1. August 2007

2. INTRODUCTION 2007 Interim Results2007 Interim Results Shipping MarketsShipping Markets Strategy UpdateStrategy Update ConclusionConclusion AnnexuresAnnexures –A : Market Value of Fleet –B : Fleet Summary –C : Shipping Market Report

3. 2007 INTERIM RESULTS

4. EARNINGS FROM SHIPS Owned & Long -Term Chartered Bulk CarriersTankersTotal 2007 1 st Six Months Total 2006 1 st Six Months HandysizePanamaxCapesizeChemical / Small Product Mid-Range Product Daily income ($/day) 17 50020 80042 60013 30019 80021 00016 600 Daily cost ($/day) 7 5009 20021 0009 60014 60010 90010 700 Average no. of ships 18.72.04.85.56.537.539.2 Profit contribution $34m$4m$19m$4m$6m$67m$42m International Operations$63m$35m SA Based Operations$4m$7m

5. June 2007 June 2006 Growth % Comments Shipping Services Earnings from ships ($ million)63.035.0High shipping markets Trading profits from ship sales ($ million)19.818.5 Forex profit ($ million) Other income / overheads / other interest ($ million) 0.6 (8.5) 8.3 (4.7) Stable Rand Profit from international operations ($ million)74.957.131.1 Profit from international operations (R million)538360 Profit from SA based operations(59)67Loss in parcel service; provisions for contracted losses 47942712.2 Trading, Freight and Financial Services Trading Services 29(4)Increased volumes/margins Freight Services6243 Financial Services143 10442116.7 Overheads/disposal adjustment(13)(4)Adjustment i.r.o. disposals in previous year 9238140.0 Profit attributable to ordinary shareholders57146522.6 INCOME STATEMENT

6. See Annexure A for detail on revaluation of fleet to market value June 2007 Rm June 2006 Rm Comments Fixed Assets / Investments8 7495 684R2.9 billion increase in fleet value since June 2006 Bank Loans, Advances and Liquid Assets 839-Acquisition of 100% of Grindrod Bank Current Assets2 2332 033Trading Services – increased volumes Total Assets11 8217 717 Equity8 4105 805Increase in profits and fleet value Net Debt777266Increased borrowings to fund acquisitions and expansion Bank Deposits784-Acquisition of 100% of Grindrod Bank Other Liabilities1 8501 646Trading Services – increased volumes Total Equity & Liabilities11 8217 717 Gearing - Book Value - Fleet at Market Value 0.25 0.09 0.10 0.04 BALANCE SHEET BALANCE SHEET Including Revaluation of Fleet to Market Value

7. SHIPPING MARKETS

8. SHIPPING MARKETS – DRY BULK BULK CARRIER – NEWBUILDING PRICES Comments Continued demand for commodities Newbuildings not meeting demand Port delays Creation of new trade lanes Good long-term outlook BULK CARRIER – 1 YEAR TIME CHARTER RATES Spot/ Period TC rates DateCapesizePanamaxHandysize Spot rates Baltic Ave time charters 02/03/07 29/06/07 03/08/07 80 584 100 713 107 593 38 437 51 870 57 744 22 478 28 471 34 416 1 Year time charter rates 02/03/07 29/06/07 03/08/07 67 500 92 500 106 500 33 250 45 000 54 250 19 500 25 000 29 000 3 year time charter rates 02/03/07 29/06/07 03/08/07 53 500 70 000 75 000 26 500 34 000 41 000 16 750 20 500 23 000 5 Year time charter rates 14/08/0760 00035 00017 500

9. SHIPPING MARKETS – PRODUCT TANKERS Comments Relatively stable as expected Mid-range ships  Balanced supply and demand Smaller ships  Undersupplied Market outlook  Cautious in short-term  Stronger longer-term outlook - Legislation requirements - Scrapping

10. STRATEGY UPDATE

11. Shipping Services Shipping markets continue to be firm (but higher than expected) Continuing to focus on areas of expertise Fleet expansion in under-invested sectors  Ordered 2 x 16 500 dwt product tankers  Ordered 3 x handysize bulk carriers  Sales contracted for 2 x 12 800 dwt product/chemical tankers Continue to add to long-term contract cover

