Associates The Group’s 44% shareholding in Unitrans was sold effective 31 December 2004 and its final
contribution to associate headline earnings in the Group is R64 million for the year.

The Murray & Roberts share of post-acquisition earnings in Clough Limited is R16 million for
the year, which derives largely from its 83% listed subsidiary PT Petrosea in Indonesia, various oil & gas
services projects and property development activity in Australia.

Clough itself has recorded an attributable loss of AUD60 million for the year to 30 June 2005, the
majority of which relate to pre-acquisition matters identified by the Group in due diligence. This
relates largely to an engineering, procurement, install and commission (EPIC) oil & gas project off
Melbourne in the Bass Straights where the client has drawn down two on-demand performance
bonds to the value of AUD39,8 million against alleged damages. Clough has taken its disputes
to arbitration in terms of the contract, but in the meantime suffers a cash flow deficit. The share
acquisition proceeds from Murray & Roberts has been useful in stabilising the company, allowing
other operations to continue and an appropriate legal response to be mounted.

Further details on Clough are available on www.clough.com.au

Exceptional items

The disposal of Unitrans produced an exceptional profit of R214 million. This has been partially
offset in the period against a provisional loss on liquidation of Consani amounting to R144 million
and an exceptional loss on sale of Booker Tate of R47 million.

Exceptional charges have been raised against the Group’s remaining interest in Borbet South Africa
(R15 million) and in the write down of outstanding goodwill relating to the purchase of JCI Projects
in 2000 (R5 million). Straight-lining of lease commitments in the property head lease portfolio
resulted in a credit of R13 million in the year.

Acquisition and disposal

The Cementation Company Africa Limited was acquired with effect from 1 July 2004, delisted
from the JSE Limited and all but 3,8% of minorities bought-out. A series of transactions thereafter
resulted in the merger of its main subsidiary with Murray & Roberts RUC. With effect from January
2005 and in terms of broad-based black economic empowerment criteria and the Mining Charter,
AKA Capital acquired 26% of Murray & Roberts Cementation.

Cementation Canada was acquired at the same time and has been fully incorporated into
the Group’s international structure.

On 10 November 2004 minority shareholders in Clough Limited based in Perth Australia approved
a transaction that allowed Murray & Roberts to increase its ownership in the company to 29,3%
and in terms of a shareholder agreement with McRae Investments (representing the Clough Family),
move to control over time as allowed by the rules of the Australian Stock Exchange (ASX). The
Group has since acquired further shares in Clough through ASX and its interest in the company
now stands at 30,2%.

The Group has reached agreement with McRae Investments and the Board of Clough Limited,
subject to regulatory approvals, to increase its shareholding in Clough through an issue and
subscription for new shares and an equivalent sell-down by McRae. Murray & Roberts will thereafter
hold the right to 49% of Clough and McRae will reduce to below 20%. This arrangement will free
Clough of much of its debt and with its increased shareholding Murray & Roberts will engage a
more intense partnership with Clough across a broader market spectrum.

The sale of Criterion Equipment to J&J Group from 1 September 2005 is an empowerment
transaction valued at R75 million, including an element of vendor financing. Managing director
Graham Callanan and his team have served the Group with distinction over the past five years and
the directors wish them well into the future.