREST RATE" means the greater of:

2.2.10.1 the Prime Rate plus 2% (two percent); and

2.2.10.2 the Repo Rate plus 2% (two percent);

2.2.11 "ASSIGNMENT AGREEMENT" means the written agreement concluded, or to be
     concluded, between Harmony, ARMI, AHJIC and the Borrower on or about the
     Signature Date pursuant to which inter alia the Voting Agreement is amended
     in certain respects and the Borrower agrees to be bound by the provisions
     of the Voting Agreement;

2.2.12 "AUDITORS" means the Borrower's statutory auditors from time to time;

2.2.13 "BORROWER" means the trustees for the time being of an oral trust
     established by oral agreement between Frank Abbott (as founder) and the
     Lender, Harmony, Frank Abbott and Deneys Reitz Trustees (Proprietary)
     Limited (each as trustees) on 15 April 2005 and known as the
     "ARM Broad-Based Empowerment Trust";
<PAGE>
                                                                         Page 4.

2.2.14 "BREAKAGE COSTS" means such costs referred to in clause 19.1.1;

2.2.15 "BREAKAGE GAINS" means such amounts referred to in clause 19.1.2;

2.2.16 "BUSINESS DAY" means any day other than a Saturday, Sunday or an official
     public holiday in South Africa in accordance with the Public Holidays Act,
     1994;

2.2.17 "COLLECTION ACCOUNT" means the bank account to be opened and maintained
     by the Borrower with the Lender in accordance with clause 9 of this
     Agreement and any replacement bank account from time to time;

2.2.18 "COMPANIES ACT" means the Companies Act, 1973;

2.2.19 "CPI" means the consumer price index for all expenditure groups:

     Metropolitan and other urban areas (B2000=100) as published from time to
     time by Statistics SA in Statistical Release PI041.1 provided that if,
     after the Signature Date:

2.2.19.1 such index shall cease to be published; or

2.2.19.2 either the Lender or the Borrower should notify the other on reasonable
     grounds that, due to a change in circumstances, the index is no longer
     representative, then,

     in any such circumstances, the Lender and the Borrower will use such other
     official information or index calculating the rate of inflation as may be
     available and acceptable to them, or failing such acceptance, then, for the
     purposes of this Agreement, an alternative index shall be determined by a
     majority decision of a panel of 3 (three) independent chartered accountants
     of South Africa appointed by the Chief
<PAGE>
                                                                         Page 5.

     Economist of the Lender, which determination, and any determination by such
     panel as to the date from which any alternative index shall take effect,
     shall be binding upon the Parties. The costs of obtaining such
     determination shall be borne by the Borrower;

2.2.20 "DEED OF ADHERENCE" means the written deed entitled "Right of Pre-
     Emption and Deed of Adherence" concluded or to be concluded amongst the
     Lender, Harmony, ARMI and AHJIC on or about the Signature Date;

2.2.21 "DISTRIBUTION" means any payment by or on behalf of the Borrower by way
     of income or capital or other distribution or payments by or on behalf of
     the Borrower to any of its beneficiaries;

2.2.22 "ENCUMBRANCE" means any mortgage, pledge, lien, assignment or cession
     conferring security, hypothecation, security interest, preferential right
     or trust arrangement or any other agreement or arrangement, the effect of
     which is the creation of security;

2.2.23 "EVENT OF DEFAULT" means an event of default as set out in clause 18;

2.2.24 "FINAL DISCHARGE DATE" means the date which is the later of:

2.2.24.1 the First Facility Discharge Date; and

2.2.24.2 the Second Facility Discharge Date;

2.2.25 "FINAL REPAYMENT DATE" means the date which is the earlier of:

2.2.25.1 the 5th (fifth) anniversary of the Advance Date; and
<PAGE>
                                                                         Page 6.

2.2.25.2 the date upon which the First Facility Outstandings become repayable by
     the Borrower pursuant to the provisions of this Agreement;

2.2.26 "FIRST FACILITY DISCHARGE DATE" means the date upon which the First
     Facility Outstandings have been fully and finally repaid and discharged;

2.2.27 "FIRST FACILITY OUTSTANDINGS" means, at any time and from time to time,
     the aggregate of all amounts of principal, accrued and unpaid interest and
     all and any other amounts due and payable, including but not limited to,
     Breakage Costs, to the Lender under this Agreement;

2.2.28 "FIRST RANKING CESSION AND PLEDGE" means the written cession and pledge
     in security entitled "First Ranking Cession and Pledge" by the Borrower in
     favour of the Lender dated on or about the Signature Date as security for
     its obligations under the Second Loan Agreement;

2.2.29 "FLOW OF FUNDS AGREEMENT" means the written agreement entitled "Flow of
     Funds Agreement" concluded or to be concluded between the Lender, the
     Borrower, AHJIC and Harmony on or about the Signature Date;

2.2.30 "GAAP" means Generally Accepted Accounting Practice in South Africa, as
     the same may be revised from time to time;

2.2.31 "HARMONY" means Harmony Gold Mining Company Limited (Registration No.
     1950/038232/06), a public company duly incorporated according to the
     company laws of South Africa;

2.2.32 "HARMONY OPTION AGREEMENT" means the written agreement entitled "Harmony
     Option Agreement" concluded or to be concluded between Harmony and Nedbank
     on or about the Signature Date;
<PAGE>
                                                                         Page 7.

2.2.33 "HARMONY UNDERTAKING" means the written undertaking by Harmony and AHJIC
     in favour of the Lender dated on or about the Signature Date pursuant to
     which Harmony undertakes that it will utilise a portion of the proceeds
     payable to AHJIC in respect of the sale of the ARM Shares pursuant to the
     Sale of Shares Agreement to repay in full on the Advance Date the principal
     amount outstanding together with all amounts of accrued and unpaid interest
     and all other amounts due and payable to the Lender pursuant to a loan
     agreement between the Lender and Harmony dated 24 December 2004, in
     accordance with the provisions of clause 12 of that loan agreement;

2.2.34 "INDEBTEDNESS" shall be construed so as to include any obligation
     (whether incurred as principal or surety) for the payment or repayment of
     money, whether present or future, actual or contingent;

2.2.35 "INDEXED" means in relation to any sum, that sum adjusted annually to
     take account of year-on-year changes in the CPI since the Signature Date;

2.2.36 "INSOLVENCY EVENT" means in relation to any person, any of the following
     events or circumstances:

2.2.36.1 a meeting is convened to consider or pass a resolution, an order or a
     declaration is made, a petition is presented, legal proceedings are
     commenced or any other step is taken for the liquidation, winding-up,
     judicial management, curatorship or dissolution of such person's assets,
     business or estate or with a view to a composition, assignment or
     arrangement of such person's creditors;
<PAGE>
                                                                         Page 8.

2.2.36.2 such person is unable (or admits inability) to pay its debts generally
     as they fall due or is, or admits to being, otherwise insolvent or stops,
     suspends or threatens to stop or suspend payment of all or a material part
     of its debts or makes a general assignment or any arrangement or
     composition with or for the benefit of its creditors or a moratorium is
     agreed or declared in respect of or affecting all or a material part of its
     Indebtedness;

2.2.36.3 the issue of a certificate in terms of Section 346(3) of the Companies
     Act or the lodging with any Master of the High Court or other officer in
     the public service designated for such purpose by any Master of the High
     Court of a copy of an application for the provisional or final, winding-up
     or placing into judicial management, or any analogous or similar process,
     of that person;

2.2.36.4 such person begins negotiations or takes any proceedings or other step
     with a view to the general readjustment, rescheduling or deferral of its
     Indebtedness (or any part thereof which it would otherwise be unable to pay
     when due) or proposes to take any such step; or

2.2.36.5 any liquidator, curator, judicial manager or the like is appointed in
     respect of such person or any material part of its assets or such person
     requests any such appointment;

2.2.37 "INTEREST PERIOD" means each period of 91 (ninety-one) days during the
     Term commencing on the Advance Date save that the final Interest Period
     will be shortened to end on the Final Repayment Date;
<PAGE>
                                                                         Page 9.

2.2.38 "INTEREST RATE" means, in respect of each Interest Period, an interest
     rate equal to the aggregate of JIBAR, the Applicable Margin and the Lender
     Regulatory Costs;

2.2.39 "JIBAR" means, in respect of each Interest Period:

2.2.39.1 the quarter-year (91-day) Johannesburg Inter-Bank Agreed Rate as quoted
     by SAFEX and published on the Quotation Date for deposits in a comparable
     amount to that on which interest is to accrue and which appears on the
     Reuters Screen SAFEY Page at 11:00 a.m. Johannesburg time on the Quotation
     Date, expressed as a percentage and converted to a nacm rate; or

2.2.39.2 if the quarter-year (91-day) Johannesburg Inter-Bank Agreed Rate is not
     quoted, the arithmetic mean (rounded upward to the nearest 4 (four) decimal
     places) of the mid-market deposit rates for South African currency
     deposits, as quoted on the respective money markets Reuters Page by the
     Reference Banks at approximately 11:00 a.m. Johannesburg time on the
     Quotation Date, expressed as a percentage and converted to a nacm rate;

2.2.40 "JSE" means the JSE Securities Exchange, South Africa;

2.2.41 "LENDER" means Nedbank Limited (Registration No. 1951/000009/06) (acting
     through its Nedbank Capital division), a registered bank and public company
     duly incorporated according to the banking and company laws of South
     Africa;

2.2.42 "LENDER REGULATORY COSTS" means the holding costs of all liquid assets
     and other reserving costs incurred by the Lender under the Banks Act, 1990
     and regulations thereunder attributable to the Loan for each Interest
     Period as quoted on the first day of each Interest Period by the
<PAGE>
                                                                        Page 10.

     Lender's Treasury Department and expressed as a nacm rate, it being
     recorded, for the avoidance of doubt, that the Lender Regulatory Costs as
     at the Signature Date amount to 0,31% (zero comma three one percent)
     expressed as a nacm rate;

2.2.43 "LOAN" means the aggregate principal amount for the time being
     outstanding hereunder;

2.2.44 "LOAN AMOUNT" means the principal amount of R480 400 000 (Four Hundred
     and Eighty Million Four Hundred Thousand Rand);

2.2.45 "MATERIAL ADVERSE EFFECT" means a material adverse effect, in the
     reasonable opinion of the Lender, on:

2.2.45.1 the ability of any Obligor to perform any or all of its material
     obligations under the terms of any Transaction Document to which it is a
     party; and/or

2.2.45.2 the validity or enforceability of any Transaction Document or the
     rights or remedies of the Lender under any of the Transaction Documents;

2.2.46 "OBLIGOR" means:

2.2.46.1 the Borrower; and

2.2.46.2 Harmony,

     and "OBLIGORS" means, as the context requires, both of them;

2.2.47 "PARTIES" means:
<PAGE>
                                                                        Page 11.

2.2.47.1 the Lender; and

2.2.47.2 the Borrower,

     and "PARTY" means, as the context requires, either of them;

2.2.48 "PERMITTED DISTRIBUTIONS" means:

2.2.48.1 any Distributions by the Borrower of the ARM Shares or of any vested
     income rights or vested capital rights attributable or related to the ARM
     Shares as expressly provided for in the Trust Deed; or

2.2.48.2 any Distribution made with the prior written consent of the Lender,
     which consent shall not be unreasonably withheld or delayed;

2.2.49 "PERMITTED ENCUMBRANCE" means:

2.2.49.1 any Encumbrance created by operation of law; provided that the same is
     discharged within 90 (ninety) days of its creation or, in the reasonable
     opinion of the Lender, is being contested in good faith;

2.2.49.2 any Encumbrance created pursuant to the terms and conditions of the
     Security Documents; or

2.2.49.3 any Encumbrance created with the prior written consent of the Lender;
<PAGE>
                                                                        Page 12.

2.2.50 "PERMITTED INDEBTEDNESS" means:

2.2.50.1 any Indebtedness incurred or permitted under any Transaction Document
     or incurred pursuant to or for the purposes of giving effect to any
     provision of any Transaction Document;

2.2.50.2 any Indebtedness not exceeding R100 000 (One Hundred Thousand Rand)
     during any calendar year of the Borrower incurred in respect of the
     administrative costs and expenses of the Borrower (including, without
     limitation, in respect of auditing fees);

2.2.50.3 any Indebtedness incurred with the prior written consent of the Lender,
     which shall not be unreasonably withheld or delayed;

2.2.51 "PRIME RATE" means the prime overdraft rate of interest from time to time
     publicly quoted as such by the Lender, calculated on a 365 (three hundred
     and sixty-five) day factor, irrespective of whether or not the year is a
     leap year, nominal annual compounded monthly in arrear, as certified by any
     manager of the Lender, whose appointment as such shall not be necessary to
     prove, which certificate shall serve as prima facie proof of its content;

2.2.52 "QUOTATION DATE" means, in relation to the determination of JIBAR for any
     Interest Period, the first day of that Interest Period;

2.2.53 "REFERENCE BANKS" means the Lender, The Standard Bank of South Africa
     Limited, FirstRand Bank Limited and Absa Bank Limited;

2.2.54 "REPO RATE" means on any particular day, the repurchase tender rate on
     that day quoted by the South African Reserve Bank;
<PAGE>
                                                                        Page 13.

