Audited results and dividend announcement
for the year ended 31 December 2008

Condensed Income Statement
for the year ended 31 December 2008

    Audited Audited
    31 December 31 December
  Change 2008 2007*
  % R000 R000
Revenue 88 33 736 910 17 946 727
Trading profit 91 3 026 017 1 583 707
Depreciation and amortisation   (240 942) (217 920)
Operating profit before interest and taxation 104 2 785 075 1 365 787
Non-trading items   (163 567) 3 508
Interest received   138 711 109 324
Interest paid   (314 071) (239 849)
Profit before share of associate profit   2 446 148 1 238 770
Share of associate companies’ profit before taxation   66 076 62 953
Profit before taxation   2 512 224 1 301 723
Taxation   (243 030) (15 803)
Profit for the year   2 269 194 1 285 920
Attributable to      
   Ordinary shareholders 81 2 157 890 1 195 293
   Preference shareholders   90 892 76 872
   Grindrod Limited shareholders   2 248 782 1 272 165
   Minority interest   20 412 13 755
    2 269 194 1 285 920
Exchange rates (R/US$)      
   Opening exchange rate   6,89 7,00
   Closing exchange rate   9,45 6,89
   Average exchange rate   8,27 7,07
RECONCILIATION OF HEADLINE EARNINGS      
Profit attributable to ordinary shareholders   2 157 890 1 195 293
Adjusted for:   163 567 (3 516)
   IAS 38 Impairment of Goodwill   12 987 2 716
   IAS 38 Impairment of Intangible Asset in Respect of Charters   62 660 2 843
   IFRS 3 Negative Goodwill Realised   (216) (7 026)
   IAS 16 Impairment of Ships, Plant and Equipment   93 772 3 420
   IFRS 3 Net (Profit)/Loss on Disposal of Investments   (43 179) 2 058
   IAS 16 Net Loss/(Profit) on Sale of Plant and Equipment   1 386 (7 519)
   IAS 21 FCTR Adjustment   35 912
   Total tax effects of adjustments   245 (8)
       
Headline earnings   2 321 457 1 191 777
ORDINARY SHARE PERFORMANCE      
Number of shares in issue less treasury shares (000’s)   450 252 455 459
Weighted average number of shares on which earnings      
   per share are based (000’s)   453 640 452 934
Diluted weighted average number of shares on which diluted      
   earnings per share are based (000’s)   459 930 462 417
Earnings per share (cents)      
   Basic 80 475,7 263,9
   Diluted 82 469,2 258,5
Headline earnings per share (cents)      
   Basic 95 511,7 263,1
   Diluted 96 504,7 257,7
Dividends/distribution per share (cents) 74 136,0 78,0
   Interim   68,0 34,0
   Final   68,0 44,0
Dividend/distribution cover (times)   3,5 3,4
* Restated due to the application of the revised International Accounting Standards 7 and 16.