The offer represents a significant premium* to the price at which Acacia shares traded prior to the announcement of AngloGold?s offer. The offer represents:

• a 24% premium over Acacia?s closing share price on 8 October 1999, the last trading day immediately prior to the announcement of AngloGold?s offer;

• a 41% premium over Acacia?s closing share price on 1 September 1999, the last trading day immediately prior to the announcement of Delta?s offer; and

• a 44% premium based on the weighted average share prices of Acacia and AngloGold over the one month period to 1 September 1999.

The offer is unconditional and is therefore not subject to a minimum acceptance condition. If you accept the offer, you will receive your AngloGold shares within 3 business days. Alternatively, you may choose to have Deutsche Bank sell your AngloGold shares on your behalf, and receive the proceeds by cheque within 14 days.

As at 5 November AngloGold had a market capitalisation of approximately A$9 billion. Its shares are highly liquid with turnover of approximately A$400 million per month over the last 12 months.

AngloGold shares are currently listed on the Johannesburg, New York and London stock exchanges and the Paris and Brussels bourses. They will commence trading on the Australian Stock Exchange on 16 November 1999, and will be eligible to be included in the relevant ASX indices from 3 April 2000.

Acacia shareholders will have the opportunity to own shares in the world?s largest gold producer with 21 operations in Africa, the United States and South America.