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Wed 25 Jan 2006, 9:58 Spearhead Property Holdings Limited - Directors De
SPE
 SPE                                                                             
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 Limited, the following information is disclosed:                            
Name of director:         MN Flax                                               
Date of transaction:      23 January 2006                                       
Price per linked unit:    2200 cents                                            
Number of linked units:   300 000                                               
Total value:              R6 600 000                                            
Class of securities:      Linked units                                          
Nature of transaction:    Purchase in terms of vendor placing                   
Extent of interest:       Indirect and beneficial                               
Clearance was given                                                             
Name of director:         DM Wilder                                             
Date of transaction:      23 January 2006                                       
Price per linked unit:    2200 cents                                            
Number of linked units:   200 000                                               
Total value:              R4 400 000                                            
Class of securities:      Linked units                                          
Nature of transaction:    Purchase in terms of vendor placing                   
Extent of interest:       Indirect and beneficial                               
Clearance was given                                                             
25 January 2006                                                                 
Johannesburg                                                                    
Sponsor: Bridge Capital Services (Pty) Limited                                  
Date: 25/01/2006 09:58:53 AM Produced by the JSE SENS Department                
                                                                                
                                                                                
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