DISCOVERY LIMITED - Voluntary trading statement: six months ended 31 December 2016

Voluntary trading statement: six months ended 31 December 2016

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”)

VOLUNTARY TRADING STATEMENT: SIX MONTHS ENDED 31 DECEMBER 2016

Shareholders are advised that:
   - Normalised profit from operations is expected to increase by between 10% and 15% for the six
     months ended 31 December 2016 (“current period”) over the corresponding prior period (“prior
     period”) to between R3 316 million and R3 467 million (2015: R3 015 million).
   - Normalised headline earnings per share (undiluted) is expected to increase in the range of 0% to
     5%, to between 336.6 cents and 353.4 cents over the prior period (2015: 336.6 cents);
   - Headline earnings per share (undiluted) is expected to increase in the range of 10% to 15%, to
     between 308.7 cents and 322.7 cents over the prior period (2015: 280.6 cents); and
   - Earnings per share (undiluted) is expected to increase in the range of 10% to 15%, to between
     309.1 cents and 323.2 cents (2015: 281.0 cents).

The reason for the difference in the growth rate between Normalised profit from operations and
Normalised headline earnings per share is that the capital raised in the rights issue of April 2015 was
only deployed at the end of the prior period, in December 2015. The effect of this was higher interest
income and lower finance charges in the prior period. It is expected that this difference in growth rate
will narrow for the Group's full financial year.

Discovery’s results for the current period are due to be released on SENS on 23 February 2017.

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

Sandton
20 February 2017

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

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