2.2.55 "SALE OF SHARES AGREEMENT" means the written agreement entitled "Sale of
     Shares Agreement" concluded or to be concluded between Harmony, AHJIC and
     the Borrower on or about the Signature Date;

2.2.56 "SECOND FACILITY DISCHARGE DATE" means the date upon which the Second
     Facility Outstandings have been fully and finally repaid and discharged;

2.2.57 "SECOND FACILITY OUTSTANDINGS" means, at any time and from time to time
     the aggregate of all amounts of principal, accrued and unpaid interest and
     any other amounts due and payable, including but not limited to any
     breakage costs, to the Lender under the Second Loan Agreement;

2.2.58 "SECOND LOAN AGREEMENT" means the written agreement entitled "Second Loan
     Agreement" concluded or to be concluded between the Lender and the Borrower
     on or about the Signature Date;

2.2.59 "SECOND RANKING CESSION AND PLEDGE" means the written reversionary
     cession and pledge in security entitled "Second Ranking Cession and Pledge"
     by the Borrower in favour of the Lender dated on or about the Signature
     Date as security for its obligations under this Agreement;

2.2.60 "SECURITY DOCUMENTS" means:

2.2.60.1 the First Ranking Cession and Pledge;

2.2.60.2 the Second Ranking Cession and Pledge; and

2.2.60.3 any further agreements or documents entered into at any time by or on
     behalf of the Borrower or any other person as security for the Borrower's
     obligations to the Lender under the Transaction
<PAGE>
                                                                        Page 14.

     Documents to which it is a party, and which agreements or documents shall,
     to the extent that Harmony is not a party thereto, be approved by Harmony,
     which approval shall not be unreasonably withheld or delayed;

2.2.61 "SIGNATURE DATE" means the date of the signature of the Party last
     signing this Agreement;

2.2.62 "SOUTH AFRICA" means the Republic of South Africa as constituted from
     time to time;

2.2.63 "SUBORDINATION AGREEMENT" means the written agreement entitled
     "Subordination Agreement" concluded or to be concluded between the
     Borrower, Harmony and the Lender on or about the Signature Date;

2.2.64 "TERM" means the period from the Advance Date to the First Facility
     Discharge Date;

2.2.65 "TRANSACTION DOCUMENTS" means, collectively:

2.2.65.1 this Agreement;

2.2.65.2 the Second Loan Agreement;

2.2.65.3 the Sale of Shares Agreement;

2.2.65.4 the Harmony Option Agreement;

2.2.65.5 the Security Documents;

2.2.65.6 the Harmony Undertaking;
<PAGE>
                                                                        Page 15.

2.2.65.7 the Subordination Agreement;

2.2.65.8 the Voting Agreement;

2.2.65.9 the Deed of Adherence;

2.2.65.10 the Flow of Funds Agreement; and

2.2.65.11 the Assignment Agreement;

2.2.65.12 any other agreement or document that may be designated as a
     Transaction Document for the purposes of this Agreement and the other
     Transaction Documents by written agreement between Harmony, the Borrower
     and the Lender;

2.2.65.13 any written amendment to the agreements and documents referred to in
     clauses 2.2.65.1 to 2.2.65.12, and which amendment shall, to the extent
     that Harmony is not a party thereto, be approved by Harmony, which approval
     shall not be unreasonably withheld or delayed,

     and "TRANSACTION DOCUMENT" means, as the context requires, any one of them;

2.2.66 "TRUST DEED" means the trust deed of the Borrower contemplated by clause
     4.1.1;

2.2.67 "TRUST EXPENDITURE" means all costs, expenses and fees incurred by the
     Trust in giving effect to the transactions contemplated in the Transaction
     Documents plus value-added tax, where applicable in a total amount not
     exceeding Rl00 000 (One Hundred Thousand Rand) per calendar year of the
     Borrower or such greater amount as may be
<PAGE>
                                                                        Page 16.

     approved by the Lender in writing (but excluding the costs, expenses and
     fees contemplated by clauses 23.4 and 29.1);

2.2.68 "VOTING AGREEMENT" means the written agreement entitled "Voting
     Agreement" concluded between ARMI, AHJIC and Harmony on 16 February 2004.

2.3  Any reference in this Agreement to:

2.3.1 an "affiliate" means, in relation to any person, a subsidiary of that
     person or a holding company of that person or any other subsidiary of that
     holding company;

2.3.2 "assets" includes properties, revenues and rights of every description;

2.3.3 a "holding company" shall be construed in accordance with the Companies
     Act;

2.3.4 a "clause" shall, subject to any contrary indication, be construed as a
     reference to a clause hereof;

2.3.5 "continuing", in the context of an Event of Default, means:

2.3.5.1 where the Event of Default or its consequences are incapable of remedy
     that Event of Default is deemed to be continuing unless it has been
     expressly waived in writing by the Lender and any conditions of such waiver
     have been fulfilled to the reasonable satisfaction of the Lender;

2.3.5.2 in any other case, that Event of Default is deemed to be continuing
     unless and until either:
<PAGE>
                                                                        Page 17.

2.3.5.2.1 it has been expressly waived in writing by the Lender and any
     conditions of such waiver have been fulfilled to the reasonable
     satisfaction of the Lender; or

2.3.5.2.2 it has been remedied within the applicable remedy period by any
     person;

2.3.6 the "control" by one entity of another entity shall be construed so as to
     mean the power of the first such entity to direct the management and the
     policies of the second such entity, whether through the ownership of voting
     capital, by contract or by any other means;

2.3.7 "law" shall be construed as any law (including common or customary law) or
     statute, constitution, decree, judgment, treaty, regulation, directive,
     bye-law, order or any other legislative measure of any government,
     supranational, local government, statutory or regulatory body or court;

2.3.8 "nacm" means nominal annual compounded monthly in arrears;

2.3.9 a "person" shall be construed as a reference to any person, firm, company,
     trust, corporation, government, state or agency of a state or any
     association or partnership (whether or not having separate legal
     personality) of two or more of the foregoing;

2.3.10 "repay" (or any derivative form thereof) shall, subject to any contrary
     indication, be construed to include "prepay" or, as the case may be, the
     corresponding derivate form thereof;

2.3.11 a "subsidiary" shall be construed in accordance with the Companies Act;
     and
<PAGE>
                                                                        Page 18.

2.3.12 "tax" shall be construed so as to include any tax, levy, impost or other
     charge of a similar nature (including, without limitation, any penalty or
     interest payable in connection with any failure to pay or delay in paying
     any of the same).

2.4  Unless inconsistent with the context or save where the contrary is
     expressly indicated:

2.4.1 if any provision in a definition is a substantive provision conferring
     rights or imposing obligations on an)' Party, notwithstanding that it
     appears only in this interpretation clause, effect shall be given to it as
     if it were a substantive provision of this Agreement;

2.4.2 when any number of days is prescribed in this Agreement, same shall be
     reckoned exclusively of the first and inclusively of the last day unless
     the last day falls on a day which is not a Business Day, in which case the
     last day shall be the next succeeding Business Day;

2.4.3 in the event that the day for payment of any amount due in terms of this
     Agreement should fall on a day which is not a Business Day, the relevant
     day for payment shall be the immediately preceding Business Day;

2.4.4 in the event that the day for performance of any obligation to be
     performed in terms of this Agreement should fall on a day which is not a
     Business Day, the relevant day for performance shall be the next succeeding
     Business Day;

2.4.5 any reference in this Agreement to an enactment is to that enactment as at
     the Signature Date and as amended or re-enacted from time to time;
<PAGE>
                                                                        Page 19.

2.4.6 any reference in this Agreement to this Agreement or any other agreement
     or document shall be construed as a reference to this Agreement or, as the
     case may be, such other agreement or document as same may have been, or may
     from time to time be, amended, varied, novated or supplemented;

2.4.7 no provision of this Agreement constitutes a stipulation for the benefit
     of any person who is not a Party to this Agreement; and

2.4.8 references to day/s, month/s or year/s shall be construed as Gregorian
     calendar day/s, month/s or year/s;

2.4.9 a time of day shall be construed as a reference to Johannesburg time.

2.5  Unless inconsistent with the context, an expression which denotes:

2.5.1 any one gender includes the other genders;

2.5.2 a natural person includes an artificial person and vice versa; and

2.5.3 the singular includes the plural and vice versa.

2.6  Where any term is defined within the context of any particular clause in
     this Agreement, the term so defined, unless it is clear from the clause in
     question that the term so defined has limited application to the relevant
     clause, shall bear the same meaning as ascribed to it for all purposes in
     terms of this Agreement, notwithstanding that that term has not been
     defined in this interpretation clause.

2.7  The rule of construction that, in the event of ambiguity, the contract
     shall be interpreted against the Party responsible for the drafting
     thereof, shall not apply in the interpretation of this Agreement.
<PAGE>
                                                                        Page 20.

2.8  The expiration or termination of this Agreement shall not affect such of
     the provisions of this Agreement as expressly provide that they will
     operate after any such expiration or termination or which of necessity must
     continue to have effect after such expiration or termination,
     notwithstanding that the clauses themselves do not expressly provide for
     this.

2.9  This Agreement shall be binding on and enforceable by the estates, heirs,
     executors, administrators, trustees, permitted assigns or liquidators of
     the Parties as fully and effectually as if they had signed this Agreement
     in the first instance and reference to any Party shall be deemed to include
     such Party's estate, heirs, executors, administrators, trustees,
     successors-in-title, permitted assigns or liquidators, as the case may be.

2.10 The use of any expression in this Agreement covering a process available
     under South African law such as winding-up (without limitation eiusdem
     generis) shall, if any of the Parties to this Agreement is subject to the
     law of any other jurisdiction, be construed as including any equivalent or
     analogous proceedings under the law of such other jurisdiction.

2.11 Where figures are referred to in numerals and in words, if there is any
     conflict between the two, the words shall prevail.

3.   INTRODUCTION

3.1  The Borrower wishes to borrow the Loan Amount.

3.2  The Lender is willing to lend the Loan Amount to the Borrower for the
     purposes set out in clause 5.1 upon the terms and conditions set out in
     this Agreement.
<PAGE>
                                                                        Page 21.

4.   EARLY TERMINATION EVENTS

4.1  If:

4.1.1 a written trust deed in form and substance reasonably satisfactory to the
     Lender, which reduces to writing the oral agreement reached in establishing
     the Trust has not been entered into and lodged with the Master of the High
     Court within 30 (thirty) days after the Signature Date; or

4.1.2 the Master of the High Court has not issued letters of authority to the
     trustees of the Borrower within 30 (thirty) days after the date of
     lodgement of the Trust Deed with the Master of the High Court as
     contemplated by clause 4.1.1,

     then:

4.1.3 the Borrower shall forthwith pay to the Lender all of the First Facility
     Outstandings; and

4.1.4 this Agreement shall automatically terminate upon the Lender's receipt of
     the amounts payable in terms of clause 4.1.3.

4.2  The provisions of clause 4.1 are without prejudice to any rights which the
     Lender may have under any of the other Transaction Documents.

5.   PURPOSE

5.1  The Borrower shall use the Loan Amount for the purposes of funding:
<PAGE>
                                                                        Page 22.

5.1.1 a portion of the purchase price payable by the Borrower for the ARM Shares
     in accordance with the terms of the Sale of Shares Agreement; and

5.1.2 the duties, costs and expenses incurred in connection with the purchase by
     the Borrower of the ARM Shares and in connection with the implementation of
     the transactions contemplated by the Transaction Documents.

5.2  Without prejudice to the obligations of the Borrower under clause 5.1, the
     Lender shall not be obliged to concern itself with the application of any
     sum borrowed by the Borrower pursuant to this Agreement.

6.   LOAN

6.1  The Lender hereby agrees to lend to the Borrower, which hereby agrees to
     borrow, the Loan Amount with effect from (and inclusive of) the Advance
     Date upon the terms and conditions set out in this Agreement.

6.2  The Loan Amount shall be loaned and advanced to the Borrower by the Lender
     on the Advance Date by the Lender making payment of the Loan Amount,
     without deduction or set-off, as provided for in the Flow of Funds
     Agreement.

6.3  The Borrower acknowledges that the advance by the Lender of the Loan Amount
     in accordance with the provisions of clause 6.2 shall constitute a valid
     and proper discharge by the Lender of its obligation to lend and advance
     the Loan Amount to the Borrower in terms of this Agreement.
<PAGE>
                                                                        Page 23.

7.   INTEREST

7.1  The Loan shall bear interest during each Interest Period during the Term at
     the Interest Rate.

7.2  Interest on the Loan during the Term shall:

7.2.1 accrue at the Interest Rate on a day to day basis;

7.2.2 be calculated on the actual number of days elapsed in each Interest Period
     (inclusive of the first day of such Interest Period but exclusive of the
     last day of such Interest Period) and, for the purposes of calculation, be
     based on a year of 365 (three hundred and sixty-five) days, irrespective of
     whether the year in question is a leap year; and

7.2.3 subject to clause 7.3 to the extent not paid, be capitalised on the last
     day of each Interest Period.

7.3  Notwithstanding anything to the contrary herein contained, the Borrower
     shall be obliged to pay to the Lender, on the last Business Day of each
     month, such amount of accrued interest as is necessary to ensure that the
     amount of accrued interest does not exceed 80% (eighty percent) of the Loan
     at that date.

8.   REPAYMENT

8.1  The Borrower shall, subject to the provisions of clauses 10, 11 and 18,
     repay the First Facility Outstandings to the Lender on the Final Repayment
     Date.

8.2  The Borrower shall not repay all or any parts of the Loan except at the
     times and in the manner expressly provided for in this Agreement and shall
     not be entitled to re-borrow any amounts repaid.
<PAGE>
                                                                        Page 24.

