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SPEARHEAD - CAUTIONARY ANNOUNCEMENT                                             
Spearhead Property Holdings Limited                                             
(Incorporated in the Republic of South Africa)                                  
(Registration number 1996/005827/06)                                            
Share code: SPE       ISIN: ZAE000019162                                        
(`Spearhead` or `the company`)                                                  
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                                                                       
19 January 2005                                                                 
Sponsor                                                                         
Bridge Capital                                                                  
www.spearheadprop.com                                                           
Date: 19/01/2005 07:00:03 AM
Produced by the JSE SENS Department

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