DISCOVERY LIMITED - Trading statement: Year ended 30 June 2015

Trading statement: Year ended 30 June 2015

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: YEAR ENDED 30 JUNE 2015

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 year ended 30 June 2015 (“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 unaudited interim results announcement on the Stock Exchange News Service
("SENS") dated 24 February 2015 which advised that, Discovery’s acquisition of the remaining 25% issued share
capital of Prudential Health Holdings Limited, the holding company of the PruHealth and PruProtect joint
venture, from Prudential Assurance Company ("Prudential"), extinguished the put options Prudential held in
respect of its interest in the joint venture. The accounting treatment of this has an effect on earnings per share
and headline earnings per share, but does not impact normalised headline earnings, which the Company views
as an appropriate measure of performance and best representing underlying performance.

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

                                                    June 2014     June 2014
                                                    Previously     Restated
                                                     reported                     Guidance for the current period
                                                       (cents)       (cents)        increase (%)      Range (cents)
 Normalised headline earnings per share -               611.3         594.8             10 to 20      654.3 to 713.8
 undiluted
 Headline earnings per share- undiluted                 542.0         527.4             60 to 70      843.8 to 896.6

 Earnings per share- basic                              574.2         558.7             60 to 70      893.9 to 949.8

Shareholders are further advised that the Rights Issue announced on SENS on 7 April 2015, has resulted in an
increase in the total shares in issue. In terms of International Accounting Standards (IAS33: Earnings per share),
the weighted average number of shares for the current and prior period is adjusted by the bonus element of
the Rights Issue. This has resulted in the requirement to restate the normalised, headline and earnings per
share results for the year ended 30 June 2014.The following number of shares have been used in the
calculation of per share information:

                                                                                           June 2015     June 2014
                                                                                                          Restated
 Weighted number of shares in issue (000's)                                                  598 946       581 123
 Diluted weighted number of shares (000's)                                                   607 290       595 699



Discovery’s results for the current period are due to be released on SENS on 10 September 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
27 August 2015

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

Date: 27/08/2015 04:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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