9.   COLLECTION ACCOUNT

9.1  The Borrower shall establish and shall maintain the Collection Account with
     the Lender in the name of the Borrower within a period of 30 (thirty) days
     after the Advance Date.

9.2  The Borrower shall procure that the mandates and operating procedures for
     the Collection Account shall be in accordance with the provisions of this
     Agreement and to the reasonable satisfaction of the Lender.

9.3  The Borrower shall either procure that any ARM Share Proceeds are paid
     directly into the Collection Account or, where it is not possible to
     procure such direct payment, immediately upon receipt of any ARM Share
     Proceeds pay the same into the Collection Account.

9.4  Subject to the provisions of the Transaction Documents, no withdrawal or
     transfer may be made from the Collection Account other than the ARM Share
     Proceeds which the Borrower shall use only for the purpose of making the
     following payments in the following order of priority:

9.4.1 first, to pay the Trust Expenditure;

9.4.2 second, to pay interest accrued under the Second Loan Agreement;

9.4.3 third, to pay interest accrued under this Agreement;

9.4.4 fourth, to pay in full any amounts of principal (including capitalised
     interest) and all other amounts due and payable under the Second Loan
     Agreement; and

9.4.5 fifth, to pay in full any amounts of principal (including capitalised
     interest) and all other amounts due and payable under this Agreement.
<PAGE>
                                                                        Page 25.

9.5  The restrictions contained in any of the Transaction Documents on the
     withdrawal of funds from the Collection Account shall not affect the
     obligations of the Borrower to make all payments required to be made to the
     Lender on the due date for payment in accordance with the Transaction
     Documents.

9.6  Neither the ability of the Borrower to make any withdrawal from the
     Collection Account in accordance with this Agreement nor any such
     withdrawal shall be construed as a waiver by the Lender of any of its
     rights or remedies under the Transaction Documents or affect (to the extent
     possible) any of the Encumbrances created pursuant to the Transaction
     Documents.

10.  VOLUNTARY PREPAYMENT

10.1 At any time prior to the Final Repayment Date, the Borrower may, by giving
     to the Lender not less than 5 (five) Business Days prior written notice to
     that effect, prepay without penalty all or any part of the First Facility
     Outstandings at any time during the Term, provided that no such prepayments
     shall be in an amount of less than Rl 000 000 (One Million Rand) (or an
     integral multiple thereof) or the First Facility Outstandings, whichever is
     the lesser provided that the preceding restrictions shall not apply to any
     prepayment funded by a BEE Capital Contribution in accordance with the
     terms of the Transaction Documents, and provided further that the Borrower
     may not use the ARM Share Proceeds or any portion thereof to make such
     prepayment prior to the Second Facility Discharge Date or while there
     remain Second Facility Outstandings which are due and payable to the
     Lender.

10.2 Any notice of prepayment pursuant to clause 10.1 shall:

10.2.1 be irrevocable;
<PAGE>
                                                                        Page 26.

10.2.2 specify a date upon which such prepayment is to be made which shall be
     the last day of an Interest Period;

10.2.3 specify the amount of the prepayment; and

10.2.4 oblige the Borrower to make such prepayment on such date.

11.  MANDATORY PREPAYMENT

11.1 Notwithstanding the provisions of clauses 8, 9 and 10:

11.1.1 the Borrower shall be obliged, during the period commencing on the Second
     Facility Discharge Date and ending on the First Facility Discharge Date and
     provided that there are no Second Facility Outstandings which are due and
     payable to the Lender, to utilise 100% (one hundred percent) of all ARM
     Share Proceeds to pay the Trust Expenditure and thereafter the First
     Facility Outstandings to the Lender in an amount equal to any remaining
     balance of the ARM Share Proceeds or, if less, in the amount of the First
     Facility Outstandings, by no later than 5 (five) Business Days after the
     date of receipt by the Borrower of any such ARM Share Proceeds; and

11.1.2 if, following a review by the Lender of the financial position of Harmony
     as at 30 September 2005, to be conducted by the Lender on or before 31
     December 2005, the Lender is not satisfied in its reasonable discretion
     with the financial position of Harmony and the risk assumed by the Lender
     in relation to Harmony's obligations under the Harmony Put Option and
     Harmony has not provided security to the satisfaction of the Lender (which
     includes, but is not limited to, the Lender being satisfied that such
     security is not, or would not be, impeachable upon the occurrence of any
     Insolvency Event in respect of Harmony) for the performance of its
     obligations under the Harmony Option Agreement
<PAGE>
                                                                        Page 27.

     within 10 (ten) Business Days, the Borrower shall be obliged within 5
     (five) Business Days of written demand by the Lender to pay the First
     Facility Outstandings to the Lender.

11.2 Save as may be expressly provided for in clause 9.4 and any of the
     Transaction Documents, the Lender shall not be entitled to require the
     Borrower to utilise, and the Borrower shall not utilise, any of the ARM
     Share Proceeds to pay the First Facility Outstandings prior to the Second
     Facility Discharge Date.

12.  PAYMENTS

12.1 All payments to be made by the Borrower to the Lender in terms of this
     Agreement shall be made in Rands at or before 12h00 on the due date for
     payment in immediately available funds free from set-off, withholding
     taxes, costs, charges, expenses or any other deductions to the Lender's
     bank account with the following details:

12.1.1 Bank : Nedbank Limited;

12.1.2 Account Name : Nedbank Capital - Project Administration;

12.1.3 Branch : 100 Main Street;

12.1.4 Branch Code : 19-79-05;

12.1.5 Account Number: 1979 373 078.

12.2 Any payment made by the Borrower in terms of this Agreement shall be
     appropriated first towards the payment of any fees, costs, charges or
     expenses due and payable to the Lender and, without prejudice to the
     Lender's right to claim such fees, costs, charges or expenses, as notified
     by the Lender to the
<PAGE>
                                                                        Page 28.

     Borrower not less than 5 (five) days before such amounts are due and
     payable, thereafter to the payment of any accrued and unpaid interest, and
     thereafter to the repayment of the Loan.

12.3 The Borrower shall not have the right to defer, adjust or withhold any
     payment due to the Lender in terms of or arising out of this Agreement or
     to obtain deferment of judgment for such amount or any execution of such
     judgment by reason of any set-off or counter claim due to any other
     contractual or delictual claims or causes of whatsoever nature or howsoever
     arising.

13.  REPRESENTATIONS AND WARRANTIES

13.1 The Borrower hereby represents and warrants in favour of the Lender on the
     Signature Date, on each day between the Signature Date and the Advance Date
     and on the Advance Date that:

13.1.1 it is a trust duly established and existing under the laws of South
     Africa with the power and authority to enter into and to exercise its
     rights and perform its obligations under the Transaction Documents to which
     it is a party;

13.1.2 it has procured the taking of all necessary corporate and other action to
     authorise the execution of the Transaction Documents to which it is a
     party;

13.1.3 each Transaction Document to which it is a party is legal and binding on,
     and enforceable against, it in accordance with its terms;

13.1.4 the provisions of each Transaction Document to which it is a party are
     not in material conflict with, and will not constitute a breach of the
     provisions of, any other agreement or undertaking which is binding on it;
<PAGE>
                                                                        Page 29.

13.1.5 no limitation on the powers of the Borrower to borrow will be exceeded as
     a result of the borrowings under this Agreement;

13.1.6 no limitation of the powers of the Borrower to create security will be
     exceeded as a result of the creation of the security in accordance with the
     terms of the Security Documents to which it is a party;

13.1.7 there is no dispute, litigation or proceeding pending or threatened
     against the Borrower which could reasonably be expected to have a Material
     Adverse Effect;

13.1.8 no Insolvency Event has occurred in respect of the Borrower;

13.1.9 its obligations under each Transaction Document to which it is a party
     will rank at least pari passu with all of it's other unsecured and
     unsubordinated Indebtedness;

13.1.10 no Event of Default has occurred and is continuing;

13.1.11 it will use the Loan Amount only for the purposes set out in clause 5.

13.2 Each of the representations and warranties given by the Borrower in terms
     of clause 13.1 shall:

13.2.1 prima facie be deemed to be a representation of fact inducing the Lender
     to enter into the Transaction Documents to which it is a party;

13.2.2 be presumed to be material unless the contrary is proved;

13.2.3 insofar as any of the warranties is promissory or relates to a future
     event, be deemed to have been given as at the due date for fulfilment of
     the promise or for the happening of the event, as the case may be; and
<PAGE>
                                                                        Page 30.

13.2.4 be a separate warranty and in no way be limited or restricted by
     reference to or inference from the terms of any other warranty.

14.  POSITIVE UNDERTAKINGS

     The Borrower hereby agrees and undertakes that, until the First Facility
     Discharge Date, it shall:

14.1 obtain, comply with the terms of and do all that is necessary to maintain
     in full force and effect all authorisations, approvals, licences and
     consents required in or by the laws and regulations of South Africa to
     enable it lawfully to enter into and perform its obligations under the
     Transaction Documents to which it is a party or to ensure the legality,
     validity, enforceability or admissibility in evidence in South Africa of
     the Transaction Documents to which it is a party;

14.2 notify the Lender of the occurrence of any event forthwith upon becoming
     aware thereof, which results in or may reasonably be expected to result in
     any of the representations and warranties contained in clause 13 being
     untrue;

14.3 deliver to the Lender all documents and other information reasonably
     required by the Lender to enable it to comply with its obligations under
     the Financial Intelligence Centre Act, 2001 within a period of 30 (thirty)
     days after the Advance Date;

14.4 procure that the Collection Account is opened with the Lender within a
     period of 30 (thirty) days after the Advance Date;

14.5 promptly inform the Lender in writing of the occurrence of any Event of
     Default forthwith upon becoming aware thereof and from time to time, if so
     requested by the Lender in writing, confirm to the Lender in writing that,
     save
<PAGE>
                                                                        Page 31.

     as previously notified to the Lender or as notified in such confirmation,
     no such Event of Default has occurred and/or is continuing;

14.6 do all things to maintain its existence in full force and effect;

14.7 duly comply with all of its obligations under each Transaction Document to
     which it is a party;

14.8 subject to the provisions of clause 15.3, maintain its ownership of, and
     full, good and proper title to, the ARM Shares (except to the extent the
     same are subject to a Permitted Encumbrance);

14.9 take all reasonable steps to ensure that material accuracy and completeness
     of all information supplied to the Lender in connection with this Agreement
     during the Term; and

14.10 keep proper records and permit inspection thereof and ensure that the
     Lender will, on not less than 2 (two) Business Days' prior written notice
     (other than in circumstances where an Event of Default has occurred and is
     continuing, in which event no notice shall be required), be allowed to have
     access to the assets, books and records of the Borrower and to inspect the
     same during normal business hours.

15.  NEGATIVE UNDERTAKINGS

     The Borrower hereby agrees and undertakes that, until the First Facility
     Discharge Date, it shall not:

15.1 save for Permitted Encumbrances, create or permit to subsist or arise any
     Encumbrance over all or any of its present or future revenues or assets;
<PAGE>
                                                                        Page 32.

15.2 make any loans, grant any credit or give any guarantee or indemnity to or
     for the benefit of any person or otherwise voluntarily assume any
     liability, whether actual or contingent, in respect of any obligation of
     any other person;

15.3 with the exception of a general offer to shareholders or an expropriation
     in terms of section 311 and/or section 440K of the Companies Act or the
     sale or realisation of the ARM Shares in accordance with the terms of this
     Agreement and/or any Transaction Document, sell, lease, transfer or
     otherwise dispose of or grant any right of pre-emption or right of first
     refusal in respect of all or any of the ARM Shares, or vest any ARM Share
     in any beneficiary of the Borrower:

15.3.1 prior to the date on which the Trust Deed is executed by the parties
     thereto, lodged with the Master of the High Court and the letters of
     authority in respect thereof have been issued to the trustees of the
     Borrower by the Master of the High Court, without the prior written consent
     of the Lender and subject to such conditions as the Lender may reasonably
     impose for the provision of such consent; and

15.3.2 on or after the date contemplated by clause 15.3.1, other than in the
     manner permitted by the Trust Deed,

     provided that should the ARM Shares be subject to any such a general offer
     to shareholders or any such expropriation, the Borrower shall utilise the
     proceeds of such disposal of the ARM Shares to first pay the Second
     Facility Outstandings and thereafter to pay the First Facility Outstandings
     to the Lender;

15.4 acquire or have any assets other than the donation by the founder of the
     Borrower, the ARM Shares, the ARM Share Proceeds and such other assets as
     may be contemplated by this Agreement and the Trust Deed without the
<PAGE>
                                                                        Page 33.

     Lender's prior written consent, which shall not be unreasonably withheld or
     delayed;

15.5 enter into, or agree to enter into, any agreements other than the
     Transaction Documents to which it is a party without the prior written
     consent of the Lender which shall not be unreasonably withheld or delayed;

15.6 conduct any business other than in accordance with the terms of the
     Transaction Documents;

15.7 amend, vary, cancel or terminate, or agree to any amendment, variation,
     cancellation or termination of, any Transaction Document to which it is a
     party nor waive, or agree to any waiver of, any of its rights, privileges
     or benefits under the Transaction Documents to which it is a party without
     the prior written consent of the Lender, which consent shall not be
     unreasonably withheld or delayed;

15.8 amend, vary or alter, or allow any resolution or oral agreement of its
     trustees, founder and/or beneficiaries to be passed for the amendment,
     variation or alteration of the Trust without the prior written consent of
     the Lender, which consent shall not be unreasonably withheld or delayed;

15.9 save as contemplated by the Transaction Documents, appoint or constitute
     any income or capital beneficiaries or grant any further interests in its
     trust assets without the prior written consent of the Lender, which consent
     shall not be unreasonably withheld or delayed;

15.10 save for Permitted Indebtedness, incur any Indebtedness;

15.11 save for Permitted Distributions, make or pay any Distribution.
<PAGE>
                                                                        Page 34.

