TIMES MEDIA GROUP LIMITED - Further cautionary announcement

Further cautionary announcement

TIMES MEDIA GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 2008/009392/06
Ordinary share code: TMG
Ordinary share ISIN: ZAE000169272
(“TMG” or “the Company”)

FURTHER CAUTIONARY ANNOUNCEMENT

1.   Shareholders are referred to the Company’s cautionary
     announcement on 21 November 2014, which was renewed in the
     joint SENS announcement released by the Company, Blackstar
     Group SE (“Blackstar”), Tiso Investment Holdings (RF)
     Proprietary Limited and the Tiso Foundation Charitable Trust on
     8 December 2014 (“Joint Announcement”).

2.   The Joint Announcement informed shareholders of a non-binding
     expression of interest by Blackstar to acquire the entire
     issued ordinary share capital of the Company by way of a scheme
     of arrangement (“Scheme”), to be settled by a combination of
     new Blackstar ordinary shares and/or cash, and matters
     ancillary thereto.

3.   Shareholders are cautioned that there is no certainty at this
     stage that the Firm Offer (as defined in the Joint
     Announcement) will be made or that the Scheme will be either
     proposed or implemented. The Firm Offer may have a material
     effect on the price of TMG securities. Accordingly,
     Shareholders are advised to continue exercising caution when
     dealing in TMG securities until a further announcement is made.

23 January 2015
Johannesburg

Corporate advisor and transaction sponsor
PSG Capital

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