UNAUDITED CONDENSED CONSOLIDATED RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER

UNAUDITED CONDENSED CONSOLIDATED RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2017

FINANCIAL HIGHLIGHTS REVENUE 2.7% TO R4.86 BILLION PROFIT FROM CONTINUING OPERATIONS 6.4% TO R314 MILLION PROFIT BEFORE TAXATION 8.7% TO R399 MILLION EARNINGS PER SHARE FROM CONTINUING OPERATIONS 0% FLAT AT 242 CENTS CONSISTENT DIVIDEND COVER Revenue (R billion) Segment operating profit before foreign exchange movements (R million) Earnings per share (cents) 4.4 4.7 8.8 4.9 194 339 181 241 219 218 202 228 242 242 87 70 108 SEPT 2015 SEPT 2016 SEPT 2017 SEP 2015 SEP 2016 SEP 2017 SEP 2015 SEP 2016* SEP 2017 ESG CEG Profit before taxation (R million) Operating net debt: equity (%) Ordinary dividends paid (cents) 369 367 399 34 29 67 72 69 783 22 SEP 2015 SEP 2016* SEP 2017 SEP 2015 SEP 2016 SEP 2017 SEP 2015 SEP 2016 SEP 2017 The results as disclosed above represent the continuing operations. * Restated

COMMENTS OVERVIEW OF THE PERIOD The Invicta Group has managed to hold its own in a very challenging environment. In South Africa, low economic growth, low business confidence, political uncertainty and a troubled mining sector (following the announcement by government of a controversial mining charter) weighed heavily on the Group, which derives about 80% of its revenue from within South Africa. Contrasting this, global trading conditions have improved and this growth looks set to continue, which should help to carry the Group until conditions in South Africa normalise. The sale of the Building Supplies Group ( BSG ) became unconditional on 30 September 2017, and shareholders are referred to a separate SENS announcement in this regard dated 10 October 2017. GROUP PERFORMANCE CONTINUING OPERATIONS The continuing operations comprise: ESG ( Engineering Solutions Group ) African distributor of engineering products, technical services and solutions including bearings, tools, electric motors and hydraulics. CEG ( Capital Equipment Group ) agricultural machinery, construction machinery, forklifts and related parts in southern Africa and earthmoving machinery parts in South East Asia via Kian Ann Engineering, which is based in Singapore. Revenue from continuing operations increased by 3% from R4.73 billion to R4.86 billion. Gross margins declined due to increased pricing pressures from competitors, whilst operating profit increased by 1% from R429 million to R432 million, assisted by improved foreign exchange movement. Profit on the sale of investments of R24 million helped to augment profit from continuing operations, which after tax increased by 6% from R295 million to R314 million. Earnings per share from continuing operations were flat at 242 cents per share, whilst headline earnings per share decreased by 7% from 243 cents to 225 cents per share, which reflects the true economic reality of what is happening in South Africa. The ordinary dividend for the six months is 69 cents per share, down 4% on the comparative period, maintaining a dividend cover of 3.5 times. Cash generated by all operations of R111 million was reduced by the strategic increase of working capital and the receivable on the disposal of BSG, which was largely received in October 2017. DISCONTINUED OPERATIONS Last year the decision was taken to dispose of BSG (consisting of the MacNeil and Tiletoria group of companies), in order to focus the Group on its core competency of industrial consumable products, capital equipment and parts. BSG is therefore shown as a Discontinued Operation in the Condensed Consolidated Statement of Profit or Loss and other Comprehensive Income in the prior year and comparative period, and as Assets Held for Sale in the Condensed Consolidated Statement of Financial Position in the prior year. The transaction became unconditional on 30 September 2017, as announced in a SENS announcement on 10 October 2017, and proceeds arising from the sale commenced flowing into the group after this date. Invicta Holdings Limited Unaudited Condensed Consolidated Results for the six months ended 30 September 2017 1

