UPDATE RELATING TO THE ODD-LOT OFFER TIMES MEDIA GROUP LIMITED (Formerly Richtrau No. 229 Proprietary Limited) (Incorporated in the Republic of South Africa) (Registration number 2008/009392/06) Ordinary Share Code: TMG Ordinary share ISIN: ZAE 000169272 (“TMG” or “the Company”) UPDATE RELATING TO THE ODD-LOT OFFER 1. Shareholders are referred to the circular issued to shareholder on 25 February 2013 (“Circular”) relating to, inter alia, the odd-lot offer (“Odd-lot Offer”) and the announcement released on SENS on 27 March 2013(“Announcement”), relating to, inter alia, the finalisation of the offer consideration relating to the Odd- lot Offer (“Offer Consideration”). 2. Shareholders were advised in the Announcement that eligible shareholders (“Odd-lot Holders”) that elect to sell shares in terms of the Odd-lot Offer would receive an Offer Consideration of R15.59 per ordinary share disposed of in terms of the Odd-lot Offer. 3. Shareholders were further advised in the Announcement that all shares repurchased in terms of the Odd-lot Offer would be repurchased by a wholly owned subsidiary of the Company and would be held as treasury shares. 4. Given that the shares repurchased in terms of the Odd-lot Offer will be repurchased by a wholly owned subsidiary of the Company, the Offer Consideration due to Odd-lot Holders, will no longer constitute a dividend as defined in section 1 of the Income Tax Act, No. 58 of 1962 (“Income Tax Act”), as advised in the Circular. Accordingly dividend withholding tax will not be withheld from the Offer Consideration due to Odd- lot Holders. 5. Shareholders are advised to disregard the paragraph 3.16 of the Circular which is no longer applicable for the reason set out above. 5 April 2013 Johannesburg Sponsor: PSG Capital Proprietary Limited Date: 05/04/2013 05:50:00 Produced by the JSE SENS Department.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.