Voluntary Announcement: Acquisition Of A 60% Interest In Vuma Fm, In Kwazulu-Natal, 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: ZAE000169272 (“TMG” or “the Company” or “the Group”) VOLUNTARY ANNOUNCEMENT: ACQUISITION OF A 60% INTEREST IN VUMA FM, IN KWAZULU-NATAL, SOUTH AFRICA 1. Introduction TMG is pleased to announce the acquisition by the Company of a 60% interest in Vuma FM ("Vuma") (“the Acquisition”). This follows the acquisition of 65% of Mpower Fm (Pty) Ltd in December 2013. 2. Description of the business carried on by Vuma Vuma is a commercial radio broadcaster based in Umhlanga, KwaZulu-Natal. The station was launched in November 2012, broadcasting a gospel and inspirational format, mainly in isiZulu, to the major regions of KwaZulu-Natal. The station has experienced good growth since its launch and TMG believes there is significant further potential for growth with the added resources of the Group. 3. Rationale for the Acquisition TMG’s strategy includes the acquisition and development of high growth potential broadcast assets in South Africa and in Africa. Following the recent acquisition of an interest in Multimedia Ghana, and the purchase of Mpower Fm in Mpumalanga, TMG identified Vuma as an opportunity to add a valuable new asset to its growing portfolio. Vuma broadcasts in one of the major economic provinces of South Africa, and is at an early stage in its development. The gospel and inspirational format is an extremely successful one on both radio and TV, locally and internationally, and thus an attractive asset for the group. 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. TMG also has extensive experience in the inspirational format through its ownership of Gallo Record Company (“Gallo”). It is the largest and oldest independent record label in Africa. Gallo is rich in terms of content and history and has over 200,000 songs on master tape. It is home to some of the biggest names in Gospel music and will support the growth of Vuma through its catalogue and industry expertise. 4. Purchase consideration The purchase consideration payable to the vendors is R25.6 million. In addition, TMG has committed to provide working capital to Vuma for the period until breakeven is achieved by Vuma, which is expected to be within the next 12 to 18 months. 5. Conditions precedent The Acquisition was subject to the approval of the Acquisition by the Independent Communications Authority of South Africa. This condition has now been fulfilled. 6. Effective date of the Acquisition The effective date of the Acquisition is 30 January 2014. 7. Update on Mpower Fm TMG recently acquired a majority interest in MPOWER FM, the only commercial radio station broadcasting out of Mpumalanga Province. Over the past few weeks the group has worked to reposition, rebrand, and relaunch the station. The station will be back on air within weeks and will still target the LSM 5-9, age 25-49 listener, principally in English, but with a slant more reflective of the local demographics of Mpumalanga. The new image of the station will be relevant to Mpumalanga and will reflect the optimistic attitude of the audience we engage with, whilst instilling a sense of pride in being from “the land of the rising sun”. 30 January 2014 Johannesburg Sponsor PSG Capital Date: 30/01/2014 04:50:00 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.