Cullinan - Results of the General Meeting

Cullinan - Results of the General Meeting                                       
Cullinan Holdings Limited                                                       
  (Incorporated in the Republic of South Africa)                                
(Registration number 1902/001808/06)                                          
  Share code CUL   ISIN ZAE000013710                                            
  ("Cullinan")                                                                  
RESULTS OF THE GENERAL MEETING                                                  
1. Results of the general meeting                                               
 Brait Advisory Services Limited is authorised to announce that the resolution  
proposing the disposal of Cullinan Holdings UK Limited and Midmacor Industries  
Limited and the special resolutions proposing the creation and issue of the     
cumulative redeemable convertible preference shares were passed unanimously by  
those present and voting at the general meeting of shareholders held on Monday, 
8 July 2002, and that the special resolutions will be lodged for registration   
with the Registrar of Companies today.                                          
2. The offer                                                                    
 Subject to the registration of the special resolutions with the Registrar of   
Companies, the offer made by Travcorp Financial Services Limited to the ordinary
shareholders of Cullinan ("the offer") will become unconditional as to          
acceptances. In terms of the Securities Regulation Panel Code, the offer will   
remain open for a further minimum period of 14 days.                            
3. Further announcement                                                         
 A further announcement will be made on SENS and in the press, following the    
registration of the special resolutions, regarding the closing date of the      
offer.                                                                          
Sandton                                                                         
8 July 2002                                                                     
Corporate advisor                                                               
   Brait                                                                        
Sponsor                                                                         
   LPC Manhattan Sponsors (Pty) Ltd                                             
(Registration number 1999/024792/07)                                         
Independent advisor to the Cullinan minorities                                  
   BDO Spencer Steward (CT)                                                     
   Charted Accountants (SA)                                                     
Registered Accountants and Auditors                                          
Legal advisor to Cullinan                                                       
   Rabin, Van Den Berg & Pelkowitz                                              
   Advisory Services (Pty) Ltd                                                  
(Registration number 1999/017244/07)                                         
Legal advisor to Travcorp                                                       
   BERNADT VUKIC POTASH & GETZ                                                  
ATTORNEYS                                                                       
Independent reporting accountants                                            
   BDO Spencer Steward (CT)                                                     
   Charted Accountants (SA)                                                     
   Registered Accountants and Auditors                                          
Date: 08/07/2002 02:07:14 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department