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Wed 22 Sep 2004, 17:29 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)                                            
Share code: IVT                                                                 
ISIN code: ZAE000029773                                                         
(`Invicta`)                                                                     
DEALING IN SECURITIES BY A DIRECTOR                                             
In terms of paragraph 3.63 - 3.65 of the JSE Securities Exchange South Africa   
Listings Requirements, the following information, relating to dealing in        
securities by a director is disclosed.                                          
Executive director:                Mr A M Sinclair                              
Director of:                       A major subsidiary of Invicta                
Transaction date:                  20 September 2004                            
Number of shares sold:             20 000                                       
Price:                             R12.00 per share                             
Total value:                       R240 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 September 2004                                                               
Investment bank and Sponsor                                                     
Nedbank Capital
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