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Tue 21 Dec 2004, 11:21 DEALING IN SECURITIES BY DIRECTORS
INVICTA - DEALING IN SECURITIES BY DIRECTORS                                    
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 DIRECTORS                                              
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 directors is disclosed.                                           
Director:                               M Rose-Innes                            
Director of:                            Invicta                                 
Total number of shares sold:            539 458                                 
Transaction date:                       20 December 2004                        
Price:                                  R13.15                                  
Value:                                  R7 093 872                              
Share class:                            Ordinary shares                         
Nature of transaction:                  Sale of shares on the open market       
Extent of interest:                     Direct beneficial                       
Clearance to deal obtained:             Yes                                     
Director:                               M Rose-Innes, a member of M&J           
                                        Sharedealers CC the entity through which
the transaction was conducted           
Director of:                            Invicta                                 
Total number of shares sold:            100 000                                 
Transaction date:                       20 December 2004                        
Price:                                  R13.15                                  
Value:                                  R1 315 000                              
Share class:                            Ordinary shares                         
Nature of transaction:                  Sale of shares on the open market       
Extent of interest:                     Indirect beneficial                     
Clearance to deal obtained:             Yes                                     
Director:                               M Rose-Innes, an adviser to Thalassa    
                                        Shipping Co. Limited, the entity through
which the transaction was conducted     
Director of:                            Invicta                                 
Total number of shares sold:            3 451                                   
Transaction date:                       20 December 2004                        
Price:                                  R13.80                                  
Value:                                  R47 624                                 
Share class:                            Ordinary shares                         
Nature of transaction:                  Sale of shares on the open market       
Extent of interest:                     Indirect non-beneficial                 
Clearance to deal obtained:             Yes                                     
Director:                               M Rose-Innes, an adviser to Thalassa    
                                        Shipping Co. Limited, the entity through
which the transaction was conducted     
Director of:                            Invicta                                 
Total number of shares sold:            510 542                                 
Transaction date:                       20 December 2004                        
Price:                                  R13.15                                  
Value:                                  R6 713 627                              
Share class:                            Ordinary shares                         
Nature of transaction:                  Sale of shares on the open market       
Extent of interest:                     Indirect non-beneficial                 
Clearance to deal obtained:             Yes                                     
Director:                               D I Samuels, a trustee of the David     
                                        Samuels Family Trust, the entity through
which the transaction was conducted     
Director of:                            Invicta                                 
Total number of shares sold:            265 255                                 
Transaction date:                       17 December 2004                        
Price:                                  R13.15                                  
Value:                                  R3 488 103                              
Share class:                            Ordinary shares                         
Nature of transaction:                  Sale of shares on the open market       
Extent of interest:                     Indirect beneficial                     
Clearance to deal obtained:             Yes                                     
Director:                               A Goldstone                             
Director of:                            Invicta                                 
Total number of shares sold:            584 745                                 
Transaction date:                       17 December 2004                        
Price:                                  R13.15                                  
Value:                                  R7 689 397                              
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                                                                    
21 December 2004                                                                
Investment bank and sponsor                                                     
Nedbank Capital
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