Unaudited Condensed Consolidated Interim Financial Statements for the Six Months Ended 31 December 2019 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”) SHORT-FORM ANNOUNCEMENT: UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2019 1. SALIENT FEATURES Revenue from continuing operations increased by 15.0% to R1 341.4 million, from R1 166.1 million* in the prior corresponding period. Trading Performance (defined as profit/(loss) before interest and tax after adding back depreciation, amortisation, straight lining of leases in the prior year, share-based payment expenses and other gains/(losses)) from continuing operations increased by 2.2% to R153.0 million from R149.7 million* in the prior corresponding period. Headline earnings/(loss) per share decreased by 129.0% to a loss of (6.22) cents per share, from earnings of 21.48 cents per share* in the prior corresponding period. Loss per share increased by 46.8% to (47.57) cents per share, from (32.41) cents per share* in the prior corresponding period. Net asset value per share decreased by 22.7% to 834.23 cents per share, from 1 079.58 cents per share* in the prior corresponding period. No dividends were declared for the six months ended 31 December 2019, nor for the prior corresponding period. Total Trading Performance of the Group decreased by 30.8% to R193.5 million from the prior comparative period. The Group also incurred a number of significant other costs/losses during the six months which mostly comprised the following: • Once-off costs relating to the relocation of the various operations of the Hirt & Carter Group to one facility of R33.1 million; • Recognition of a R59.0 million provision relating to the guarantee provided to funders of Robor; and • Realised loss of R59.0 million arising on disposal of the Media business to Lebashe during the current period. * Reclassified and amended 31 December 2018 figures in accordance with IFRS 5 Non- current Assets Held for Sale and Discontinued Operations and IAS 28 Investments in Associates and Joint Ventures requirements 2. SHORT-FORM ANNOUNCEMENT This short-form announcement is the responsibility of the directors of the Company. It contains only a summary of the information in the full announcement (“Full Announcement”) and does not contain full or complete details. The Full Announcement can be found at: https://senspdf.jse.co.za/documents/2020/JSE/ISSE/TBG/1H20INT.pdf Copies of the Full Announcement is also available for viewing on the Company’s website at http://www.tisoblackstar.com/tbg/investors/announcements/ or may be requested in person, at the Company’s registered office or the office of the sponsor, at no charge, during office hours. Any investment decisions by investors and/or shareholders should be based on consideration of the Full Announcement, as a whole. 3 April 2020 Sponsor PSG Capital Date: 03-04-2020 04:00:00 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.