1. 2009 INTERIM RESULTS PRESENTATION

2. CONTENT 2 Business environment and current focusInterim resultsDivisional overviewOutlook/strategy

3. BUSINESS ENVIRONMENT AND CURRENT FOCUS

4. BUSINESS ENVIRONMENT Worldwide recessionReduced economic activityTight credit marketsLow trade volumesDecline in commodity pricesIncreased credit/counterparty risk 4

5. CURRENT FOCUS 5 Positioning for future growth Protect balance sheet Maintain contract cover Ensure adequate liquidity Selectively sell uncontracted ships Reduce costs and improve efficiencies Monitor counterparty risk Protect customer relationships

6. INTERIM RESULTS

7. SEGMENTAL CONTRIBUTION 7

8. HEADLINE EARNINGS 8

9. DIVIDENDS 9

10. PROFIT FROM OWNED AND LONG-TERM CHARTERED SHIPS 10 Bulk carriersTankers H1 2009 Total H1 2008 Total Growth % HandysizePanamaxCapesizeMid-rangeChemical Average number of owned/long-term chartered ships18.72.02.97.94.035.638.3(7) Average daily revenue (US$)11 50020 80030 00019 10013 80015 50028 700(46) Average daily cost (US$)7 7009 40020 90014 80014 50011 20010 900(3) Profit (US$ millions)12.94.14.86.3(0.5)27.6122.2(77)

11. INCOME STATEMENT 11 2009 (H1)2008 (H1)Growth %Comments (US$ million) Shipping Profit from owned and long-term chartered ships27.6122.2(77)Substantially lower shipping markets Profit from ship operating activities18.110.671New handymax/tanker/bunker barge businesses Profit from ship sales16.425.7(36) Overheads/other expenses(14.0)(18.9)26 Foreign exchange (loss)/profit(1.9)10.5(118)Stronger ZAR/US$ exchange rate Funding costs/taxation(9.7)(14.7)34 36.5135.4(73) (R million) Total group Shipping3371 039(68) Trading8513561Acquisitions/operational improvement Freight Services897715 Financial Services181084Fee income growth Group costs(45)(34)(33)Includes R21 million IFRS 2 BEE adjustment Attributable earnings4841 105(56)

12. BALANCE SHEET 12 Market value adjustment in respect of owned and chartered ships = R1,3 billion (not included above) 2009 (H1)2008 (H1)Comments (R million) Ships2 9912 712Newbuilding progress payments/exchange rate Other fixed assets/investments2 4932 163Capital expenditure Current assets3 5104 120Exchange rate/working capital management Total assets8 9948 995 Equity5 9514 671Retained profit/hedging and forex revaluations Net debt37964Good cash flows Other liabilities3 0063 360 Total equity and liabilities8 9948 995 Net debt:equity0.6%21%

13. KEY FINANCIAL RATIOS 13

14. KEY FINANCIAL RATIOS 14

15. DIVISIONAL OVERVIEW

16. SHIPPING 16 MarketsQuarter 1Quarter 2 DrybulkWeakStronger TankerStableWeak Contract cover 2009 (H2)71% 201055% 201127% Divisional activities Contract cover protects against lower spot rates Late delivery/performance issues in respect of newbuilding contracts Exposure to spot earnings further reduced by selling uncontracted vessels Operations rationalised to reduce costs/maximise synergies Implemented new finance/ship operating systems Firmer ZAR/USD vs opening compared to weaker ZAR/USD last year caused R96 million negative translation effect Gradual improvement in drybulk volumes Large order book expected to impact supply going forward

17. FLEET OVERVIEW Contracted in at 30.06.2009 Bulk carriersTankers Total HandysizePanamaxCapesizeMid-rangeSmallChemical 2009 (H2) Number (average)16.52.03.08.02.04.035.5 Cost (US$/day)9 400 21 20015 0009 80014 60012 300 2010 Number (average)16.12.03.09.74.84.039.6 Cost (US$/day)9 3009 40020 50015 1009 80014 60012 200 2011 Number (average)17.32.03.48.17.54.042.3 Cost (US$/day)9 3009 40026 40014 60010 20014 60012 300 2012 Number (average)18.82.03.07.69.54.044.9 Cost (US$/day)9 4009 90027 70014 80010 30014 70012 200 2013 Number (average)19.02.03.07.59.54.045.0 Cost (US$/day)9 40010 20027 70014 90010 40014 70012 300 Current fleet 182381.54*36.5 Net number of ships to deliver 2009 (H2) (2.5)---1-(1.5) 2010 1--13-5 2011 2--(2)3-3 2012 0.5--(0.5)1-1 2013 ------- Fleet at end of 2013 19236.59.54**44 17 (* owned fleet 8.5; chartered fleet 28) (** owned fleet 25; chartered fleet 19 but can reduce by 11 ships if markets justify)

