Further update on scheme of arrangement and pre-acquisition dividend 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 UPDATE ON SCHEME OF ARRANGEMENT AND PRE-ACQUISITION DIVIDEND Shareholders are referred to the joint circular by TMG and Blackstar Group SE (“Blackstar”) to TMG shareholders, dated 27 February 2015, regarding Blackstar’s offer to acquire the entire issued ordinary share capital of TMG, not already owned by Blackstar or Blackstar (Cyprus) Investors Limited (“BCIL”), excluding treasury shares, by way of a scheme of arrangement (“Scheme”), such Scheme having subsequently been approved by TMG shareholders on 30 March 2015. Shareholders are further referred to the conditions precedent to the Scheme (“Scheme Conditions”), as detailed in the Circular, and to the Company’s announcement dated 16 April 2015, in which shareholders were advised that the Scheme Conditions referred to in paragraphs 5.1.4, 5.1.5 and 5.1.6 of the Circular had not yet been fulfilled. Shareholders are advised that the Scheme Condition referred to in paragraph 5.1.4 of the Circular has now been fulfilled, with the result that the only outstanding Scheme Conditions are those referred to in paragraphs 5.1.5 and 5.1.6 of the Circular, all other Scheme Conditions having been fulfilled. As indicated in paragraph 5.5 of the Circular, Blackstar is entitled, on one occasion only, to extend the date of fulfilment of all the Scheme Conditions by a period of no longer than four weeks, by written notice to TMG and BCIL. Shareholders are advised that TMG has received written notice from Blackstar extending the fulfilment dates for: - the Scheme Condition referred to in paragraph 5.1.5 of the Circular to 23h59 on 22 May 2015; and - the Scheme Condition referred to in paragraph 5.1.6 of the Circular to 23h59 on the third business day following the fulfilment of the Scheme Condition referred to in paragraph 5.1.5 of the Circular. Shareholders are also referred to TMG’s announcement dated 2 March 2015, advising that, subject to the Scheme becoming unconditional, the board of directors of TMG had approved and declared a pre- acquisition dividend of 30 cents per TMG share for TMG shareholders recorded in TMG’s securities register as at the record date of the Scheme (“Pre-Acquisition Dividend”). TMG will in due course announce an updated timetable for the implementation of the Scheme and in relation to the Pre-Acquisition Dividend, once it has clarity on the fulfilment dates for the final Scheme Conditions referred to above. 28 April 2015 Johannesburg Sponsor PSG Capital Date: 28/04/2015 12:30:00 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.