INVESTOR PRE-L IST ING PRESENTATION FOR Al tX L IST ING IN

MARCH 2014

PROSPECTUS APPROVED BY JSE

  Visual is a South African property development, holdings and services company based in Cape Town

  Develops complete, self-contained suburbs for the middle-income market

  Focused on long-term value creation - emphasis on NAV per share

  Valued at R126,479,388

  LT EPS growth forecast: 19.00% per annum

  P/E: 4.00

  2-year ROE forecast: 28.81%

  Audited NAV at 30 Nov 2013: R70,709,751

  IPO to raise R33m to fast-track the next phase of its development plans

  66,000,000 shares available at 50 cents per share (26%)

  Minimum investment 10,000 shares = R5,000

  Closing date for applications: 24th March 2014

  Growth potential: Visual owns more than 70,000m2 of developable bulk, inc. ±1,000 residential opportunities, at its flagship Stellendale development

Stellendale 1

  The fastest growing income segment in South Africa

  This segment is targeted by companies like Shoprite, Capitec and Curro

  Visual specialises in developments aimed at supplying this market

  The majority of consumers in this segment cannot afford to buy their home

  Visual sells to investors, guaranteeing rental income from these consumers

  Visual has a nil-vacancy track record over the last 5 years

  Visual currently retains ownership of 15% of its developments and plans to increase this over time

  Long-term capital growth

  Increasing annuity income

Stellendale 2

  Visual represents an attractive investment opportunity   Replicable, sustainable, proven business model in the middle income market   Strong profit and asset growth underpinned with a solid net asset value   Strong demand for products and services   High quality of products and services   Strategic property holdings   Highly experienced management team   Established relationships with strategic partners e.g. JV with USA fund   Balanced approach to property development (sell) and asset growth (ownership)

  2014 forecast figures have been achieved

Stellendale 1

  Visual develops quality living experiences for the middle-income market   Develops complete and secure suburbs comprising houses, apartments, retirement

accommodation, schools, offices, retail, recreation facilities, etc.   Implements all services inc. infrastructure, security, buildings, landscaping and parking   Develops properties in the most suitable localities for the middle-income market

  Access to developed/developing transport infrastructure   Close to sufficient and appropriate job opportunities

  Visual takes a long-term view and retains ownership of a third of its developments   Joins with strategic partners to provide:

  An affordable, quality product   Property management services of a consistently high standard

  Sells properties to investors, providing excellent managed rental returns   Provides a rental option to people who may not be able to buy their own homes

  Visual’s mission   To provide enjoyable and safe living, working and shopping experiences   To provide a positive and sustainable investment experience

Stellendale 1

HOLD SELL HOLD SELL

PRESENT

MANAGE DEVELOP

MANAGE DEVELOP

PLANNED

  Income from existing properties will be redeployed into capital growth projects spurring NAV growth

  Visual intends to increase ownership of its developments from 15% over time to benefit from the growth in profits to be had from greater annuity income

Stellendale Entrance

  On average, more than half of Visual's projects are sold prior to construction

  Visual conducts careful market research and extensive consultation with purchasers and tenants

  Visual seeks fixed price contracts with construction companies and professionals

  The management team has more than 70 years of combined development and property management experience

Boundary wall under construction on Stellenbosch Arterial at Stellendale

Visual International (Pty) Ltd (100%)

Property Development

Division

STELLENDALE VILLAGE (100%)

HOEKSTEEN PROJECTS (100%)

RICHLAND (100%)

MYSTIC PEARL (50%)

Property Services Division

PROPERTY MANAGEMENT &

UTILITIES

Property Holdings Division

DREAM WEAVER (50%)

Property Sales

THE VISUAL PROPERTY CLUB (50%)

Visual International Holdings Ltd

SHAREHOLDING: CKR AND RAL TRUSTS – 64%

PUBLIC - 26% MINORITIES – 10%

  Charles K Robertson (M. Com., PhD) – MD and CEO   37 years in the property development business   Involved in the development of, among others:   N1 City, Cape Town   Western Province Park, Goodwood   Boschenmeer Golf Estate, Paarl   Myburgh Park, Langebaan

142 Edward Street, Bellville

  Peter Grobbelaar (B. Sc. Bldg., B. Com) – Projects Director   33 years in construction and property development   Contracts manager for the building of the Sun City

Entertainment Centre for Murray & Roberts   Property and development management of the first

533 luxury sectional title V&A Waterfront apartments, including canal and related infrastructure

  Grant Noble (B. Com) – Financial Director   13 years in financial management and security estate administration   Financial manager of West Coast

property development company (R800m)   Chairman of Stellendale Home

Owners’ Association

  Dr. Ruben Richards – Non-executive Chairman   Proven track record ensuring organisations conform to new standards of integrity, profitability and compliance - in keeping with the imperatives of good governance   Deputy Chairperson, communiTgrow (Pty) Ltd, an urban development agency with a vision to build cities in Africa   Former Consultant – U.N. Development Program, Accra, Ghana   Former Non-Executive Director, Africa Cellular Towers (Alt-X listed)   Former CEO, Globe Engineering Works, Cape Town   Founding Deputy Director-General, Directorate of Special Operations (Scorpions)   Executive Secretary, Truth and Reconciliation Commission of South Africa (TRC)

