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Wed 28 Jan 2004, 17:07 TRADING UPDATE AND CAUTIONARY ANNOUNCEMENT
Spearhead Property Holdings Limited - TRADING UPDATE AND CAUTIONARY ANNOUNCEMENT
Spearhead Property Holdings Limited                                             
Incorporated in the Republic of South Africa                                    
Registration number: 1996/005827/06                                             
Share code: SPE ISIN: ZAE 000019162                                             
("Spearhead" or "the company")                                                  
TRADING UPDATE AND CAUTIONARY ANNOUNCEMENT                                      
Shareholders are advised that Spearhead"s core earnings for the six months ended
31 December 2003 will be materially higher ("materially" being an increase of   
between 10% and 30% as defined in the revised JSE Securities Exchange South     
Africa Listings Requirements) than those reported for the comparative six month 
period in the prior year.                                                       
As the core earnings estimate has not been reviewed and reported on by          
Spearhead"s auditors, shareholders are advised to exercise caution when dealing 
in Spearhead"s linked units until the aforementioned interim results are        
published on or about 12 February 2004.                                         
Cape Town                                                                       
28 January 2004                                                                 
Sponsor: Bridge Capital Services (Pty) Limited                                  
Date: 28/01/2004 05:00:02 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
                                                                                
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