1. 2011 RESULTS PRESENTATION

2. 2 Content Highlights Results 2011 Operational overview Markets Strategy Outlook

3. Financial highlights Revenue22% to R35 885 million Volumes handledUp across most sectors of the business RatesShipping rates declined Net profit32% to R531 million Capital expenditureR1 166 million Net asset value56% to R9 311 million Net debt to equityDecreased to 10% 3

4. Strategic highlights 4 Strategy endorsed Shareholders endorsed the strategy to develop infrastructural opportunities Recapitalisation Strategic capital raised through share issue at a premium to the market Introduction of strategic partners Remgro group introduced as a significant shareholder Vitol group introduced as a strategic partner to the Maputo Coal Terminal

5. Business environment Continued growth in demand for general bulk products (iron ore and coal) Limited growth and oil demand European impact on global economy Over supply of dry cargo shipping capacity Growing demand for Africa’s resources Lack of infrastructure to support demand for African commodities Risk of slowdown in China 5

6. 6 Income statement R million 20112010 % Comments Revenue 35 88529 39122 Increased commodity prices and higher volumes in marine fuel trading and terminals Trading profit 1 0061 183(15) Reduced shipping rates Depreciation and amortisation (363)(295)23 Additions to vehicles, equipment and ships Operating profit before interest and taxation 643888 Non-trading items 6013362 Profit on disposal of investments and property Net interest paid (49)(51)(4) Specific share issue offset by debt raised on ships Profit before share of associate and joint venture companies’ profit 654850 Share of associate and joint venture companies’ profit before taxation 1181098 Improved operating results Profit before taxation 772959 Taxation (175)(114)54 Improved results in higher tax paying countries Profit for the year 597845 Non-controlling interests (13)(6)117 Improved operating results 584839 Preference dividends (53)(59) Profit attributable to ordinary shareholders 531780(32) Average rate of exchange ZAR/USD 7.277.34(1)

7. Attributable income by division 7 2011 2010 R million

8. 8 Balance sheet R million 20112010 % Comments Ships 3 8232 81436 Exchange rate and delivery of ships Terminal infrastructure, vehicles and equipment 9141 008(9) Capital expenditure offset by depreciation, net of Maputo Coal Terminal assets of R444 million included in current assets (held for sale) Other non-current assets and investments 2 0862 438(14) Transfer to current assets held for sale Other assets (including bank advances) 2 8642 09337 Increased advances to bank customers Current assets 10 7435 53894 Increased cash balances due to specific share issue and held for sale assets Total assets 20 43013 891 Shareholders’ equity 9 3115 97156 Specific share issue and weaker closing exchange rate Interest-bearing borrowings 4 3743 32831 Long-term funding raised on ships Deposits from bank customers 2 9112 01644 Increased deposits in correlation with increased advances to customers Other liabilities 3 8342 57649 Inclusion of non-current liabilities held for sale Total equity and liabilities 20 43013 891 Net debt:equity (%) 1031 Closing rate of exchange ZAR/USD 8.116.6223

9. Cash flow 9 R million

10. Capital commitments and expenditure In addition to the capital committed above, a number of major projects including the significant additional coal expansion at Maputo are being developed The table above includes R365 million relating to Grindrod’s share of joint ventures’ capital commitments 10 (R million) Capital expenditure Capital expenditure approved Split as follows 2011201220132014 Total approved commitments Approved not contracted Approved and contracted Freight287384129-51346845 Logistics15912-- - Ports and Terminals 128372129-50146833 Trading111113-3 Shipping86625142-2934289 Financial Services 1232328- Group1------ 1 1666591744837472365

11. Operational overview 11

12. Freight Services 12 Contribution to group revenue Contribution to attributable income Earnings increased by 21% to R318 million (2010: R262 million) Maputo Coal Terminal volumes up 101% at 3.9 million tonnes (2010: 1.9 million tonnes) Richards Bay volumes up 8% at 3.8 million tonnes (2010: 3.5 million tonnes) Strong growth in rail operations (locomotive manufacturing and leasing) Reduced seafreight volumes Improved logistics volumes resulting from strong market demand Intermodal operations benefiting from improved mining volumes Freight ServicesR million Change from 2010 % Revenue2 90522 EBITDA57236 Operating income38258 Share of associate and joint venture companies’ profit71(33) Operating margin13%30

13. Operational highlights – Ports and Terminals Maputo Concluded Maputo Coal Terminal expansion to 6 million tonnes Significant improvement in coal rail service Pre-feasibility to expand Maputo Coal Terminal capacity by 20 million tonnes completed Introduced Vitol as a strategic partner acquiring 35% interest in Maputo Coal Terminal for USD$67.7 million subsequent to year end Port of Maputo volumes up to 11.8 million tonnes Rail Locomotive manufacturing and leasing contracts secured for Sierra Leone and Mozambique Operational fleet of 31 locomotives at year end with the manufacture of a further 24 contracted for 2012 Liquid Bulk Conclusion of bulk liquid terminal joint venture with Oiltanking and Calulo (“OTGC”) OTGC awarded preferred bidder status to build and operate a tank terminal in Coega 13

