Bombela Concession Company receives quantum award in the Gautrain Sandton Station "Cavern" arbitration MURRAY & ROBERTS HOLDINGS LIMITED (Incorporated in the Republic of South Africa) Registration number 1948/029826/06 JSE Share Code: MUR ADR Code: MURZY ISIN: ZAE000073441 (“Murray & Roberts” or “the Company”) BOMBELA CONCESSION COMPANY RECEIVES QUANTUM AWARD IN THE GAUTRAIN SANDTON STATION ‘CAVERN’ ARBITRATION Shareholders are referred to the previous statements released on the Stock Exchange News Service of the JSE Limited (“SENS”), specifically in the Company’s bi-annual financial results announcements, regarding the Gautrain Sandton Station ‘cavern’ arbitration (“Gautrain Sandton Station Cavern Claim”) proceedings between the Bombela Concession Company (“BCC”) and the Gauteng Provincial Government (“Province”). The Gautrain Sandton Station Cavern Claim was lodged by the Bombela Civil Joint Venture (“BCJV”), which was responsible for the design and construction of the entire Gautrain system (including the cavern), through BCC, which operates the Gautrain system under a concession agreement, against Province. BACKGROUND Murray & Roberts (45%), Bouygues (45%) and SPG (10%) are the shareholders of BCJV in the percentages indicated. The construction of the Gautrain Sandton Station was tendered as a ‘cut-and-cover’ design. However, the design was subsequently changed under a variation order issued by Province to a ‘cavern design, which attracted additional costs. This is the basis on which BCJV claimed for additional cost, and BCC pursued the arbitration against Province as the concession company for the difference in the cost of the two construction designs. ARBITRATION AWARD The Gautrain Sandton Station Cavern Claim, on its merits, was ruled in favour of BCC in October 2013. On 2 March 2016, the arbitration tribunal announced the provisional quantum award of R354 million. The amount due must be finalised by escalating the value of the award from the date on which the costs were incurred to the date on which the award was issued, based on its constituent parts of Rands and Euros. Province is liable for all arbitration costs related to this matter and has to pay interest at the prime overdraft rate plus 2% from the date of finalisation of the amount due. CONCLUSION AND REMAINING GAUTRAIN PROJECT CLAIMS The Company is satisfied with the outcome of the proceedings and it further strengthens our confidence in the Company’s entitlement with respect to unresolved claims on the Gautrain project due for resolution. Details of these remaining claims were disclosed in the Group’s interim results announcement released on SENS on 24 February 2016. These claims will be diligently pursued and stakeholders will be kept informed as to their progress. Bedfordview 4 March 2016 Sponsor: Deutsche Securities (SA) Proprietary Limited Date: 04/03/2016 07:17:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.