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 Date: 23/01/2015 02:00:00 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.