2011 RESULTS PRESENTATION

1. 2011 RESULTS PRESENTATION

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

3. Financial highlights

4. Strategic highlights

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

6. Income statement

7. Attributable income by division 2011 2010 R million R million

8. Balance sheet

9. Cash flow 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

11. Operational overview

12. Freight Services • Earnings increased by 21% to R318 million (2010: R262million) • 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 manufacturingand leasing) • Reduced seafreightvolumes • Improved logistics volumes resultingfrom strong market demand • Intermodal operations benefiting from improved mining volumes Contribution to group revenue Contribution to attributable income

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 forUSD$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

14. Operational highlights – Terminal capacity

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

16. Trading Contribution to group revenue Contribution to attributable income 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

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 supplyin 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

18. Shipping Contribution to group revenue 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

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

20. Financial Services Contribution to attributable income 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

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

22. Markets

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

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

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

26. Shipping markets * 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 Graph source: Clarksons Research Services Limited

27. Shipping markets * 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 Graph source: Clarksons Research Services Limited

28. Shipping markets * 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 Graph source: Clarksons Research Services Limited

29. Shipping markets * 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 1February 2012 Graph source: Clarksons Research Services Limited

30. Strategy

31. Strategy 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

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

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

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

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

36. Outlook

37. Outlook 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

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

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

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

41. Annexures

42. Fleet overview (owned and long-term chartered ships) *(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 Note: Variable volume contracts have been included at forecast volumes * Does not include charter extension and purchase options

44. Analysis of 2011 earnings: Shipping