A compelling offer and an opportunity for shareholders to realise significant and attractive value in cash
combined with positive long-term benefits for Murray & Roberts and a wide range of stakeholders.

01

The Offer Consideration represents a significant premium of 77.3% over the closing price of a Murray & Roberts share price as at 22 March 2018, being the last business day immediately prior to the date ATON notified the Murray & Roberts Board in writing (via the Firm Intention Letter) that ATON has the firm intention to make the Offer.

02

The Offer provides Murray & Roberts shareholders with an opportunity to realise value in cash and to divest of their Murray & Roberts shares at a premium. This is also attractive considering the low trading volumes in Murray & Roberts shares on the JSE, as it offers Murray & Roberts shareholders an opportunity to divest of their shareholdings in an otherwise illiquid market environment.

03

The proposition, an investment by an experienced multinational corporation, will be beneficial to Murray & Roberts’ long-term strategic development, including enhanced financial strength and scale that will come with being part of ATON’s service-oriented investment portfolio in Africa, the Americas, Asia and Europe.

04

The implementation of the Offer will be beneficial to Murray & Roberts and other stakeholders. ATON is ready to extend to Murray & Roberts its current practice of international best-practice sharing and knowledge transfer as well as contribute to further scale, which ATON believes will benefit the employees and operations of Murray & Roberts.

05

The Offer is a vote of confidence in South Africa and the South African economy by a German investor and will significantly bolster foreign direct investment. The proposed transaction will provide a platform for growth on the African continent and globally.