DISCOVERY LIMITED - Dealings in securities by a director

Dealings in securities by a director

DISCOVERY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1999/007789/06)
JSE share code: DSY ISIN: ZAE000022331
("Discovery")


DEALINGS IN SECURITIES BY A DIRECTOR

Shareholders are referred to the announcement released on SENS on
4 November 2013.

In compliance with the JSE Limited Listings Requirements, the
following information is disclosed:

Given the expiry of the previous hedge, Mr. Gore has entered into
a new hedging transaction over a portion of his shareholding in
Discovery. The new hedging transaction has been entered into for
purposes of managing the risk associated with debt previously
raised for Mr Gore’s acquisition of Discovery shares during the
Discovery rights issue of July 2003 and subsequently in April
2015.

Director                     :   Adrian Gore
Company                      :   Discovery Limited
Date of transactions         :   17 October 2016
Class of shares              :   Options over Discovery ordinary
                                 shares
Nature of interest           :   Indirect beneficial
On market/off market         :   Off market
Clearance obtained           :   Yes

Transaction 1
Nature of transaction        :   Purchase of European put options
                                 with a strike price of R 83.16
Exercise Dates               :   Every Tuesday and Thursday from 21
                                 January 2020 to 16 April 2020 (26
                                 equally weighted tranches)
Number of options            :   4,392,804
Initial Price per share      :   R 108.00
Notional value of            :   R 365,305,580.64
transaction in 2020

Transaction 2
Nature of transaction        :    Purchase of European put options
                                  with a strike price of R 93.96
Exercise Dates               :    Every Tuesday and Thursday from
                                  21 January 2020 to 16 April 2020
                                  (26 equally weighted tranches)
Number of options            :    4,392,804
Initial Price per share      :    R 108.00
Notional value of            :    R 412,747,863.84
transaction in 2020

Transaction 3
Nature of transaction        :   Sale of European call options
                                 with a strike price of R 199.80
Exercise Dates               :   Every Tuesday and Thursday from
                                 21 January 2020 to 16 April 2020
                                 (26 equally weighted tranches)
Number of options            :   8,785,608
Initial Price per share      :   R 108.00
Notional value of            :   R 1,755,364,478.40
transaction in 2020


Sandton
21 October 2016

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

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