Trading Statement TISO BLACKSTAR GROUP SE (Incorporated in England and Wales) (Registration number SE000110) (Registered as an external company with limited liability in the Republic of South Africa under registration number 2011/008274/10) JSE share code: TBG ISIN: GB00BF37LF46 ("Tiso Blackstar" or "the Company" or together with its subsidiaries the “Group”) TRADING STATEMENT In terms of the JSE Limited (“JSE”) Listings Requirements, a listed company is required to publish a trading statement as soon as it becomes reasonably certain that the financial results for the next period to be reported on will differ by 20% or more from the financial results for the previous corresponding period. Shareholders are advised that the Company's results for the six months ended 31 December 2018 have been retrospectively adjusted to account for the following: - Reclassification in terms of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations as a result of the Group entering into an agreement to dispose of TBG SA Group, SA Radio and Africa Radio; - Reclassification in terms of IFRS 5 as a result of the Group entering into an agreement to dispose of the music business Gallo Music Investments Proprietary Limited and Indigenous Film Distribution Proprietary Limited; and - Amendments in terms of IFRS 5 and IAS 28 Investments in Associates and Joint Ventures in respect of the Group's investment in Robor Proprietary Limited as a result of certain events which impacted the Group's ability to dispose of this investment. These reclassifications and amendments have not affected total EPS and HEPS previously reported, but rather the split between continued and discontinued operations. Accordingly, the results for the six months ended 31 December 2018 have been reclassified and amended as follows: Previously reported Reclassified and 31 December 2018 amended (cents) 31 December 2018 (cents) Earnings / (loss) per share (32.41) (32.41) Continued operations (26.56) (52.03) Discontinued operations (5.85) 19.62 Headline earnings / (loss) per share 21.48 21.48 Continued operations 18.80 (6.60) Discontinued operations 2.68 28.09 The Company hereby advises that a reasonable degree of certainty exists that for the six months ended 31 December 2019: Reclassified and Expected range Expected range amended 31 December 2019 31 December 2019 31 December 2018 (cents) (%) (cents) Earnings / (loss) per share (32.41) (44.33) to (50.81) (37%) to (57%) Continued operations (52.03) (28.35) to (38.75) 46% to 26% Discontinued operations 19.62 (12.06) to (15.98) (161%) to (181%) Headline earnings / (loss) 21.48 (4.07) to (8.37) (119%) to (139%) per share Continued operations (6.60) (11.31) to (12.63) (71%) to (91%) Discontinued operations 28.09 2.93 to 8.55 (90%) to (70%) The financial information on which this trading statement is based has not been reviewed or reported on by the auditor of the Company. The results for the six months ended 31 December 2019 are expected to be released on SENS on or about 3 April 2020. London 1 April 2020 Sponsor PSG Capital Date: 01-04-2020 09:00:00 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.