Proposed Cash Distribution by Subsidiary

Announcement of effective date of Grindrod's Proposed Capital Reduction and Cash Distribution of US$32.44 million

Taylor Maritime Investments Limited, the specialist dry bulk shipping company, today announces that its subsidiary Grindrod Shipping has issued a press release announcing the effective date of a proposed capital reduction and notice of the record date and the cash distribution date in relation to such capital reduction.

The proposed capital reduction will result in a cash distribution of US$32.44 million in two tranches; the first distribution of US$1.01598 per ordinary share, payable on or about 26 October 2023 and the second distribution of US$0.63193 per ordinary share, payable on or about 11 December 2023. Of the total cash distribution, US$26.68 million would be payable to TMI in line with its 83.23% ownership and is expected to be used to further reduce debt and for general corporate purposes.

For full details please refer to the Grindrod Shipping website.

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