CULLINAN - FURTHER CAUTIONARY ANNOUNCEMENT

FURTHER CAUTIONARY ANNOUNCEMENT
CULLINAN HOLDINGS LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 01/01808/06)
("CULLINAN")
FURTHER CAUTIONARY ANNOUNCEMENT

FURTHER TO THE CAUTIONARY ANNOUNCEMENT PUBLISHED ON 8 JUNE 1998, STANDARD
CORPORATE AND MERCHANT BANK IS AUTHORISED TO ANNOUNCE THAT CULLINAN IS STILL
INVOLVED IN NEGOTIATIONS WHICH, IF SUCCESSFULLY CONCLUDED, MAY HAVE A MATERIAL
EFFECT ON THE PRICE AT WHICH CULLINAN SHARES TRADE ON THE JOHANNESBURG STOCK
EXCHANGE.

ACCORDINGLY, CULLINAN SHAREHOLDERS ARE ADVISED TO CONTINUE TO EXERCISE CAUTION
WHEN DEALING IN THEIR SHARES UNTIL A FURTHER ANNOUNCEMENT IS MADE.
JOHANNESBURG
13 JULY 1998
MERCHANT BANK
SCMB
STANDARD CORPORATE AND MERCHANT BANK

(A DIVISION OF THE STANDARD BANK OF SOUTH AFRICA LIMITED)
(REGISTRATION NUMBER 62/00738/06)
SPONSORING BROKER
STANDARD EQUITIES (PTY) LIMITED
(REGISTRATION NUMBER 72/08305/07)
(MEMBER OF THE JOHANNESBURG STOCK EXCHANGE)