Declaration of Pre-Acquisition Dividend TIMES MEDIA GROUP LIMITED (Incorporated in the Republic of South Africa) Registration Number: 2008/009392/06 Share code: TMG ISIN: ZAE 000169272 (“TMG”) DECLARATION OF PRE-ACQUISITION DIVIDEND Shareholders of TMG are referred to the joint firm intention announcement, published by TMG and Blackstar Group SE (“Blackstar”) on 18 February 2015, the joint announcement published by TMG and Blackstar on 27 February 2015, as well as the circular (“Circular”) that was distributed to TMG shareholders on 27 February 2015, relating to the proposed scheme of arrangement in terms of which, if implemented, Blackstar will acquire the entire issued ordinary share capital of TMG, not already owned by Blackstar or Blackstar (Cyprus) Investors Limited, excluding treasury shares (“the Scheme”). Notice is hereby given that, subject to the Scheme becoming unconditional, the board of directors of TMG has 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”). DIVIDEND In compliance with the requirements of Strate, the electronic settlement and custody system used by the JSE Limited, the following salient dates are applicable for the payment of the dividend: Finalisation date announcement Friday, 17 April 2015 confirming that the Scheme is unconditional, expected to be released on Last day to trade for TMG Thursday, 30 April 2015 shareholders to qualify for the Pre-Acquisition Dividend TMG shares to commence trading Monday, 4 May 2015 ex entitlement to the Pre- Acquisition Dividend on Record date to be recorded in Friday, 8 May 2015 the Register in order to receive the Pre-Acquisition Dividend expected to be on or about Settlement of the Pre- Monday, 11 May 2015 Acquisition Dividend expected to occur on or about TMG Shareholders are referred to the detailed timetable for the Scheme, as published in the Circular and contained in the joint SENS announcement of 27 February 2015, as referred to above. Share certificates may not be dematerialised or re- materialised from 4 May 2015 onwards (assuming the Scheme is unconditional). The Pre-Acquisition Dividend of 30 cents per TMG share has been declared from income reserves. The Pre-Acquisition Dividend withholding tax rate is 15%. No secondary tax on companies credits have been used. The net dividend amount payable to TMG shareholders not exempt from dividend withholding tax is 25.5 cents per TMG share. TMG shareholders are encouraged to consult their professional advisors should they be in any doubt as to the appropriate action to take. TMG currently has 127 077 145 ordinary shares in issue. TMG's income tax reference number is 9010/105/19/6. Deloitte & Touche is TMG’s independent external auditor and Mr JAR Welch is the designated audit partner. 2 March 2015 Johannesburg Corporate advisor and sponsor to TMG PSG Capital Proprietary Limited Date: 02/03/2015 03:00:00 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.