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Fri 20 Dec 2002, 12:51 Spearhead Property Holdings Limited - Dealings In
Spearhead Property Holdings Limited - 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            :  Dr H Schreuders (non-executive director)         
Date of transaction         :  20 December 2002                                 
Nature of transaction       :  Exercise of share options of 2 000               
Number of shares            :  2 000 spearhead linked units                     
Price per share             :  R6 per linked unit                               
Extent of Directors Interest:  Beneficial                                       
Johannesburg                                                                    
20 December 2002                                                                
Sponsor                                                                         
Bridge Capital Services (Proprietary) Limited                                   
(Registration number 1998/016301/07)                                            
(A sponsor registered with the JSE Securities Exchange South Africa)            
Date: 20/12/2002 10:09:00 AM Produced by the JSE SENS Department                

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