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”)

 General share repurchase by Invicta


1.   Introduction

     The board of directors of the Company (“Board”) is pleased to inform shareholders that Invicta has
     repurchased 4 011 200 of its ordinary shares (the “General Repurchase”) in terms of the general authority
     granted by shareholders at the annual general meeting of Invicta held on 16 September 2021.

2.   Details of General Repurchase

     Dates of the General Repurchase:                           16 September 2021 to 30 November 2021
                                                                and 12 August 2022 to 5 September 2022
     Number of ordinary shares repurchased:                     4 011 200
     Lowest price paid per ordinary share:                      R26.03
     Highest price paid per ordinary share:                     R28.00
     Total value of ordinary shares repurchased:                R108 445 988
     Extent of authority outstanding after the General          18 287 748 ordinary shares (representing
     Repurchase:                                                16.40% of ordinary shares in issue on 16
                                                                September 2021, being the date on which
                                                                the general authority was granted by
                                                                shareholders)

     The process of the delisting and cancellation of the ordinary shares repurchased in terms of the General
     Repurchase is expected to be finalised on or about 30 September 2022.

     The General Repurchase represents 3.60% of Invicta’s issued ordinary shares at the time the general
     authority was granted by shareholders. Invicta holds no ordinary shares as treasury shares.

3.   Source of funds

     The General Repurchase was funded from cash generated from operations.

4.   Statement by the directors

     Having considered the effect of the General Repurchase, the Board is of the opinion that, for a period of 12
     months after the date of this announcement:

     •     the Company and the group will be able to pay its debts in the ordinary course of business;
     •     the assets of the Company and the group will be in excess of the liabilities of the Company and the
           group. For this purpose, the assets and liabilities were recognised and measured in accordance with
           the accounting policies used in the latest audited annual group financial statements;
     •     the share capital, reserves and working capital of the Company and the group will be adequate for
           ordinary business purposes; and
     •     the Company and the group have passed the solvency and liquidity test and since the test was
           performed there have been no material changes in the financial position of the group.

5.   Impact of the General Repurchase on financial information

     The General Repurchase has no material impact on the financial information of Invicta and will result in the
     Company’s cash balances decreasing by R108 445 988 . The General Repurchase will also impact Invicta
     per ordinary share metrics by reducing the number of ordinary shares in issue.
6.   Compliance with paragraph 5.72 of the JSE Limited Listings Requirements (“JSE Listings
     Requirements”)

     The General Repurchase was effected through the order book operated by the JSE trading system and done
     without any prior understanding or arrangement between the Company and the counter parties.


Johannesburg

6 September 2022

Corporate Advisor and Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited