Vitol acquires interest in the Maputo Coal Terminal and creates a coal trading company in transaction with Grindrod Ltd

Worldwide, 18 January 2012

Group

Vitol Anker International BV and Vitol Mauritius Limitada (“Vitol”) have entered into an agreement effective Jan 1st 2012, with Grindrod Limited of South Africa (“Grindrod”) whereby Vitol will acquire from Grindrod a 35% interest in the company which owns the Maputo coal terminal concession. In addition Vitol and Grindrod will enter into a partnership (65% Vitol / 35% Grindrod) to combine their respective sub Saharan coal trading businesses.

Under the terms of the coal terminal transaction, Grindrod Mauritius Limitada (“GMU”), a subsidiary of Grindrod, will sell 35% of its shares and loan claims in Terminal de Carvao da Matola (“TCM”) to Vitol for a consideration of US$67.7 million payable upon the transaction becoming unconditional. TCM is a 6 million tonne terminal for the export of coal and magnetite. This transaction is subject to final approval by the Government of Mozambique.

For the new coal trading company, Grindrod will acquire equity in this entity for a nominal consideration. Both parties will contribute their South African coal trading books at their market values based on a pre-determined formula and a cash adjustment to reflect their proportionate shareholdings. Grindrod will own a 35% interest in the coal trading company.

“We are delighted to have concluded this deal with Grindrod,” said Bob Finch, Head of Coal trading at Vitol. “Both parts of this transaction create opportunities to underpin a significant expansion of our coal trading business, which is an increasingly important part of Vitol’s global trading activity.”

About Vitol

The Vitol Group was founded in 1966 in Rotterdam, the Netherlands. Since then the company has grown significantly to become a major participant in world energy markets and is now one of the world’s largest independent energy traders. Its trading portfolio includes crude oil, oil products, bunker fuel, LPG, LNG, natural gas, coal, power, metals and carbon emissions. Vitol trades with all the major national oil companies, the integrated oil majors and the independent refiners and traders. Through its trading business, Vitol has established itself in shipping, as one of the world’s largest charterers of crude oil and oil product tankers. Globally Vitol trades over 5.5 million barrels of crude oil and products per day and its 2010 revenues were $195 billion. In addition to its trading business and its 50% share in the storage and terminals business, VTTI, with 11 terminals on five continents, Vitol has an exploration and production business which includes interests in Ghana, Cameroon, Kazakhstan, Russia and Azerbaijan. It also currently owns and operates over 100,000 barrels per day in refining assets and a thermal coal mine in British Columbia, Canada. Further details on the Vitol Group are available at www.vitol.com

About Grindrod

Grindrod, first established in 1910, has evolved into an integrated logistics service supplier focused on the movement of dry bulk and liquid bulk commodities, containerised cargo and vehicles by road, rail and sea. Listed in South Africa, Grindrod is a global business with representation in 25 countries, employing about 5,000 people throughout its four divisions – Freight Services, Shipping, Trading and Financial Services.

Grindrod Freight Services focuses on terminals, intermodal solutions, rail, port operations, road transportation and all facets of traditional logistics, including international freight forwarding, contract logistics and specialized industry-solutions.

Grindrod Shipping’ modern fleet of dry cargo and product and chemical tankers trade globally under the banners of Singapore-headquartered Island View Shipping and Unicorn Shipping.

Grindrod’s Trading division trades worldwide in dry and liquid bulk commodities, including agricultural products, industrial raw materials, marine fuels and lubricants.

Grindrod Bank was established in 1994 and has matured into a competitive merchant bank, offering tailored financial solutions to corporate and private clients.

Further details on Grindrod are available at www.grindrod.co.za

Media Contacts

Vitol: Victoria Dix, Cohn & Wolfe, Geneva +41 (22) 908 4071 – victoria.dix@cohnwolfe.com

Grindrod: Alison Briggs, Public Relations and Marketing Manager Grindrod Limited, Durban, South Africa +27 (31) 302 7113 - alisonb@grindrod.co.za

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