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Tue 11 Mar 2003, 17:23 Spearhead - Cautionary Announcement
Spearhead Property Holdings Limited                                             
(Incorporated in the Republic of South Africa)                                  
(Registration number 1996/005827/06)                                            
("Spearhead" or "the company")                                                  
Share code: SPE ISIN:ZAE000019162                                               
CAUTIONARY ANNOUNCEMENT                                                         
Unitholders are advised that the company is involved in negotiations which, if  
successfully concluded, could have a material effect on the price at which      
Spearhead linked units trade on the JSE Securities Exchange South Africa.       
Spearhead unitholders are accordingly advised to exercise caution when dealing  
in their linked units until a further announcement is made.                     
Johannesburg                                                                    
11 March 2003                                                                   
Sponsor                                                                         
Bridge Capital                                                                  
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