Change in Director's Shareholding from Direct to Indirect 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”) CHANGE IN DIRECTOR’S SHAREHOLDING FROM DIRECT TO INDIRECT In accordance with section 3.83(b) of the JSE Listings Requirements, Visual hereby confirms that it has received the following notifications: - L Matlholwa has informed Visual that he has transferred his direct beneficial interest in the total issued ordinary share capital of Visual to D D’Olivera (the corporate advisor in respect of the Mosegedi Acquisition referred to below), such that the total direct interest in Visual held by L Matlholwa now amounts to zero (previously 8.45%); and - similarly, D D’Olivera has informed Visual that he has taken transfer of the direct beneficial interest held by L Matlholwa in the total issued ordinary share capital of Visual, such that the total interest in Visual held by D D’Olivera on behalf of L Matholwa now amounts to 8.45% (previously zero). D D’Olivera holds zero % for his own direct beneficial interest. The Company has requested that the required notices in terms of Section 122 of the Companies Act, No. 71 of 2008 (“Companies Act”) be provided by Messrs L Matlholwa and D D’Olivera in order for the same to be filed with the Takeover Regulation Panel in accordance with section 122 (3)(a)of the Companies Act. Clearance to transfer the aforementioned shares (at no consideration) was not obtained in accordance with paragraph 3.66 of the JSE Listings Requirements. However, these shares are expected to be cancelled and returned to the Company’s authorised share capital pursuant to the intention to unwind the acquisition of 31.2% of Mosegedi & Associates Proprietary Limited (“Mosegedi Acquisition”) ab initio with effect from 1 March 2017, as first announced on 16 February 2018. Mr L Matlholwa was appointed to the board of directors of Visual pursuant to the Mosegedi Acquisition. Shareholders are also referred to the announcement dated 8 May 2018 which included details of the Mosegedi cancellation agreement. In the interest of transparency, 180 000 shares had subsequently erroneously been disposed of from Mr L Matlholwa’s now indirect shareholding. However, this administrative error is in the process of being rectified. Cape Town 23 July 2018 Designated Advisor Arbor Capital Sponsors Proprietary Limited Date: 23/07/2018 04:39:00 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.