A consortium comprising our existing empowerment partners and others will be formed to partner the concession, development and
property business of Murray & Roberts. It is envisaged that this operating partnership will facilitate a new model for engaging the changing
circumstances in the domestic and regional construction sector. Directorate
A number of director appointments have been announced over the past six months following the evaluation process designed to strengthen
the Board in the context of improved corporate governance and Globalising Murray & Roberts.

The appointment in September 2004 of Mr Michael McMahon and Dr Namane Magau as independent directors was confirmed at the annual
general meeting. Mr McMahon has been appointed chairman of the Health, Safety, Environment & Corporate Social Involvement Committee and
Dr Magau to the Remuneration & Human Resources Committee. Ms Imogen Mkhize and Mr Royden Vice were appointed independent directors
in January 2005.
Ms Mkhize has been appointed to the Audit & Risk Management Committee.

Mr Norbert Jorek and Mr Sean Flanagan were appointed executive directors. The appointment of Mr Jorek was confirmed at the annual general
meeting. Mr Flanagan has taken responsibility for the Southern Africa mining contracting, construction and development business. He and Mr
Keith Smith together have responsibility for 80% of the Group’s construction-related operations.

Professor Willie Esterhuyse retired from the Board with effect from 28 February 2005. Appointed to the Board in 1990, Professor Esterhuyse
has served the Group with distinction over the past 15 years.

The International Advisory Board mandated to assist the Board with strategic guidance in respect of the growing international activities of the
Group is being formulated.

Mr Malose Chaba and Mr Craig Lawrence were appointed to the Murray & Roberts executive committee and directors of Murray & Roberts
Limited during the period.

Ms Sandi Linford joined the Group as Company Secretary in November 2004.

Prospects
Finalisation of Rebuilding Murray & Roberts remains an absolute focus for the Board and executive management of the Group over the months
ahead. The improved order book, a more focused management structure, the series of acquisitions and disposals and in particular the planned
empowerment of the Group’s domestic construction-related businesses, offers the potential for meaningful growth in the years ahead.

However, the prospects statement in the annual report and the business update at the annual general meeting cautioned investors of the
challenges faced in the current year. Taking into account the liquidation of Consani, the unexpected reversal on the project in Qatar, the
restructuring of aspects of the business in terms of the Group’s empowerment initiatives, the dilutive impact of the Unitrans disposal and an
increase in the effective taxation rate, the directors have concluded that it is prudent to expect headline earnings in the second half of the year
to be similar to those recorded in the first half. On behalf of the directors Roy Andersen Chairman of the Board Brian Bruce Group Chief Executive Roger Rees Group Financial Director Bedfordview 28 February 2005