Business Update and Cautionary Announcement VISUAL INTERNATIONAL HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number 2006/030975/06) (“Visual” or “the Company”) ISIN code: ZAE000187407 Share code: VIS BUSINESS UPDATE AND CAUTIONARY ANNOUNCEMENT Business update Shareholders are referred to the announcement published on 12 October 2018 advising of the reason for the delay in the publication of the Company’s yearend results, i.e. being partly due to the Company having to secure alternative funding following the non-payment of the consideration in terms of the previously announced claw-back offer as advised to shareholders, and the fact that the Company is in the process of securing additional equity funding, being the Specific Issue referred to below. Shareholders are advised that the Company has been approached by a number of parties regarding an equity investment into Visual. Additionally, the Company has received two expressions of interest to acquire the Stellendale Junction land. The board of directors is in the process of evaluating the various scenarios and deliberating on the best way forward for the Company and its shareholders. Shareholders are also referred to the announcement published on 7 September 2018 regarding the specific issue of shares for cash to Robco Holdings Proprietary Limited and TLP Investments One Five Four Proprietary Limited, or their nominees (“Specific Issue”). Shareholders are advised that the subscription agreements, which were still subject to a number of suspensive conditions, between the Company and these parties have lapsed. The parties are in discussions regarding the revival of these subscription agreements, including with other third parties, and a further announcement in this regard will be made in due course. Cautionary announcement Shareholders are advised that the aforementioned negotiations, if successfully concluded, may have a material effect on the price of the Company’s securities. Accordingly, shareholders are advised to exercise caution when dealing in the Company’s securities until a full announcement is made. Cape Town 28 November 2018 Designated Advisor Arbor Capital Sponsors Proprietary Limited Date: 28/11/2018 09:00:00 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.