16.  FINANCIAL INFORMATION

16.1 The Borrower shall:

16.1.1 as soon as the same become available, but in any event within 90 (ninety)
     days after the end of each of its financial years during the Term, deliver
     a copy of its audited annual financial statements to the Lender for such
     financial year; and

16.1.2 on the written request of the Lender, furnish the Lender with such
     information about its financial condition as the Lender may reasonably
     require.

16.2 The Borrower shall ensure that:

16.2.1 each set of financial statements delivered by it pursuant to clause
     16.1.1 is prepared in accordance with GAAP; and

16.2.2 each set of financial statements delivered by it pursuant to clause
     16.1.1 has been audited by the Auditors and signed by 2 (two) trustees of
     the Borrower.

17.  INCREASED/DECREASED COSTS

17.1 If at any time or times during the period commencing on the Signature Date
     and ending on the First Facility Discharge Date:

17.1.1 any new law, ruling or regulation as promulgated, given or adopted by the
     government of South Africa;

17.1.2 there are any changes to any present or future law, ruling or regulation
     by the government of South Africa;
<PAGE>
                                                                        Page 35.

17.1.3 there are any changes in the interpretation or administration of any law,
     ruling or regulation by any relevant monetary or fiscal authority having
     jurisdiction over the Lender;

17.1.4 there are any amendments to the Banks Act, 1990;

17.1.5 there is any compliance by the Lender with any directive or request,
     whether or not having the force of law, from any monetary or fiscal
     authority having jurisdiction over the Lender;

17.1.6 there are any changes in commercial practice or legislation which affect
     the reserving or asset requirements of the Lender,

     which is of general application applicable to all banks in South Africa and
     which would or does:

17.1.7 subject the Lender to any taxes, duties or other charges in respect of
     this Agreement or change the basis of taxation of the Lender in respect of
     the payments of capital or interest/fees payable to the Lender in respect
     of the provision by the Lender of funding in respect of this Agreement
     (except for changes in the rate of taxation on the overall net income of
     the Lender); or

17.1.8 impose, or modify or deem applicable any reserve, special deposit or
     similar requirements against assets of, deposits with or for the account
     of, or credit extended by the Lender to the Borrower or reduce the
     requirements in respect of any such reserve, special deposit or similar
     requirement against assets of, deposits with or for the account of, or
     credit extended by the Lender to the Borrower; or

17.1.9 not arise solely as a result of the Lender's gross negligence;
<PAGE>
                                                                        Page 36.

17.1.10 impose on the Lender any other obligation or condition affecting this
     Agreement,

     and the result of any of the above is to increase the costs (the "INCREASED
     COSTS") to the Lender of making or maintaining any advance in terms of this
     Agreement or to reduce any amount or amounts received or receivable by the
     Lender under this Agreement, then the Borrower shall pay to the Lender on
     demand and while such circumstances continue, such amount or amounts which
     will compensate the Lender for such additional cost or reduced receipts.

17.2 If there is any decrease in any costs (the "DECREASED COST") in respect of
     which the Borrower would have been obliged to pay an amount to the Lender
     under clause 17.1 if such cost had constituted an Increased Cost and in
     respect of which the Lender directly benefits, then the Lender acting in
     good faith shall pay to the Borrower, promptly after it becomes aware of
     it, the amount of such Decreased Cost provided that such Decreased Cost is
     directly attributable to this Agreement (and identifiable as such) and the
     Lender is satisfied that such Decreased Cost will not have to be reimbursed
     to any other person in any way.

17.3 If required by the Borrower, the auditors of the Lender shall certify
     amounts referred to in clause 17.1. The costs of the certification shall be
     borne by the Lender if the Lender's calculation of the cost of such
     additional cost or reduced receipts exceeds that as certified by such
     auditors and by the Borrower if the result of the Lender's calculation is
     equal to or less than that as certified by such auditors.
<PAGE>
                                                                        Page 37.

18.  EVENTS OF DEFAULT

18.1 Each of the events set out below is an Event of Default (whether or not
     caused by any reason outside the control of the Borrower):

18.1.1 any Obligor fails to pay any sum due by it under any Transaction Document
     to which it is a party at the time stipulated and does not remedy such
     failure within 3 (three) days after receipt of notice calling upon it to do
     so, and in the manner provided for in this Agreement unless such failure is
     due to the banking payment and/or settlement system by which that Obligor
     is obliged to make such payment and such payment is made within 3 (three)
     Business Days of its due date; or

18.1.2 any Obligor commits any breach or omits to observe or cause to be
     observed any of the obligations or undertakings expressed to be assumed by
     it under or in relation to any of the Transaction Documents to which it is
     a party (other than a failure to pay any sum when due) and such breach or
     omission is not remedied (if capable of remedy) within 10 (ten) Business
     Days of receipt by that Obligor of a written notice from the Lender
     requiring remedy thereof; or

18.1.3 any representation or warranty made or deemed to be made or repeated by
     any Obligor in or pursuant to any of the Transaction Documents to which it
     is a party or in any notice, certificate or statement referred to or
     delivered under any Transaction Document, is or proves to be incorrect and
     such incorrect representation, warranty, notice, certificate or statement
     has a Material Adverse Effect; or

18.1.4 any Indebtedness of any Obligor in excess of Rl0 000 000 (Ten Million
     Rand) is not paid when due or becomes due and payable, unless such claim is
     disputed and such dispute is resolved in favour of that Obligor
<PAGE>
                                                                        Page 38.

     within a period of 14 (fourteen) days after such claim has been made, or
     any creditor of any Obligor becomes entitled to declare any such
     Indebtedness due and payable, prior to the date when it would otherwise
     have become due and payable or any guarantee or indemnity given by any
     Obligor in respect of Indebtedness is not honoured when due and called
     upon; or

18.1.5 a creditor for an amount in excess of R10 000 000 (Ten Million Rand)
     attaches or takes possession of, or execution or other process is levied or
     enforced against, any material asset of any Obligor; or

18.1.6 the security constituted by any Security Document ceases to confer the
     security it created when originally granted or is not validly created as
     contemplated in the relevant Security Document or any of the Security
     Documents (or any material provision thereof) ceases to be legal, valid,
     binding and enforceable; or

18.1.7 an Insolvency Event occurs in relation to any Obligor; or

18.1.8 any steps are taken to enforce any Encumbrance securing a debt exceeding
     an amount of R10 000 000 (Ten Million Rand) over all or any part of the
     assets and/or undertaking of any Obligor and such steps are not
     successfully defended or stopped by such Obligor within a period of 30
     (thirty) days after the commencement of such steps; or

18.1.9 any Obligor suspends or ceases or threatens to suspend or cease to carry
     on its business; or

18.1.10 all or a material part of the undertakings, assets, rights or revenues
     of, or shares or other ownership interests in, any Obligor are seized,
     nationalised, expropriated or compulsorily acquired by or under the
     authority of any government; or
<PAGE>
                                                                        Page 39.

18.1.11 it becomes unlawful at any time for any Obligor to perform all or any of
     its material obligations under any Transaction Document and the Parties are
     unable to agree on alternative arrangements within 10 (ten) Business Days
     of the Lender notifying the Borrower of such illegality; or

18.1.12 any Obligor repudiates any Transaction Document to which it is a party
     or does or causes or permits to be done any actual thing evidencing an
     intention to repudiate any Transaction Document to which it is a party; or

18.1.13 any judgement for an amount exceeding R10 000 000 (Ten Million Rand) is
     taken against any Obligor, and that Obligor fails within 15 (fifteen)
     Business Days of it becoming aware thereof either to satisfy same or to
     take steps and thereafter actively to pursue such steps to successfully
     appeal or set aside such judgement; or

18.1.14 any event or series of events occurs or circumstance arises which has or
     may in the future be likely to have a Material Adverse Effect.

18.2 Upon, or at any time after, the occurrence of an Event of Default, the
     Lender may, without prejudice to any other rights it may have in terms of
     this Agreement or at law, by written notice to the Borrower:

18.2.1 declare all or any part of the First Facility Outstandings to be
     immediately due and payable whereupon the First Facility Outstandings shall
     become immediately due and payable; and/or

18.2.2 enforce any or all of its rights under the Security Documents if the
     First Facility Outstandings or any part thereof have not been paid
     timeously in accordance with clause 18.2.1.
<PAGE>
                                                                        Page 40.

19.  BREAKAGE COSTS / GAINS

19.1 If, for any reason any portion of the First Facility Outstandings is repaid
     or becomes due and payable on any date other than on the last day of an
     Interest Period, there shall be:

19.1.1 payable by the Borrower to the Lender, on the occurrence of such event,
     in addition to any other amounts payable in terms of this Agreement, the
     amount (if any) by which:

19.1.1.1 the present value of such amount, calculated by discounting such amount
     from the last day of the Interest Period during which such amount is repaid
     or becomes due and payable to the date of calculation (excluding the last
     day and including the first day) (the "CALCULATION PERIOD") at 0.1% (zero
     point one percent) below the Lender's Swap Curve bid rate which appears on
     the Reuters screen NDIRS page at 11h00 Johannesburg time on the date of
     calculation interpolated for a corresponding payment for a period which
     corresponds to the Calculation Period, expressed as a nacm yield rate,

     exceeds:

19.1.1.2 the present value of such amount, calculated by discounting such amount
     for the Calculation Period at the aggregate of the then-applicable JIBAR
     Rate (converted to a nacm rate) and the costs referred to in clause 17; or

19.1.2 deducted from the amount owing to the Lender by the Borrower (or, if no
     such amount is owing, payable by the Lender to the Borrower), the amount
     (if any) by which the amount calculated in terms of clause 19.1.1.2 exceeds
     that calculated in terms of clause 19.1.1.1,
<PAGE>
                                                                        Page 41.

     such amount, in either case, to be calculated and certified by a manager of
     the Lender, which certificate shall serve as prima facie proof of its
     contents.

20.  RENUNCIATION OF BENEFITS

     The Borrower renounces all benefits of the exceptions of "no value
     received", "non numeratae pecuniae", "non causa debiti", and "errore
     calculi", the meaning and effect of which it declares it understands.

21.  CERTIFICATE OF INDEBTEDNESS

     A certificate signed by any director or manager of the Lender (whose
     appointment need not be proved) as to the existence of and the amount of
     Indebtedness by the Borrower to the Lender, that such amount is due and
     payable, the amount of interest accrued thereon and as to any other fact,
     matter or thing relating to the Borrower's Indebtedness to the Lender in
     terms of this Agreement, shall be sufficient proof of the contents and
     correctness thereof for the purposes of provisional sentence, summary
     judgement or any other proceedings, shall be valid as a liquid document for
     such purpose and shall in addition, be prima facie proof for purposes of
     pleading or trial in any action instituted by the Lender arising herefrom.

22.  DEFAULT INTEREST

     Interest calculated at the Arrear Interest Rate shall accrue on the
     outstanding balance of all amounts due and payable but unpaid by the
     Borrower from time to time in terms of this Agreement. Such interest shall
     be calculated on a daily basis from the due date of each such overdue
     amount to date of actual payment thereof (both before and after judgement
     (if any)) and shall be compounded monthly in arrears and shall be paid by
     the Borrower on demand.
<PAGE>
                                                                        Page 42.

23.  CESSION AND ASSIGNMENT

23.1 The Lender shall be entitled to cede, assign or delegate all, or any part
     of, its rights and/or obligations, as the case may be, under this Agreement
     or under any Security Document to:

23.1.1 the Reference Banks and/or any of their affiliates without the consent of
     the Borrower; and/or

23.1.2 any other person with the prior written consent of the Borrower, which
     consent shall not be unreasonably withheld or delayed,

     subject to a maximum aggregate number of 10 (ten) assignees.

23.2 To the extent that any such cession, assignment or delegation results in a
     splitting of claims against the Borrower, the Borrower hereby consents to
     such splitting of claims.

23.3 The Borrower is aware that the Lender intends to conclude the Harmony
     Option Agreement pursuant to which the Lender shall be entitled, or obliged
     as the case may be, to cede, assign or delegate all of its rights and or
     obligations, as the case may be under this Agreement, to Harmony and the
     Borrower hereby consents to such cession, assignment and/or delegation.

23.4 In the event of any such cession, assignment or delegation, the Lender (the
     "EXISTING LENDER") shall procure that an inter-creditor agent is appointed
     to represent itself and such person(s) (the "NEW LENDER") on such terms and
     conditions as may be agreed between the Existing Lender, the New Lender and
     such appointed inter-creditor agent and subject to the prior written
     approval of such terms by the Borrower, which shall not be entitled to
     withhold such approval unnecessarily. The Borrower shall bear any fees or
<PAGE>
                                                                        Page 43.

     expenses charged by such inter-creditor agent up to a maximum amount of
     R150 000 (One Hundred and Fifty Thousand Rand) (Indexed) per annum.

24.  NOTICES AND DOMICILIA

24.1 NOTICES

24.1.1 Each Party chooses the address set out opposite its name below as its
     address to which any written notice in connection with this Agreement may
     be addressed.