14. Operational highlights – Terminal capacity 14 TerminalsUtilisation% change 2010 - 2011 Annual capacity 2011 2010 Drybulk (tonnes)9 462 1646 917 5773714 250 000 Maputo Coal Terminal 3 901 0001 941 1651016 000 000 Richards Bay3 800 5553 518 11286 100 000 Maydon Wharf (Durban)566 846678 667(16)700 000 Walvis Bay (Namibia)313 444304 0053550 000 Maputo Sized Coal880 319475 62885900 000 Liquid Bulk (m 3 )168 333171 340(2)340 000 Durban69 583114 675(39)260 000 Cape Town98 75056 6657480 000 Maputo automotive (number of vehicles) 35 14718 2989252 000

15. Operational highlights – Logistics Growth in volumes benefited road transport, intermodal and clearing and forwarding businesses Turnaround of the road transport businesses achieved during the fourth quarter of 2011 Exit of the non–core furniture and perishable air cargo businesses Establishment of Intermodal container development in Port of Maputo in partnership with Dubai Ports World Completed the development of the Bluff Road freight facility 15

16. Trading Contribution to attributable income Contribution to group revenue 16 Earnings increased by 20% to R144 million (2010: R120 million) Operating margin per tonne of US$2.75 (2010: US$3.04) Satisfactory performance by agricultural business in a competitive market Marine fuels business performed well with good growth in volumes, operating margins and profitability Good results by industrial commodities business Increases in commodity prices, in particular oil, increased working capital requirements TradingR million Change from 2010 % Revenue29 18928 EBITDA166(4) Operating income155(6) Share of associate and joint venture companies’ profit33 Operating margin0.53%

17. Operational highlights – Trading Concluded joint venture transaction for constructing grain silos in Beira, Mozambique Acquisition of milling operations in South Africa and Zimbabwe Successful crop finance programme to originate agricultural commodity supply in South Africa Commissioning of an additional chrome ore recovery plant Construction of a further chrome ore recovery plant almost complete A partnership with Vitol to grow the sub-Saharan coal trading business concluded subsequent to year end Marine fuels improvement in volume and profit per metric tonne Contracted tank storage to support physical supply of marine fuel 17

18. Shipping Contribution to group revenue 18 Contribution to attributable income Attributable earnings decreased to R7 million Earnings remained positive despite the Baltic Index annual average falling by 44% to 1 549 (2010: 2 758) Average earnings per day outperformed average spot market rates for the year ShippingR million Change from 2010 % Revenue3 597(10) EBITDA188(62) Operating income30(92) Share of associate and joint venture companies’ profit14 Operating margin1%

19. Operational highlights – Shipping Contractual performance by all counterparties both in wet and dry during one of the most volatile and challenging markets of the last 20 years Relocation of Unicorn from the United Kingdom to Singapore to consolidate the drybulk and tanker operations Realignment and expansion of the Far East Parcel Service Continued development of the Handymax operating division into an established and recognised industry player Good performance of the South African tanker and bunker barge businesses Cancellation of two small products tankers had a negative impact on second half earnings 19

20. Financial Services Attributable earnings increased by 30% to R58 million (2010: R45 million) Bank deposits grew 44% to R2.9 billion Assets under management increased 33% to R6.2 billion 20 Contribution to attributable income Financial ServicesR million Change from 2010 % Revenue1941 EBITDA82(10) Operating income80(10) Operating margin42%(10)

21. Operational highlights – Financial Services Continued diversification of Bank’s earning streams and product offerings Good balance of fees generated by Corporate Banking, Property Solutions, Asset Management and Corporate Finance Credit advances and liquidity conservatively managed Strong liquidity position Well managed capital adequacy ratio 21

22. Markets

23. Seaborne drybulk demand forecasts 23 Graph source: Standard Chartered Bank/Macquarie/Clarksons Research Services Limited * Estimate

24. Forecast daily spot rates Baltic Dry Index 24 Graph source: Standard Chartered Bank/Macquarie/Clarksons Research Services Limited * Quarter estimate

25. Handysize bulk carrier and products tanker time charter rates (US$/day) 25 Graph source: Clarksons Research Services Limited

