Voluntary trading statement for the year ended 31 March 2014 Invicta Holdings Limited (Incorporated in the Republic of South Africa) (Registration number 1966/002182/06) Ordinary Share code: IVT Ordinary Share ISIN ZAE000029773 Preference Share code: IVTP Preference Share ISIN ZAE000173399 (“Invicta” or “the Company”) VOLUNTARY TRADING STATEMENT FOR THE YEAR ENDED 31 MARCH 2014 Invicta wishes to advise shareholders that for the year ended 31 March 2014, the Company expects normalised earnings per share (“EPS”) to be 5 % to 8 % above those reported on for the previous corresponding period. Invicta shareholders are reminded that the above percentage changes take into account an adjustment for the once off non-cash items, totalling R158 172 000 before tax, which were excluded from the prior year results to determine normalised EPS. This same amount was also excluded from earnings in applying our yearend dividend cover ratio of 2.75 in determining the dividend to be paid to shareholders for the prior year. If the same adjustment is made to the headline earnings per share (“HEPS”) as reported on for the previous corresponding period, the Company expects an increase of 14% to 18% in normalised HEPS. Normalised EPS for the year ended 31 March 2014 is the same as the EPS for the year. The financial results on which this trading statement is based have not been reviewed or reported on by the Company’s auditors. The Company’s results will be released in mid-June 2014. 29 May 2014 Cape Town Sponsor: Deloitte & Touche Sponsor Services (Pty) Ltd Date: 29/05/2014 05:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.