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Thu 21 Jul 2005, 16:07 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 JSE   
Limited, the following information is disclosed:                                
Name of director:          Mr Allan Groll                                       
Date of transaction:       21 July 2005                                         
Price per linked unit:     2 150 cents                                          
Number of linked units:    850 000                                              
Total value:               R18 275 000.00                                       
Class of securities:       Linked units                                         
Nature of transaction:     Disposal                                             
Extent of interest:        Indirect and beneficial                              
Consent:                   Consent was given on 5 April 2005                    
On 5 April 2005, The Armchair Trust, of which Mr Allan Groll is a trustee and   
beneficiary, reached agreement with Trematon Capital Investments Limited        
(`Trematon`) to dispose of 850 000 Spearhead linked units to Trematon upon      
fulfillment of certain conditions precedent.  The conditions precedent were     
fulfilled on 18 July 2005.                                                      
21 July 2005                                                                    
Cape Town
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