Voluntary Announcement: Acquisition of a 65% interest in Mpower Radio (Pty) Ltd in Mpumalanga, South Africa TIMES MEDIA GROUP 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”) VOLUNTARY ANNOUNCEMENT: ACQUISITION OF A 65% INTEREST IN MPOWER RADIO (PTY) LTD IN MPUMALANGA, SOUTH AFRICA 1. Introduction TMG is pleased to announce the acquisition by the Company of a 65% interest in Mpower FM Radio (Pty) Ltd (“Mpower”) (“the Acquisition”). 2. Description of the business carried on by Mpower Mpower is a commercial radio broadcaster based in Nelspruit, Mpumalanga, with a satellite studio in Emalahleni. The station was launched in 2007, but experienced financial difficulties and was placed under business rescue in August 2013. The station has been broadcasting an adult contemporary format, in English, to the major regions of Mpumalanga. It is the intention of TMG to re-launch and re-brand the station in early 2014 as part of a larger broadcast strategy in South Africa and Africa. 3. Rationale of the Acquisition TMG’s strategy includes the acquisition and development of broadcast assets, specifically radio and television. TMG recently acquired an interest in Multimedia Ghana, and will continue to look for additional broadcast opportunities in Africa, including South Africa. In a broadcast landscape where frequencies and commercial licences are scarce, Mpower presented an opportunity to establish a footprint in radio for TMG. With a revised focus more appropriate to the audience of Mpumalanga, we believe Mpower will provide a solid contribution to the TMG broadcast portfolio. TMG will support the commercialisation of the station with an advertising sales solution from its industry leading national sales team and provide additional management and programming resources. Other shareholders in the station that come with an established radio pedigree are African Media Entertainment and Direng Investment Holdings, as well as local shareholders, Mbombela Media Consortium. 4. Purchase consideration The initial purchase consideration payable to the business rescue practitioner appointed in respect of the Company is R6 million, of which R1,5 million has been paid to date. In addition, a further R12 million has been committed to providing working capital for Mpower’s turnaround strategy over the next 2 to 3 years. 5. Conditions precedent The Acquisition was subject to 2 conditions precedent, namely a signed shareholders agreement in respect of the Company, and approval of the Acquisition by the Independent Communications Authority of South Africa. Both conditions have been fulfilled. 6. Effective date of the Acquisition The effective date of the Acquisition is 3 December 2013. 6 December 2013 Johannesburg Sponsor PSG Capital Date: 06/12/2013 03:00:00 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.