DISCOVERY LIMITED - Dealings in securities by directors

Dealings in securities by directors

DISCOVERY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1999/007789/06)
ISIN: ZAE000022331
Share Code: DSY
("Discovery” or “the company”)

DEALINGS IN SECURITIES BY DIRECTORS

Shareholders are referred to the announcement released on SENS
on 30 December 2009 regarding zero-cost collar hedging
transactions that were entered into by Adrian Gore and Barry
Swartzberg on 29 December 2009 (“the collar”), an announcement
released on 2 March 2012 advising of certain changes to the
terms of the collar agreement and a further announcement
released on 19 June 2013 advising that Mr. Gore had entered
into an agreement to purchase tranches three, four and five of
the call options from Investec Bank Limited.

The fifth and final tranche of the call options within the
collar are now due and have been settled as follows:


Since the current share price exceeds the option strike price
on the call options, shareholders are advised that Mr.
Swartzberg has concluded transactions in relation to the
851,998 options sold by him and the corresponding Discovery
shares held. This has resulted in the disposal of the affected
shares and Mr. Swartzberg receiving the amount of the strike
price under the options. The obligations under the options
have terminated.

Director                        Barry Swartzberg
Company                         Discovery Limited
Date of transaction             1 November 2013
Nature of the transaction       Sale of ordinary shares and
                                termination of the collar
Class of shares                 Options over Discovery shares
Number of shares sold           851,998
Price                           R48.51
Value of transaction            R41,330,422.98
Nature of interest              Indirect beneficial
On market/off market            Off market
Clearance obtained              Yes


Mr. Gore entered into an agreement to purchase half of tranche
five of the call options sold by him to Investec Bank Limited.
As a result thereof, 50% of the the applicable Discovery
shares will be sold and there is a change in respect of 50% of
the   beneficial   ownership   in   respect   of   Mr.   Gore’s
shareholding.     The   obligations   under   the   options   have
terminated.

Director                          Adrian Gore
Company                           Discovery Limited

Date of transaction               31 October 2013
Nature of the transaction         Purchase of options with a
                                  strike price of R48.35 and
                                  termination of the collar
Class of shares                   Options over Discovery shares
Number of options purchased       1,212,459
Price                             R35.0772
Value of transaction              R42,529,666.83

Date of transaction               1 November 2013
Nature of the transaction         Sale of ordinary shares and
                                  termination of the collar
Class of shares                   Options over Discovery shares
Number of shares sold             1,212,459
Price                             R48.35
Value of transaction              R58,622,392.65

Nature of interest                Indirect beneficial
On market/off market              Off market
Clearance obtained                Yes

In addition to the above, as part of the restructure of his
funding, Mr. Gore has purchased a put option over Discovery
ordinary shares, the details of which are as follows:

Director                          Adrian Gore
Company                           Discovery Limited
Date of transaction               1 November 2013
Nature of the transaction         Purchase    of  European    put
                                  options with an average strike
                                  price of 80% of the Initial
                                  price
Class of shares                   Options over Discovery shares
Exercise dates                    17 October 2016 - 9 December
                                  2016
Number of options purchased       7 178 882
Initial price                     R83.9780 per share
Notional value of transaction     R602,868,152.60
Nature of interest                Indirect beneficial
On market/off market              Off market
Clearance obtained                Yes
This out-of-the-money put option provides downside protection
on 15.6% of Mr. Gore’s shareholding in the company.

Sandton
4 November 2013

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

Date: 04/11/2013 03:52:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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