Change Statement and Notice of Annual General Meeting Announcement CULLINAN HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number 1902/001808/06) Share Code: CUL ISIN: ZAE000013710 Share code: CULP ISIN: ZAE000001947 (“the company”) CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING ANNOUNCEMENT Shareholders are advised that: - the annual report, incorporating a notice convening the annual general meeting of the company (“the AGM”), was distributed to shareholders on Thursday, 17 March 2016 and is available on the website of the company at www.cullinan.co.za. There have been no material changes to the financial information published in the provisional report dated 29 December 2015, save that in the statement of cash flows reclassification as shown below has been effected: Provisional results Annual financial statements Cash generated from operations 11 149 60 306 Net cash from operating activities -27 081 30 452 Net cash from investing activities -121 141 -166 590 Net cash from financing activities 69 363 69 363 Total cash movement for the year -78859 -66 775 Effect of exchange rate changes on cash and cash equivalents 1 505 -10 579 Cash and cash equivalents at the beginning of the year 185 723 185 723 Cash and cash equivalents at the end of the year 108 369 108 369 The reclassification refers to trade receivables acquired on the acquisition of the business of Chester Finance on 1 October 2014 which were reflected in cash generated from operations, now reclassified into cash from investing activities. In addition, the difference on the effect of changes in exchange rate on cash and cash equivalents had been reflected in cash generated from operations. This has been and is amended as above and reflected in the effect of exchange rate changes on cash and cash equivalents. This reclassification has no effect on the overall cash flow movement for the year. - the AGM will be held at 10:00 on Friday, 22 April 2016 in the boardroom, 2nd Floor, Travel House, 6 Hood Street, Rosebank, Johannesburg; - the record date for purposes of determining which shareholders are entitled to participate in and vote at the annual general meeting is Friday, 15 April 2016. Accordingly, the last day to trade in order to be eligible to vote at the annual general meeting will be Friday, 8 April 2016. By order of the board. Johannesburg 17 March 2016 Sponsor Arbor Capital Sponsors Proprietary Limited Date: 17/03/2016 05:37:00 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.