Cullinan - Further Cautionary Announcement

Cullinan - Further Cautionary Announcement                                      
Cullinan Holdings Limited                                                       
(Incorporated in the Republic of South Africa)                                  
(Registration number 1902/001808/06)                                            
Share code: CUL & ISIN: ZAE000013710                                            
("Cullinan" or "the company")                                                   
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 announcements dated 27 June 2006 and 7 August 2006, shareholders are 
advised as follows in regard to implementation of the transaction:              
1. the legal due diligence process has been completed;                          
2. the Competition Commission has approved the transaction;                     
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                                                                    
19 September 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 (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: 19/09/2006 11:16:04 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department