26. Shipping markets No. of shipsmDwt Fleet (Feb 2012)1 379250.61 Orderbook (Feb 2012)40181.12 Orderbook percentage of fleet38%41% Percentage of fleet over 25 years4% % Non-delivery in 2010*34%33% % Non-delivery in 2011**25%27% Fleet growth 2010 - 2012***44%47% 26 Graph source: Clarksons Research Services Limited * Non-deliveries are vessels that were scheduled to be delivered according to the January 2010 orderbook, but due to delays, cancellations, re-negotiations of contracts and new market information, have not yet entered the fleet ** According to January 2011 orderbook. *** Fleet growth is from January 2010 until 1 February 2012

27. Shipping markets No. of shipsmDwt Fleet (Feb 2012)3 05884.96 Orderbook (Feb 2012)50616.45 Orderbook percentage of fleet17%19% Percentage of fleet over 25 years36%35% % Non-delivery in 2010*45%47% % Non-delivery in 2011**56% Fleet growth 2010 - 2012***7%11% 27 Graph source: Clarksons Research Services Limited * Non-deliveries are vessels that were scheduled to be delivered according to the January 2010 orderbook, but due to delays, cancellations, re-negotiations of contracts and new market information, have not yet entered the fleet ** According to January 2011 orderbook *** Fleet growth is from January 2010 until 1 February 2012

28. Shipping markets No. of shipsmDwt Fleet (Feb 2012)2 00184.16 Orderbook (Feb 2012)2099.32 Orderbook percentage of fleet10%11% Percentage over 25 years6%5% % Non-delivery in 2010*51%50% % Non-delivery in 2011**56% Fleet growth 2010 - 2012***6%8% 28 Graph source: Clarksons Research Services Limited * Non-deliveries are vessels that were scheduled to be delivered according to the January 2010 orderbook, but due to delays, cancellations, re-negotiations of contracts and new market information, have not yet entered the fleet ** According to January 2011 orderbook. *** Fleet growth is from January 2010 until 1 February 2012

29. Shipping markets No. of shipsmDwt Fleet (Feb 2012)55810.09 Orderbook (Feb 2012)591.07 Orderbook percentage of fleet11% Percentage of fleet over 25 years11% % Non-delivery in 2010*50%55% % Non-delivery in 2011**28%46% Fleet growth 2010 - 2012***10% 29 Graph source: Clarksons Research Services Limited * Non-deliveries are vessels that were scheduled to be delivered according to the January 2010 orderbook, but due to delays, cancellations, re-negotiations of contracts and new market information, have not yet entered the fleet ** According to January 2011 orderbook. *** Fleet growth is from January 2010 until 1 February 2012

30. Strategy

31. Freight Services Fully develop existing businesses and pursue new strategic opportunities in line with strategy –Drybulk terminal capacity in Maputo and Richards Bay –Oil tank terminal in Coega –Port of Maputo facilities –Rail expansion Rationalise and full capacity utilisation for logistics businesses 31

32. Strategy Trading Investment in supply chain participation projects –Agricultural product financing –Beira grain storage facility –London tank storage facility Focus on utilisation of group assets, services and resources Fully develop existing businesses in line with market demand and target opportunities for growth 32

33. Strategy Shipping Carefully timed expansion through: –Purchase of well priced fuel efficient newbuildings –Long-term charter of ships –Strategic distressed opportunities Continue to develop and strengthen the global ship operating capability 33

34. Strategy Financial Services Increase deposits, advances and assets under management Expand the direct transact card technology offering Create new collective investment scheme funds 34

35. Supply chain participation Grindrod seeks to provide services throughout the complete commodity supply chain Increasing capacity –Ongoing investment in strategic infrastructure – specifically Ports and Terminals –Investment in shipping acquisitions at the appropriate time Maximising utilisation –Retain suitable levels of contracted commitments for ships and terminals –Continued capacity utilisation improvements through continued effective engagement with Transnet Improving margins –Integration of businesses to further enhance margins ProducerProcurementRail/PortsShipping Terminals/ Storage LogisticsCustomer 35

36. Outlook

37. Outlook for commodity demand remains positive for the long-term Growing demand for African commodity and infrastructure Freight Services Execution on strategic projects driving growth and sustainability Performance of Logistics business expected to improve in 2012 as benefits extracted from optimisation of the operations combined with further expected improvement in volumes Expect growth in earnings in 2012 37

38. Outlook Trading Increased trade flows due to geographical supply and demand mismatch Demand for commodities and tight credit will continue to offer opportunities Expect growth in earnings in 2012 Shipping Dry cargo outlook is poor as newbuilding tonnage continues to deliver Tanker market continues to show signs that some improvement will be seen in the current year Distressed opportunities will become available Downward pressure on newbuilding prices will present opportunities Lack of bank financing will be positive in the longer-term 38

39. Outlook Financial Services Global financial crisis and increased regulations are expected to continue to impact on banks’ tight liquidity and credit position Growth is expected in the niche markets in which the Bank operates Conclusion Increased earnings in 2012 Strong balance sheet Strategic infrastructure projects 39