COMMENTS (CONTINUED) ESG The Engineering Solutions Group felt the headwinds of the slowdown in industrial and mining South Africa. Revenue declined by 3% to R2.27 billion for the period under review. As conditions became more difficult and industry sales slowed down, competitors reduced prices in order to liquidate stock, which resulted in gross margins declining. Project work in the mining sector dried up virtually completely and only essential maintenance purchases were made by customers. The threat of labour unrest in the industry in July further added to the uncertainty in the market. Action taken by ESG management to mitigate the decline in activity in the market, including the cancellation of a number of outsourced contracts, automation of processes and consolidation of branches/distribution hubs, helped to limit the decline in operating profit to 16%, from R241 million to R202 million. The benefits of these measures will only fully take effect in the second half of the financial year. A highlight of the period was the very successful opening in September 2017 of the BMG World facility in Johannesburg, which has been refurbished over the past few years. The 10 hectare site is a world class logistics facility and is now fully operational. The benefits of the facility will be felt in the future, and it positions the BMG Group perfectly to take advantage of any upturn in the economy. New branches in Tanzania, DRC and Ghana complement the African operations already in place in Zambia, Mozambique, Swaziland, Namibia and Botswana. CEG The Capital Equipment Group continues to focus on increasing the number of units in the market to secure original manufactured and aftermarket parts. CEG had a relatively strong performance for the 6 months in very competitive and challenging market conditions. The agricultural sector in South Africa emerged from the worst drought in over 100 years in late calendar 2016, although the Western Cape is still suffering from a severe drought. Construction machinery sales in the country during the period were still subdued, although certain segments within the market have improved, although marginally. As announced previously, with effect from 1 May 2017 the group relinquished the right to import and distribute the New Holland brand agricultural products into southern Africa to CNH, the manufacturer of the product. As expected, the impact on the Invicta Group results so far has not been material. The remaining distribution rights for other CNH branded products (CASEIH & CASE Construction) are not affected by this agreement. CEG continues to support the New Holland agricultural products in the aftermarket. Contrasting the conditions in South Africa, South East Asia and the world as a whole have picked up, which has benefitted Kian Ann. Its volumes have steadily increased and profits have improved strongly compared with the prior period. CEG increased its revenue by 7% from R2.38 billion to R2.56 billion. Gross margin pressure within South Africa contributed to the South African business producing lower operating profit than the prior period, whilst Kian Ann improved its operating profit resulting in CEG s operating profit remaining virtually flat at R218 million compared to the prior period. Good operational cash generation also resulted in healthy interest income further assisting in the overall performance of CEG. 2 Invicta Holdings Limited Unaudited Condensed Consolidated Results for the six months ended 30 September 2017

STRATEGIC FOCUS The Group s strategic focus is to generate cash in its existing businesses and to invest this in sound acquisitions that diversify the Group s revenue streams both within its product groups and geographically. PROSPECTS The Group remains resolute in its efforts to produce results above market benchmarks and its competitors. Trading conditions in the period under review were much more challenging in South Africa than management had anticipated, largely due to factors beyond the control of the Group. The businesses that make up the Invicta Group have strong fundamentals and enjoy significant competitive advantage. Management will continue to consolidate the strengths of the current businesses that make Invicta one of the leading suppliers of industrial consumable products, capital equipment and parts in southern Africa and South East Asia. Any forward looking statement in this announcement has not been reviewed nor reported on by the Company's Auditors. CHANGES TO THE BOARD AND BOARD COMMITTEES Grace Miriam Chemaly resigned as Group company secretary and legal advisor effective 27 September 2017. The Group is in the process of finding a replacement. APPRECIATION The board is once again highly appreciative to the executive managers, managers and staff for the excellent commitment and performance in what can only be described as difficult and uncertain political and economic times in South Africa. The board is confident that, with the strengths the Group possesses and the strategic decisions that the board will take, the Group will continue to deliver sustainable value to all stakeholders. Invicta Holdings Limited Unaudited Condensed Consolidated Results for the six months ended 30 September 2017 3

