DISCOVERY LIMITED - Dealings in securities by a director

Dealings in securities by a director

DISCOVERY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1999/007789/06)
Legal Entity Identifier: 378900245A26169C8132
JSE share code: DSY, DSYBP
DSY ISIN: ZAE000022331
DSBP ISIN: ZAE000158564
JSE bond code: DSYI
(“Discovery”)

DEALINGS IN SECURITIES BY A DIRECTOR

In compliance with both the JSE Limited Listings and Debt Listings Requirements, the following information
is disclosed.

Shareholders and noteholders are referred to the announcement released on the Stock Exchange News
Service on 23 November 2020 which, in turn, referred to prior announcements, dated 23 March 2020, 2
December 2019, 21 October 2016 and 4 November 2013, with regards to Mr Gore’s hedging transactions
entered into over a portion of his shareholding in Discovery.

Shareholders and noteholders are now advised that Mr. Gore has further amended these hedging
transactions by the purchase of European call options in order to regain previously capped upside. Mr. Gore
has simultaneously entered into a new hedging transaction over a portion of his shareholding in Discovery
by the purchase of European put options, as stated below.

All transactions are related to funding arrangements entered into in order to follow various rights offers and
subscriptions for Discovery shares over time.

Director                                      :   Adrian Gore
Company                                       :   Discovery Limited
Office held                                   :   Group Chief Executive
Nature of interest                            :   Indirect beneficial
Clearance obtained                            :   Yes

Transaction 1
 Date of transaction                          :   30 November 2020
 Class of securities                          :   Options over Discovery ordinary shares
 On market / off market                       :   Off market
 Nature of transaction                        :   Purchase of European call options with a strike price of R155.39
 Exercise Dates                               :   Every business day from 05 March 2024 to 04 April 2024
                                                  (20 equally weighted tranches)
 Number of options                            :   800,000
 Notional value of transaction in 2024        :   R124,312,000

Transaction 2
 Date of transaction                          :   30 November 2020
 Class of securities                          :   Options over Discovery ordinary shares
 On market / off market                       :   Off market
 Nature of transaction                        :   Purchase of European put options with a strike price of R123.02
 Exercise Dates                               :   Every business day from 05 March 2024 to 04 April 2024
                                                  (20 equally weighted tranches)
 Number of options                            :   252,000
 Notional value of transaction in 2024        :   R31,001,040

Sandton
4 December 2020

Sponsor and Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 04-12-2020 08:04:00
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