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SPE
 SPE                                                                             
Spearhead Property Holdings Limited - Further 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                                            
FURTHER CAUTIONARY ANNOUNCEMENT                                                 
Further to the cautionary announcement dated 26 May 2006, unitholders are       
advised that the company continues to be 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 continue exercising      
caution when dealing in the company"s linked units until a further announcement 
is made.                                                                        
Cape Town                                                                       
7 July 2006                                                                     
Corporate Advisor and Sponsor: Bridge Capital Services (Pty) Limited            
Date: 07/07/2006 10:30:35 AM Produced by the JSE SENS Department                
                                                                                
                                                                                

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