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Mon 29 Mar 2004, 13:29 DEALING IN SECURITIES BY A DIRECTOR
INVICTA HOLDINGS LIMITED - DEALING IN SECURITIES BY A DIRECTOR                  
  INVICTA HOLDINGS LIMITED                                                        
  Incorporated in the Republic of South Africa                                    
  (Registration number 1966/002182/06)                                            
  ("Invicta")                                                                     
  Share code: IVT                                                                 
  ISIN code: ZAE000029773                                                         
  DEALING IN SECURITIES BY A DIRECTOR                                             
  In terms of paragraph 3.63 - 3.65 of the Listings Requirements of the JSE       
  Securities Exchange South Africa, the following information is disclosed:       
  Executive director:                AM Sinclair                                  
  Director of:                       A major subsidiary of Invicta                
  Transaction date:                  25 March 2004                                
  Nature of transaction:             Sale of shares on the open market            
  Number of shares sold:             5 000                                        
  Price:                             R9.50                                        
  Value:                             R47 500                                      
  Share Class:                       Ordinary shares                              
  Extent of interest:                Direct Beneficial                            
  Written clearance to                                                            
  deal obtained:                     Yes                                          
  Johannesburg                                                                    
  29 March 2004                                                                   
  Sponsor                                                                         
  Nedbank Capital                                                                 
  Date: 29/03/2004 01:27:51 PM Produced by the JSE SENS Department
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