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INVICTA HOLDINGS LIMITED - DEALING IN SECURITIES BY COMPANY SECRETARY           
  INVICTA HOLDINGS LIMITED                                                        
  Incorporated in the Republic of South Africa                                    
  (Registration number 1966/002182/06)                                            
  ("Invicta")                                                                     
  JSE Share code: IVT                                                             
  ISIN code: ZAE000029773                                                         
  DEALING IN SECURITIES BY 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                                      
  Nature of transaction              Sale of shares                               
  Number of shares sold:             10 000                                       
  Price:                             R9.50                                        
  Value:                             R95 000                                      
  Date of sale:                      25 February 2004                             
  Share Class:                       Ordinary shares                              
  Extent of interest:                Direct beneficial                            
  Clearance to deal obtained:        Yes                                          
  Johannesburg                                                                    
  26 February 2004                                                                
  Sponsor:                                                                        
  Nedbank Corporate                                                               
  Date: 26/02/2004 02:51:45 PM Produced by the JSE SENS Department

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