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)
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 6.42 to 6.53 of the JSE Debt 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 23 November 2022, with regards to Mr Swartzberg's hedging transactions entered
into over a portion of his shareholding in Discovery.

Shareholders and noteholders are now advised that Mr Swartzberg has replaced the existing hedging
transaction, as stated below. These hedging transactions are related to funding arrangements entered
into in order to follow various rights offers and subscriptions for Discovery shares over time.

 Director                                    :   Mr Barry Swartzberg
 Company                                     :   Discovery Limited
 Office held                                 :   Director: Discovery Limited
 Nature of interest                          :   Indirect beneficial
 Clearance obtained                          :   Yes
 Date of Transaction                         :   30 November 2023
 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 R 119.56 per share
 Exercise dates                             :    21 November 2024 – 11 December 2024
 Number of options                          :    3,000,000
 Notional value of transaction in 2024      :    R358,680,000

 Nature of transaction                      :    Sale of European call options with an average
                                                 strike price of R 166.06 per share
 Exercise dates                             :    21 November 2024 – 11 December 2024
 Number of options                          :    3,000,000
 Notional value of transaction in 2024      :    R498,180,000

Sandton
5 December 2023

Equity and Debt Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)

Date: 05-12-2023 05:42:00
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