24.1.1.1   LENDER:   4th Floor, F Block
                     135 Rivonia Road
                     Sandown
                     SANDTON

                     Telefax No. : (011) 294 8421
                     Attention : Head of Specialised Finance

24.1.1.2   BORROWER: c/o African Rainbow Minerals Limited
                     ARM House
                     29 Impala Road
                     Chislehurston
                     SANDTON

                     Telefax No. : (011) 883 5609
                     Attention : The Company Secretary

24.1.2 Any notice or communication required or permitted to be given in terms of
     this Agreement shall be valid and effective only if in writing but it shall
     be competent to give notice by telefax transmitted to its telefax number
     set out opposite its name above.

24.1.3 Either Party may by written notice to the other Party change its chosen
     address and/or telefax number for the purposes of clause 24.1.1 to any
     other address(es) and/or telefax number, provided that the change shall
<PAGE>
                                                                        Page 44.

     become effective on the 14th (fourteenth) day after the receipt of the
     notice by the addressee.

24.1.4 Any notice given in terms of this Agreement shall:

24.1.4.1 if delivered by hand be deemed to have been received by the addressee
     on the date of delivery;

24.1.4.2 if transmitted by facsimile be deemed to have been received by the
     addressee on the 1st (first) Business Day after the date of transmission,

     unless the contrary is proved.

24.1.5 Notwithstanding anything to the contrary herein contained, a written
     notice or communication actually received by a Party shall be an adequate
     written notice or communication to it, notwithstanding that it was not sent
     to or delivered at its chosen address and/or telefax number.

24.2 DOMICILIA

24.2.1 Each of the Parties chooses its physical address referred to in clause
     24.1 as its domicilium citandi et executandi at which documents in legal
     proceedings in connection with this Agreement may be served.

24.2.2 Either Party may by written notice to the other Party change its
     domicilium from time to time to another address, not being a post office
     box or a poste restante, in South Africa; provided that any such change
     shall only be effective on the 14th (fourteenth) day after deemed receipt
     of the notice by the other Party pursuant to clause 24.1.4.
<PAGE>
                                                                        Page 45.

25.  GOVERNING LAW

     The entire provisions of this Agreement shall be governed by and construed
     in accordance with the laws of South Africa.

26.  JURISDICTION

     The Parties hereby irrevocably and unconditionally consent to the
     non-exclusive jurisdiction of the Witwatersrand Local Division of the High
     Court of South Africa (or any successor to that division) in regard to all
     matters arising from this Agreement.

27.  SEVERABILITY

     Each provision in this Agreement is severable from all others,
     notwithstanding the manner in which they may be linked together or grouped
     grammatically, and if in terms of any judgment or order, any provision,
     phrase, sentence, paragraph or clause is found to be defective or
     unenforceable for any reason, the remaining provisions, phrases, sentences,
     paragraphs and clauses shall nevertheless continue to be of full force. In
     particular, and without limiting the generality of the aforegoing, the
     Parties acknowledge their intention to continue to be bound by this
     Agreement notwithstanding that any provision may be found to be
     unenforceable or void or voidable, in which event the provision concerned
     shall be severed from the other provisions, each of which shall continue to
     be of full force.

28.  GENERAL

28.1 This document constitutes the sole record of the agreement between the
     Parties in regard to the subject matter thereof.

28.2 No Party shall be bound by any express or implied term, representation,
     warranty, promise or the like, not recorded herein.
<PAGE>
                                                                        Page 46.

28.3 No addition to, variation or consensual cancellation of this Agreement and
     no extension of time, waiver or relaxation or suspension of any of the
     provisions or terms of this Agreement shall be of any force or effect
     unless in writing and signed by or on behalf of all the Parties.

28.4 No latitude, extension of time or other indulgence which may be given or
     allowed by any Party to any other Party in respect of the performance of
     any obligation hereunder or enforcement of any right arising from this
     Agreement and no single or partial exercise of any right by any Party shall
     under any circumstances be construed to be an implied consent by such Party
     or operate as a waiver or a novation of, or otherwise affect any of that
     Party's rights in terms of or arising from this Agreement or estop such
     Party from enforcing, at any time and without notice, strict and punctual
     compliance with each and every provision or term hereof.

28.5 The Parties undertake at all times to do all such things, to perform all
     such acts and to take all such steps and to procure the doing of all such
     things, the performance of all such actions and the taking of all such
     steps as may be open to them and necessary for or incidental to the putting
     into effect or maintenance of the terms, conditions and import of this
     Agreement.

28.6 Save as is specifically provided in this Agreement, no Party shall be
     entitled to cede, assign or delegate any of its rights or obligations under
     this Agreement without the prior written consent of the other Parties
     affected by such transfer of rights or obligations, which consent may not
     unreasonably be withheld or delayed.

29.  COSTS

29.1 The Borrower and Harmony shall, in equal shares, bear the costs of and
     incidental to the negotiation, preparation and execution of the
     Transaction
<PAGE>
                                                                        Page 47.

     Documents and (save to the extent expressly indicated to the contrary in
     any Transaction Document) the implementation of the transactions
     contemplated therein.

29.2 All legal costs incurred by either Party in consequence of any default of
     the provisions of this Agreement by the other Party shall be payable on
     demand by the defaulting Party on the scale as between attorney and own
     client and shall include collection charges, the costs incurred by the
     non-defaulting Party in endeavouring to enforce such rights prior to the
     institution of legal proceedings and the costs incurred in connection with
     the satisfaction or enforcement of any judgment awarded in favour of the
     non-defaulting Party in relation to its rights in terms of or arising out
     of this Agreement.

SIGNED at SANDTON on this the 15th day of APRIL 2005.

                                        For and on behalf of
                                        NEDBANK LIMITED (ACTING THROUGH
                                        ITS NEDBLANK CAPITAL DIVISION)

                                        /s/ Kevin Ryder
                                        ----------------------------------------
                                        Name: Kevin Ryder
                                        Capacity: Authorised Signatory
                                        Who warrants his authority hereto

                                        /s/ Mark Saunders Tyler
                                        ----------------------------------------
                                        Name: Mark Saunders Tyler
                                        Capacity: Authorised Signatory
                                        Who warrants his authority hereto
<PAGE>
                                                                        Page 48.

SIGNED at SANDTON on this the 15th day of APRIL 2005.

                                        For and on behalf of
                                        NEDBANK LIMITED (ACTING THROUGH ITS
                                        NEDBANK CAPITAL DIVISION) (AS TRUSTEE
                                        OF THE BORROWER)

                                        /s/ Bradley Maxwell
                                        ----------------------------------------
                                        Name: Bradley Maxwell for Anton Taljaard
                                        Capacity: Authorised Signatory
                                        Who warrants his authority hereto

                                        /s/ Clive Stewart
                                        ----------------------------------------
                                        Name: Clive Stewart
                                        Capacity: Authorised Signatory
                                        Who warrants his authority hereto

SIGNED at SANDTON on this the 15th day of APRIL 2005.

                                        For and on behalf of
                                        HARMONY GOLD MINING COMPANY
                                        LIMITED (AS TRUSTEE OF THE BORROWER)

                                        /s/ Nomfundo Qangule
                                        ----------------------------------------
                                        Name: Nomfundo Qangule
                                        Capacity: Director
                                        Who warrants her authority hereto

SIGNED at SANDTON on this the 15th day of APRIL 2005.

                                        /s/ Frank Abbott
                                        ----------------------------------------
                                        FRANK ABBOTT (AS TRUSTEE OF THE
                                        BORROWER)
<PAGE>
                                                                        Page 49.

SIGNED at SANDTON on this the 15th day of APRIL 2005.

                                        For and on behalf of
                                        DENEYS REITZ TRUSTEES
                                        (PROPRIETARY) LIMITED (AS TRUSTEE
                                        OF THE BORROWER)

                                        /s/ Lionel Charles Shawe
                                        ----------------------------------------
                                        Name: Lionel Charles Shawe
                                        Capacity: Authorised Signatory
                                        Who warrants his authority hereto<PAGE>
                        FIRST RANKING CESSION AND PLEDGE

                                     Between

                      THE ARM BROAD-BASED EMPOWERMENT TRUST

    AN ORAL TRUST ESTABLISHED BY ORAL AGREEMENT ON 15 APRIL 2005 AND HEREIN
                       REPRESENTED BY ITS TRUSTEES BEING

                                 NEDBANK LIMITED
            (REPRESENTED BY ANTON TALJAARD AND CLIVE DONALD STEWART)

                       HARMONY GOLD MINING COMPANY LIMITED
                       (REPRESENTED BY NOMFUNDO QANGULE)

                                  FRANK ABBOTT

                                       and

                   DENEYS REITZ TRUSTEES (PROPRIETARY) LIMITED
                     (REPRESENTED BY LIONEL CHARLES SHAWE)

                                       and

                                 NEDBANK LIMITED

                                                                  DENEYS | REITZ
                                                                       ATTORNEYS
<PAGE>
                              NOTARIAL CERTIFICATE

I, THE UNDERSIGNED,

                                MARK ROBERT KYLE

OF SANDTON IN THE GAUTENG PROVINCE OF THE REPUBLIC OF SOUTH AFRICA, NOTARY
PUBLIC BY LAWFUL AUTHORITY DULY ADMITTED AND SWORN, DO HEREBY CERTIFY AND ATTEST
UNTO ALL WHOM IT MAY CONCERN THAT I HAVE THIS DAY COLLATED AND COMPARED WITH THE
ORIGINAL THEREOF, THE COPY HERETO ANNEXED MARKED "A ", BEING:

"A"  FIRST RANKING CESSION AND PLEDGE BETWEEN THE ARM BROAD-BASED EMPOWERMENT
     TRUST AN ORAL TRUST ESTABLISHED BY ORAL AGREEMENT ON 15 APRIL 2005 AND
     HEREIN REPRESENTED BY ITS TRUSTEES BEING NEDBANK LIMITED (REPRESENTED BY
     ANTON TALJAARD AND CLIVE DONALD STEWART), HARMONY GOLD MINING COMPANY
     LIMITED (REPRESENTED BY NOMFUNDO QANGULE), FRANK ABBOTT AND DENEYS REITZ
     TRUSTEES (PROPRIETARY) LIMITED (REPRESENTED BY LIONEL CHARLES SHAWE) AND
     NEDBANK LIMITED, DATED 15 APRIL 2005

AND I, THE SAID NOTARY, DO FURTHER CERTIFY AND ATTEST THAT THE SAME IS A TRUE
AND FAITHFUL COPY OF THE SAID ORIGINAL AND AGREES THEREWITH IN EVERY RESPECT. AN
ACT WHEREOF BEING REQUIRED, I HAVE GRANTED THESE PRESENTS UNDER MY NOTARIAL FORM
AND SEAL, TO SERVE AND AVAIL AS OCCASION SHALL OR MAY REQUIRE.

THUS DONE AND SIGNED AT SANDTON AFORESAID ON THIS THE 26TH DAY OF APRIL IN THE
YEAR TWO THOUSAND AND FOUR.

                                                                   NOTARY PUBLIC

DENEYS REITZ ATTORNEYS
SANDTON
<PAGE>
                        FIRST RANKING CESSION AND PLEDGE

                                     Between

                      THE ARM BROAD-BASED EMPOWERMENT TRUST

     AN ORAL TRUST ESTABLISHED BY ORAL AGREEMENT ON 15 APRIL 2005 AND HEREIN
                        REPRESENTED BY ITS TRUSTEES BEING

                                 NEDBANK LIMITED
            (REPRESENTED BY ANTON TALJAARD AND CLIVE DONALD STEWART)

                       HARMONY GOLD MINING COMPANY LIMITED
                        (REPRESENTED BY NOMFUNDO QANGULE)

                                  FRANK ABBOTT

                                       and

                   DENEYS REITZ TRUSTEES (PROPRIETARY) LIMITED
                     (REPRESENTED BY LIONEL CHARLES SHAWE)

                                       and

                                 NEDBANK LIMITED

                                                                  DENEYS | REITZ
                                                                       ATTORNEYS
<PAGE>
                                TABLE OF CONTENTS

<TABLE>
<S>                                                                           <C>
1.    PARTIES..............................................................    1
2.    DEFINITIONS AND INTERPRETATION.......................................    1
3.    INTRODUCTION.........................................................    8
4.    CESSION AND PLEDGE...................................................    9
5.    WARRANTIES, REPRESENTATIONS AND UNDERTAKINGS BY THE PLEDGOR..........    9
6.    DELIVERY OF DOCUMENTS................................................   12
7.    RIGHTS, POWERS AND PRIVILEGES ATTACHING TO THE ARM SHARES AND THE
      RIGHTS AND INTERESTS.............................................       13
8.    REALISATION..........................................................   14
9.    APPROPRIATION OF PROCEEDS............................................   17
10.   AUTHORITY............................................................   18
11.   RELEASE OF ARM SHARES TO THE BEE BENEFICIARIES.......................   18
12.   DURATION.............................................................   19
13.   ADDITIONAL SECURITY..................................................   19
14.   CESSION..............................................................   19
15.   PLEDGOR  BOUND  NOTWITHSTANDING  CERTAIN CIRCUMSTANCES...............   20
16.   ARM SHARES AND RIGHTS AND INTERESTS TO BE KEPT FREE OF ENCUMBRANCES..   21
17.   EXEMPTION FROM LIABILITY.............................................   21
18.   CERTIFICATE OF INDEBTEDNESS..........................................   22
19.   RENUNCIATION OF BENEFITS.............................................   22
20.   CONFIDENTIALITY......................................................   22
21.   NOTICES AND DOMICILIA.................................................  24
</TABLE>
<PAGE>
                                                                         Page 2.

<TABLE>
<S>                                                                           <C>
22.   GOVERNING LAW........................................................   26
23.   JURISDICTION.........................................................   26
24.   SEVERABILITY.........................................................   26
25.   GENERAL..............................................................   27
26.   COSTS................................................................   28
27.   COUNTERPARTS.........................................................   29
</TABLE>
<PAGE>
                        FIRST RANKING CESSION AND PLEDGE

1.   PARTIES

1.1  The Parties to this Agreement are:

1.1.1 THE ARM BROAD-BASED EMPOWERMENT TRUST AN ORAL TRUST ESTABLISHED BY ORAL
     AGREEMENT ON 15 APRIL 2005 HEREIN REPRESENTED BY ITS TRUSTEES BEING:

1.1.1.1 NEDBANK LIMITED (REPRESENTED BY ANTON TALJAARD AND CLIVE DONALD
     STEWART);

1.1.1.2 HARMONY GOLD MINING COMPANY LIMITED (REPRESENTED BY NOMFUNDO QANGULE);

1.1.1.3 FRANK ABBOTT; and

1.1.1.4 DENEYS REITZ TRUSTEES (PROPRIETARY) LIMITED (REPRESENTED BY LIONEL
     CHARLES SHAWE); and

1.1.2 NEDBANK LIMITED.

1.2  The Parties agree as set out below.

2.   DEFINITIONS AND INTERPRETATION

2.1  The headings to the clauses of this Agreement are for reference purposes
     only and shall in no way govern or affect the interpretation of nor modify
     nor amplify the terms of this Agreement nor any clause hereof.
<PAGE>
                                                                         Page 2.

2.2  Words and expressions defined in the Second Loan Agreement shall (unless
     otherwise defined in this Agreement) bear the same meanings where used in
     this Agreement. In addition, unless inconsistent with the context the words
     and expressions set forth below shall bear the following meanings and
     cognate expressions shall bear corresponding meanings:

2.2.1 "AGREEMENT" means this First Ranking Cession and Pledge;

2.2.2 "AHJIC" means ARMGold Harmony Joint Investment Company (Proprietary)
     Limited (Registration No. 2002/032163/07), a private company duly
     incorporated according to the company laws of South Africa;

2.2.3 "ARM" means African Rainbow Minerals Limited (Registration No.
     1933/004580/06), a public company duly incorporated in accordance with the
     company laws of South Africa;

2.2.4 "BEE BENEFICIARIES" means Historically Disadvantaged South Africans who
     are or will become beneficiaries of the Pledgor in accordance with the
     terms of the Trust Deed;

2.2.5 "CLAIMS" means all current and future claims which the Pledgor has or will
     have against ARM in respect of the ARM Shares;

2.2.6 "EFFECTIVE DATE" means the Advance Date;

2.2.7 "FIRST FACILITY OUTSTANDINGS" means, at any time and from time to time,
     the aggregate of all amounts of principal, accrued and unpaid interest and
<PAGE>
                                                                         Page 3.

     all and any other amounts due and payable, including but not limited to,
     Breakage Costs, to the Nedbank under the First Loan Agreement;

2.2.8 "FIRST LOAN AGREEMENT" means the written agreement entitled "First Loan
     Agreement'" concluded or to be concluded between Nedbank and the Pledgor on
     or about the Signature Date;

2.2.9 "HARMONY" means Harmony Gold Mining Company Limited (Registration No.
     1950/038232/06), a public company duly incorporated according to the
     company laws of South Africa;

2.2.10 "HISTORICALLY DISADVANTAGED SOUTH AFRICANS" shall bear the meaning
     ascribed to that term in the Broad Based Socio Economic Empowerment Charter
     for the South African Mining Industry published by the Department of
     Minerals and Energy of the Government of South Africa;

2.2.11 "NEDBANK" means Nedbank Limited (Registration No. 1951/000009/06) (acting
     through its Nedbank Capital division), a registered bank and public company
     duly incorporated according to the banking and company laws of South
     Africa;

2.2.12 "PARTIES" means:

2.2.12.1 the Pledgor; and

2.2.12.2 Nedbank,

     and "PARTY" means, as the context requires, mean either of them;
<PAGE>
                                                                         Page 4.

2.2.13 "PLEDGOR" means the trustees for the time being of an oral trust
     established by oral agreement between Frank Abbott (as founder) and
     Nedbank, Harmony, Frank Abbott and Deneys Reitz Trustees (Proprietary)
     Limited (each as trustees) on 15 April 2005 and known as the
     "ARM Broad-Based Empowerment Trust";

2.2.14 "RIGHTS AND INTERESTS" means all of the Pledgor's rights of any nature
     whatsoever to and interests of any nature whatsoever in the ARM Shares, the
     ARM Share Proceeds, the Claims and the Collection Account, whether actual,
     prospective or contingent, direct or indirect, whether a claim to the
     payment of money or to the performance of any other obligation, and whether
     or not the said rights and interests were within the contemplation of the
     Parties at the Signature Date;

2.2.15 "SECOND LOAN AGREEMENT" means the written agreement entitled "Second Loan
     Agreement" concluded or to be concluded between Nedbank and the Pledgor on
     or about the Signature Date;

2.2.16 "SECOND RANKING CESSION AND PLEDGE" means the reversionary cession and
     pledge in security entitled "Second Ranking Cession and Pledge" by the
     Pledgor in favour of Nedbank dated on or about Signature Date pursuant to
     which the Pledgor pledges the ARM Shares and cedes in securitatem debiti
     its reversionary rights, title and interest in and to the Rights and
     Interests to Nedbank as security for its obligations under the First Loan
     Agreement;

2.2.17 "SECURED OBLIGATIONS" means all of the obligations or Indebtedness
     (actual or contingent), present or future, from whatsoever cause and
     howsoever arising which the Pledgor may now or at any time hereafter
<PAGE>
                                                                         Page 5.

     owe or have towards Nedbank under or in connection with the Second Loan
     Agreement;

2.2.18 "SECURITY CESSION" means the cession in securitatem debiti and pledge
     contemplated by this Agreement as such obligations or Indebtedness are
     amended from time to time in terms of clause 15.1.2;

2.2.19 "SECURITIES SERVICES ACT" means the Securities Services Act, 2004;

2.2.20 "SIGNATURE DATE" means the date of the signature of the Party last
     signing this Agreement in time;

2.2.21 "STRATE" means STRATE Limited (Registration No. 1998/022242/06), a public
     company duly incorporated in accordance with the company laws of South
     Africa, and registered as a central securities depository in terms of the
     Securities Services Act.

2.3  Unless inconsistent with the context or save where the contrary is
     expressly indicated:

2.3.1 if any provision in a definition is a substantive provision conferring
     rights or imposing obligations on any Party, notwithstanding that it
     appears only in this interpretation clause, effect shall be given to it as
     if it were a substantive provision of this Agreement;

2.3.2 when any number of days is prescribed in this Agreement, same shall be
     reckoned exclusively of the first and inclusively of the last day unless
     the last day falls on a day which is not a Business Day, in which case the
     last day shall be the next succeeding Business Day;
<PAGE>
                                                                         Page 6.

2.3.3 in the event that the day for payment of any amount due in terms of this
     Agreement should fall on a day which is not a Business Day, the relevant
     day for payment shall be the previous Business Day;

2.3.4 in the event that the day for performance of any obligation to be
     performed in terms of this Agreement should fall on a day which is not a
     Business Day, the relevant day for performance shall be the subsequent
     Business Day;

2.3.5 an "affiliate" means, in relation to any person, a subsidiary of that
     person or a holding company of that person or any other subsidiary of that
     holding company;

2.3.6 a "clause" shall, subject to any contrary indication, be construed as a
     reference to a clause hereof;

2.3.7 a "holding company" shall be construed in accordance with the Companies
     Act;

2.3.8 a "person" shall be construed as a reference to any person, firm, company,
     trust, corporation, government, state or agency of a state or any
     association or partnership (whether or not having separate legal
     personality) of two or more of the foregoing;

2.3.9 a "subsidiary" shall be construed in accordance with the Companies Act;

2.3.10 any reference in this Agreement to an enactment is to that enactment as
     at the Signature Date and as amended or re-enacted from time to time;
<PAGE>
                                                                         Page 7.

2.3.11 any reference in this Agreement to this Agreement or any other agreement
     or document shall be construed as a reference to this Agreement or, as the
     case may be, such other agreement or document as the same may have been, or
     may from time to time be, amended, varied, novated or supplemented;

2.3.12 no provision of this Agreement constitutes a stipulation for the benefit
     of any person who is not a Party to this Agreement; and

2.3.13 references to day/s, month/s or year/s shall be construed as Gregorian
     calendar day/s, month/s or year/s.

2.4  Unless inconsistent with the context, an expression which denotes:

2.4.1 any one gender includes the other genders;

2.4.2 a natural person includes an artificial person and vice versa; and

2.4.3 the singular includes the plural and vice versa.

2.5  Where any term is defined within the context of any particular clause in
     this Agreement, the term so defined, unless it is clear from the clause in
     question that the term so defined has limited application to the relevant
     clause, shall bear the same meaning as ascribed to it for all purposes in
     terms of this Agreement, notwithstanding that that term has not been
     defined in this interpretation clause.

2.6  The rule of construction that, in the event of ambiguity, the contract
     shall be interpreted against the Party responsible for the drafting
     thereof, shall not apply in the interpretation of this Agreement.
<PAGE>
                                                                         Page 8.

2.7  The expiration or termination of this Agreement shall not affect such of
     the provisions of this Agreement as expressly provide that they will
     operate after any such expiration or termination or which of necessity must
     continue to have effect after such expiration or termination,
     notwithstanding that the clauses themselves do not expressly provide for
     this.

2.8  This Agreement shall be binding on and enforceable by the estates, heirs,
     executors, administrators, trustees, permitted assigns or liquidators of
     the Parties as fully and effectually as if they had signed this Agreement
     in the first instance and reference to any Party shall be deemed to include
     such Party's estate, heirs, executors, administrators, trustees,
     successors-in-title, permitted assigns or liquidators, as the case may be.

2.9  The use of any expression in this Agreement covering a process available
     under South African law such as winding-up (without limitation eiusdem
     generis) shall, if any of the Parties to this Agreement is subject to the
     law of any other jurisdiction, be construed as including any equivalent or
     analogous proceedings under the law of such other jurisdiction.

2.10 Where figures are referred to in numerals and in words, if there is any
     conflict between the two, the words shall prevail.

3.   INTRODUCTION

     As security for the due performance of the Secured Obligations, the Pledgor
     has agreed to pledge all of the ARM Shares and cede in securitatem debiti
     all of the Rights and Interests to Nedbank on the terms and conditions set
     out in this Agreement.
<PAGE>
                                                                         Page 9.

4.   CESSION AND PLEDGE

     With effect from the Effective Date, the Pledgor hereby pledges to Nedbank
     all of the ARM Shares and cedes in securitatem debiti to Nedbank all of the
     Rights and Interests, as a continuing general covering collateral security
     for the due, proper and timeous payment and performance in full of all of
     the Secured Obligations, on the terms and conditions set out in this
     Agreement, which pledge and cession Nedbank hereby accepts.

5.   WARRANTIES, REPRESENTATIONS AND UNDERTAKINGS BY THE PLEDGOR

5.1  The Pledgor, on each day that this Agreement is in force:

5.1.1 subject to clause 11 and as may be expressly provided for in the
     Transaction Documents, warrants and represents that it is and will remain
     the sole and beneficial owner of the ARM Shares and the Rights and
     Interests to the exclusion of all others and, save as expressly provided
     for in the Voting Agreement, no person has an option or right of refusal
     over the ARM Shares and/or the Rights and Interests;

5.1.2 warrants and represents that with effect from the Effective Date the ARM
     Shares are fully paid for and constitute the Pledgor's entire shareholding
     in ARM;

5.1.3 warrants and represents that the ARM Shares have been issued by ARM in
     accordance and compliance with all applicable laws and/or regulations;

5.1.4 warrants and represents that the ARM Shares pledged and the Rights and
     Interests ceded to Nedbank under this Agreement have not been pledged
<PAGE>
                                                                        Page 10.

     and/or ceded (either outright or as security), discounted, factored,
     mortgaged under notarial bond or otherwise, or otherwise disposed of or
     hypothecated, nor are they subject to any other rights in favour of any
     person (including without limitation any rights of pre-emption) save as
     expressly provided in the Voting Agreement;

5.1.5 warrants and represents that all obligations undertaken by it under this
     Agreement have been authorised by all necessary corporate and/or other
     action and neither the terms of the oral agreement in terms of which the
     Pledgor has been established nor any trust instrument in relation to the
     Pledgor places any limitations or restrictions on the ability of the
     Pledgor to pledge the ARM Shares and cede the Rights and Interests as
     provided for in this Agreement;

5.1.6 warrants and represents that to the best of its knowledge and belief the
     issue of the Security Cession and the fulfilment of its obligations in
     accordance with the terms thereof do not contravene any law, regulation or
     any contractual obligation binding on it;

5.1.7 waives any and all rights in respect of the ARM Shares and/or the Rights
     and Interests which it may have in conflict with the rights of Nedbank
     under this Agreement;

5.1.8 save for the Second Ranking Cession and Pledge and the provisions of the
     Transaction Documents, acknowledges that it may not pledge, cede, assign or
     transfer or in any other manner encumber or deal with the ARM Shares and/or
     the Rights and Interests without the prior written consent of Nedbank
     (which consent shall not be unreasonably withheld or delayed);
<PAGE>
                                                                        Page 11.

