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SPE
 SPE                                                                             
Spearhead Property Holdings Limited - Renewal Of Cautionary Announcement        
Spearhead Property Holdings Limited                                             
(Incorporated in the Republic of South Africa)                                  
(Registration number 1996/005827/06)                                            
("Spearhead" or "the company")                                                  
Share code: SPE & ISIN: ZAE000019162                                            
RENEWAL OF CAUTIONARY ANNOUNCEMENT                                              
Further to the firm intention to make an offer announcement published jointly by
Redefine Income Fund Limited ("Redefine") and Spearhead on 26 July 2006, until  
such time as the detailed terms and conditions of Redefine"s offer to acquire   
100% of the linked units of Spearhead are announced, unitholders are advised to 
continue exercising caution when dealing in the company"s linked units.         
Cape Town                                                                       
11 September 2006                                                               
Corporate Advisor and Sponsor: Bridge Capital Services (Pty) Limited            
Date: 11/09/2006 04:46:07 PM Produced by the JSE SENS Department                
                                                                                
                                                                                

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