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Thu 13 Nov 2003, 11:37 EXERCISE OF OPTIONS BY A COMPANY SECRETARY
INVICTA - EXERCISE OF OPTIONS BY A COMPANY SECRETARY                            
INVICTA HOLDINGS LIMITED                                                        
Incorporated in the Republic of South Africa                                    
(Registration number 1966/002182/06)                                            
("Invicta")                                                                     
Share code: IVT                                                                 
ISIN code: ZAE000029773                                                         
EXERCISE OF OPTIONS BY A COMPANY SECRETARY                                      
In terms of paragraph 3.63 - 3.65 of the Listings Requirements of the JSE       
Securities Exchange South Africa, the following information is disclosed:       
Company Secretary:                 Mr C Barnard                                 
Company Secretary of:              Invicta                                      
Number of options exercised:       56 250                                       
Price:                             R1.90                                        
Value of the options               R106 875                                     
Date of exercise:                  11 November 2003                             
Share Class:                       Ordinary shares                              
Extent of interest:                Direct Beneficial                            
Nature of transaction              Exercise of options                          
Johannesburg                                                                    
13 November 2003                                                                
Date: 13/11/2003 11:06:02 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department
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