Update Announcement - share issue to Milost Global Inc in respect of 2nd draw down VISUAL INTERNATIONAL HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number 2006/030975/06) (“the Company”) ISIN Code: ZAE000187407 Share code: VIS UPDATE ANNOUNCEMENT: SHARE ISSUE TO MILOST GLOBAL INC (“MILOST”) IN RESPECT OF SECOND DRAW DOWN Shareholders are referred to the announcement published on 2 March 2018 regarding the receipt of R2 million from Milost in respect of a second drawdown notice (“Second Draw Down”) issued in terms of the funding agreement entered into by the Company with Milost (“Funding Agreement”), as announced on 15 September 2017. Shareholders are advised that the issue price of the shares to be issued to Milost in respect of the Second Draw Down is 11.46 cents per share (“Issue Price”), being a 10% discount to the 30-day volume-weighted average price which was determined at 12.73 cents as at 2 March 2018. This is the minimum issue price in terms of the Funding Agreement and under the Company’s general authority due to the funds being received during February 2018 and in order to comply with the JSE Listings Requirements. An amount of USD25 000 is payable to Milost in respect of transaction fees, which amount will be settled in shares at the Issue Price. As at the date of this announcement, Milost is not a related party to the Company. The shares will be issued under the Company’s general authority to issue shares for cash and will rank pari passu with the issued ordinary shares of the Company. Cape Town 9 March 2018 Designated Advisor Arbor Capital Sponsors Proprietary Limited Date: 09/03/2018 01:20:00 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.