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Mon 10 May 2004, 16:57 DIRECTORS" DEALINGS
SPEARHEAD PROPERTY HOLDINGS LIMITED - DIRECTORS" DEALINGS                       
  Spearhead Property Holdings Limited                                             
  Incorporated in the Republic of South Africa                                    
  (Registration number 1996/005827/06                                             
  JSE Share code: SPE                                                             
  ISIN: ZAE000019162                                                              
  DIRECTORS" 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 director:                       Mr Mike Flax - Chief Executive Officer  
  Date of transaction:                         4 May 2004                         
  Number of shares:                       60 963                                  
  Class of security:                      Linked units                            
  Price per share (cents):                1 557                                   
  Nature of the transaction:              Disposal                                
  Extent of director"s interest:               Indirect/Beneficial                
  Name of director:                       Mr Allan Groll - Non -executive Director
  Date of transaction:                         4 May 2004                         
  Number of shares:                       31 962                                  
  Class of security:                      Linked units                            
  Price per share (cents):                1 557                                   
  Nature of the transaction:              Disposal                                
  Extent of director"s interest:               Direct/Beneficial                  
  The necessary clearance was obtained in terms of the JSE Listings Requirements. 
  Cape Town                                                                       
  10 May 2004                                                                     
  Sponsor:                                                                        
  Bridge Capital Services (Proprietary) Limited                                   
  Date: 10/05/2004 04:32:16 PM Produced by the JSE SENS Department                
                                                                                  
                                                                                  
                                                                                  
  



 
 
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