MURRAY & ROBERTS HOLDINGS LIMITED/THE CEMENTATION COMPANY - RESULTS OF THE OFFER

MURRAY & ROBERTS HOLDINGS LIMITED/THE CEMENTATION COMPANY - RESULTS OF THE OFFER
BY MURRAY & ROBERTS LIMITED TO ACQUIRE ALL OR ANY OF THE ORDINARY SHARES AND    
PREFERENCE SHARES IN CEMENTATION                                                
MURRAY & ROBERTS HOLDINGS LIMITED                                               
(Incorporated in the Republic of South Africa)                                  
(Registration number 1948/029826/06)                                            
Share code: MUR   ISIN: ZAE000008983                                            
("Murray & Roberts Holdings")                                                   
THE CEMENTATION COMPANY                                                         
(Africa) Limited                                                                
(Incorporated in the Republic of South Africa)                                  
(Registration number 1926/008840/06)                                            
Share code: CMT   ISIN: ZAE0000001582                                           
Share code: CMTP   ISIN: ZAE000001590                                           
("Cementation")                                                                 
RESULTS OF THE OFFER BY MURRAY & ROBERTS LIMITED TO ACQUIRE ALL OR ANY OF       
THE ORDINARY SHARES AND PREFERENCE SHARES IN CEMENTATION                        
Cementation ordinary and preference shareholders ("the shareholders") are       
referred to the announcements published in the press on 13 September 2004 and 1 
October 2004, regarding the mandatory offers by Murray & Roberts Limited        
("Murray & Roberts"), a wholly-owned subsidiary of Murray & Roberts Holdings, in
terms of the Securities Regulation Code on Take-overs and Mergers, to acquire:  
*  all or any of the Cementation ordinary shares that it does not already hold, 
for a cash consideration of 865 cents per Cementation ordinary share ("the      
ordinary share offer");  and                                                    
*  all or any of the Cementation preference shares that it does not already     
hold, for a cash consideration of 300 cents per Cementation preference share    
("the preference share offer") (collectively, "the offers").                    
The ordinary share offer was accepted by Cementation ordinary shareholders      
holding 3 232 202 Cementation ordinary shares, representing 81.7% of            
Cementation"s issued ordinary share capital, excluding Cementation ordinary     
shares held by Murray & Roberts.  Following implementation of the ordinary share
offer, Murray & Roberts will hold 96.2% of Cementation"s issued ordinary share  
capital.  The preference share offer was accepted by Cementation preference     
shareholders holding 8 966 Cementation preference shares, representing 14.0% of 
Cementation"s issued preference share capital, excluding Cementation preference 
shares held by Murray & Roberts.  Following implementation of the preference    
share offer, Murray & Roberts will hold 63.4% of Cementation"s issued preference
share capital.  As neither offer was accepted by shareholders holding 90% or    
more of the Cementation ordinary and preference shares, respectively (excluding 
the Cementation ordinary and preference shares held by Murray & Roberts), Murray
& Roberts will not be entitled to invoke the provisions of section 440K of the  
Companies Act 1973 (Act 61 of 1973), as amended, to compulsorily acquire all the
Cementation ordinary and preference shares of the shareholders who did not      
accept the offers.                                                              
Cementation ordinary shareholders who did not accept the ordinary share offer   
are reminded that the Cementation ordinary shares will be delisted from the JSE 
Securities Exchange South Africa ("the JSE") with effect from the commencement  
of business on Tuesday, 19 October 2004.  Similarly, Cementation preference     
shareholders who did not accept the preference share offer are reminded that the
Cementation preference shares will be delisted from the JSE with effect from the
commencement of business on Monday, 25 October 2004. These Cementation ordinary 
and preference shareholders will therefore hold shares in an unlisted entity.   
Johannesburg                                                                    
18 October 2004                                                                 
Corporate advisor and transaction sponsor to Murray & Roberts Holdings          
   BRIDGE CAPITAL                                                               
Sponsor to Murray & Roberts Holdings                                            
   Merrill Lynch                                                                
Global Markets & Investment Banking Group                                    
   Merrill Lynch South Africa (Pty) Ltd                                         
   Registration number 1995/001805/07                                           
   Registered Sponsor and  Member of the                                        
JSE Securities Exchange South Africa                                         
Sponsor to Cementation                                                          
    STANDARD BANK                                                               
Legal advisor to Murray & Roberts Holdings                                      
BOWMAN GILFILLAN                                                            
    ATTORNEYS                                                                   
Date: 18/10/2004 05:29:32 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department