Section 122 notification and disposal of securities by directors ISA Holdings Limited Incorporated in the Republic of South Africa (Registration number 1998/009608/06) Share code: ISA ISIN: ZAE000067344 (“ISA” or “the Company”) NOTIFICATION IN TERMS OF SECTION 122(3) OF THE COMPANIES ACT AND PARAGRAPH 3.83(b) OF THE LISTINGS REQUIREMENTS OF JSE LIMITED AND DISPOSAL OF SECURITIES BY DIRECTORS Shareholders are referred to the results of general meeting announcement released on SENS on 10 January 2014 in which they were advised that the Specific Repurchase, as detailed in the circular dated 9 December 2013, was approved by shareholders at the general meeting and accordingly, are advised that in compliance with section 122(3)(b) of the Companies Act, 2008 (Act 71 of 2008) (“Companies Act”) and paragraph 3.83(b) of the Listings Requirements of JSE Limited (“Listings Requirements”), ISA has received notification in terms of section 122(1) of the Companies Act that EmpowerGroup Technology Proprietary Limited (“EmpowerGroup”), has disposed of a beneficial interest in the securities of the Company, such that their remaining beneficial interest amounts to 23.8% of the total number of securities in issue and 25.1% of the total number of securities in issue net of treasury shares. As required in terms of section 122(3)(a) of the Companies Act, ISA has filed the required notice with the Takeover Regulation Panel. Due to Messers Alan Naidoo and Andrew Maren being directors of EmpowerGroup, the following is disclosed in compliance with paragraphs 3.63 to 3.74 (both inclusive) of the Listings Requirements: Name of director: Alan Naidoo Company: ISA Holdings Limited Class of securities: Ordinary shares Clearance to deal obtained: Yes Nature of transaction: Disposal of shares off market in terms of the Specific Repurchase Extent of director’s interest: Indirect beneficial Date of transaction: 3 February 2014 Price per security: R0.40 Number of securities: 8 472 200 Total value: R3 388 880.00 Name of director: Andrew Maren Company: ISA Holdings Limited Class of securities: Ordinary shares Clearance to deal obtained: Yes Nature of transaction: Disposal of shares off market in terms of the Specific Repurchase Extent of director’s interest: Indirect beneficial Date of transaction: 3 February 2014 Price per security: R0.40 Number of securities: 8 470 000 Total value: R3 388 000.00 Johannesburg 3 February 2014 Designated Adviser Merchantec Capital Date: 03/02/2014 05:00:00 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.