Shareholders are advised that the capital cost estimate for the Gautrain project announced by government recently represents a potential order book to the Group of approximately R 4,5 billion at current pricing levels, over a minimum five-year period commencing with full financial close of the 20 year concession contract.

Various articles concerning the Gautrain Project have been published through the media recently, alleging a moral contract between Gauteng Province and Bombela that links completion of the Gautrain project to the 2010 World Cup. The Group wishes to clarify that no such contract exists. Any agreement to contractually link completion of Gautrain with 2010 World Cup will require advance agreement of all parties concerned, including Murray & Roberts as a shareholder and participant in Bombela.

Johannesburg
7 November 2005

Sponsor
Merrill Lynch South Africa (Pty) Ltd