ANGLOGOLD LIMITED

(Registration number 1944/017354/06)

(Incorporated in the Republic of South Africa)

("AngloGold")

ISIN: ZAE000043485

JSE Share code: ANG

DEALINGS IN SECURITIES BY DIRECTORS OF ANGLOGOLD LIMITED

IN TERMS OF THE ANGLOGOLD SHARE INCENTIVE SCHEME

In terms of JSE Listings Requirement 3.63 we give notice that the following
directors have exercised share options, after having received clearance to do
so in terms of Listings Requirement 3.66. The options were granted in terms of
the AngloGold Share Incentive Scheme. This resulted in the following ordinary
shares of the company having been allotted and traded on the JSE:

Details                                                 K H Williams           
                                                                               
Date exercised and sold                                 24 December 2003       
                                                                               
Type of interest                                        Beneficial             
                                                                               
Number of shares                                        1,000                  
                                                                               
Date options granted                                    16 February 1998       
                                                                               
Vesting period                                          Over a 5 year period   
                                                                               
Option exercise price                                   R104.00                
                                                                               
Sale price (average)                                    R301.8080              
                                                                               
% of total shares in issue                              0.0004481605           

29 December 2003

Sponsor

UBS



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