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Mon 3 Jan 2005, 14:56 DEALING IN SECURITIES BY A DIRECTOR
AVASA HOLDINGS LIMITED - DEALING IN SECURITIES BY A DIRECTOR                    
AVASA HOLDINGS LIMITED                                                          
Incorporated in the Republic of South Africa)                                   
(Registration number 1998/013637/06)                                            
Share code: AVA       ISIN ZAE 000040622                                        
(`AVASA`)                                                                       
DEALING IN SECURITIES BY A DIRECTOR                                             
In accordance with the requirements of paragraph 3.63 to 3.74 of the JSE        
Securities Exchange South Africa Listing Requirements, the following information
is provided:                                                                    
Name of director:       Julian Treger                                           
Date of transaction:    30 December 2004                                        
Number of securities:   5 600 000                                               
Class of securities:    Letters of allocation                                   
Price of securities:    5 cents                                                 
Value:                  R280 000                                                
Nature:                 Disposal of letters of allocation                       
Interest:               Non beneficial                                          
Clearance to deal was received in terms of paragraph 3.66 of the JSE Listings   
Requirements. The letters of allocation were disposed of pursuant to a          
contractual undertaking by Julian Treger not to follow his rights.              
3 January 2005                                                                  
Rosebank
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