Update - Market Activity in Murray & Roberts' ordinary shares 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”) UPDATE - MARKET ACTIVITY IN MURRAY & ROBERTS’ ORDINARY SHARES Shareholders are referred to the announcement released on the Stock Exchange News Service (“SENS”) on Friday, 17 February 2017, regarding the unusually high trading volumes observed last week in Murray & Roberts’ ordinary shares. Shareholders are further referred to the announcement released on SENS earlier today, regarding the acquisition by ATM Holding GmbH, Munich (“ATM”), a company registered in accordance with the laws of Germany, of a material beneficial interest in Murray & Roberts. ATM is a wholly owned subsidiary of ATON GmbH (“ATON”). ATON is a private investment holding company headquartered in Germany, with a diverse portfolio of investments in the mining, engineering, aviation and health technology sectors. ATON acquired a 4.49% shareholding between June and September 2015 and now holds a beneficial interest of approximately 25.5% of the total issued ordinary share capital of the Company. Other than the Section 122(3)(b) notification, the Company confirms that it has not received any other correspondence or communication from ATON. The underground mining contractor J.S. Redpath Holding, Inc (“Redpath”) is a wholly owned subsidiary of ATON. Murray & Roberts and ATON held exploratory discussions between September 2015 and April 2016, regarding a potential combination of Redpath with Murray & Roberts’ Underground Mining business platform. Whilst there was merit in the potential combination, the parties could not reach agreement on the proposed transaction structure and relative value. Accordingly, discussions ceased in May 2016. The Company will engage with ATON regarding its investment in Murray & Roberts. Bedfordview 22 February 2017 Sponsor: Deutsche Securities (SA) Proprietary Limited Date: 22/02/2017 09:30:00 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.