Cullinan - proposed merger of the businesses of Cullinan and Thebe and

Cullinan - proposed merger of the businesses of Cullinan and Thebe and          
           withdrawal of cautionary announcement                                
Cullinan Holdings Limited                                                       
(Incorporated in the Republic of South Africa)                                  
(Registration number 1902/001808/06)                                            
Share code: CUL & ISIN: ZAE000013710                                            
("Cullinan")                                                                    
ANNOUNCEMENT REGARDING THE PROPOSED MERGER OF THE BUSINESSES OF CULLINAN        
AND THEBE TOURISM GROUP (PROPRIETARY) LIMITED AND WITHDRAWAL OF                 
CAUTIONARY ANNOUNCEMENT                                                         
Further to the preliminary announcement dated 8 May 2006 and the                
cautionary announcements published thereafter, shareholders are advised         
that the parties could not reach agreement on the implementation of the         
transaction and the process has been terminated by mutual agreement.            
The board of directors of Cullinan is committed to actively pursue              
further initiatives with a view to achieving the Black Economic                 
Empowerment objectives of the Travel and Tourism Charter.                       
The cautionary announcement governing the proposed transaction is hereby        
withdrawn.                                                                      
By order of the board                                                           
Johannesburg                                                                    
20 October 2006                                                                 
Sponsor                                                                         
LPC Manhattan Moela                                                             
LPC Manhattan Moela (Pty) Ltd                                                   
(Registration number 2001/009215/07)                                            
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                                                            
Corporate adviser to Cullinan                                                   
LFS                                                                             
Lanark Financial Services                                                       
Date: 20/10/2006 02:33:14 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department