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Tue 22 Jun 2004, 16:33 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 of the JSE Securities Exchange South Africa Listings 
  Requirements, the following information is disclosed:                           
  Name of director:                  AM Sinclair                                  
  Director of:                       Major subsidiary of Invicta                  
  Total number of shares sold:       10 000                                       
  Transaction dates:                 18 June 2004 (2000 shares)                   
                                     21 June 2004 (8000 shares)                   
  Price:                             R10.50                                       
  Value:                             R105 000                                     
  Share class:                       Ordinary shares                              
  Nature of transaction:             Sale of shares on the open market            
  Extent of interest:                Direct beneficial                            
  Clearance to deal obtained:        Yes                                          
  Johannesburg                                                                    
  22 June 2004                                                                    
  Sponsor                                                                         
  Nedbank Capital                                                                 
  Date: 22/06/2004 04:24:06 PM Produced by the JSE SENS Department
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