introduction of a strategic partner in the Maputo Coal Terminal.

Press Release: Grindrod Limited GRINDROD INTRODUCES VITOL AS A STRATEGIC PARTNER IN THE MAPUTO COAL TERMINAL AND FORMS A COAL TRADING JOINT VENTURE Grindrod Limited, the JSE listed integrated logistics services supplier and the Vitol Group, one of the world’s largest energy trading businesses, have entered into an agreement effective 1 January 2012. Vitol will acquire from Grindrod a 35% interest in the company which owns the Maputo coal terminal concession for a consideration of US$67.7 million. In addition Vitol and Grindrod will enter into a partnership (65% Vitol / 35% Grindrod) to combine their respective sub Saharan coal trading businesses. Grindrod was awarded the concession to operate this terminal known as Terminal de Carvão da Matola (TCM) until 2033 with an option to extend the concession for a further 10 years. To date US$70 million has been invested in the refurbishment and building of infrastructure expanding the capacity of the terminal to 6 million tons per annum. TCM is ideally situated for the export of coal to international markets. The dredging of the port channel was completed in 2011 allowing larger vessels up to Panamax size to enter the port contributing to the port’s competitiveness. The Mozambique government, CFM and Transnet have aligned to promote the delivery of cargo by rail to the port which has seen tremendous improvement in rail delivery. Demand for capacity at TCM continues to grow which led to the feasibility study for an expansion of capacity by 20 million tons (phase 4) requiring an investment of approximately US$ 800 million. The expansion project involves excavation and land reclamation; resulting in a footprint of 120 hectares; the construction of two additional berths, a stockyard and railway infrastructure. Grindrod, through the introduction of Vitol, has established a relationship with one of the world’s largest trading businesses. Alan Olivier, CEO Grindrod Limited said: “Vitol is the ideal partner to assist us in the coal terminal in Maputo. They have significant experience in building terminals and they are a reputable global trading business. Their strong balance sheet will further assist in the opportunity to offer junior miners capacity in the terminal. I believe our shareholders and customers will benefit, as through this transaction we have increased our capability to deliver on this strategic expansion project and we look forward to further developing our relationship with Vitol.” “We are delighted to have concluded this deal with Grindrod” said Bob Finch, Head of Coal trading at Vitol. “Both parts of this transaction create opportunities to underpin a significant expansion of our coal trading business, which is an increasingly important part of Vitol’s global trading activity”. The transaction is subject to approval from the Mozambican government. About Grindrod Grindrod, first established in 1910, has evolved into an integrated logistics service supplier focused on the movement of dry bulk and liquid bulk commodities, containerised cargo and vehicles by road, rail and sea. Listed in South Africa, Grindrod is a global business with representation in 25 countries, employing about 5000 people throughout its four divisions – Freight Services, Shipping, Trading and Financial Services. Grindrod Freight Services focuses on terminals, intermodal solutions, rail, port operations, road transportation and all facets of traditional logistics, including international freight forwarding, contract logistics and specialized industry-solutions. Grindrod Shipping’ modern fleet of dry cargo and product and chemical tankers trade globally under the banners of Singapore-headquartered Island View Shipping and Unicorn Shipping. Grindrod’s Trading division trades worldwide in dry and liquid bulk commodities, including agricultural products, industrial raw materials, marine fuels and lubricants. Grindrod Bank was established in 1994 and has matured into a competitive merchant bank, offering tailored financial solutions to corporate and private clients. Further details on Grindrod are available at www.grindrod.co.za About Vitol The Vitol Group was founded in 1966 in Rotterdam, the Netherlands. Since then the company has grown significantly to become a major participant in world energy markets and is now one of the world’s largest independent energy traders. Its trading portfolio includes crude oil, oil products, bunker fuel, LPG, LNG, natural gas, coal, power, metals and carbon emissions. Vitol trades with all the major national oil companies, the integrated oil majors and the independent refiners and traders. Through its trading business, Vitol has established itself in shipping as one of the world’s largest charterers of crude oil and oil product tankers. Globally Vitol trades over 5.5 million barrels of crude oil and products per day and its 2010 revenues were $195 billion. In addition to its trading business and its 50% share in the storage and terminals business, VTTI, with 11 terminals on five continents, Vitol has an exploration and production business which includes interests in Ghana, Cameroon, Kazakhstan, Russia and Azerbaijan. It also currently owns and operates over 100 000 barrels per day in refining assets and a thermal coal mine in British Columbia, Canada. Further details on the Vitol Group are available at www.vitol.com Media Contacts Grindrod: Alison Briggs Public Relations and Marketing Manager Grindrod Limited Durban, South Africa +27 (31) 302 7113 [email protected] Vitol: Cohn and Wolfe, Geneva. Victoria Dix +41 (22) 908 4071 – [email protected] Brunswick Group LLP, London Patrick Handley/Elizabeth Adams 020 7404 5959 [email protected]/[email protected]