40. Research disclaimer: The information supplied herewith is believed to be correct but the accuracy thereof is not guaranteed and the company and its employees cannot accept liability for loss suffered in consequence of reliance on the information provided. Provision of this data does not obviate the need to make further appropriate enquiries and inspections. The information is for the use of the recipient only and is not to be used in any document for the purposes of raising finance without the written permission of Clarkson Research Services Limited (“CRSL”) and/or Standard Chartered Bank and/or Macquarie. The statistical and graphical information contained under the heading is drawn from the CRSL and/or Standard Chartered Bank (“SCB”) and/or Macquarie database and other sources. CRSL, SCB and Macquarie have advised that: (i)some information on CRSL’s, SCB’s and Macquarie’s databases are derived from estimates or subjective judgments; and (ii) the information in the databases of other maritime data collection agencies may differ from the information in CRSL’s, SCB’s and Macquarie’s databases; and (iii) whilst CRSL, SCB and Macquarie have taken reasonable care in the compilation of the statistical and graphical information and believe it to be accurate and correct, data compilation is subject to limited audit and validation procedures and may accordingly contain errors; and (iv) CRSL, SCB and Macquarie, their agents, officers and employees do not accept liability for any loss suffered in consequence of reliance on such information or in any other manner; and (v) the provision of such information does not obviate any need to make appropriate further enquiries; and (vi) the provision of such information is not an endorsement of any commercial policies and/or any conclusions by CRSL, SCB and Macquarie; and (viii) shipping is a variable and cyclical business and any forecasting concerning it cannot be very accurate 40

41. Annexures

42. Fleet overview (owned and long-term chartered ships) Contracted in at 31.12.2011Bulk carriersTankersTotal HandysizeHandymaxPanamaxCapesize Medium range SmallChemical 2012 Number (average)17.51.02.03.06.54.54.038.5 Cost (US$/day)9 40015 8009 80023 20014 90012 10014 60012 500 2013 Number (average)19.51.02.03.08.04.54.042.0 Cost (US$/day)9 40015 80010 10023 60015 20012 50014 10012 500 2014 Number (average)19.51.02.02.68.54.54.042.1 Cost (US$/day)9 50015 80010 30022 80015 40013 30014 60012 600 2015 Number (average)19.51.02.0 8.54.54.041.5 Cost (US$/day)9 50015 80010 40021 80015 60013 40014 60012 500 Current fleet1712374.5438.5* Net number of ships to deliver 20121.5---(0.5)--1 20131---2--3 2014---(1)--- 2015-------- Fleet at end of 201519.51228.54.5441.5** 42 *(Owned fleet 18.5; chartered fleet 20.0); **(Owned fleet 28.5; chartered fleet 13) Included in the above figures are charter extension options and purchase options on 7.5 handysize bulk carriers and 2 panamax bulk carriers. The charter extension option rates and purchase option prices are currently close to where the market is at present. If these options are all not exercised the fleet at the end of 2015 reduces to 32.

43. Contract cover Contracted out at 31.12.2011Bulk carriersTankersTotal HandysizeHandymaxPanamaxCapesize Medium- range SmallChemical 2012 Number (average)4.60.52.02.62.20.73.015.6 Revenue (US$/day)12 30012 10024 00026 50016 1009 80015 40017 200 2013 Number (average)0.5-1.11.3--1.54.4 Revenue (US$/day)20 100-26 50039 300--16 70026 200 2014 Number (average)0.4-1.01.2---2.6 Revenue (US$/day)20 100-27 20038 500---31 700 2015 Number (average)--0.30.7---1.0 Revenue (US$/day)--27 20035 600---33 400 Contract profits% of fleet fixed* Charters (US$ million) Ship sales (US$ million) Total (US$ million) 20124520- 20131317- 2014914- 201544-4 43 Note: Variable volume contracts have been included at forecast volumes * Does not include charter extension and purchase options

44. Analysis of 2011 earnings: Shipping EBITDA from owned and long-term chartered ships Bulk carriersTankers20112010 Growth % HandysizeHandymaxPanamaxCapesize Medium range SmallChemicalTotal Average number of owned/ long-term chartered ships 15.81.12.03.26.92.74.035.734.15 Average daily revenue (US$) 13 00013 40024 00027 90014 6009 60013 30015 10017 500(14) Average daily cost (US$) 9 70013 0009 20026 40016 00012 30014 30013 20012 8003 Profit (US$ million)19-112(4)(3)(1)2460(60) (US$ million) Profit from ship operating activities1528(46) Profit from ship sales-3(100) Ship building costs-(1)100 Impairments(15)-- Overheads(24)(27)11 Funding costs/preference dividends/taxation2(8)125 Foreign exchange(1)(6)83 149(98) 44