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Mon 9 Feb 2004, 8:42 DEALINGS IN SECURITIES BY DIRECTOR
INDEPENDENT FINANCIAL SERVICES LTD - DEALINGS IN SECURITIES BY DIRECTOR         
INDEPENDENT FINANCIAL SERVICES LTD                                              
JSE Share Code: IND                                                             
ISIN: ZAE000025300                                                              
In accordance with the requirements of paragraph 3.63 to 3.74 of the JSE        
Securities Exchange Listings Requirements, the following should be noted:       
Independent Financial Services has placed 1 000 000 (one million) shares with an
institution in the same industry. This equates to 3% of the issued share capital
and will substantially increase the free float available.  Mr. J Simpson (CEO)  
has released these shares.                                                      
Name:                    Mr J Simpson        John Simpson Family Trust          
Date of Transaction:     05-02-2004          06-02-2004                         
Price:                   90 cents per share  85 cents per share                 
Amount:                  500 000             500 000                            
Class of  Transaction:   Ordinary            Ordinary                           
Nature of Transaction:   Sale                Sale                               
Par Value of Shares:     Ordinary shares of 1 cent each                         
Extent of Interest:      Direct Beneficial Interest
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