CULLINAN HOLDINGS LIMITED - TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT

CULLINAN HOLDINGS LIMITED - TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT       
CULLINAN HOLDINGS LIMITED                                                       
(Incorporated in the Republic of South Africa)                                  
(Registration number 1902/001808/06)                                            
Share code: CUL    ISIN: ZAE000013710                                           
("the company")                                                                 
TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT                                   
Shareholders are advised that the results of the company for the six-month      
period ended 31 March 2004 are expected to be materially higher than those for  
the comparable period last year ("material" is defined in the Listings          
Requirements of the JSE Securities Exchange South Africa as being between 10%   
and 30%).                                                                       
This financial information has not been reviewed and reported on by the         
auditors of the company.                                                        
Shareholders are therefore advised to exercise caution when dealing in the      
company"s shares until publication of the results on or about 17 May 2004.      
By order of the board                                                           
Johannesburg                                                                    
29 April 2004                                                                   
Sponsor                                                                         
   LPC Manhattan Sponsors (Pty) Ltd                                             
  (Registration number 1999/024792/07)                                          
Date: 29/04/2004 12:11:31 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department