Trading statement: Year ended 30 June 2014 DISCOVERY LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1999/007789/06) ISIN: ZAE000022331 Share Code: DSY ("Discovery" or "the Company") TRADING STATEMENT: YEAR ENDED 30 JUNE 2014 The following statement is made with reference to the requirements of section 3.4(b) of the JSE Listing Requirements which requires an issuer to publish a trading statement as soon as it has a reasonable degree of certainty that Earnings Per Share and / or Headline Earnings Per Share for the next reporting period will differ by at least 20% from that of the previous corresponding reporting period. Discovery is currently finalising its results for the year ended 30 June 2014 ("current period"). Management is of the view that normalised headline earnings per share best represents the underlying operating performance of the group. Shareholders are advised that guidance for the current period is as follows: Actual Guidance for the June 2013 current period Per share (cents) % Normalised Headline Earnings - undiluted 502.9 15% to 25% increase Headline Earnings - undiluted 372.0 40% to 50% increase Earnings - basic 372.2 45% to 55% increase Discovery’s results for the current period are due to be released on SENS on 03 September 2014. The financial information on which this trading statement is based has not been reviewed and reported on by the Company's external auditors. Sandton 27 August 2014 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 27/08/2014 12:02:00 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.