Changes to the Board of Directors: Change in Function and Appointment 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 OF DIRECTORS: CHANGE IN FUNCTION AND APPOINTMENT OF DIRECTOR In compliance with paragraph 3.59 of the Listings Requirements of JSE Limited (“JSE”), the board of directors of ISA (“the Board”) hereby notifies its shareholders of the following changes to the Board: - Mr Roger Pitt, an independent non-executive director, will assume the role of part-time financial director of the Company, with effect from 1 January 2017. On 29 November 2016, the JSE granted approval to the Company in terms of paragraph 3.84(g) of the Listings Requirements to employ its financial director on a part-time basis; and - Mr Nhlanhla Maphothi (“Nhlanhla”) has been appointed as an independent non-executive director and a member of the Audit and Risk Committee, with effect from 2 December 2016. Nhlanhla, who obtained a BCom Accounting degree from the University of Johannesburg, completed his SAIPA articles in March 2015 and is currently studying towards a Post Graduate Diploma in Management Accounting (CTMA). Nhlanhla has over five years of professional accounting experience and currently fulfils the role of the Financial Accountant at a private company. The Board welcomes Nhlanhla and looks forward to his contribution to the Company. Johannesburg 7 December 2016 Designated Adviser Merchantec Capital Date: 07/12/2016 12:55:00 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.