  Pankaj Ranchod – Non-executive Director; Chairman, Audit Committee   Chartered Accountant   Non-executive Chairman of South African Bank of Athens Ltd   Non-executive Director of AIG SA Ltd and AIG Life SA Ltd   Non-executive Director of Professional Provident Society Holdings Trust and Professional Provident Society Insurance Company Ltd (PPS)   Previously Director of Strategy and Finance for Home Loans at Standard Bank and Executive Head of Insurance Services at Santam.

  Reuben Kadalie – Non-executive Director; Chairman, Ethics Committee   20 years of experience as a senior manager in the manufacturing sector   Numerous leadership positions on advisory committees and boards with focus on industry competitiveness, human capital development and leadership   Member of senior management team of the Council for Scientific and Industrial Research unit having held various senior positions there over the past 16 years

Stellendale 1

  Dr. Elias “Eltie” Links – Non-executive Director   Served in senior diplomatic positions for RSA Foreign Service   Professor at the University of Stellenbosch Business School   Served on the President’s Council for BBBEE for past 3 years   Past president of Afrikaanse Handelsinstituut (AHI)   Present directorships include Kansai Plascon SA, Juta’s, Business Partners, Telesure Investment Holdings, Terrasan Investment Holdings and Allianz AGCS

Imperial Bank Terraces Tyger Valley

  Guy Lundy – Non-executive Director   Principal of global executive search firm Odgers Berndtson in Cape Town   Director of the Cape Town International Convention Centre   Deputy Chairman of Wesgro   Named one of ‘Top 100 Thinkers in South Africa’ by Business Day, 2009   Former CEO of Accelerate Cape Town, a group representing 50 of the biggest companies in Cape Town

  Theo Vorster – Non-executive Director   CEO of Galileo Capital   Chairman of the South African Institute of Behavioral Finance   Non-executive director of Afgri   Former CEO of PSG Online Securities, one of the largest private client stockbroking firms in SA   Regular commentator on RSG Geldsake, Moneyweb radio and kykNET’s Dagbreek TV show   Was a practicing member of the Johannesburg Stock Exchange for more than 10 years

Stellendale Property Development, Northern Suburbs, Cape Town   Mixed use residential, commercial and retail precinct - Capex of ±R2bn

Stellendale Property Development

Stellendale 1 (Completed) Residential. 340 units. R170m. Caltex Fresh Stop (Completed)

Stellendale 2 Residential. 594 units. R300m.

Stellendale Lifestyle Retirement Retirement Village. 844 suites. R287m.

Stellendale Park Commercial. 47,000m2 GLA. R1.37bn.

Stellendale School Site Education. 3ha. R9m.

Saxdownes Junction Retail. 9,000m2 GLA. R129m.

Stellendale 3 Residential. 200 units. R110m.

Stellendale Gardens Commercial. 23,000m2 GLA. R576m.

Stellendale Annex Retail. 0.2471ha. R5m.

  Other Property Developments

Stellendale 1

Development Description Total Size Value Status

Burgundy Lifestyle Retirement, Richwood, Cape Town

Retirement Village

200 suites R68m Planning

Signal Hill Village, Machadodorp, Mpumalanga

Security Estate 90 units R31m Approved

King Arthur Estate, Blue Downs, Cape Town

Security Estate 73 units R29m Approved

Holdings Division Current holding Planned holding Revenue

Stellendale Village 27 units 105 units R5.4m

Stellendale Lifestyle Retirement 0 suites 352 suites R7.6m

Stellendale Park 0m2 19,000m2 R34.1m

Visual Biscuit Parking 150 bays 150 bays R0.8m

  Property Holdings Division – providing rental income

Stellendale Entrance

Services Division Description

Property Management

Total property management solutions and services

Visual Utilities Supply, installation, maintenance and operation of an innovative thermodynamic hot water system as part of value-added services

  Property Services

Sales Division Description

The Visual Property Club

A property investment club providing high net worth investors with a uniquely powerful wealth-creation tax incentive - leveraging off Article 13 of the South African Income Tax Act

  Property Sales

Abridged forecast income statement(R’s) FY 2014 FY 2015

Property Development 7 350 000 129 025 806 Cost of sales (2 426 155) (73 465 774)

Other income 32 000 000 - Investment income 545 186 2 213 048

Rental received 1 736 166 4 164 469 Management fees received 1 024 224 1 024 224

Utilities sales 69 689 150 700 Income from equity accounted investments 75 103 72 410

Operating expenses (7 839 752) (9 995 385)

