ISA HOLDINGS LIMITED - Renewal of Cautionary Announcement

Renewal of 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")


RENEWAL OF CAUTIONARY ANNOUNCEMENT


Further to the cautionary announcement released on SENS on 3 November 2025 regarding receipt of 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 ("Scheme") in terms of section 114 of the Companies Act, 2008 (Act 71 of 2008), as amended,
("Companies Act") and the subsequent delisting of the Company from the JSE, shareholders are advised
that engagement between ISA and the offeror are ongoing.

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 remains possible that no offer may result from the process.

Accordingly, shareholders are advised to continue exercising 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.


Johannesburg
15 December 2025

Designated Adviser
Merchantec Capital

Date: 15-12-2025 12:00:00
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