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Mon 24 Feb 2003, 16:48 Spearhead Property Holdings Limited - Dealings in
Spearhead Property Holdings Limited                                             
(Incorporated in the Republic of South Africa)                                  
(Registration number 1996/005827/06)                                            
(ISIN: ZAE 000019162)                                                           
(Share code: SPE)                                                               
In compliance with rule 3.72 - 3.75 of the Listings Requirements, the following 
information is disclosed:                                                       
Director                      :  Mr. M N Flax (Chief Executive Officer)         
Class of Security             :  Linked Units                                   
Nature of Transaction         :  Purchase - Exercise of Share Options           
Number of Shares and                                                            
Price                         :  33 333 SPE Linked Units @ R6.00 each           
                                 33 333 SPE Linked Units @ R7.20 each           
Date of Transaction           :  13 February 2003                               
Nature of Interest            :  Direct beneficial                              
Director                      :  Mr. A Groll (Non-executive Director)           
Class of Security             :  Linked Units                                   
Nature of Transaction         :  Purchase - Exercise of Share Options           
Number of Shares and                                                            
Price                         :  33 334 SPE Linked Units @ R6.00 each           
Date of Transaction           :  13 February 2003                               
Nature of Interest            :  Direct beneficial                              
Director                      :  Mr. M Kaplan (Non-executive Chairman)          
Class of Security             :  Linked Units                                   
Nature of Transaction         :  Purchase - Exercise of Share Options           
Number of Shares and                                                            
Price                         :  10 000 SPE Linked Units @ R7.80 each           
Date of Transaction           :  21 February 2003                               
Nature of Interest            :  Direct beneficial                              
Director                      :  Mr. L Hoffman (Executive Director)             
Class of Security             :  Linked Units                                   
Nature of Transaction         :  Purchase - Exercise of Share Options           
Number of Shares and                                                            
Price                         :  25 000 SPE Linked Units @ R7.20 each           
Date of Transaction           :  21 February 2003                               
Nature of Interest            :  Direct beneficial                              
Director                           :  Mr. L Hoffman (Executive Director)        
Class of Security                  :  Linked Units                              
Nature of Transaction              :  Disposal of Linked Units                  
Number of Shares and                                                            
Price                              :  25 000 SPE Linked Units @ R9.40 each      
Date of Transaction                :  21 February 2003                          
Nature of Interest                 :  Direct beneficial                         
Ends                                                                            
Johannesburg                                                                    
24 February 2003                                                                
Sponsor: Bridge Capital Services (Pty) Ltd                                      
Date: 24/02/2003 04:09:24 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             


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