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Wed 17 Mar 2004, 16:23 DIRECTOR'S DEALINGS
SPEARHEAD PROPERTY HOLDINGS LIMITED - DIRECTOR"S DEALINGS                       
  Spearhead Property Holdings Limited                                             
  Incorporated in the Republic of South Africa                                    
  (Registration number 1996/005827/06                                             
  Share code: SPE ISIN: ZAE000019162                                              
  DIRECTOR"S DEALINGS                                                             
  In compliance with paragraphs 3.63 - 3.74 of the Listings Requirements of the   
  JSE Securities Exchange South Africa, the following information is disclosed:   
  Name of     Date of   Number  Class of    Price per   Nature of     Extent of   
  director    transact  of      security    share       the           director"s  
              ion       linked              (cents)     transaction   interest    
  units                                                     
  Mr Lance    15 March  25 000  Linked      720         Purchase  -   Direct      
  Hoffman     2004              units                   Exercise of   beneficial  
  Executive                                             linked unit               
  Director                                              options                   
  Mr Lance    15 March  25 000  Linked      1520        Disposal      Direct      
  Hoffman     2004              units                                 Beneficial  
  Executive                                                                       
  Director                                                                        
  The necessary clearance was obtained in terms of the JSE Listings Requirements. 
  Johannesburg                                                                    
  17 March 2004                                                                   
  Sponsor: Bridge Capital Services (Proprietary) Limited                          
  Date: 17/03/2004 03:55:03 PM Produced by the JSE SENS Department
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