BVT/GND/GNDP Voluntary joint ann regarding the proposed acquisition by Bidvest and Bidvest Bank Ltd of GFS Hold THE BIDVEST GROUP LIMITED GRINDROD LIMITED (Registration number 1946/021180/06) (Registration number: 1966/009846/06) Share code: BVT Share code: GND & GNDP ISIN ZAE 000117321 ISIN: ZAE000072328 & ZAE000071106 (“Bidvest”) (“Grindrod”) Voluntary joint announcement regarding the proposed acquisition by Bidvest and Bidvest Bank Limited of GFS Holdings (Pty) Ltd and Grindrod Financial Holdings Limited (collectively “Grindrod Bank”) Bidvest and Grindrod (“the Parties”) would like to refer shareholders to their previous announcement that Grindrod had received an unsolicited offer from Bidvest for the purchase of Grindrod Bank. Grindrod and Bidvest have failed to reach final agreement for the purchase and have agreed to discontinue the discussions. The reason for this is that Bidvest has been unable to satisfy itself as to the potential reputational impact from recent negative publicity relating to the SASSA contract. Grindrod is comfortable that the issues raised in the press do not pertain to Grindrod Bank’s role in the contract. Bidvest wishes to note that no problems were identified in the course of its due diligence process of Grindrod Bank which caused the parties to terminate discussions. Grindrod will continue its strategy to grow Grindrod Bank’s business, with a number of strategic alternatives and capital support, for the benefit of Grindrod’s stakeholders. Johannesburg 16 October 2014 Investment Bank and Transaction Sponsor to Bidvest The Standard Bank of South Africa Limited Legal Adviser to Bidvest Edward Nathan Sonnenbergs Sponsor to Bidvest Investec Bank Limited Sponsor to Grindrod Grindrod Bank Limited Date: 16/10/2014 11:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.