Dealings in securities by director and an associate of director 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”) Dealings in securities by director and an associate of director In compliance with rule 3.63 to 3.74 of the JSE Listings Requirements, the following should be noted in respect of the following transaction by an Invicta director and an associate of the director: Name of director: C Barnard (Executive Director) Date of transaction: 12 December 2017 Nature of transaction: Off-market transfer of Zero Cost Collars entered in respect of Invicta ordinary shares Nature of interest: Changing from direct beneficial to indirect beneficial Trade: Off-market The aforementioned Zero Cost Collars entered into by the director on 16 March 2016 as announced on SENS on that date have been transferred to Stilton Investments (Pty) Ltd, an associate of the director, in which the director is also a director and a shareholder. All the terms of the Zero Cost Collars remain unchanged Clearance for the trade by the director was provided in terms of section 3.66 of the JSE Listings Requirements. Cape Town 14 December 2017 Sponsor Deloitte & Touche Sponsor Services (Pty) Ltd Date: 14/12/2017 03:09:00 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.