CULLINAN HOLDINGS LIMITED - TRADING STATEMENT

CULLINAN HOLDINGS LIMITED - TRADING STATEMENT                                   
CULLINAN HOLDINGS LIMITED                                                       
(Incorporated in the Republic of South Africa)                                  
(Registration number 1902/001808/06)                                            
Share Code: CUL     ISIN: ZAE000013710                                          
("the company")                                                                 
ANNOUNCEMENT FOR PUBLICATION ON SENS ON WEDNESDAY 27 OCTOBER 2004               
TRADING STATEMENT                                                               
Shareholders are advised that headline earnings and earnings per share for the  
company for the financial year ended 30 September 2004 are expected to be       
between 30% and 40% higher than those for the comparable period last year.      
This financial information has not been reviewed by or reported on by the       
auditors of the company.                                                        
By order of the board                                                           
Johannesburg                                                                    
27 October 2004                                                                 
Sponsor                                                                         
LPC Manhattan Sponsors (Proprietary) Limited                                    
Date: 27/10/2004 02:28:03 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department