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INDEPENDENT FINANCIAL SERVICES LTD - DEALINGS IN SECURITIES BY DIRECTOR         
  INDEPENDENT FINANCIAL SERVICES LTD                                              
  SHARE CODE:    IND                                                              
  ISIN:          ZAE000025300                                                     
  DEALINGS IN SECURITIES BY DIRECTOR                                              
  In accordance with the requirements of paragraph 3.63 to 3.74 of the JSE        
  Securities Exchange Listings Requirements, the following should be noted:       
  Name of Director         :    JW Simpson                                        
  Transaction Date         :    03-06-2004                                        
  Class of shares          :    Ordinary                                          
  Number of shares         :    3200                                              
  Price per share          :    R0.85                                             
  Nature of transaction    :    Purchase                                          
  Nature of interest       :    Direct Beneficial                                 
  Approval obtained        :    Yes                                               
  03 JUNE 2004                                                                    
  Date: 03/06/2004 05:02:02 PM Produced by the JSE SENS Department                

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