GNDE - GRINDROD LIMITED - Trading Statement

01/08/2014 15:00:00

GNDP GND 201408010041A
Trading Statement

Grindrod Limited
(Incorporated in the Republic of South Africa)
(Registration number 1966/009846/06)
Share code: GND & GNDP
ISIN: ZAE000072328 & ZAE 000071106
(“Grindrod” or “the Company”)


In accordance with paragraph 3.4(b) of the Listings Requirements of the JSE Limited, a
company is required to publish a trading statement as soon as it becomes aware, with a
reasonable degree of certainty, that the financial results for the next period to be reported
on are likely to vary by more than 20% from the previous corresponding period.

Shareholders are advised that Grindrod expects its earnings per share (EPS) for the six
month period ended 30 June 2014 to increase by between 25% and 30% (2013: 90,2
cents per share) and headline earnings per share (HEPS) to decrease by between 30%
and 35% (2013: 76,2 cents per share).

The increase in EPS is attributed to the fair value that is required to be raised as a
consequence of the acquisition of the shares in the BEE joint ventures. The decrease in
HEPS is due to the continued depressed shipping markets, the impact of the industrial
action in South Africa and closure of the commodity trading business.

The information contained in this trading statement has not been reviewed nor reported on
by the company's external auditors.

Grindrod will release its interim results to 30 June 2014 on 21 August 2014 and will be
holding an investor presentation in Johannesburg on that day.

By order of the board

1 August 2014

Sponsor: Grindrod Bank Limited

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