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Unaudited six months ended Audited Restated year ended 30 Sep 30 Sep 31 Mar % 2017 2016 2017 change R 000 R 000 R 000 Continuing operations Revenue 3 4 856 553 4 727 012 9 631 811 Gross profit 1 433 392 1 472 977 3 073 847 Operating profit before foreign exchange movements (4) 426 425 443 423 1 051 178 Net foreign exchange cost 5 072 (14 880) (40 748) Operating profit 1 431 497 428 543 1 010 430 Interest and dividends received from financial investments 409 287 348 270 771 942 Interest paid (468 327) (409 447) (889 429) Profit on disposal of investment 24 439 Share of profits/(losses) of associates 2 189 (196) 4 106 Profit before taxation from continuing operations 9 399 085 367 170 897 049 Taxation (85 280) (72 334) (321 747) Profit for the period from continuing operations 6 313 805 294 836 575 302 Discontinued operations Profit for the period from discontinued operations (87) 1 738 13 817 36 505 Profit for the period 315 543 308 653 611 807 Other comprehensive income Items that will be reclassified subsequently to profit or loss: Exchange differences on translating capitalised loans 3 578 (10 788) Exchange differences on translating foreign operations 65 403 (112 832) (82 482) Total comprehensive income for the period 384 524 195 821 518 537 Profit attributable to: Owners of the Company 260 651 272 245 533 304 Non-controlling interest 12 487 (3 882) (3 932) Preference shareholders 42 405 40 290 82 435 315 543 308 653 611 807 Total comprehensive income attributable to: Owners of the Company 327 260 171 013 447 004 Non-controlling interest 14 859 (15 482) (10 902) Preference shareholders 42 405 40 290 82 435 384 524 195 821 518 537 Earnings per share from continuing operations (cents) 242 242 465 Earnings per share (cents) (4) 244 255 499 Diluted earnings per share (cents) (4) 244 255 499 4 Invicta Holdings Limited Unaudited Condensed Consolidated Results for the six months ended 30 September 2017

Determination of headline earnings Unaudited six months ended Audited Restated year ended 30 Sep 30 Sep 31 Mar % 2017 2016 2017 change R 000 R 000 R 000 Attributable earnings 260 651 272 245 533 304 Adjustments Headline earnings per share adjustments on discontinued operations (2) (578) Gain from bargain purchase price recognised (187) (235) (Profit)/Loss on property, plant and equipment (2 163) 3 491 3 517 (Profit)/Loss on disposal of investments (24 439) 5 286 Profit on disposal of other assets (278) (231) Net profit on disposal of property, plant and equipment (2 354) (11 355) (Reversal)/Impairment of loans (297) 3 089 Total adjustments before taxation and non-controlling interest (27 177) 948 (507) Taxation 9 251 444 1 456 Non-controlling interest 27 307 Total adjustments (17 926) 1 419 1 256 Headline earnings 242 725 273 664 534 560 Determination of headline earnings Headline earnings per share from continuing operations (cents) (7) 225 243 466 Headline earnings and diluted headline earnings per share (cents) (11) 227 256 500 Shares in issue Weighted average ('000) 106 953 106 953 106 953 At the end of the period ('000) 108 495 108 495 108 495 Number of shares used for diluted earnings per share ('000) 106 953 106 953 106 953 Headline earnings per share (cents) (11) 227 256 500 Earnings per share (cents) (4) 244 255 499 Dividends per share* (cents) 69 72 167 Interim (4) 69 72 72 Final 95 * In accordance with IAS 10, the interim dividend of 69 cents per share proposed by the directors has not been reflected in the final results. Invicta Holdings Limited Unaudited Condensed Consolidated Results for the six months ended 30 September 2017 5

