Changes to the Board - Resignation of Director ISA Holdings Limited Incorporated in the Republic of South Africa (Registration number 1998/009608/06) Share code: ISA ISIN: ZAE000067344 (“ISA” or “the Company”) CHANGES TO THE BOARD - RESIGNATION OF DIRECTOR Shareholders are referred to the 2015 Integrated Annual Report of ISA distributed to shareholders on 22 May 2015 (“2015 Annual Report”), which details EmpowerGroup Technology Proprietary Limited’s (“EmpowerGroup”) interest in the issued shares of ISA, together with the indirect beneficial interests for each of Messrs Alan Naidoo (“Alan”) and Andrew Maren (“Andrew”), being non-executive directors of ISA and executive directors of EmpowerGroup. Following a restructuring within EmpowerGroup (“EmpowerGroup Restructuring”), Andrew has disposed of his interest in EmpowerGroup and has therefore resigned as a Director of EmpowerGroup. While EmpowerGroup retains its 25.2% interest in the issued shares of ISA, net of treasury shares, following the EmpowerGroup Restructuring the indirect beneficial interest of Alan has increased to 18 753 778 shares in ISA and the indirect beneficial interest of Andrew has decreased to nil shares in ISA. In compliance with paragraph 3.59 of the Listings Requirements of JSE Limited, the board of directors of ISA (“the Board”) hereby notifies its shareholders that Andrew has resigned as a non-executive director of ISA with effect from 1 June 2015. Accordingly, “ordinary resolution 3: re-election of retiring director – Andrew Maren” set out in the Notice of Annual General Meeting included in the 2015 Annual Report, will be withdrawn prior to the Annual General Meeting to be held on 24 June 2015. The Board thanks Andrew for his contribution over the years and wishes him well in his future endeavours. Johannesburg 1 June 2015 Designated Adviser Merchantec Capital Date: 01/06/2015 11:00:00 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.