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To: Vitalsigns who wrote (79912)	12/13/2001 6:31:00 AM
From: long-gone	Respond to of 116752

The battle rages on, AngloGold Highlights Value In Top-Up Facility And Appeals Takeovers Panel Decision Date: Thursday, December 13, 2001 AngloGold has today highlighted the value of its Top-Up Facility to Normandy Mining shareholders and announced that it intends to appeal yesterday’s decision by the Takeovers Panel. Attractiveness of Top-Up Facility AngloGold believes acceptance of its unconditional offer, combined with subscription to the AngloGold Top-Up Facility, will leave the majority of Normandy Mining shareholders better off than if they take the risks associated with Newmont’s complex, conditional offer. Under the AngloGold Top-Up Facility, Normandy shareholders who accept the AngloGold offer are able to subscribe for up to A$7,500 in AngloGold shares at a 7.5% discount to market. The potential value inherent in the discount is approximately A$608 per shareholder. For an average Normandy retail shareholder who holds 3,000 Normandy shares, the Top-Up Facility is worth an additional 20 cents per Normandy share. For such a retail investor this increases the total value of AngloGold’s offer to approximately $1.90 per share, based on AngloGold’s closing share price on the New York Stock Exchange on 12 December 2001. This compares with the value of Newmont’s revised offer of $1.83 per share on the same date. For a retail shareholder with 1,000 Normandy shares, the discount on the Top-Up Facility is worth approximately 61 cents per share. Clearly, AngloGold’s offer combined with the value of the Top-Up Facility is superior for an average retail investor. The Normandy 2001 Annual Report indicates that there are more than 33,000 shareholders with holdings of less than 5,000 shares, being the approximate shareholding level at which the value of the AngloGold offer combined with the Top-Up Facility is better than Newmont’s revised offer. This indicates that a majority of Normandy shareholders would be better off accepting the AngloGold offer with the Top Up Facility rather than the Newmont revised offer. AngloGold’s offer is open and capable of immediate acceptance. AngloGold will commence making payments of consideration on 20 December 2001, which means that small shareholders can receive payment before Christmas. This compares with Newmont’s complex offer under which payment is not expected until mid-February at the earliest. AngloGold to appeal Takeovers Panel decision AngloGold announced today that it intends to appeal the decision of the Takeovers Panel in respect of its application relating to the provision of special benefits by Newmont to Franco Nevada in connection with Newmont’s proposed takeover offer for Normandy. AngloGold believes it has a strong case to appeal the decision for several reasons. The company will argue that equal treatment of shareholders is one of the fundamental principles of Australian Takeovers law and that it continues to believe the Newmont arrangements breach these principles. In its press release the Panel states: “The Panel is not convinced that the proportion of the value of Franco Nevada, which its shares in Normandy constitute, is sufficient to assert that acquiring those Normandy shares was the primary purpose of Newmont’s proposed acquisition of Franco Nevada”. AngloGold believes that this assertion is not accurate, particularly given that: - the lock-up agreement over Franco Nevada’s shareholding in Normandy was expressed by the parties to be an “inducement” to Newmont’s proposed acquisition of Franco Nevada; - Newmont’s acquisition of Franco Nevada is conditional upon a successful acquisition of Normandy; and - there is no “primary purpose” test under Australian Law in applying the equality principle. Importantly, the Panel appears to acknowledge that Franco Nevada may have received an offer of additional benefits not provided to other Normandy shareholders. Part of the Panel’s decision appears to be based on difficulties it has in determining the values of different asset classes of Franco Nevada. AngloGold considers that it may have been appropriate in these circumstances for the Panel to have obtained advice in respect of these issues from an independent expert party, such as an international investment bank. This would have enabled the Panel to measure the benefits which are not being offered to all Normandy shareholders under Newmont’s proposed takeover offer. A formal application seeking a review of the decision will be made shortly. AngloGold continues to assess the possibility of challenging these arrangements in other jurisdictions, including Canada. Disclaimer Except for the historical information which may be contained herein, there maybe matters discussed in this news release that are forward-looking statements. Such statements are only predictions and actual events or results may differ materially. For a discussion of important factors including, but not limited to, development of the Company's business, the economic outlook in the gold mining industry, expectations regarding gold prices and production, and other factors, which could cause actual results to differ materially from such forward-looking statements, refer to the Company's annual report on the Form 20-F for the year ended December 31, 2000 which was filed with the Securities and Exchange Commission on April 23, 2001. anglogold.co.za