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION Unaudited six months ended Audited Restated year ended 30 Sep 30 Sep 31 Mar 2017 2016 2017 R 000 R 000 R 000 ASSETS Non-current assets 8 582 259 7 801 445 8 167 232 Property, plant and equipment 1 728 490 1 600 804 1 640 530 Financial investments and investment in associates 2 193 603 1 891 606 2 085 253 Goodwill and other intangible assets 765 999 828 980 776 075 Financial assets, finance leases and long-term receivables 3 718 675 3 283 199 3 484 113 Deferred taxation 175 492 196 856 181 261 Current assets 7 775 658 7 816 268 7 024 693 Inventories 3 960 585 4 020 813 3 662 856 Trade and other receivables 2 089 355 2 080 179 1 541 960 Taxation prepaid 13 985 33 248 16 113 Current portion of financial investments, finance leases and long-term receivables 875 421 725 099 751 247 Bank and cash balances 836 312 956 929 1 052 517 Assets classified as held for sale 173 519 15 940 1 073 053 Total assets 16 531 436 15 633 653 16 264 978 EQUITY AND LIABILITIES Capital and reserves 5 425 915 5 154 468 5 268 111 Equity attributable to the equity holders 5 342 435 4 947 405 5 116 027 Non-controlling interest 83 480 207 063 152 084 Non-current liabilities 7 198 334 6 718 610 6 892 355 Long-term borrowings and financial liabilities 7 159 719 6 686 654 6 857 313 Deferred taxation 38 615 31 956 35 042 Current liabilities 3 797 313 3 760 575 3 432 390 Trade, other payables and provisions 2 244 064 2 643 884 2 136 640 Share appreciation rights liability 4 357 6 111 5 443 Taxation liabilities 195 722 30 656 170 052 Shareholders for dividends 41 485 38 649 49 593 Current portion of long-term borrowings 1 012 910 814 424 864 211 Bank overdrafts 298 775 226 851 206 451 Liabilities associated with assets held for sale 109 874 672 122 Total liabilities 11 105 521 10 479 185 10 996 867 Total equity and liabilities 16 531 436 15 633 653 16 264 978 6 Invicta Holdings Limited Unaudited Condensed Consolidated Results for the six months ended 30 September 2017

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Unaudited six months ended Audited Restated year ended 30 Sep 30 Sep 31 Mar 2017 2016 2017 R 000 R 000 R 000 SHARE CAPITAL, SHARE PREMIUM AND PREFERENCE SHARE CAPITAL Share capital 5 424 5 424 5 424 Share premium 2 653 151 2 653 151 2 653 151 Treasury shares Balance at beginning of the period (68 057) (85 011) (85 011) Treasury shares Movement for the period 16 954 Treasury shares Balance at end of the period (68 057) (85 011) (68 057) Preference shares 750 000 750 000 750 000 RETAINED EARNINGS Balance at the beginning of the period 1 730 052 1 358 685 1 358 685 Total comprehensive income 303 055 272 245 604 951 Other reserve movements (42 259) 932 7 879 Non-controlling interest arising on acquisitions and purchases of non-controlling interests (5 730) Ordinary and preference dividends paid (143 769) (81 411) (241 463) Balance at the end of the period 1 847 079 1 544 721 1 730 052 OTHER RESERVES Balance at the beginning of the period 45 457 174 423 174 423 Share appreciation rights exercised 1 606 Share appreciation rights issued 677 Non-controlling interest arising on acquisitions and purchases of non-controlling interests 11 600 (41 944) Other reserve movements 42 095 4 323 (11 510) Translation of foreign operations 66 609 (112 832) (75 512) Balance at the end of the period 154 838 79 120 45 457 Attributable to equity shareholders 5 342 435 4 947 405 5 116 027 NON-CONTROLLING INTEREST Balance at the beginning of the period 152 084 183 310 183 310 Total comprehensive income 14 859 9 031 18 686 Transfer from non-distributable and other reserve movements (14 513) (3 146) Non-controlling interest arising on acquisitions and purchases of non-controlling interests (1 092) 31 365 (37 719) Disposal of subsidiary (81 932) Ordinary dividends paid (439) (2 130) (9 047) Balance at the end of the period 83 480 207 063 152 084 Invicta Holdings Limited Unaudited Condensed Consolidated Results for the six months ended 30 September 2017 7

