2009 INTERIM RESULTS PRESENTATION

CONTENT

2

BUSINESS ENVIRONMENT AND CURRENT FOCUS

BUSINESS ENVIRONMENT

4

CURRENT FOCUS

5

INTERIM RESULTS

SEGMENTAL CONTRIBUTION

7

HEADLINE EARNINGS

8

DIVIDENDS

9

PROFIT FROM OWNED AND LONG-TERM CHARTERED SHIPS

10

Bulk carriers TankersH1 2009

TotalH1 2008

TotalGrowth

%Handysize Panamax Capesize Mid-range Chemical

Average number of owned/long-term chartered ships 18.7 2.0 2.9 7.9 4.0 35.6 38.3 (7)

Average daily revenue (US$) 11 500 20 800 30 000 19 100 13 800 15 500 28 700 (46)

Average daily cost (US$) 7 700 9 400 20 900 14 800 14 500 11 200 10 900 (3)

Profit (US$ millions) 12.9 4.1 4.8 6.3(0.5)

27.6 122.2 (77)

INCOME STATEMENT

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2009 (H1) 2008 (H1) Growth % Comments

(US$ million)

Shipping

Profit from owned and long-term chartered ships 27.6 122.2 (77) Substantially lower shipping markets

Profit from ship operating activities 18.1 10.6 71 New handymax/tanker/bunker barge businesses

Profit from ship sales 16.4 25.7 (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

36.5 135.4 (73)

(R million)

Total group

Shipping 337 1 039 (68)

Trading 85 13 561 Acquisitions/operational improvement

Freight Services 89 77 15

Financial Services 18 10 84 Fee income growth

Group costs (45) (34) (33) Includes R21 million IFRS 2 BEE adjustment

Attributable earnings 484 1 105 (56)

BALANCE SHEET

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Market value adjustment in respect of owned and chartered ships = R1,3 billion (not included above)

2009 (H1) 2008 (H1) Comments

(R million)

Ships 2 991 2 712 Newbuilding progress payments/exchange rate

Other fixed assets/investments 2 493 2 163 Capital expenditure

Current assets 3 510 4 120 Exchange rate/working capital management

Total assets 8 994 8 995

Equity 5 951 4 671 Retained profit/hedging and forex revaluations

Net debt 37 964 Good cash flows

Other liabilities 3 006 3 360

Total equity and liabilities 8 994 8 995

Net debt:equity 0.6% 21%

KEY FINANCIAL RATIOS

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KEY FINANCIAL RATIOS

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DIVISIONAL OVERVIEW

SHIPPING

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Markets Quarter 1 Quarter 2

Drybulk Weak Stronger

Tanker Stable Weak

Contract cover

2009 (H2) 71%

2010 55%

2011 27%

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

FLEET OVERVIEWContracted in at

30.06.2009Bulk carriers Tankers

TotalHandysize Panamax Capesize Mid-range Small Chemical

2009(H2)

Number (average) 16.5 2.0 3.0 8.0 2.0 4.0 35.5

Cost (US$/day) 9 400 9 400 21 200 15 000 9 800 14 600 12 300

2010Number (average) 16.1 2.0 3.0 9.7 4.8 4.0 39.6

Cost (US$/day) 9 300 9 400 20 500 15 100 9 800 14 600 12 200

2011Number (average) 17.3 2.0 3.4 8.1 7.5 4.0 42.3

Cost (US$/day) 9 300 9 400 26 400 14 600 10 200 14 600 12 300

2012Number (average) 18.8 2.0 3.0 7.6 9.5 4.0 44.9

Cost (US$/day) 9 400 9 900 27 700 14 800 10 300 14 700 12 200

2013Number (average) 19.0 2.0 3.0 7.5 9.5 4.0 45.0

Cost (US$/day) 9 400 10 200 27 700 14 900 10 400 14 700 12 300

Current fleet 18 2 3 8 1.5 4 *36.5

Net number of ships to deliver

2009 (H2) (2.5) - - - 1 - (1.5)

2010 1 - - 1 3 - 5

2011 2 - - (2) 3 - 3

2012 0.5 - - (0.5) 1 - 1

2013 - - - - - - -

Fleet at end of 2013 19 2 3 6.5 9.5 4 **4417(* owned fleet 8.5; chartered fleet 28)

(** owned fleet 25; chartered fleet 19 but can reduce by 11 ships if markets justify)

CONTRACT COVER

Contracted out at 30.06.2009

Bulk carriers TankersTotalHandysize Panamax Capesize Mid-range Small Chemical

2009(H2)

Number (average) 10.0 2.0 2.3 7.3 - 2.0 23.6

Revenue (US$/day) 13 500 20 800 31 600 18 700 - 15 000 17 600

2010Number (average) 7.0 2.0 2.0 7.0 - 1.7 19.7

Revenue (US$/day) 10 400 23 400 39 300 18 900 - 18 000 18 300

2011Number (average) 2.2 2.0 2.1 1.7 - 0.7 8.7

Revenue (US$/day) 12 400 24 000 40 500 19 600 - 18 500 23 700

2012Number (average) 1.5 2.0 2.2 - - - 5.7

Revenue (US$/day) 13 700 24 000 38 900 - - - 27 000

2013Number (average) 0.5 1.4 1.0 - - - 2.9

Revenue (US$/day) 20 000 25 300 52 400 - - - 33 700

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Contract profits % of fleet fixed Charters (US$m) Ship sales (US$m) Total (US$m)2009 (H2) 71 19.8 11.7 31.5

2010 55 39.8 - 39.8

2011 27 25.7 - 25.7

2012 20 21.4 - 21.4

2013 10 15.4 - 15.4

In addition +/- 8% of fleet is fixed in 2014/2015

Note: variable volume contracts have been included at forecast volumes

TRADING

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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

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)

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

OUTLOOK/STRATEGY

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

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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

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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

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FINANCIAL SERVICES

Outlook:

• Macro environment is expected to remain challenging for the remainder of the year andinto 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

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CONCLUSION

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• 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