Notice in Terms of Section 45(5) of the Companies Act 2008 ISA Holdings Limited Incorporated in the Republic of South Africa (Registration number 1998/009608/06) Share code: ISA ISIN: ZAE000067344 (“ISA” or “the Company”) NOTICE IN TERMS OF SECTION 45(5) OF THE COMPANIES ACT 2008 In terms of section 45(5) of the Companies Act, 2008 (Act 71 of 2008), as amended, (“the Companies Act”) and pursuant to the special resolution passed at the annual general meeting of the Company held on 29 June 2016 authorising the board of directors of ISA (“the Board”) to provide financial assistance to related or inter-related parties, shareholders are hereby advised that ISA has granted financial assistance in the form of a R1 million loan to its major BEE shareholder, EmpowerGroup Technology Proprietary Limited (“EmpowerGroup”), which financial assistance exceeds one tenth of one percent of ISA’s net worth. The financial assistance has been granted to EmpowerGroup in respect of a loan agreement entered into between the Company and EmpowerGroup. The Board has satisfied itself that: - ISA will meet the requirements of the solvency and liquidity test in terms of section 45(3)(b)(i) of the Companies Act immediately after granting the financial assistance to EmpowerGroup; and - the terms and conditions under which the financial assistance was granted to EmpowerGroup are fair and reasonable to ISA in terms of section 45(3)(b)(ii) of the Companies Act. Johannesburg 27 January 2017 Designated Adviser Merchantec Capital Date: 27/01/2017 12:20:00 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.