Tiso Blackstar Group Clarifies Its Position Following Misleading Reporting 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 Group” or the “Group”) TISO BLACKSTAR GROUP CLARIFIES ITS POSITION FOLLOWING MISLEADING REPORTING Tiso Blackstar Group wishes to reiterate that it is performing well and ahead of expectations, contrary to misleading reports by Independent Media. In summary: Tiso Blackstar Group has stated consistently that its non-core assets are held for sale and will be realised when the timing allows, and the price is right. The fact that the Kagiso Tiso Holdings (KTH) sale was not realised due to various factors has not put the business in an untenable position. The Group is not in debt rescue. The Group’s decision to delist from Alternative Investment Market (AIM) of the London Stock Exchange was owing to the fact that less than 8% of Tiso Blackstar Group’s shares were held via this listing, and were adding limited value. It was decided by the Board, following consultation with key investors on the AIM register, that the costs of the secondary listing were not justified given this small shareholder base. The Group was similarly supported by local shareholders in cancelling the AIM listing. The Group’s core businesses – Hirt & Carter, Media, and Broadcast and Content – are performing well and continue to grow profits despite the difficult economic conditions. They are also well positioned for any improvement in the economic cycle. Tiso Blackstar Group’s debt obligations are not under threat and are being serviced in line with commitments. The Group’s debts will be reduced further once the sale of non-core assets is realised. The Group’s cash flow is positive and continues to improve as a result of strong cash management and improved trading conditions. Readers can refer to the December 2017 Interim Results as well as the June 2017 Integrated Report published on the Group’s website: http://www.tisoblackstar.com for a detailed and accurate account of the Group’s financial position. The Integrated Report also clarifies the remuneration of Tiso Blackstar Group’s CEO, Andrew Bonamour, and discredits the exaggerated, highly-inflated annual salary of R20 million reported by Independent Media. It is also important to highlight that Tiso Blackstar Group is committed to transformation and the revised Broad-Based Black Economic Empowerment Codes of Good Practice. The Group holds a level-2 contributor status – one of the highest in the media industry. Tiso Blackstar Group is also active in the development of BEE and female talent. Tiso Blackstar Group would normally refer misleading and dishonest reporting to the Press Ombudsman. However, Independent Media has withdrawn from the Press Council and refuses to subject itself to the rigors of the Press Code to which Tiso Blackstar Group and other media companies subscribe to. Should there be additional allegations against Tiso Blackstar Group which have not been addressed in this statement, please note that this does not imply that the allegations are true or correct. On behalf of: The Tiso Blackstar Group SE Board Johannesburg 19 April 2018 For further information, please contact: Tiso Blackstar Group SE Leanna Isaac +44(0) 20 7887 6017 Pugh Public Relations & Corporate Samantha Pugh +2771 874 5460 Communications sam@pughpr.co.za JSE Sponsor: One Capital Sholto Simpson +27(0) 11 550 5000 Date: 19/04/2018 10:00:00 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.