Cullinan Holdings - Profit warning

CULLINAN HOLDINGS LIMITED
   (Incorporated in the Republic of South Africa)
   (Registration number 1901/001808/06)
    Share code: CUL  ISIN: ZAE 00013710
   ("Cullinan" or "the company")
OPERATIONAL UPDATE AND PROFIT WARNING

  The board of directors of Cullinan wishes to advise shareholders that the
discussions regarding the disposal of the "discontinued operations" referred
to in the interim results of the company published on 11 June 2001 have
become more protracted than initially anticipated.

   As a result, the losses incurred by the discontinued operations have
continued and will materially affect the results of Cullinan for the year
ended 30 September 2001.  By contrast, the travel and tourism divisions have
continued to perform well.

   It is anticipated that the results for the year ended 30 September 2001
will be released on or about 14 December 2001 and shareholders are reminded
that the company is presently trading under a cautionary.
  Sandton
21 November 2001
SPONSOR
LPC Manhattan Sponsors (Pty) Limited
(Registration number 1999/024792/07)