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Spearhead Property Holdings Limited                                             
(Incorporated In The Republic Of South Africa)                                  
(Registration Number 1996/005827/06)                                            
Share Code: SPE               ISIN: ZAE000019162                                
COMPETITION COMMISSION APPROVAL                                                 
Unitholders are referred to the announcement dated 18 June 2003.  The only      
outstanding condition precedent for the acquisition of the Ottery Hypermarket   
was approval by the competition commission.  Unitholders are notified that the  
condition precedent has been fulfilled and the linked units placed with specific
institutions and individuals on behalf of the vendor of the Ottery Hypermarket  
will be issued and listed on 18 July 2003.                                      
Cape Town                                                                       
16 July 2003                                                                    
Sponsor                                                                         
Bridge Capital Services (Pty) Limited                                           
Attorney                                                                        
Hofmeyr Herbstein & Gihwala Inc

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