MURRAY & ROBERTS - CAUTIONARY ANNOUNCEMENT

MURRAY & ROBERTS HOLDINGS LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 05/29826/06)
("M&R" OR "THE GROUP")
CAUTIONARY ANNOUNCEMENT

IT WAS ANNOUNCED TO M&R SHAREHOLDERS ON 14 MAY 1998 THAT, INTER ALIA, THE BOARD
OF M&R HAD DECIDED TO OFFER THE GROUP'S INVESTMENT IN CEMENT, QUARRYING AND
READY MIXED CONCRETE ACTIVITIES FOR SALE.

TO DATE SEVERAL NON-BINDING OFFERS HAVE BEEN RECEIVED FROM INTERESTED PARTIES.
PROSPECTIVE BUYERS HAVE BEEN INVITED TO PERFORM DUE DILIGENCE PROCEDURES AND
THESE WILL BE CARRIED OUT DURING THE MONTH OF JUNE.

UPON COMPLETION OF THE DUE DILIGENCE EXERCISES, THE PROSPECTIVE BUYERS WILL
MAKE THEIR FINAL BINDING OFFERS TO M&R. M&R WILL THEN SELECT THE PREFERRED
BUYER AND ENTER INTO FURTHER NEGOTIATIONS WITH THEM.

THE SUCCESSFUL COMPLETION OF THESE NEGOTIATIONS MAY HAVE AN EFFECT ON THE PRICE
AT WHICH M&R TRADES ON THE JOHANNESBURG STOCK EXCHANGE. ACCORDINGLY,

SHAREHOLDERS ARE ADVISED TO EXERCISE CAUTION WHEN DEALING IN M&R SHARES.
A FURTHER ANNOUNCEMENT WILL BE MADE TO SHAREHOLDERS ON COMPLETION OF THESE
NEGOTIATIONS, OR AS THE NEED ARISES.
BY ORDER OF THE BOARD
LJ LINDSAY
SECRETARY
BEDFORDVIEW
4 JUNE 1998
FINANCIAL ADVISOR
DEUTSCHE MORGAN GRENFELL
DEUTSCHE MORGAN GRENFELL (SA) (PROPRIETARY)LIMITED
(REGISTRATION NO. 95/11798/07)
LEGAL ADVISOR
EDWARD NATHAN &
FRIEDLAND INC
(REGISTRATION NUMBER 77/00525/21)
JOINT SPONSORING BROKERS
MERRILL LYNCH
SMITH BORKUM HARE
SMITH BORKUM HARE (PTY)LTD
MEMBER OF THE JOHANNESBURG STOCK EXCHANGE
REGISTRATION NUMBER 95/01805/07
FLEMING MARTIN
FLEMING MARTIN SECURITIES LTD
REGISTRATION NUMBER 95/11815/06
MEMBER OF THE JOHANNESBURG STOCK EXCHANGE