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Fri 4 Oct 2002, 13:55 DEALINGS IN SECURITIES BY DIRECTORS
Spearhead - DEALINGS IN SECURITIES BY DIRECTORS                                 
Spearhead Property Holdings Limited                                             
(Incorporated in the Republic of South Africa)                                  
(Registration number 1996/05827/06)                                             
("Spearhead")                                                                   
Share code: SPE ISIN:ZAE000019162                                               
DEALINGS IN SECURITIES BY DIRECTORS                                             
In compliance with paragraphs 3.72 - 3.75 of the Listings Requirements of the   
JSE Securities Exchange South Africa, the following information is disclosed:   
Name of Director:        Mr Mike Flax (CEO)                                     
Date of transaction:     On Friday, 27 September                                
Nature of transaction    sold                                                   
Number of shares:        50 000 Spearhead linked units                          
                         to Mr Jalal Allie (Executive Director)                 
Price:                   at R8.60 per linked unit.                              
Johannesburg                                                                    
3 October 2002                                                                  
Sponsor                                                                         
Bridge Capital Services (Proprietary) Limited                                   
(Registration number 1998/016301/07)                                            
(A sponsor registered with the JSE Securities Exchange South Africa)            
Date: 03/10/2002 02:50:00 PM Produced by the JSE SENS Department
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