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Unaudited six months ended Audited Restated year ended 30 Sep 30 Sep 31 Mar 2017 2016 2017 R 000 R 000 R 000 Cash flows from operating activities Cash generated from operations 111 141 731 581 1 347 957 Finance costs (468 328) (434 877) (879 612) Dividends paid to Group shareholders and noncontrolling interest (152 316) (133 263) (244 239) Taxation paid (57 187) (96 643) (188 896) Interest and dividends received 409 287 348 643 736 798 Net cash (outflow)/inflow from operating activities (157 403) 415 441 772 008 Cash flows from investing activities Proceeds on sale of property, plant and equipment and other intangible assets 15 869 10 424 95 858 Additions to property, plant and equipment (130 442) (184 489) (435 201) Additions to intangible assets (6 879) (2 871) (16 820) Acquisition of subsidiaries and associates (10 566) (141 912) Dividend received from associates Proceeds on sale of Wegezi 9 240 Decrease in net bank overdraft on disposal of subsidiary 174 505 Net increase in long-term receivables and finance lease receivables (236 516) (211 274) (404 726) Net increase in financial investments (104 081) (94 001) (192 081) Net increase in current portion of financial investments and long-term and finance lease receivables (124 174) (114 492) (140 641) Net cash outflow from investing activities (411 718) (607 269) (1 226 283) Cash flows from financing activities Increase in long-term borrowings 320 542 503 268 733 843 Increase/(decrease) in current portion of long-term borrowings and financial liabilities 77 854 (124 852) (62 946) (Acquisition) of non-controlling interest (1 275) (46 317) Net cash inflow from financing activities 397 121 378 416 624 580 Net (decrease)/increase in cash and cash equivalents (172 000) 186 588 170 305 Cash and cash equivalents at the beginning of the period 701 081 556 134 556 134 Effect of foreign exchange rate movement on cash balance 6 590 (12 644) (25 358) Cash and cash equivalents at the end of the period 535 671 730 078 701 081 8 Invicta Holdings Limited Unaudited Condensed Consolidated Results for the six months ended 30 September 2017

OTHER INFORMATION Unaudited six months ended Restated Audited year end 30 Sep 30 Sep 31 Mar 2017 2016 2017 Net interest-bearing debt: equity ratio (excluding longterm debt secured by investments and loans) (%) 29% 34% 28% Depreciation and amortisation (R 000) 60 839 72 473 138 138 Net asset value per share (cents) 4 924 4 560 4 715 Tangible net asset value per share (cents) 4 218 3 796 4 000 Capital expenditure (R 000) 137 321 187 360 435 201 Capital commitment (R 000) 148 621 235 797 189 640 SEGMENT INFORMATION Group, Engineering solutions Capital equipment financing and other operations Total continuing operations Discontinued operations Total operations R 000 R 000 R 000 R 000 R 000 R 000 Unaudited six months ended 30 September 2017 Segment revenue 2 270 321 2 555 507 30 725 4 856 553 916 803 5 773 356 Segment operating profit before foreign exchange movements 202 414 217 998 6 013 426 425 19 780 446 205 Segment assets 2 889 938 4 417 641 9 050 338 16 357 917 173 519 16 531 436 Segment liabilities 754 546 1 809 263 8 431 838 10 995 647 109 874 11 105 521 Unaudited six months ended 30 September 2016 *Restated Segment revenue 2 345 633 2 379 634 1 745 4 727 012 1 023 017 5 750 029 Segment operating profit/(loss) before foreign exchange movements 240 848 218 865 (16 290) 443 423 44 113 487 536 Segment assets 2 731 802 4 054 591 7 902 804 14 689 197 944 456 15 633 653 Segment liabilities 830 231 1 795 846 7 276 170 9 902 247 576 938 10 479 185 Audited year ended 31 March 2017 Segment revenue 4 665 157 4 954 925 11 729 9 631 811 1 896 062 11 527 873 Segment operating profit before foreign exchange movements 479 762 469 813 101 603 1 051 178 108 264 1 159 442 Segment assets 2 758 272 4 085 804 8 347 849 15 191 925 1 073 053 16 264 978 Segment liabilities 719 727 1 779 389 7 825 629 10 324 745 672 122 10 996 867 Invicta Holdings Limited Unaudited Condensed Consolidated Results for the six months ended 30 September 2017 9

