Initial Trading Statement ISA Holdings Limited Incorporated in the Republic of South Africa (Registration number 1998/009608/06) Share code: ISA ISIN: ZAE000067344 (“the Company”) INITIAL 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 ended 28 February 2021 by management has indicated that the earnings per share (“EPS”) and headline earnings per share (“HEPS”) are expected to decrease by at least 20% compared to the EPS and HEPS of 15.0 cents for the year ended 28 February 2020. 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 ended 28 February 2021. The financial information on which this trading statement is based has not been reviewed or reported on by the Company’s auditors. Johannesburg 12 March 2021 Designated Adviser Merchantec Capital Date: 12-03-2021 10:13:00 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.