Notification in terms of section 122(3) of the Companies Act and section 3.83(b) of the JSE Listings Requirements GRINDROD LIMITED (Incorporated in the Republic of South Africa) (Registration Number: 1966/009846/06) JSE Code: GND & GNDP ISIN: ZAE000072328 & ZAE000071106 (“Grindrod” or "the Company") NOTIFICATION IN TERMS OF SECTION 122(3) OF THE COMPANIES ACT AND SECTION 3.83(b) OF THE JSE LISTINGS REQUIREMENTS In accordance with section 122(3) (b) of the Companies Act, 71 of 2008 ("the Act"), and section 3.83(b) of the JSE Limited Listings Requirements, holders of ordinary shares in the Company are advised that Investec Limited, through its subsidiary Investec Asset Management Holdings Proprietary Limited, on behalf of segregated clients, increased its beneficial interest in ordinary shares of the Company ("the securities"), such that its beneficial interests of the securities of the Company had increased from 4.71% to 5.38% of the total number of shares in issue. Grindrod hereby confirms that it has received the required notices from both Investec Limited and Investec Asset Management Holdings Proprietary Limited in terms of section 122(3) (a) of the Act and that it has filed the required notices with the Takeover Regulation Panel. Johannesburg 29 November 2017 Sponsor: Grindrod Bank Limited Date: 29/11/2017 10:00:00 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.