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'). 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.