ISA HOLDINGS LIMITED - Cautionary Announcement

Cautionary Announcement

ISA Holdings Limited
Incorporated in the Republic of South Africa
(Registration number 1998/009608/06)
Share code: ISA  ISIN: ZAE000067344
("ISA" or "the Company")


CAUTIONARY ANNOUNCEMENT


Shareholders are advised that ISA has received a non-binding expression of interest ("Non-Binding
Expression of Interest") in respect of a possible transaction which, if successful, would result in the offeror
acquiring a controlling shareholding in ISA by way of a scheme of arrangement in terms of section 114 of the
Companies Act, 2008 (Act 71 of 2008) as amended, and the subsequent delisting of the Company from the
JSE.

The Non-Binding Expression of Interest, which contains terms and conditions customary for a transaction of
this nature, does not constitute an offer or a firm intention to make an offer as contemplated by section 101
of the Companies Regulations. It is possible that no offer may result from the process.

Accordingly, shareholders are advised to exercise caution when dealing in the Company's securities until a
further announcement is made.

The ISA board of directors, collectively and individually accepts responsibility for the information contained in
this announcement and certifies that, to the best of its knowledge and belief, the information contained in this
announcement relating to ISA is true, and that this announcement does not omit anything that is likely to
affect the importance of such information.


3 November 2025

Designated Adviser
Merchantec Capital
Date: 03-11-2025 10:46:00
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