Earnings before interest and tax 32 534 461 53 189 498

Interest paid (3 084 045) (6 162 741) times interest earned 9.55 7.63

Net profit before taxation 29 450 416 47 026 757 Current taxation (2 863 053) (13 167 492)

NET PROFIT AFTER TAXATION 26 587 363 33 859 265

earnings per share (cents) 8.71 13.09 headline earnings per share (cents) (0.12) 13.09

eps growth rate - 50% number of shares 255 458 775 255 458 775

View over Stellendale towards Stellenbosch and Somerset West

Comparison with other listed property and construction companies

Name Brief description of activities

Mcap (Rm's)

LT EPS Growth forecast

P/B P/E D/E %

ROA %

ROE %

Acucap Properties

PLS; Development and holding 7 705 5.70% 1.97 6.48 111.00 10.45 24.43

Attacq Property investment and development 10 600 20.00% 1.93 13.42 19.00 4.97 12.39

CalgroM3 Property investment and development 810 20.00% 2.14 7.93 117.00 12.08 31.21

Visual Property investment and development 126 19.00% 1.37 4.00 47.00 19.54 28.81

All data as at 1 February 2014

Caltex Service Station at Stellendale: the first new retail collaboration between Caltex and City Fruit & Veg

Salient Features

Funds raised on listing R33 000 000

Cost capitalised against funds R2 385 000

Net proceeds from listing R30 615 000

Price per share 50 cents

Company valuation R126,479,388

Total number of shares on listing 255,458,775

Free float shares 66,000,000 (26%)

Stellendale 2

Project Funds required

Acquisition of 63 units in Stellendale 2 R5 235 000

Construction of first 2 phases of Stellendale Lifestyle Retirement, and Saxdownes Junction R10 880 000

Operating expenses and cashflow R14 500 000

Total R30 615 000

Stellendale Park: planned telecommunications node

  Auditors: Baker Tilly Greenwoods

  Sponsors: Arcay Moela

  Attorneys: Van Der Merwe & Robertson Inc.

  Corporate advisors: Prescient Wealth Management

  Media communications: Marketing Concepts

  Branding and marketing: Creative Mix

  Presentation facilitation: DEMS Consulting

Stellendale 1

This presentation has been prepared by Visual International Holdings Ltd (“Visual”) exclusively for the benefit and internal use of the person(s) to whom this presentation has been addressed (the “Addressee”). In addition, the Addressee is deemed to have accepted responsibility for ensuring the confidentiality of this presentation. This presentation and its contents are given to the Addressee on the express understanding that the financial arrangements and other information

contained herein are confidential and proprietary to Visual and may not be circulated, copied, published, reproduced or disclosed in any manner to any other person except those within the organisation of the Addressee without the prior written consent of Visual.

Visual is the trading name of Visual International Holdings Ltd (“Visual”). To the maximum extent permitted by law, neither Visual, the Visual Group of companies, their related bodies corporate, their directors, employees and/or agents, nor any other person accepts any liability, including, without limitation, any liability arising

from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it. Therefore, no responsibility will be accepted by Visual for the treatment of any court of law, tax or other authorities with regard to the outcome of

any transaction resulting from the use of this presentation. This presentation speaks only as of the date it is given, and the views expressed are subject to change based upon a number of factors, including, but not limited to,

market conditions and the Addressee’s business and prospects. This presentation may contain forward-looking statements, forecasts, estimates and projections (“Forward Statements”). Forward Statements are frequently characterised by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate” and other

similar words, or statements that certain events or conditions “may” or “will” occur. Forward Statements are based on opinions and estimates of Visual at the date the statements are made, and are subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the

Forward Statements. Although Visual believes that the expectations in such Forward Statements are reasonable, no recommendation or warranty, express or implied, is made or will be made that any such Forward Statements will be achieved or will prove to be correct and such Forward Statements do not guarantee performance or

results. Visual does not accept any obligation to correct or update the information or opinions in this presentation. Opinions expressed are subject to change without notice.

Nothing in this presentation should be construed as a solicitation to buy or sell any security or product, or to engage in or refrain from engaging in any transaction. Nothing contained in this presentation constitutes investment, legal, tax or other advice. The Addressee should consult its advisers concerning these matters before

undertaking any proposed transaction. The visual and other material used in this document is for general guidance and illustrative purposes only. All photographs, site plans, unit counts, boundary

demarcations, artist’s impressions and descriptions used give an indication of areas of development or what properties may look like and comprise of, and are not necessarily representative in every respect. Some amendment applications to the existing land use and planning are in process, and the attached information is subject to the finalisation of these approvals. Visual International and its duly appointed representatives reserve the right to alter these details at any time. This information

does not constitute a contract, part of a contract, guarantee or warranty.

View over Stellendale looking north

To discuss a personal presentation please contact Charles Robertson

076 839 9166 or e-mail info@visualinternational.co.za

To download the Prospectus, a Share Application Form, a copy of this presentation as a PDF or for details of Venues and Dates of Scheduled Investor Presentations

please visit: www.visualinternational.co.za