Contacts:
Bonnie Greaves, M&A Partner (+ 44 20 7655 5550)
Leigh Cook, Media & Marketing Manager (+ 44 20 7655 5045)

London, 5 Aug 2003 — The London office of global law firm Shearman & Sterling advised AngloGold, one of the world's leading gold producers, on its US$1.89 billion proposed merger with Ghana's Ashanti Goldfields Corporation. The deal signed on 4 August 2003.

The merger will create a growth focused, leading gold producer with one of the largest reserves in the gold industry. The pan-African merged entity will produce 7.3 million ounces of gold per year, placing it in the same league as the major North American gold producers.

The merger, which will be achieved at a ratio of 26 AngloGold for every 100 Ashanti shares or depository receipts, will be effected by means of a scheme of arrangement between Ashanti and its shareholders under Ghanaian law. Lonmin plc, which holds 27.6% of Ashanti's issued ordinary share capital, has agreed to support the merger.

Shearman & Sterling's M&A team was led by partners Bonnie Greaves and George Casey and included Brett Carron, Tommi Juusela, George Karafotias, Nathan Sawyer and Brian Wheeler. Advice on UK M&A issues was provided by Adrian Knight and Esther Jeapes, and Chris Bright led the antitrust team.