This final year of Rebuilding Murray & Roberts has seen a fundamental
reshaping of our Group in line with a strategic engagement of the global
construction economy. The acquisition of Cementation and a strategic
partnership with Clough has established a global engineering and
contracting platform serving key natural resource markets in Southern
Africa, Middle East, Southeast Asia and North America.

Our domestic market leadership is enhanced through the acquisition of new
business capacity in the construction economy and our preferred bidder
status on both the Gautrain Rapid Rail Link project and the PBMR Nuclear
Power Programme.

Commercial fixed investment has improved in Middle East and new project
awards such as Dubai International Airport offer Murray & Roberts a platform
for sustainable expansion following two years of market realignment.

Finally, a major benefit of Rebuilding Murray & Roberts has materialised in
the form of an empowerment strategy that will see broad-based community
and staff participation in the equity of the Group into the future combined
with value-based empowerment partnerships in the Group’s various operating
markets.

BRIAN C BRUCE, GROUP CHIEF EXECUTIVE.