CASHBUILD LIMITED - A SPECIFIC ISSUE OF SHARES FOR CASH TO THE CASHBUILD

CASHBUILD LIMITED - A SPECIFIC ISSUE OF SHARES FOR CASH TO THE CASHBUILD        
EMPOWERMENT TRUST ("THE TRUST")("THE TRANSACTION")                              
Cashbuild Limited                                                               
(Incorporated in the Republic of South Africa)                                  
(Registration number 1986/001503/06)                                            
Share code: CSB  ISIN: ZAE000028320                                             
("Cashbuild" or "the company")                                                  
A SPECIFIC ISSUE OF SHARES FOR CASH TO THE CASHBUILD EMPOWERMENT TRUST ("THE    
TRUST")("THE TRANSACTION")                                                      
1.   Introduction and rationale                                                 
Cashbuild"s shareholders approved the introduction of Cashbuild"s employees as a
broad-base empowerment shareholder at the company"s annual general meeting on   
6 December 2004 ("approved transaction"). In terms of the approved transaction, 
Cashbuild Management Services (Proprietary) Limited would lend R70 million to   
the Trust to acquire up to 10% of the issued share capital of Cashbuild.        
It was envisaged that the Trust, by approaching Cashbuild"s shareholders, would 
be able to acquire 10% of the shares in the open market at a price of no more   
than R30 per share. On the day the approved transaction was announced           
Cashbuild"s shares traded above R30. Further to this, shareholders who were     
approached required a premium to the current market price to sell their shares. 
Although the Trust has a period of 365 days to acquire the shares, the          
probability of obtaining the 10% holding by the Trust at the envisaged price    
appears unlikely. In light of these events Cashbuild proposes to issue new      
shares to the Trust to facilitate the approved transaction.                     
2.   Key terms of the transaction                                               
Cashbuild proposes that the Trust subscribes for 2 580 535 new Cashbuild shares 
at R29.09, equating to the 30 day volume weighted average price of Cashbuild    
shares up to 10 November 2004, being the announcement date of the approved      
transaction. The issue of new shares for cash will have no impact on Cashbuild"s
current cash resources.                                                         
The loan to the Trust from Cashbuild Management Services (Proprietary) Limited  
needs to be increased by R5 067 763.15 from R70 000 000.00 to R75 067 763.15 to 
enable the Trust to subscribe for 10% of the ordinary shares in the capital of  
Cashbuild post the issue.                                                       
3.   Conditions precedent                                                       
The increase in the loan to the Cashbuild Empowerment Trust and the specific    
issue of new shares for cash remain subject to the approval by the Cashbuild    
shareholders at the general meeting to be held on Monday, 7 February 2005 at    
Cashbuild"s registered offices.                                                 
4.   Financial effects                                                          
The table below sets out the pro-forma financial effects, on a consolidated     
basis, of the transaction on the earnings per share ("EPS"), headline earnings  
per share ("HEPS"), net asset value per share ("NAV") and net tangible asset    
value per share ("NTAV") of the Company based on the audited financial results  
for the year ended 30 June 2004. This pro-forma financial information has been  
prepared for illustrative purposes only and because of its nature may not give a
true picture of Cashbuild"s financial position and results of operations, nor   
the effect or impact of the transaction going forward. The preparation of the   
pro-forma financial information is the responsibility of the directors and in   
the opinion of PricewaterhouseCoopers Inc. the adjustments are appropriate for  
the purposes of the unaudited financial effects in terms of Section 8.30 of the 
JSE Listings Requirements.                                                      
     Consolidated                                                               
                       Before the    After the    Percentage                    
                       transaction   transaction  increase/                     
(cents)(1)    (cents)      (decrease)                    

     EPS               248.3         238.1(2)     -4.1                          
     HEPS              251.4         241.1(2)     -4.1                          
     NAV               724.8         643.8(3)     -11.2                         
NTAV              688.1         610.8(3)     -11.2                         
     Shares in issue   23.2          25.8         11.2                          
     (millions)                                                                 
Notes                                                                           
(1) Extracted from the published financial results for the year ended 30 June   
2004.                                                                           
(2) Based on the assumption that the transaction was implemented on 1 July 2003 
and that 2 580 535 new shares were issued to the Cashbuild Empowerment Trust at 
the 30 day volume weighted average price of R29.09 from the date of announcement
of the approved transaction on 10 November 2004.                                
(3) Based on the assumption that the transaction was implemented on 30 June     
2004.                                                                           
Cashbuild"s auditors, PricewaterhouseCoopers Inc. have given their opinion that 
the Trust shall be consolidated in Cashbuild"s group annual financial           
statements.                                                                     
5.   Further details                                                            
A circular, giving further details, will be posted to shareholders on or about  
14 January 2005.                                                                
Johannesburg                                                                    
12 January 2005                                                                 
Investment bank and sponsor                                                     
Nedbank Capital                                                                 
Independent reporting accountants                                               
PricewaterhouseCoopers Inc.                                                     
Corporate law advisers and consultants                                          
Van der Heever & Associates                                                     
Date: 12/01/2005 05:00:05 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department