TR-1: Notification of major interest in shares Tiso Blackstar Group SE (Incorporated in England and Wales) (Company number SE 110) (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: GB00BF37LF46 (“Tiso Blackstar” or the “Company”) TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES (i) 1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached (ii): TISO BLACKSTAR 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 notification obligation (iii): PROTEA ASSET MANAGEMENT LLC 4. Full name of shareholder(s)(if different from 3.)(iv): N/A 5. Date of the transaction and date on which the threshold is crossed or reached (v): November 16, 2017 6. Date on which issuer notified: November 16, 2017 7. Threshold(s) that is/are crossed or reached (vi, vii): 6.00% 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 ISIN CODE Number Number Number Number of voting % of voting rights (x) of Shares of Voting of shares rights Rights Direct Direct (xi) Indirect (xii) Direct Indirect GB00BF37LF46 13,565,772 13,565,772 16,175,579 16,175,579 - 6.03% - 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 instrument price date (xvii) Conversion instrument refers to (xix,xx) period (xviii) Nominal Delta - - - - - - - Total (A+B+C) Number of voting rights Percentage of voting rights 16,175,579 6.03% 9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable (xxi): Protea Asset Management LLC (“Protea”) = 16,175,579 shares Address for Protea (a US limited partnership) is as follows: 3 Columbus Circle, 15th Floor New York, NY 10019 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 London 17 November 2017 For further information, please contact: Tiso Blackstar Group SE Leanna Isaac +44 (0) 20 7887 6017 Northland Capital Partners Limited Tom Price +44 (0) 20 3861 6625 JSE Sponsor: One Capital Sholto Simpson +27 (0) 11 550 5000 Date: 17/11/2017 11:30:00 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.