Trading Statement and Changes to the Board of 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”) TRADING STATEMENT AND CHANGES TO THE BOARD OF DIRECTORS TRADING STATEMENT In terms of the Listings Requirements of JSE Limited (“Listings Requirements”), companies are required to publish a trading statement as soon as they become reasonably certain that the financial results for the period to be reported on will differ by more than 20% from that of the previous corresponding period. Accordingly, a review of the financial results for the year ended 29 February 2016 by management has indicated that the earnings per share and headline earnings per share are expected to be between 11.3 cents and 13.1 cents, reflecting an increase of between 26% and 46% compared to the earnings per share and headline earnings per share of 9.0 cents for the year ended 28 February 2015. The financial information on which this trading statement is based has not been reviewed or reported on by the Company’s auditors. ISA's year-end financial results are expected to be released on SENS on or about 20 May 2016. CHANGES TO THE BOARD OF DIRECTORS In compliance with paragraph 3.59 of the Listings Requirements, the board of directors of ISA (“the Board”) hereby advises its shareholders that: - Mr Johan du Toit has notified the Company of his intention to take up permanent residence abroad with effect from 23 March 2016. Johan, who is currently an Executive Director and the Financial Director of ISA, will continue to fulfil the role of Financial Director until 31 May 2016, being the date on which his resignation will become effective. The Board wishes Johan well in his future endeavours and thanks him for his invaluable contribution to the Company. Shareholders will be notified of developments regarding the replacement of Johan in due course. - Mr Roger Pitt has been appointed as an independent non-executive director of ISA with immediate effect. Roger, who holds a BCom (Hons) degree in Accounting from the University of Johannesburg, is a qualified chartered accountant. After completing his articles, Roger made a career move to corporate finance where he gained broad experience in the full scope of corporate actions and also attended board and audit committee meetings of Main Board and AltX listed clients, advising them on statutory and regulatory requirements. He currently owns and runs an import and distribution business in the medical industry and sits on the boards and committees of various private and listed companies. The Board welcomes Roger and looks forward to his contributions to the Company. Johannesburg 24 March 2016 Designated Adviser Merchantec Capital Date: 24/03/2016 12:01:00 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.