NOTES TO THE FINANCIAL INFORMATION BASIS OF PREPARATION The Group's condensed consolidated interim financial statements (results) are prepared in accordance with the requirements of the JSE limited Listings Requirements for interim reports, the requirements of the Companies Act applicable to condensed financial statements, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, the Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council and contain information required by IAS 34 Interim Financial Reporting. The accounting policies applied in the preparation of the results are in terms of IFRS and are consistent with the accounting policies applied in the preparation of the Group's previous consolidated annual financial statements. All accounting policies effective for the 2018 financial year onwards were applied and did not have a material impact on the Group results. The comparative periods results have been restated for the change in accounting policy disclosed at 31 March 2017 whereby the Group's share based payments which were classified as equity settled were changed to cash settled. PREPARED BY These unaudited condensed consolidated results have been prepared under the supervision of Craig Barnard CA(SA), the Executive Director Financial and Commercial. SIGNIFICANT EVENTS AND TRANSACTIONS The significant events and transactions which require disclosure per IAS 34 have been considered and are disclosed in the notes and other information in the unaudited condensed consolidated results. ACQUISITIONS OF SUBSIDIARIES AND ASSOCIATES No acquisitions were made during the period ended 30 September 2017. EVENTS AFTER THE REPORTING DATE There were no events after the reporting date which require disclosure. 10 Invicta Holdings Limited Unaudited Condensed Consolidated Results for the six months ended 30 September 2017

RESTATEMENT NOTE This restatement has been accounted for due to the proactive monitoring process of the Johannesburg Stock Exchange. In the comparative period, the Company accounted for the employee share incentive scheme as equity settled rather than cash-settled. The correction of the above results in adjustments as follows: As previously reported Restatement adjustments As restated R'000 R'000 R'000 September 2016 Statement of financial position Equity attributable to the equity holders (4 955 810) 8 405 (4 947 405) Deferred tax asset 199 150 (2 294) 196 856 Share appreciation rights liability (6 111) (6 111) Statement of comprehensive income Operating profit before foreign exchange movements 485 172 2 364 487 536 Taxation (78 878) (662) (79 540) Net effect on profit for the period 406 294 1 702 407 996 Other note disclosure Basic earnings and normalised earnings per share (cents) 253 2 255 Diluted earnings per share (cents) 252 3 255 Headline earnings per share (cents) 254 2 256 Diluted headline earnings per share (cents) 253 3 256 Invicta Holdings Limited Unaudited Condensed Consolidated Results for the six months ended 30 September 2017 11

TRADE AND OTHER RECEIVABLES Unaudited six months ended Audited Restated year ended 30 Sep 30 Sep 31 Mar 2017 2016 2017 R 000 R 000 R 000 Trade receivables 1 476 596 1 868 389 1 360 756 Other receivables 238 451 211 790 181 204 Trade and other receivables from operations 1 715 047 2 080 179 1 541 960 Receivable on disposal of subsidiary 374 308 Balance at end of the period 2 089 355 2 080 179 1 541 960 DISPOSAL OF SUBSIDIARY Unaudited six months ended Audited Restated year ended 30 Sep 30 Sep 31 Mar 2017 2016 2017 R 000 R 000 R 000 Fair value of net assets disposed of Assets 988 008 Liabilities (556 207) Non-controlling interest (81 932) Fair value of net assets disposed 349 869 Bank and cash 174 505 Fair value of net assets disposed of excluding bank and cash 524 374 Profit on disposal of subsidiary 24 439 Receivable on disposal of subsidiary (374 308) Decrease in net bank overdraft due to disposal of subsidiary 174 505 12 Invicta Holdings Limited Unaudited Condensed Consolidated Results for the six months ended 30 September 2017

FAIR VALUE DISCLOSURE The following is an analysis of the financial instruments that are measured subsequent to initial recognition at fair value. They are grouped into levels 1 to 3 based on the extent to which the fair value is observable. The levels are classified as follows: Level 1 fair value is based on quoted prices in active markets for identical financial assets or liabilities. Level 2 fair value is determined using directly observable inputs other than level 1 inputs. Level 3 fair value is determined on inputs not based on observable market data. Unuadited six months ended 30 September 2017 Valuation technique(s) and key inputs Level 1 Level 2 Level 3 Financial assets at fair value FirstRand Bank bonds 843 300 3 843 300 Forward exchange contract asset 9 955 1 9 955 Financial liabilities at fair value Foreign trade payables 1 459 366 4 1 459 366 Foreign exchange contract liability 1 Unaudited six months ended 30 September 2016 Valuation technique(s) and key inputs Level 1 Level 2 Level 3 Financial assets at fair value FirstRand Bank bonds 670 567 3 670 567 Forward exchange contract asset 1 Financial liabilities at fair value Foreign trade payables 1 357 881 4 1 357 881 Foreign exchange contract liability 42 365 1 42 365 Audited year ended 31 March 2017 Valuation technique(s) and key inputs Level 1 Level 2 Level 3 Financial assets at fair value FirstRand Bank bonds 709 094 3 709 094 Forward exchange contract asset 677 1 677 Financial liabilities at fair value Foreign trade payables 1 089 685 4 1 089 685 Foreign exchange contract liability 18 625 1 18 625 1. Discounted contractual stream payments using the zero swap curve at the valuation date. 2. Face value less specific related provision. 3. Expected settlement value. 4. Determined by the spot rate at the end of the period. There have been no transfers between the levels during the financial period disclosed. Invicta Holdings Limited Unaudited Condensed Consolidated Results for the six months ended 30 September 2017 13

