Disposal of investment Blackstar Group SE (Registered in Malta with registration number SE 4) (registered as an external company with limited liability in the Republic of South Africa under registration number 2011/008274/10) Share code: BLCK LN and BCK SJ ISIN: MT0000620105 (“Blackstar” or the “Company”) 23 November 2012 Disposal of investment Blackstar is pleased to announce that it has concluded an agreement for the sale of 147,278,527 ordinary shares in New Bond Capital Limited (previously Mvelaphanda Group Limited) (“NBC”) representing 28.3% of NBC’s issued ordinary share capital to FirstRand Bank Limited (“FRB”) (the “Disposal”). The Disposal is for a cash consideration of R333 million (£23.7 million), represents 100% of Blackstar’s interest in NBC and equates to R2.26 per NBC share. The Disposal was done at a premium of 8.1% to its carrying value as reported by Blackstar on 8 November 2012, being the most recently published intrinsic net asset value for the investment. Blackstar generated a 27.5% return on investment in South African Rand and 12.9% return on investment in Pounds Sterling, which equates to a 33.1% IRR and 15.4% IRR, respectively, over the 10 month holding period. Included in the returns shown above is the investment in Times Media Group Limited (“TMG”) which was unbundled to NBC shareholders in September 2012. Blackstar owns 14,692,305 TMG shares which were valued at R13.50 per share based on the closing bid price on 21 November 2012 which equates to a total value of R198 million (£13.9 million). Blackstar will continue to serve on the board of NBC as executives assisting with the process of returning capital to shareholders and running the administration function. Blackstar will continue to play a leading role in realising NBC’s investment in Batho Bonke Capital. Blackstar will continue to focus its attention on assisting TMG management in unlocking further value in TMG and Blackstar is optimistic about the long term prospects of the business. Consistent with the capital management policy, the Board intends to apply the significant majority of the cash proceeds from the Disposal to support Blackstar’s existing investments and pursue the strong pipeline of attractive new investment opportunities that can deliver growth for all shareholders. The Board intends paying a dividend to shareholders towards the end of the first quarter of 2013 with the quantum and timing to be announced with the full year results. Andrew Bonamour, director of Blackstar, commented, “NBC has been a landmark deal for Blackstar and has reinforced the Company’s reputation of generating good returns from its investment.” For further information, please contact: Blackstar Group SE Bryan Moyer / Lesley Micallef + 356 2144 6377 Liberum Capital Limited Chris Bowman / Christopher +44 (0) 20 3100 2222 Britton PSG Capital (Pty) Limited David Tosi / Willie Honeyball +27(0) 21 887 9602 Date: 23/11/2012 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.