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Fri 21 May 2004, 15:22 DIRECTORS" DEALINGS
SPEARHEAD PROPERTY HOLDINGS LIMITED - DIRECTORS` DEALINGS                       
  Spearhead Property Holdings Limited                                             
  Incorporated in the Republic of South Africa                                    
  (Registration number 1996/005827/06                                             
  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   Date of       Number  Class of   Price    Nature of    Extent         
  director  transaction   of      security   per      the          of             
                          shares             share    transaction  directo        
  (cents)               r`s            
                                                                   interes        
                                                                   t              
  Mr Mike   21 May 2004   10 000  Linked     1 465    Purchase     Indirec        
  Flax                            units                            t/             
  Chief                                                            Benefic        
  Executive                                                        ial            
  Officer                                                                         
  The necessary clearance was obtained in terms of the JSE Listings Requirements. 
  Cape Town                                                                       
  21 May 2004                                                                     
  Sponsor: Bridge Capital Services (Proprietary) Limited                          
  Date: 21/05/2004 02:04:47 PM Produced by the JSE SENS Department                
                                                                                  
                                                                                  
                                                                                  
  



 
 
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