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Spearhead Property Holdings Limited - Cautionary Announcement 
Release Date: 23/03/2004 17:00:01      Code(s): SPE 
SPEARHEAD PROPERTY HOLDINGS LIMITED - CAUTIONARY ANNOUNCEMENT                   
Spearhead Property Holdings Limited                                             
(Incorporated in the Republic of South Africa)                                  
(Registration number 1996/005827/06)                                            
("Spearhead" or "the company")                                                  
JSE Share code: SPE                                                             
ISIN: ZAE000019162                                                              
CAUTIONARY ANNOUNCEMENT                                                         
Unitholders are advised that the company is involved in negotiations, which, if 
successfully concluded, may have a material effect on the price of the company"s
linked units.  Accordingly, Spearhead unitholders are advised to exercise       
caution when dealing in the company"s linked units until a further announcement 
is made.                                                                        
Cape Town                                                                       
23 March 2004                                                                   
Sponsor:                                                                        
Bridge Capital Services (Pty) Limited                                           

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