PREFERENCE SHARE CASH DIVIDEND Notice is hereby given that the board have declared a gross cash dividend on 6 November 2017 of 450.20 cents (31 October 2016: 419.60 cents) per preference share for the period from 13 June 2017 to 6 November 2017. Dividends are to be paid out of distributable reserves. Dividends tax (DT) of 20% will be withheld in terms of the Income Tax Act for those shareholders who are not exempt from the DT. Accordingly, shareholders who are not exempt from DT will receive a net dividend of 366.632 cents per preference share. Invicta Holdings Limited has 7 500 000 preference shares in issue. Invicta Holdings Limited's income tax reference number is 9400/012/03/6. The salient dates for the preference share dividend will be as follows: Last day of trade to receive a dividend Tuesday, 28 November 2017 Shares commence trading ex dividend Wednesday, 29 November 2017 Record date Friday, 1 December 2017 Payment date Monday, 4 December 2017 Share certificates may not be dematerialised or rematerialised between Wednesday, 29 November 2017 and Friday, 1 December 2017, both days inclusive. ORDINARY SHARE CASH DIVIDEND The board has declared a final gross cash dividend of 68.64 cents per ordinary share for the period ended 30 September 2017. Dividends are to be paid out of distributable reserves. Dividend tax (DT) of 20% will be withheld in terms of the Income Tax Act for those shareholders who are not exempt from DT. In accordance with paragraphs 11.17(1)(i) and 11.17(c) of the JSE Listings Requirements, the following additional information is disclosed: The gross local dividend amount is 68.64 cents per ordinary share for shareholders exempt from the Dividend Tax; The net local dividend amount is 54.912 cents per ordinary share for shareholders liable to pay the Dividend Tax; Invicta Holdings Limited has 108 494 738 ordinary shares in issue (which includes 1 541 823 treasury shares); and Invicta Holdings Limited's income tax reference number is 9400/012/03/06. In compliance with the requirements of Strate the following dates are applicable: Last day of trade to receive a dividend Tuesday, 12 December 2017 Shares commence trading ex dividend Wednesday, 13 December 2017 Record date Friday, 15 December 2017 Payment date Monday, 18 December 2017 Share certificates may not be dematerialised or rematerialised between Wednesday, 13 December 2017 and Friday, 15 December 2017, both days inclusive. By order of the board Cape Town 23 November 2017 14 Invicta Holdings Limited Unaudited Condensed Consolidated Results for the six months ended 30 September 2017

Registered office: Invicta Holdings Limited, 3rd Floor, Pepkor House, 36 Stellenberg Road, Parow Industria, 7493 PO Box 6077, Parow East, 7501 Transfer secretaries: Computershare Investor Services Proprietary Limited, Rosebank Towers, 15 Biermann Avenue, Rosebank, Johannesburg, 2196. PO Box 61051, Marshalltown, 2107 Directors: Dr CH Wiese* (Chairman), A Goldstone (Chief Executive Officer), C Barnard, R Naidoo^, B Nichles*, GM Pelser, DI Samuels^, LR Sherrell*, AM Sinclair, RA Wally^, Adv JD Wiese* * Non-executive ^ Independent non-executive Sponsor: Deloitte & Touche Sponsor Services Proprietary Limited www.bmgworld.net www.capitalequipment.co.za Invicta Holdings Limited Unaudited Condensed Consolidated Results for the six months ended 30 September 2017 15

NOTES 16 Invicta Holdings Limited Unaudited Condensed Consolidated Results for the six months ended 30 September 2017

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