Changes to the functions of directors 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") CHANGES TO THE FUNCTIONS OF DIRECTORS In compliance with paragraph 3.59(c) of the Listings Requirements of the JSE Limited, shareholders are hereby notified of the following changes in the functions of directors. Rashid Wally, independent non-executive director of the Invicta board (“Board”), has been appointed as Chairman of the Invicta Social & Ethics Committee (“the Committee”) and replaces David Samuels, who has resigned as Chairman of the Committee, with immediate effect. David Samuels remains in his position as lead independent non-executive director of the Board of Invicta, including also in his position as Chairman of the Invicta Audit & Risk Committee and Chairman of the Invicta Remuneration Committee. Rashid Wally remains in his position as independent non-executive director of the Board of Invicta, including also in his position as member of the Invicta Audit & Risk Committee and member of the Invicta Remuneration Committee. Cape Town 10 April 2017 Sponsor Deloitte & Touche Sponsor Services (Pty) Ltd Date: 10/04/2017 03:03:00 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.