5.1.9 agrees that on the occurrence of any breach or default in respect of any
     Secured Obligation and a failure to remedy such breach or default in
     accordance with the terms of the Second Loan Agreement, it will forthwith
     pay over to Nedbank any interest or other benefits of any nature accrued
     and/or received in respect of the ARM Shares and the Rights and Interests
     relating to the period after such a breach by depositing the same into a
     nominated account as Nedbank may from time to time direct in writing.

5.2  Should the ARM Shares and/or the Rights and Interests be subject to any
     right in breach of the representation and warranty in clause 5.1.3, then,
     without prejudice to any other rights that Nedbank may have, any
     reversionary or other interests the Pledgor may have in the ARM Shares
     and/or the Rights and Interests are also ceded to Nedbank, and if the
     holder of that cession or right is entitled to possession of any of the
     documents referred to in clause 6 below, and it exercises that right, then
     the Pledgor shall deliver photocopies of the documents to Nedbank, and as
     soon as the holder of that cession or right ceases to be entitled to
     possession or gives up possession, the Pledgor shall deliver the relevant
     documents to Nedbank.

5.3  It is recorded that Nedbank has entered into the Transaction Documents to
     which it is a party on the strength of and relying on the warranties and
     representations in this clause 5, each of which shall be deemed to be
     separate warranties and representations, given without prejudice to any
     other warranty or representation, and deemed to be material representations
     inducing Nedbank to enter into the Transaction Documents to which it is a
     party.
<PAGE>
                                                                        Page 12.

6.   DELIVERY OF DOCUMENTS

6.1  If Nedbank calls upon the Pledgor in writing to do so, the Pledgor shall
     deliver to Nedbank proof to the satisfaction of Nedbank that the ARM Shares
     have been transferred to the Pledgor in accordance with section 91A(4) of
     the Companies Act.

6.2  In accordance with the rules of STRATE the Pledgor irrevocably authorises
     Nedbank as its agent in rem suam to take all steps necessary to ensure that
     an appropriate entry is made in the securities account of the Pledgor
     recording the Security Cession in terms of this Agreement.

6.3  The Pledgor hereby authorises Nedbank, upon the occurrence of an Event of
     Default, in its discretion to perfect and complete the pledge of the ARM
     Shares, or any of them, by registration, delivery, transfer or otherwise
     and to transfer the ARM Shares to any nominee or to a central securities
     depositary (as defined in the Securities Services Act) and without
     reference to the Pledgor.

6.4  When all the Secured Obligations have been unconditionally and irrevocably
     finally discharged or released, as the case may be, Nedbank shall be
     entitled as cessionary under the, Second Ranking Cession and Pledge, to
     take all steps to ensure that an appropriate entry is made in the
     securities account of the Pledgor recording the cession in securitatem
     debiti pursuant to the Second Ranking Cession and Pledge.

6.5  The Pledgor shall deliver to Nedbank any documents relating to the ARM
     Shares and/or the Rights and Interests for which it may at any time
     reasonably call and which are, or should reasonably be, in the Pledgor's
     possession, which documents shall be delivered to Nedbank within a
     reasonable period, as agreed
<PAGE>
                                                                        Page 13.

     between Nedbank and the Pledgor, and failing such agreement, within 10
     (ten) Business Days.

6.6  The Pledgor shall generally do everything that may be required by Nedbank
     for the purposes of and to give effect to this Agreement, failing which
     Nedbank may, if possible, attend thereto and recover from the Pledgor any
     expenses incurred in doing so.

7.   RIGHTS, POWERS AND PRIVILEGES ATTACHING TO THE ARM SHARES AND THE RIGHTS
     AND INTERESTS

7.1  This Agreement operates in respect of all rights, powers and privileges
     attaching to the ARM Shares and the Rights and Interests, including but not
     limited to those set out in clause 7.2 below and such rights, powers and
     privileges shall accordingly vest in Nedbank with the power to exercise
     them either in its own name or in the name of the Pledgor, upon the
     occurrence of any breach of the Secured Obligations which has not been
     remedied in accordance with the terms of the Second Loan Agreement and is
     continuing. Alternatively, the Pledgor shall, if Nedbank so directs,
     exercise its rights, powers and privileges in its own name and in
     accordance with Nedbank's directions to the greatest extent permitted by
     applicable law.

7.2  Such rights, powers and privileges attaching to the ARM Shares and/or the
     Rights and Interests include (but are not limited to) the following:

7.2.1 the right to receive payment of that portion of the dividends and other
     benefits which become due in respect of the ARM Shares and/or the Rights
     and Interests from time to time;
<PAGE>
                                                                        Page 14.

7.2.2 the right to receive notice of every general meeting of shareholders of
     the ARM which are to be forwarded to Nedbank just as if it were a
     shareholder of ARM; and

7.2.3 the right to attend every general meeting of the shareholders of ARM and
     to exercise the votes attaching to the ARM Shares at such meetings;

7.3  For the avoidance of doubt, for so long as the Pledgor is not in breach of
     the Secured Obligations, the provisions of clause 7.1 and 7.2 above will
     not apply.

8.   REALISATION

8.1  If the Pledgor commits any breach or default of the Secured Obligations and
     fails to remedy such breach or default in accordance with the terms of the
     Second Loan Agreement, the Pledgor hereby irrevocably and unconditionally
     authorises and empowers Nedbank or its nominee, without any further
     authority or consent of any nature whatsoever required from the Pledgor,
     and in the name of Nedbank or in the name of the Pledgor to:

8.1.1 exercise all or any of the rights, including voting rights attached to the
     ARM Shares, powers and privileges and enforce all or any obligations
     attaching to the ARM Shares and/or the Rights and Interests in such manner
     and on such terms as Nedbank in its sole discretion deems fit; and/or

8.1.2 receive payment for, delivery of and/or performance in respect of, the ARM
     Shares and/or the Rights and Interests in its own name; and/or

8.1.3 at Nedbank's election:
<PAGE>
                                                                        Page 15.

8.1.3.1 to perfect or complete the pledge of the ARM Shares, or any of them, by
     registration, delivery, transfer or otherwise and to transfer the ARM
     Shares to any nominee or nominees or to a central securities depository (as
     defined in the Securities Services Act); and/or

8.1.3.2 to sell or otherwise realise the ARM Shares and/or the Rights and
     Interests or any one of them either by public auction or by private treaty,
     in the latter case on reasonable notice to the Pledgor not exceeding 10
     (ten) Business Days, as Nedbank may deem fit; and/or

8.1.3.3 to take over the ARM Shares and/or the Rights and Interests at a fair
     value which, in the absence of agreement within 10 (ten) Business Days
     after delivery by Nedbank to the Pledgor of a written notice stating that
     Nedbank intends to exercise its rights pursuant to this clause 8.1.3.3,
     shall be determined by an independent accountant agreed to by the Parties
     or, failing agreement within 5 (five) Business Days, appointed, at the
     request of either Party, by the President for the time being of the
     Southern African Institute of Chartered Accountants (or the successor body
     thereto) (which independent accountant shall act as an expert and not as an
     arbitrator, shall be instructed to make his determination within 10 (ten)
     Business Days of being requested to do so and shall determine the liability
     for his charges which will be paid accordingly, provided that if any
     determination is manifestly unjust and the court exercises its general
     power, if any, to correct such determination, the Parties shall be bound
     thereby) and, subject to the provisions of clause 9, set off the purchase
     price payable by Nedbank for the ARM Shares
<PAGE>
                                                                        Page 16.

     and/or the Rights and Interests against the Pledgor's indebtedness to
     Nedbank in respect of the Secured Obligations on the basis that any excess
     on realisation or any balance owing to the Pledgor, as the case may be,
     will be paid to the Pledgor and any shortfall will remain as a debt due by
     the Pledgor to Nedbank; and/or

8.1.4 institute any legal proceedings which Nedbank may deem necessary in
     connection with any sale or other realisation or transfer of any of the ARM
     Shares and/or the Rights and Interests by Nedbank or its nominee; and/or

8.1.5 to convey valid title in the ARM Shares and/or the Rights and Interests to
     any purchaser thereof (including Nedbank) and/or to take all such further
     or other steps as Nedbank may consider necessary to deal with the ARM
     Shares and/or the Rights and Interests.

8.2  Nedbank acknowledges and agrees that the exercise of its rights in terms of
     clause 8.1 and any action taken by it pursuant thereto shall be subject to
     the terms and conditions contained in the Voting Agreement.

8.3  On Nedbank taking any actions in terms of clause 8.1, or otherwise as
     required by Nedbank, the Pledgor shall on demand by Nedbank:

8.3.1 notify ARM in writing that payment for, delivery of or performance in
     respect of the ARM Shares and/or the Rights and Interests must be made to
     Nedbank, and that payment, delivery or performance to the Pledgor or to
     anyone else will not constitute valid payment, delivery or performance, and
     Nedbank shall be entitled to do likewise. The Pledgor shall on demand by
     Nedbank provide proof that such notification has been duly given;
<PAGE>
                                                                        Page 17.

8.3.2 refuse to accept any payment, delivery or performance tendered in respect
     of any of the ARM Shares and/or the Rights and Interests in order that such
     payment, delivery or performance be tendered to Nedbank, which will apply
     any payment so received in accordance with the provisions of clause 9;

8.3.3 at its own cost carry out any lawful directions Nedbank may give in regard
     to the realisation of the ARM Shares and/or the Rights and Interests and
     sign any document or do any other reasonable and lawful act necessary to
     vest the ARM Shares and/or the Rights and Interests in Nedbank, to enable
     the sale or disposition of the ARM Shares and/or the Rights and Interests,
     which may otherwise be necessary or required to perfect the Security
     Cession created in this Agreement.

8.4  Notwithstanding anything to the contrary contained in this Agreement,
     Nedbank shall not be obliged to take any particular steps to collect or
     otherwise enforce its rights in respect of the ARM Shares and/or the Rights
     and Interests.

9.   APPROPRIATION OF PROCEEDS

     Nedbank shall apply the net proceeds of all amounts received pursuant to
     the sale or other realisation of the ARM Shares and/or the Rights and
     Interests (after deducting all properly evidenced costs and expenses
     incurred by Nedbank in relation to such realisation) in reduction or
     discharge, as the case may be, of the Pledgor's obligations under the
     Secured Obligations in its sole discretion as it deems fit. Any amount
     remaining thereafter shall be paid to the Pledgor provided that all of the
     Secured Obligations and any other obligations (whether actual or
     contingent, present or future) of the Pledgor pursuant to the Second
     Ranking Cession and Pledge, have been completely, unconditionally and
     irrevocably fulfilled.
<PAGE>
                                                                        Page 18.

10.  AUTHORITY

     If at any time during this Agreement Nedbank become entitled to exercise
     its rights under clause 8.1, the Pledgor hereby authorises and appoints
     Nedbank irrevocably and in rem suam as the Pledgor's attorney and agent in
     the Pledgor's name, place and stead to sign and execute:

10.1 any proxy in favour of Nedbank or its nominee to enable Nedbank to exercise
     any voting rights attaching to the ARM Shares or any of them; and

10.2 such documents as may be necessary:

10.2.1 in order to render the ARM Shares and/or the Rights and Interests or any
     of them negotiable including, without limitation, the signature of transfer
     declarations;

10.2.2 to enable Nedbank to receive payment of the purchase price of the ARM
     Shares and/or the Rights and Interests subject to the provisions of clause
     9;

10.2.3 to enable Nedbank to exercise any of its rights granted to it herein.

11.  RELEASE OF ARM SHARES TO THE BEE BENEFICIARIES

11.1 It is recorded that the Pledgor has been established inter alia, for the
     purposes of facilitating black economic empowerment and ownership in
     relation to ARM by permitting BEE Beneficiaries to become beneficiaries of
     the Pledgor and thereby obtaining a beneficial interest in and to the ARM
     Shares.

11.2 Accordingly, Nedbank hereby undertakes in favour of the Pledgor that upon a
     BEE Beneficiary becoming a beneficiary of the Pledgor and the consequent
<PAGE>
                                                                        Page 19.

     payment by the Pledgor to Nedbank of an amount calculated in accordance
     with terms of the Trust Deed in reduction of the Secured Obligations, it
     shall release from pledge in terms of this Agreement such number of the ARM
     Shares pledged in its favour pursuant to this Agreement as may be specified
     by, and in accordance with the terms of, the Trust Deed and take all steps
     to ensure that an appropriate entry is made in the securities account of
     the Pledgor recording the release from pledge of such ARM Shares to the
     Pledgor.

12.  DURATION

     This Agreement is a continuing covering security and will ipso facto
     terminate only upon the unconditional and irrevocable fulfilment of all the
     Secured Obligations. In particular, this Agreement shall not terminate by
     reason solely of the fact that there may at any time be reduced obligations
     or debts owing by the Pledgor under the Second Loan Agreement.

13.  ADDITIONAL SECURITY

     This Agreement is in addition to and not in substitution for any other
     security held or hereafter to be held by Nedbank from any party in
     connection with the Secured Obligations, or otherwise and Nedbank shall,
     without prejudice to its rights hereunder, be entitled to release any such
     additional security held by it.

14.  CESSION

14.1 Nedbank shall be entitled to cede any of its rights and/or transfer the
     whole or any part of its benefit under this Agreement and/or delegate any
     of its obligations under this Agreement without the consent of the Pledgor
     to any person to whom all or a corresponding part of its rights, benefits
     or obligations
<PAGE>
                                                                        Page 20.

     under Second Loan Agreement are ceded, assigned, delegated or transferred
     in accordance with the terms of the Second Loan Agreement.

