Update - Specific Issue of Shares for Cash to Zigzag and AM Associates and Cautionary Announcement VISUAL INTERNATIONAL HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number 2006/030975/06) ISIN Code: ZAE000187407 Share code: VIS (“Visual” or “the Company”) UPDATE - SPECIFIC ISSUE OF SHARES FOR CASH TO ZIGZAG SA INVESTMENTS 1 LIMITED (“ZIGZAG”) AND AM ASSOCIATES THE DAVIDWORTH GROUP PROPRIETARY LIMITED (“AM ASSOCIATES”) AND CAUTIONARY ANNOUNCEMENT Shareholders are referred to the previous announcements published on SENS dated 1 April 2019 and 12 March 2019, respectively and are hereby advised that the current agreement with Zigzag and AM Associates has lapsed due to one of the conditions precedent, being the completion of the due diligence, not being met by the due date. However, the due diligence is expected to be finalised this week and currently there are no major concerns therewith. Accordingly, a new agreement is expected to be signed on similar terms. Shareholders are also advised that another potential investor has approached the Company to invest on the same terms. Accordingly, shareholders are advised to exercise caution when dealing in their Visual securities until a full announcement is made. Cape Town 10 April 2019 Designated Advisor Arbor Capital Sponsors Proprietary Limited Date: 10/04/2019 04:40:00 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.