Trading Statement for the six-month period to 31 December 2016 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” or “Group”) TRADING STATEMENT FOR THE SIX-MONTH PERIOD TO 31 DECEMBER 2016 Stakeholders are referred to the Business Update and Trading Statement published on the Stock Exchange News Service of the JSE Limited (“SENS”) on 3 November 2016 and 7 December 2016 respectively, quoting an expected decline in operational earnings for FY2017 when compared to FY2016, mainly due to persistent low commodity and energy prices, with a major impact expected in the Oil & Gas platform. Accordingly, shareholders of the Company are advised that Murray & Roberts expects the following: Results from continuing operations: Headline Earnings Earnings per share Diluted per share continuing (cents) continuing (cents) Actual - half year to 31 December 2015 87 90 - IFRS adjustment* 6 1 Restated - half year to 31 December 2015 93 91 Expected range - half year to 31 December 2016 Cents % Cents % - low 23 -75% 24 -74% - high 33 -65% 34 -63% Headline Earnings Earnings per share Basic: per share continuing (cents) continuing (cents) Actual - half year to 31 December 2015 90 94 - IFRS adjustment* 6 1 Restated - half year to 31 December 2015 96 95 Expected range - half year to 31 December 2016 Cents % Cents % - low 24 -75% 25 -74% - high 34 -65% 35 -63% *IFRS adjustment: discontinued operations. Results from continuing and discontinued operations: Headline earnings per share Earnings per share Diluted: continuing & continuing & discontinued discontinued (cents) (cents) Actual - half year to 31 December 2015 86 91 Expected range - half year to 31 December 2016 Cents % Cents % - low -9 -110% -19 -121% - high 1 -99% -9 -110% Headline earnings per share Earnings per share Basic: continuing & continuing & discontinued discontinued (cents) (cents) Actual - half year to 31 December 2015 89 94 Expected range - half year to 31 December 2016 Cents % Cents % - low -8 -109% -20 -121% - high 2 -98% -10 -111% Relative to the first half of the previous financial year, the six months to 31 December 2016 were negatively impacted by: 1. For continuing operations: a. A material decline in the earnings from the Oil & Gas platform; b. Provision of additional costs to close out projects and the business in the Middle East; and c. No material forex gains. 2. For discontinued operations: a. A net present value charge of R170 million, associated with the voluntary rebuild programme agreement entered into by all listed construction companies and the South African Government, as announced on SENS on 13 October 2016. The additional cost provided against the business in the Middle East is not expected to be repeated in the second half of the year, whilst the accounting for the voluntary rebuild programme agreement was a once-off cost incurred. The natural resource market sectors are cyclical and the Group will trade through this difficult period. The Group’s companies are respected for their capabilities and services and the Group is well positioned for the expected upturn in the commodity cycle, in the medium to long term. Shareholders are advised that the financial information on which this trading statement is based has not been reviewed and reported on by the Group’s external auditors. DATE OF INTERIM FINANCIAL RESULTS & PRESENTATIONS Murray & Roberts intends to publish its interim results for the six months to 31 December 2016 on Wednesday, 22 February 2017 before 17:00 on SENS and will be hosting an investor presentation in Johannesburg on Thursday, 23 February 2017 at 12:00 (CAT). Further to this presentation, the Company will provide the following stakeholder services on Thursday, 23 February 2016 at 12:00 (CAT): 1. Presentation Live Call Access Interested stakeholders can contact Ed Jardim, Group Investor and Media Executive, for the link to pre-register for the call. Pre-registration is quick, convenient and gives stakeholders immediate access to the call. Live call pre-registration and playback details can be requested from ed.jardim@murrob.com. 2. Presentation Live Webcast A live webcast will also be available on www.murrob.com, on the ‘Interim Results’ link on the home page. Bedfordview 15 February 2017 Sponsor: Deutsche Securities (SA) Proprietary Limited Date: 15/02/2017 11:00:00 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.