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”)

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”) and a further announcement released on
2 March 2012 advising of certain changes to the terms of the
collar agreement.

The second tranche of the call options within the zero-cost collar
are now due, and since the current share price exceeds the option
strike price on the call options, shareholders are advised that Mr
Gore and Mr Swartzberg have concluded transactions in relation to
the 2,424,918 options sold by Mr Gore and 851,998 options sold by
Mr Swartzberg and the corresponding Discovery shares held by Mr
Gore and Mr Swartzberg. This has resulted in the disposal of the
affected shares and Mr Gore and Mr Swartzberg receiving the amount
of the strike price under the options. The obligations under the
options have terminated.

Director                     :   Adrian Gore
Company                      :   Discovery Limited

Nature of the transaction    :   Sale of ordinary shares and
                                 termination of the collar
Date of transaction:         :   02 May 2013
Number of shares sold        :   2,424,918

Price                        :   R48.35
Value of transaction         :   R117 244 785.30
On market/off market         :   Off market
Nature of interest           :   Indirect beneficial
Clearance                    :   Yes


Director                     :   Barry Swartzberg
Company                      :   Discovery Limited
Nature of the transaction    :   Sale of ordinary shares and
                                 termination of the collar
Date of transaction:         :   02 May 2013

Number of shares sold        :   851,998

Price                        :   R48.51

Value of transaction         :   R41 330 422.98

On market/off market         :   Off market

Nature of interest           :   Indirect beneficial

Clearance                    :   Yes

Sandton
6 May 2013

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

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