12. Contracted out at 30/06/2007 Bulk CarriersTankersTotal HandysizePanamaxCapesizeChemicalMid-RangeSmall 2007 2 nd six months Number (Average) Revenue (US$/day) 21.3 20 600 2.0 20 800 4.3 39 700 2.3 15 000 5.3 18 500 ---- 35.2 22 400 2008Number (Average) Revenue (US$/day) 8.8 18 200 2.0 20 700 3.7 34 400 1.8 20 000 6.1 21 000 0.4 15 000 22.8 22 000 2009Number (Average) Revenue (US$/day) 1.6 18 300 2.0 20 700 2.4 36 700 0.8 19 900 3.7 20 400 1.5 15 000 12.0 22 900 2010Number (Average) Revenue (US$/day) 0.1 15 000 1.1 20 600 1.5 39 000 ---- 3.5 20 400 1.5 15 000 7.7 23 200 2011Number (Average) Revenue (US$/day) ---- 1.0 20 600 0.9 27 500 ---- 1.5 22 000 1.1 15 000 4.5 20 800 Contracted profits (US$m) % of fleet fixed Charters US$m Ship sales US$m Total US$m 2007 (2 nd half)8972 678 200858781189 20093236- 20101822- 2011 9 8- 8 CONTRACTED EARNINGS

13. TRADING, FREIGHT & FINANCIAL SERVICES Trading operations now bedded down Freight Services  Greater focus on infrastructure investment  Restructure into distinct divisions completed Terminal Development  Maputo (R100m capital commitment) -Ferroslab Terminal – operational August 2007 -Car Terminal – operational December 2007 -Coal Terminal upgrade – complete December 2007 -Bulk Liquids facility – complete October 2007 -Further terminal opportunities under negotiation

14. TRADING, FREIGHT & FINANCIAL SERVICES Terminal Development (continued)  Richards Bay Terminal expansion (R168m capital commitment) – complete June 2008  Maydon Wharf Facility expansion (R59m capital commitment) – complete October 2007 Sold 6 locomotives – commercial decision Other acquisitions  50% in Vanguard Rigging (Heavy logistics)  Tate & Lyle Molasses South Africa (Bulk liquids)  Remaining 50% in Boltt Grindrod  Remaining 50% in CMC Grindrod Grindrod Bank  Performing according to plan  Net 1 initiative taking shape

15. STRATEGY UPDATE International Listing/Unbundling Have completed investigation Will revisit when:  Freight Services properly established  Capital required Black Economic Empowerment Concluded Grindrod Bank transaction Freight Services BEE ownership transaction is in progress

16. CONCLUSION

17. Shipping  Long-term charter rates/ship prices indicate expectation of a firm shipping market in the medium-term  Contracted growth in fleet (35% - detail in Annexure B)  Contracted earnings at good levels (last 6 months 2007 = 89%; 2008 =58%; 2009 = 32%) Trading, Freight and Financial Services  Well positioned for growth  Focus on infrastructure  Will take advantage of regional growth CONCLUSION

18. ANNEXURES

19. Market Value of Fleet Rm Excess of market value over book 1 266 value of owned ships Value of long-term charters 3 483 Value of ship purchase options on 1 304 chartered ships 6 053 Indicative values obtained in consultation with reputable ship brokers Differential between Grindrod charter rate and current rate to replace charter i.e. does not include expected profit PV @ 8% (USD WACC) converted at closing exchange rate Projected value of ship at end of charter compared to option strike price PV @ 8% (USD WACC) ANNEXURE A The group valuation should consist of: 1.The analyst’s valuation of Grindrod’s SA based operations 2.A valuation of the international shipping operation taking into account the fleet value, comparison to peers and the analyst’s estimation of the group’s ability to extract value from its shipping fleet

20. Contracted in at 30/06/2008 Bulk CarriersTankersBunker Barges Total HandysizePanamaxCapesizeChemicalMid- Range Small 2007Number 21.02.05.04.46.01.0-39.4 2 nd six months Cost (US$/day) 7 5009 20020 70011 40016 1009 000-11 200 2008Number 21.22.04.44.07.41.42.042.4 Cost (US$/day) 8 0009 20019 30014 600 10 3005 10010 900 2009Number 21.22.03.04.08.14.22.044.5 Cost (US$/day) 8 1009 20021 40014 60015 90011 5005 60011 200 2010Number Cost (US$/day) 21.5 8 300 2.0 9 200 3.0 20 800 4.0 14 600 9.3 16 600 8.0 11 600 2.0 5 600 49.8 11 500 2011Number Cost (US$/day) 22.6 8 800 2.0 9 200 2.0 20 700 4.5 14 600 10.0 17 100 9.0 11 800 2.0 5 700 52.1 11 600 Current Fleet 2125561-40 Net Number of Ships to Deliver 2 nd half 2007 ---- 1--- 2008 1--2-2124 2009 ---13-3 2010 1---14-6 2011 2-1---2 Fleet at end of 2011 24225109254 ANNEXURE B