DISCOVERY LIMITED - Trading statement: six months ended 31 December 2014

Trading statement: six months ended 31 December 2014

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

TRADING STATEMENT: SIX MONTHS ENDED 31 DECEMBER 2014

The following statement is made with reference to the requirements of paragraph 3.4(b) of the JSE Limited
Listings 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 six months ended 31 December 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 referred to the Stock Exchange News Service ("SENS") announcement of 19 November 2014
which advised that, following Discovery's acquisition of the remaining 25% issued share capital of Prudential
Health Holdings Limited, the holding company of PruHealth and PruProtect joint venture, from Prudential
Assurance Company ("Prudential"), the accounting of the puttable non-controlling interest in respect of
Prudential's put option falls away, and the difference between the current value and the purchase price of the
25% will be released to the income statement for the six months ended 31 December 2014. The accounting
effects of the release of the put option liability impacts positively on earnings per share and headline earnings
per share and does not have any impact on normalised earnings per share or normalised headline earnings per
share.

Shareholders are advised that guidance for the current period is as follows:

                                                             Actual
                                                       December 2013             Guidance for the current period
                                                             (cents)            % increase            Range (cents)
 Normalised headline earnings per share -                     296.2             10% to 20%          325.8 to 355.4
 undiluted
 Headline earnings per share- undiluted                        301.4           95% to 105%          587.7 to 617.9
 Earnings per share- basic                                     307.7           95% to 105%          600.0 to 630.8

Discovery's results for the current period are due to be released on SENS on 24 February 2015.

The financial information on which this trading statement is based has not been reviewed and reported on by
the Company's external auditors.

Sandton
18 February 2015

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

Date: 18/02/2015 02:57:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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