The Board of Directors of Grindrod Limited strategic decision to spin off and separately list the Shipping business on the NASDAQ as primary listing with a secondary inward listing on the JSE (Shipping Spin-off) was executed successfully during the first half of the year. This has cleared the path for renewed strategic focus on the remaining businesses, Freight Services and Financial Services. As a consequence of the improved performance of the remaining businesses, and the execution of the Shipping Spin-off, shareholders are advised that earnings for the six months ended June 30, 2018 will be between ZAR 2,398 million and ZAR 2,378 million. Total headline earnings will be between ZAR 39 million and ZAR 19 million. Total earnings include non-trading items in discontinued operations, of which ZAR 2,324 million includes the foreign currency translation reserve release arising from the Shipping Spin-off. Headline earnings from continuing operations for the six months ended June 30, 2018 will be between ZAR 290 million and ZAR 280 million. As a result of the above, shareholders are advised that earnings per share for the six months ended June 30, 2018 are expected to be between 318.7 cents and 316.0 cents per share. Headline earnings are anticipated between 5.2 cents and 2.5 cents per share.