Finalisation announcement and timetable for 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: ZAE 000169272 ("TMG" or "the Company") FINALISATION ANNOUNCEMENT AND TIMETABLE FOR 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,(“Circular”) regarding Blackstar’s offer to acquire the entire issued ordinary share capital of TMG, not already owned by Blackstar or Blackstar (Cyprus) Investors Limited, excluding treasury shares, by way of a scheme of arrangement (“Scheme”). The Scheme was approved by TMG shareholders on 30 March 2015. Shareholders are also referred to TMG’s announcement published on the Stock Exchange News Service (“SENS”) on 2 March 2015, (“Dividend Declaration Announcement”) 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 payable to TMG shareholders recorded in TMG’s securities register as at the record date of the Scheme (“Pre-Acquisition Dividend”). Shareholders are further referred to the announcements published by the Company on SENS on 16 April 2015 and 28 April 2015 and are advised that all the conditions precedent to the Scheme have now been fulfilled. As a result of the Scheme becoming unconditional, the Company wishes to announce the following important dates in relation to the implementation of the Scheme and the Pre-Acquisition Dividend. Terms appearing in title case below that are not otherwise defined, bear the meanings assigned to them in the Circular. 2015 Last day to trade in order to be recorded in the Register on the Scheme Consideration Record Date Friday, 29 May Last day to trade in order for TMG Shareholders to qualify for the Pre- acquisition Dividend Friday, 29 May Suspension of listing of TMG Shares at the Monday, 1 June commencement of trade on the JSE on Listing on the JSE of the maximum number of Blackstar Shares that could be issued as Share Consideration (assumes no Cash Elections made), at the commencement of trade on Monday, 1 June TMG Shares to commence trading ex entitlement to Scheme Consideration and ex Pre-acquisition Dividend Monday, 1 June Shareholder elections in respect of Scheme Consideration to be received by no later than 12:00 on Friday, 5 June Scheme Consideration Record Date to be recorded in the Register in order to receive the Scheme Consideration Friday, 5 June Record date to be recorded in the Register in order to receive the Pre-acquisition Dividend Friday, 5 June Operative Date of the Scheme Monday, 8 June Settlement of the Scheme Consideration Monday, 8 June Settlement of the Pre-acquisition Dividend Monday, 8 June Adjustment of number of Blackstar Shares listed on the JSE, based on actual number of Scheme Consideration Shares issued, at the Wednesday, 10 commencement of trade on or about June Termination of listing of TMG Shares on the JSE at the commencement of trade on the JSE on Tuesday, 9 June Notes: 1. All times referred to above are references to South African time. 2. TMG share certificates may not be dematerialised or re- materialised from 1 June 2015 onwards. Shareholders are referred to the Dividend Declaration Announcement for further details regarding the Pre-acquisition Dividend, including the tax treatment. 19 May 2015 Johannesburg Sponsor PSG Capital Date: 19/05/2015 08:00:00 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.