Restatement Notification 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”) RESTATEMENT NOTIFICATION Shareholders are referred to the Condensed Audited Group Results for the Year Ended 30 September 2016 (“the Results Announcement”) as released on SENS on Thursday, 15 December 2016 and are advised of the following restatements to the financial results which were not noted in the Results Announcement: (i) As reported in note 27 in the 2016 Annual Financial Statements, the company has restated the Revenue for 2015. An amount of R31.7m, being gains realised on foreign exchange transactions and previously shown in Revenue has now been restated to reflect in “Other income”. The effect of the restatement is to reduce Revenue for the 2015 results and increase “Other income” by an equivalent amount, as set out below. There is no impact on earnings. Previously Restated reported R’000 2016 2015 2015 Revenue 1 040 674 894 326 926 075 Other income 35 798 31749 - (ii) As reported in note 11 in the 2016 Annual Financial Statements, in the 2015 Annual Financial Statements, amounts outstanding from subsidiaries were reflected as group receivables within trade and other receivables for the company. For the purposes of more transparent disclosure, these amounts have been retrospectively reclassified as a part of loans to group companies. The effect of the reclassification does not impact earnings for 2015 and 2014 and only current assets on the balance sheet were restated as follows: Company R’000 2016 2015 2014 Current assets Trade and other receivables - (64 096) (43 167) Loans to group companies - 64 096 43 167 By order of the board Johannesburg 19 December 2016 Sponsor Arbor Capital Sponsors Proprietary Limited Date: 19/12/2016 05:41:00 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.