18. CONTRACT COVER Contracted out at 30.06.2009 Bulk carriersTankers Total HandysizePanamaxCapesizeMid-rangeSmallChemical 2009 (H2) Number (average)10.02.02.37.3-2.023.6 Revenue (US$/day)13 50020 80031 60018 700-15 00017 600 2010 Number (average)7.02.0 7.0-1.719.7 Revenue (US$/day)10 40023 40039 30018 900-18 00018 300 2011 Number (average)2.22.02.11.7-0.78.7 Revenue (US$/day)12 40024 00040 50019 600-18 50023 700 2012 Number (average)1.52.02.2---5.7 Revenue (US$/day)13 70024 00038 900---27 000 2013 Number (average)0.51.41.0---2.9 Revenue (US$/day)20 00025 30052 400---33 700 18 Contract profits% of fleet fixedCharters (US$m)Ship sales (US$m)Total (US$m) 2009 (H2)7119.811.731.5 20105539.8- 20112725.7- 20122021.4- 20131015.4- In addition +/- 8% of fleet is fixed in 2014/2015 Note: variable volume contracts have been included at forecast volumes

19. TRADING 19 Divisional activities All businesses are now 100% owned Strong margin growth and operational improvement Decline in worldwide mineral commodity demand Lower commodity prices Good debtors/counterparty management

20. FREIGHT SERVICES 20 Ports and Terminals: Improved volumes (+30%) and greater operating efficiencies in Matola Coal Terminal Phase 2 expansion of Coal Terminal completed Maintained volume in Maputo Port, together with improved revenue and lower costs Maputo Port Master Plan completed Completed Richards Bay Bulk Terminal expansion Seafreight: Lower volumes and freight rates but able to maintain profitability through cost and fleet reductions and improved scheduling integrity Ships Agencies: Lower container volumes had significant effect, but partially offset by improved bulk trade (coal) Rail: Concluded BEE JV – RRL Grindrod BEE: Grindrod SA achieved level 3 contributor status Divisional activities Logistics/Intermodal: Significant impact from reduced volumes eg: vehicles: – 25% (June 2009 Y/Y) containers: – 20% (June 2009 Y/Y)

21. FINANCIAL SERVICES 21 Divisional activities Strong growth in attributable profit underpinned by significant fee income Assets under management and deposits stable Maintained healthy liquidity surplus No bad debts Improved annuity income through new financial products Capital adequacy at 16.5% comfortably above Basel II requirements

22. OUTLOOK/STRATEGY

23. SHIPPING Outlook: Improving commodity demand Large order book expected to impact freight rates Contract cover provides protection Handysize sector well balanced Key factors: – worldwide recovery – supplyside correction Strategy: Maintain strong balance sheet and liquidity Maintain high level of contract cover Continued expansion of ship operating activities Take advantage of acquisition opportunities at the right time 23

24. TRADING Outlook: Improvement in industrial commodity demand expected, but more challenging trading conditions anticipated in H2 for Agricultural and Marine Fuels Strategy: Conservatively extend trading platform Source and invest in new origination businesses Enhance supply chain solutions to customers Continued focus on exposure to counterparty and market risks 24

25. FREIGHT SERVICES Outlook: Ports and Terminals expecting increased volumes from demand and added capacity Improved trading conditions expected for Intermodal and Ships Agencies Benefits expected from increased market share/restructuring of Logistics Seafreight volumes expected to remain under pressure Strong balance sheet and cash resources to fund expansion Strategy: Grow ports and terminal capacity Expand related logistical support – road/rail Seek new port/terminal opportunities Continue focus on operational efficiency 25

26. FINANCIAL SERVICES Outlook: Macro environment is expected to remain challenging for the remainder of the year and into 2010 Strategy: Grow assets under management and deposits Continue conservative liquidity, credit and asset management policies Focus on fee income opportunities/good quality lending Pursue organic growth in all business units as well as take advantage of expansion opportunities that will arise in these markets 26

27. CONCLUSION 27 Strong balance sheet Good liquidity Low-cost fleet with options to extend/purchase Solid contracts with reliable counterparties Good management team Well established Trading business Valuable strategic assets in Ports and Terminals Financial Services well positioned to grow in current market From this base we are positioned for substantial growth opportunities, particularly in Shipping, Ports and Terminals