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Mon 28 Jun 2004, 13:24 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`)                                                                     
JSE 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 date:                  25 June 2004                                 
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                                                                    
28 June 2004                                                                    
Sponsor                                                                         
Nedbank Capital                                                                 
Date: 28/06/2004 12:53:08 PM                    
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