Notification Of Major Interest In Shares Tiso Blackstar Group SE (Incorporated in Malta) (Company number SE 4) (registered as an external company with limited liability in the Republic of South Africa under registration number 2011/008274/10) LSE Ticker: TBGR JSE Share code: TBG ISIN: MT0000620113 (“Tiso Blackstar” or the “Company”) TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi 1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are TISO BLACKSTAR GROUP SE attached: ii 2 Reason for the notification (please tick the appropriate box or boxes): An acquisition or disposal of voting rights X An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify): 3. Full name of person(s) subject to the PROTEA ASSET MANAGEMENT LLC AND notification obligation: iii CONDUIT CAPITAL LIMITED 4. Full name of shareholder(s) (if different from 3.):iv 5. Date of the transaction and date on which the threshold is crossed or FEBRUARY 23, 2017 reached: v 6. Date on which issuer notified: MARCH 23, 2017 7. Threshold(s) that is/are crossed or 3% reached: vi, vii 8. Notified details: A: Voting rights attached to shares viii, ix Class/type of Situation previous Resulting situation after the triggering transaction shares to the triggering transaction if possible using Number Number Number Number of voting % of voting rights x the ISIN CODE of of of shares rights Shares Voting Indirec Direct Direct xi Direct Indirect Rights t xii MT0000620113 7,933,611 7,933,611 7,990,456 3.006% B: Qualifying Financial Instruments Resulting situation after the triggering transaction Type of financial Expiration Exercise/ Number of voting % of voting instrument date xiii Conversion Period xiv rights that may be rights acquired if the instrument is exercised/ converted. C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi Resulting situation after the triggering transaction Type of financial Exercise Expiration Exercise/ Number of voting rights % of voting rights xix, instrument price date xvii Conversion instrument refers to xx period xviii Nominal Delta Total (A+B+C) Number of voting rights Percentage of voting rights 7,990,456 3.006% 9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: xxi Our group, which is deemed to be under common control, is comprised of: 1. Protea Asset Management LLC (“Protea”) = 7,448,284 shares, and 2. Conduit Capital Limited (“Conduit”) = 542,172 shares Address for Protea (a US limited partnership) is as follows: 3 Columbus Circle, 15th Floor New York, NY 10019 Address for Conduit (a JSE listed company) is as follows: Unit 9, 4 Homestead Avenue Bryanston, Sandton 2191 Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: 13. Additional information: 14. Contact name: ADRIAN MAIZEY 15. Contact telephone number: +1-203-489-2032 JSE Sponsor: PSG Capital Proprietary Limited Date: 28/03/2017 11:00:00 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.