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SPE
 SPE                                                                             
Spearhead Property Holdings Limited - Cautionary Announcement                   
Spearhead Property Holdings Limited                                             
(Incorporated in the Republic of South Africa)                                  
(Registration number 1996/005827/06)                                            
("the company")                                                                 
Share code: SPE & ISIN: ZAE000019162                                            
CAUTIONARY ANNOUNCEMENT                                                         
Unitholders are advised that the company is involved in discussions which, if   
successfully concluded, may have a material effect on the price of the company"s
linked units.  Accordingly, unitholders are advised to exercise caution when    
dealing in the company"s linked units until a further announcement is made.     
Cape Town                                                                       
26 May 2006                                                                     
Corporate Advisor and Sponsor: Bridge Capital Services (Pty) Limited            
Date: 26/05/2006 02:16:01 PM Produced by the JSE SENS Department                
                                                                                
                                                                                

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