14.2 To the extent that any such cession, transfer or delegation results in a
     splitting of claims against the Pledgor, the Pledgor hereby consents to
     such splitting of claims.

15.  PLEDGOR BOUND NOTWITHSTANDING CERTAIN CIRCUMSTANCES

15.1 The Pledgor agrees that on signature hereof it will be bound in terms of
     this Agreement to the full extent thereof, despite the fact that:

15.1.1 any intended additional security from the pledgor for the Secured
     Obligations may not be obtained or protected or may be released or may
     cease to be held for any other reason;

15.1.2 Nedbank and the Pledgor may agree a variation or novation of any of the
     Secured Obligations;

15.1.3 Nedbank may grant any indulgence to the pledgor or any surety or may not
     exercise any one or more of its rights hereunder or under the Secured
     Obligations, either timeously or at all;

15.1.4 any insolvency, administration, judicial management, reorganisation,
     arrangement, readjustment of debt, dissolution, liquidation or similar
     proceedings by or against Nedbank, the Pledgor, the Pledgor or any other
     person; and
<PAGE>
                                                                        Page 21.

15.1.5 any other fact or circumstance may arise (including any act or omission
     by Nedbank) on which the Pledgor or any surety might otherwise be able to
     rely on a defence based on prejudice, waiver or estoppel.

15.2 If the Pledgor suffers any loss arising from any of the facts,
     circumstances, acts or omissions referred to above, the Pledgor will have
     no claim against Nedbank in respect thereof.

16.  ARM SHARES AND RIGHTS AND INTERESTS TO BE KEPT FREE OF ENCUMBRANCES

     The Pledgor shall at all times keep the ARM Shares and the Rights and
     Interests free of Encumbrances, (save as for such Encumbrances created or
     required to be created in terms of the Transaction Documents) and shall not
     prejudice, compromise, grant any indulgences or agree to vary the terms of
     any document creating the ARM Shares and the Rights and Interests without
     the prior written consent of Nedbank.

17.  EXEMPTION FROM LIABILITY

     Nedbank and its officers, trustees, agents, beneficiaries, employees and
     advisors shall not be liable for any loss or damage, whether direct,
     indirect, consequential or otherwise, suffered by the Pledgor arising from
     any cause in connection with this Agreement, whether the loss or damage
     results from breach of contract (whether total, fundamental or otherwise),
     delict, negligence or any other cause and whether this Agreement has been
     terminated or not, other than as a result of Nedbank's gross negligence or
     wilful misconduct.
<PAGE>
                                                                        Page 22.

18.  CERTIFICATE OF INDEBTEDNESS

     A certificate signed by any manager or director of Nedbank whose
     appointment need not be proved, reflecting the amount owing by the Pledgor
     in relation to Nedbank under the Transaction Documents and the due date for
     payment of such amounts will be prima facie evidence of the contents
     thereof.

19.  RENUNCIATION OF BENEFITS

     The Pledgor hereby renounces the legal benefits and exceptions of
     excussion, division, non numeratae pecuniae, non causa debiti, revision of
     accounts and errore calculi, the Pledgor declaring itself to be fully
     acquainted with the full meaning and effect of this renunciation.

20.  CONFIDENTIALITY

20.1 Neither Party shall issue any press release or any other public document or
     make any public statement, in each case relating to or connected with or
     arising out of the agreement or the matters contained therein (save for any
     such release, announcement or document which is required to be given, made
     or published by law or under the rules and regulations of any stock
     exchange) without obtaining the prior approval of the other Party to the
     contents thereof and the manner of its presentation and publication;
     provided that such approval shall not to be unreasonably withheld or
     delayed.

20.2 In the case of a release, announcement or document which is required to be
     given, made or published by law or under the rules and regulations of any
     stock exchange, the Party liable so to give, make or publish the same shall
     give to the other Party as much advance warning thereof as is reasonable in
     the
<PAGE>
                                                                        Page 23.

     circumstances together with drafts or a copy thereof as soon as it is at
     liberty so to do.

20.3 Each Party shall at all times keep confidential (and to ensure that its
     employees and agents shall keep confidential) any information which it has
     acquired or may acquire in relation to any of the other Party or to any
     matter arising from or in connection with this Agreement, save for any
     information:

20.3.1 which is publicly available or becomes publicly available through no act
     or default of either Party; or

20.3.2 which was in the possession of that Party prior to its disclosure
     otherwise than as a result of any breach by a Party of any obligation of
     confidentiality owed to the other Parties whether pursuant to this
     Agreement or otherwise; or

20.3.3 which is disclosed to that Party by a third party which did not acquire
     the information under an obligation of confidentiality; or

20.3.4 which is independently acquired by that Party as a result of work carried
     out by a person to whom no disclosure of such information has been made,

     and shall not use or disclose such information except:

20.3.5 with the consent of the other Party; or

20.3.6 in accordance with an order of court of competent jurisdiction; or
<PAGE>
                                                                        Page 24.

20.3.7 in order to comply with any law or governmental regulations by which
     the Party concerned is bound; or

20.3.8 where necessary for the purpose of enforcing its rights under this
     Agreement.

20.4 The provisions of this clause 20 shall survive any termination of this
     Agreement.

21.  NOTICES AND DOMICILIA

21.1 NOTICES

21.1.1 Each Party chooses the address set out opposite its name below as its
     address to which any written notice in connection with this Agreement may
     be addressed.

21.1.1.1   PLEDGOR: c/o African Rainbow Minerals Limited
                    ARM House
                    29 Impala Road
                    Chislehurston
                    SANDTON

                    Telefax No. : (011) 883 5609
                    Attention   : The Company Secretary

21.1.1.2   NEDBANK: 4th Floor, F Block
                    135 Rivonia Road
                    SANDTON
                    2196
<PAGE>
                                                                        Page 25.

                    Telefax No. : (011)294 8421
                    Attention   : Head of Specialised Finance

21.1.2 Any notice or communication required or permitted to be given in terms of
     this Agreement shall be valid and effective only if in writing but it shall
     be competent to give notice by telefax transmitted to its telefax number
     set out opposite its name above.

21.1.3 Either Party may by written notice to the other Party change its chosen
     address and/or telefax number for the purposes of clause 21.1.1 to any
     other address(es) and/or telefax number, provided that the change shall
     become effective on the 14th (fourteenth) day after the receipt of the
     notice by the addressee.

21.1.4 Any notice given in terms of this Agreement shall:

21.1.4.1 if delivered by hand be deemed to have been received by the addressee
     on the date of delivery;

21.1.4.2 if transmitted by facsimile be deemed to have been received by the
     addressee on the 1st (first) Business Day after the date of transmission,

     unless the contrary is proved.

21.1.5 Notwithstanding anything to the contrary herein contained, a written
     notice or communication actually received by a Party shall be an adequate
     written notice or communication to it, notwithstanding that it was not sent
     to or delivered at its chosen address and/or telefax number.
<PAGE>
                                                                        Page 26.

21.2 DOMICILIA

21.2.1 Each of the Parties chooses its address set out opposite its name in
     clause 21.1 as its domicilium citandi et executandi at which documents in
     legal proceedings in connection with this Agreement may be served.

21.2.2 Either Party may by written notice to the other Party change its
     domicilium from time to time to another address, not being a post office
     box or a poste restante, in South Africa; provided that any such change
     shall only be effective on the 14th (fourteenth) day after the receipt or
     deemed receipt of the notice by the other Party pursuant to clause 21.1.4.

22.  GOVERNING LAW

     The entire provisions of this Agreement shall be governed by and construed
     in accordance with the laws of South Africa.

23.  JURISDICTION

     The Parties hereby irrevocably and unconditionally consent to the
     non-exclusive jurisdiction of the Witwatersrand Local Division of the High
     Court of South Africa (or any successor to that division) in regard to all
     matters arising from this Agreement.

24.  SEVERABILITY

     Each provision in this Agreement is severable from all others,
     notwithstanding the manner in which they may be linked together or grouped
     grammatically, and if in terms of any judgment or order, any provision,
     phrase, sentence, paragraph or clause is found to be defective or
     unenforceable for any reason, the remaining provisions,
<PAGE>
                                                                        Page 27.

     phrases, sentences, paragraphs and clauses shall nevertheless continue to
     be of full force. In particular, and without limiting the generality of the
     aforegoing, the Parties acknowledge their intention to continue to be bound
     by this Agreement notwithstanding that any provision may be found to be
     unenforceable or void or voidable, in which event the provision concerned
     shall be severed from the other provisions, each of which shall continue to
     be of full force.

25.  GENERAL

25.1 This document constitutes the sole record of the Agreement between the
     Parties in regard to the subject matter thereof.

25.2 Neither Party shall be bound by any express or implied term,
     representation, warranty, promise or the like, not recorded herein.

25.3 No addition to, variation or consensual cancellation of this Agreement and
     no extension of time, waiver or relaxation or suspension of any of the
     provisions or terms of this Agreement shall be of any force or effect
     unless in writing and signed by or on behalf of both the Parties.

25.4 No latitude, extension of time or other indulgence which may be given or
     allowed by either Party to the other Party in respect of the performance of
     any obligation hereunder or enforcement of any right arising from this
     Agreement and no single or partial exercise of any right by either Party
     shall under any circumstances be construed to be an implied consent by such
     Party or operate as a waiver or a novation of, or otherwise affect any of
     that Party's rights in terms of or arising from this Agreement or estop
     such Party from enforcing, at any time and without notice, strict and
     punctual compliance with each and every provision or term hereof.
<PAGE>
                                                                        Page 28.

25.5 The Parties undertake at all times to do all such things, to perform all
     such acts and to take all such steps and to procure the doing of all such
     things, the performance of all such actions and the taking of all such
     steps as may be open to them and necessary for or incidental to the putting
     into effect or maintenance of the terms, conditions and import of this
     Agreement.

25.6 Save as is specifically provided in this Agreement no Party shall be
     entitled to cede or delegate any of its rights or obligations under this
     Agreement without the prior written consent of the other Party, which
     consent may not unreasonably be withheld or delayed.

26.  COSTS

26.1 The costs of and incidental to the negotiation, preparation and execution
     of this Agreement and the implementation of the transactions contemplated
     herein shall be paid in accordance with the terms of the First Loan
     Agreement.

26.2 All legal costs incurred by either Party in consequence of any default of
     the provisions of this Agreement by the other Party shall be payable on
     demand by the defaulting Party on the scale as between attorney and own
     client and shall include collection charges, the costs incurred by the
     non-defaulting Party in endeavouring to enforce such rights prior to the
     institution of legal proceedings and the costs incurred in connection with
     the satisfaction or enforcement of any judgement awarded in favour of the
     non-defaulting Party in relation to its rights in terms of or arising out
     of this Agreement.
<PAGE>
                                                                        Page 29.

27.  COUNTERPARTS

     This Agreement may be executed by each Party signing a separate copy
     thereof and each of the copies together shall constitute the Agreement of
     the Parties.

SIGNED at SANDTON on this the 15th day of APRIL 2005.

                                        For and on behalf of
                                        NEDBANK LIMITED (ACTING THROUGH ITS
                                        NEDBANK CAPITAL DIVISION)

                                        /s/ Kevin Ryder
                                        ----------------------------------------
                                        Name: Kevin Ryder
                                        Capacity: Authorised Signatory
                                        Who warrants his authority hereto

                                        /s/ Mark Saunders Tyler
                                        ----------------------------------------
                                        Name: Mark Saunders Tyler
                                        Capacity: Authorised Signatory
                                        Who warrants his authority hereto
<PAGE>
                                                                        Page 30.

SIGNED at SANDTON on this the 15th day of APRIL 2005.

                                        For and on behalf of
                                        NEDBANK LIMITED (ACTING THROUGH ITS
                                        NEDBANK CAPITAL DIVISION) (AS TRUSTEE
                                        OF THE PLEDGOR)

                                        /s/ Bradley Maxwell
                                        ----------------------------------------
                                        Name: Bradley Maxwell for Anton Taljaard
                                        Capacity: Authorised Signatory
                                        Who warrants his authority hereto

                                        /s/ Clive Stewart
                                        ----------------------------------------
                                        Name: Clive Stewart
                                        Capacity: Authorised Signatory
                                        Who warrants his authority hereto

SIGNED at SANDTON on this the 15th day of APRIL 2005.

                                        For and on behalf of
                                        HARMONY GOLD MINING COMPANY
                                        LIMITED (AS TRUSTEE OF THE PLEDGOR)

                                        /s/ Nomfundo Qangule
                                        ----------------------------------------
                                        Name: Nomfundo Qangule
                                        Capacity: Authorised Signatory
                                        Who warrants his authority hereto

SIGNED at SANDTON on this the 15th day of APRIL 2005.

                                        /s/ Frank Abbott
                                        ----------------------------------------
                                        FRANK ABBOTT (AS TRUSTEE OF THE PLEDGOR)
<PAGE>
                                                                        Page 31.

SIGNED at SANDTON on this the 15th day of April 2005.

                                        For and on behalf of
                                        DENEYS REITZ TRUSTEES
                                        (PROPRIETARY) LIMITED (AS TRUSTEE OF
                                        THE PLEDGOR)

                                        /s/ Lionel Charles Shawe
                                        ----------------------------------------
                                        Name: Lionel Charles Shawe
                                        Capacity: Authorised Signatory
                                        Who warrants his authority hereto

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