MURRAY & ROBERTS HOLDINGS LIMITED - DEALING IN SECURITIES

MURRAY & ROBERTS HOLDINGS LIMITED - DEALING IN SECURITIES                       
Murray & Roberts Holdings Limited                                               
(Incorporated in the Republic of South Africa)                                  
Registration number 1948/029826/06                                              
JSE Share Code: MUR                                                             
ISIN Code: ZAE000008983                                                         
("MRH")                                                                         
DEALING IN SECURITIES                                                           
Dealing in Securities by a director of Murray & Roberts Limited, being a major  
subsidiary of MRH, as defined in terms of the Listings Requirements             
In compliance with paragraphs 3.63 to 3.65 of the Listings Requirements of the  
JSE Securities Exchange South Africa, the following details are disclosed:      
Name of Director        Mr S J Flanagan                                         
Name of Company of      Murray & Roberts Limited                                
which he is a Director                                                          
Date of transaction     18 May 2004                                             
Class of Securities     Ordinary Shares                                         
Nature of Transaction   Exercise of share options and immediate sale            
                        of shares.                                              
Price at which shares   R13,90 per share                                        
were sold                                                                       
Number of shares taken   8 000 - R9,13 (1997 Scheme)                            
up and strike price of  15 000 - R8,05 (1998 Scheme)                            
options                 75 000 - R2,33 (1999 Scheme)                            
                        25 000 - R3,16 (2000 Scheme)                            
                        50 000 - R4,60 (2001 Hurdle Scheme)                     
                        70 000 - R4,60 (2001 Standard Scheme)                   
21 250 - R6,93 (2002 Hurdle Scheme)                     

                        21 250 - R6,93 (2002 Standard Scheme)                   
Total value of          R 3 968 450,00                                          
securities                                                                      
Nature of Interest      Beneficial (directly)                                   
Clearance               Clearance has been given by Group Chief                 
                        Executive.                                              
Johannesburg                                                                    
26 May 2004                                                                     
Sponsor                                                                         
Merrill Lynch South Africa (Pty) Limited                                        
Date: 26/05/2004 03:56:56 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department