Cullinan Holdings Limited - Further Cautionary Announcement

     Cullinan Holdings Limited - Further Cautionary Announcement                
     Cullinan Holdings Limited                                                  
     (Incorporated in the Republic of South Africa)                             
(Registration number 1902/001808/06)                                       
     Share code: CUL   ISIN: ZAE000013710                                       
     ("Cullinan")                                                               
     FURTHER CAUTIONARY ANNOUNCEMENT REGARDING                                  
THE PROPOSED MERGER OF THE BUSINESSES OF CULLINAN AND THEBE TOURISM GROUP  
     (PROPRIETARY) LIMITED ("Thebe Tourism Group")                              
     Further to the preliminary announcement dated 8 May 2006 and the further   
     cautionary announcement dated 27 June 2006, shareholders are advised as    
follows in regard to implementation of the transaction:                    
     1. the legal due diligence process has substantially been completed;       
     2. the necessary submission to the Competition Commission has been         
     submitted                                                                  
and approval of the transaction is awaited; and                            
     3. the audit of Thebe Tourism Group for the year ended 31 March 2006, on   
     which                                                                      
     the determination of the consideration will be based, is expected to be    
finalised shortly, whereafter a detailed announcement of the terms and     
     conditions of the acquisition will be published.                           
     Shareholders are therefore urged to continue to exercise caution in dealing
     in                                                                         
their shares until publication of the detailed announcement.               
     By order of the board                                                      
     Johannesburg                                                               
     7 August 2006                                                              
Corporate adviser to Cullinan                                              
     Lanark Financial Services                                                  
     Auditors, due diligence advisers                                           
     and reporting accountants to Cullinan                                      
BDO Spencer Steward (JHB) Inc                                              
     Chartered Accountants (SA)                                                 
     Registered Accountants and Auditors                                        
     Attorneys to Cullinan                                                      
Mallinicks Attorneys                                                       
     Sponsor                                                                    
     LPC Manhattan Moela                                                        
     LPC Manhattan Moela (Pty) Ltd                                              
(Registration number 2001/009215/07)                                       
     Corporate adviser to Thebe                                                 
     Bridge Capital                                                             
     Auditors and reporting accountants to Thebe                                
Nkonki Inc.                                                                
     Attorneys to Thebe                                                         
     Webber Wentzel Bowens                                                      
     Due diligence advisers to Thebe                                            
Ernst & Young                                                              
     EY Corporate Finance (Pty) Ltd                                             
     (Registration number 2000/031575/07)                                       
Date: 07/08/2006 11:09:34 AM Supplied by www.sharenet.co.za                     
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