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Dealings in Securities by a Director
DISCOVERY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1999/007789/06)
Legal Entity Identifier: 378900245A26169C8132
JSE share code: DSY, DSBP
DSY ISIN: ZAE000022331
DSBP ISIN: ZAE000158564
JSE bond company code: DSYI
("Discovery")
DEALINGS IN SECURITIES BY A DIRECTOR
In compliance with paragraphs 3.63 to 3.74 of the JSE Limited ("JSE") Listings Requirements and paragraphs 6.45
to 6.56 of the JSE Debt and Specialist Securities Listings Requirements, the following information is disclosed.
Shareholders and noteholders are referred to the announcement released on the Stock Exchange News Service
of the JSE on 30 May 2024 which, in turn, referred to prior announcements, dated 17 May 2024, 23 March 2020
which, in turn, referred to prior announcements, dated 2 December 2019, 21 October 2016 and 4 November
2013, regarding hedging transactions entered into by Mr Adrian Gore over a portion of his shareholding in
Discovery. These hedging transactions were related to funding arrangements entered into in order to follow
various rights offers and subscriptions for Discovery ordinary shares over time.
The collar arrangement forming part of the hedging transactions, which included call options on the Discovery
ordinary shares, has now reached maturity. The current Discovery share price at the collar's maturity is higher
than the strike price on the call options, leading to the sale of Discovery ordinary shares (see Transactions 1 to 4
below). Importantly, these sales pertain solely to a subset of Mr Gore's shareholding subject to the collar
arrangement.
In addition, shareholders and noteholders are now advised that Mr Gore has entered into replacement hedging
transactions, as disclosed below (see Transactions 5 and 6 below).
Director : Mr Adrian Gore
Company : Discovery Limited
Office held : Group Chief Executive
Nature of interest : Indirect beneficial
Clearance obtained : Yes
Transaction 1
Date of transaction : 20 May 2025
Class of securities : Ordinary shares
On market/off market : On market
Nature of transaction : Sale of securities
Number of shares : 35,000
Selling price per share : ZAR 207.35
Total value of transaction : ZAR 7,257,250.00
Transaction 2
Date of transaction : 21 May 2025
Class of securities : Ordinary shares
On market/off market : On market
Nature of transaction : Sale of securities
Number of shares : 35,000
Selling price per share : ZAR 209.51
Total value of transaction : ZAR 7,332,850.00
Transaction 3
Date of transaction : 22 May 2025
Class of securities : Ordinary shares
On market/off market : On market
Nature of transaction : Sale of securities
Number of shares : 35,000
Selling price per share : ZAR 209.09
Total value of transaction : ZAR 7,318,150.00
Transaction 4
Date of transaction : 23 May 2025
Class of securities : Ordinary shares
On market/off market : On market
Nature of transaction : Sale of securities
Number of shares : 35,000
Selling price per share : ZAR 210.00
Total value of transaction : ZAR 7,350,000.00
Transaction 5
Date of transaction : 21 May 2025
Class of securities : Options over Discovery ordinary shares
On market/off market : Off market
Nature of transaction : Purchase of European put options with an average
strike price of ZAR 209.21 per share
Exercise dates : From 21 May 2031 to 23 May 2031
Number of options : 525,000
Notional value of transaction in 2031 : ZAR 109,835,250.00
Transaction 6
Date of transaction : 21 May 2025
Class of securities : Options over Discovery ordinary shares
On market/off market : Off market
Nature of transaction : Sale of European call options with an average strike
price of ZAR 445.61 per share
Exercise dates : From 21 May 2031 to 23 May 2031
Number of options : 525,000
Notional value of transaction in 2031 : ZAR 233,945,250.00
Sandton
26 May 2025
Equity and Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 26-05-2025 04:47:00
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