Trading Statement 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 In terms of the Listings Requirements of JSE Limited, 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 that will be ending 28 February 2017 by management has indicated that the earnings per share and headline earnings per share are expected to be at least 14.64 cents, reflecting an increase of at least 20% compared to the earnings per share and headline earnings per share of 12.2 cents for the year ended 29 February 2016. A further trading statement will be released once the Company has a greater degree of certainty with regards to its financial results for the year that will be ending 28 February 2017. 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 26 May 2017. Johannesburg 3 February 2017 Designated Adviser Merchantec Capital Date: 03/02/2017 04:15:00 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.