Proposed acquisition of the tourism interests of the Imperial Group 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" or "the company") Proposed acquisition of the tourism interests of the Imperial Group ("the acquisition") and withdrawal of cautionary announcement 1. Introduction Shareholders are referred to the announcement dated 17 July 2013 in this regard and are advised that the Competition Commission of South Africa has approved the acquisition of the South African interests of Imperial Tourism. This portion of the acquisition is therefore unconditional and the effective date of the acquisition is 1 September 2013. As the Namibian portion of the acquisition has not yet been approved by the Namibian Competitions Commission, this agreement is still conditional on this approval. 2. Financial effects of the acquisition The table below sets out the financial effects of the acquisition on the headline earnings, tangible net asset value and net asset value per share in Cullinan based on the published unaudited financial statements of the company for the six months ended on 31 March 2013, as if the acquisition had been effective on that date. The financial effects are the responsibility of the directors of Cullinan and are prepared for illustrative purposes only and, because of their nature, may not fairly present the financial position of the company, changes in its equity, and results of its operations or cash flows after the acquisition. After the South After the African South % and % Before the African change Namibian change acquisition acquisition increase/ acquisition increase/ Note (cents) (cents) (decrease) (cents) (decrease) Headline earnings per share 1 3.79 3.48 (8.09) 3.25 (14.28) Earnings per share 1 3.79 3.48 (8.09) 3.25 (14.28) Tangible net asset value per share 2 38.08 41.64 9.35 42.29 11.05 Net asset value per share 2 29.26 33.83 15.61 34.55 18.09 Number of shares in issue 718 355 204 792 701 410 10.35 800 173 386 11.39 Notes: 1. On the assumption that the acquisition was effective throughout the six months ended on 31 March 2013. In calculating these effects, goodwill has not been amortised and will be subject to an annual impairment test. 2. The earnings information for the Imperial tourism interests was based upon the same six-month period to March 2013, as the Directors believe this is the most representative method of disclosing this information, considering the seasonality of the Tourism industry. 3. Withdrawal of cautionary announcement The further cautionary announcement dated 30 August 2013 is hereby withdrawn. By order of the board Johannesburg 20 September 2013 Sponsor Arcay Moela Sponsors Date: 20/09/2013 10:16:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.