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 the JSE Limited ("JSE") Listings Requirements and the JSE Debt and Specialist Securities
Listings Requirements, the following information is disclosed.

Shareholders and noteholders are referred to the announcements released on the Stock Exchange News Service
of the JSE, with the most recent being on 9 December 2024, related to hedging transactions entered into by Mr
Adrian Gore over a portion of his shareholding in Discovery. These hedging transactions were established to fund
participation in various rights offers and subscriptions for Discovery ordinary shares over time.

A portion of the collar arrangement forming part of the hedging transactions, which included both put and call
options on the 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 shares to settle the position. These sales
pertain solely to a portion of Mr Gore's shareholding subject to the collar arrangement and represent
approximately 0.5% of Mr Gore's total shareholding in Discovery.

In addition, shareholders and noteholders are now advised that Mr Gore has terminated the remainder of the
collar arrangement, and entered into a replacement hedging arrangement comprising solely the purchase of put
options, as disclosed below. Unlike the previous collar arrangement, this does not include the sale of any call
options, and accordingly provides downside protection over the relevant shares while preserving Mr Gore's full
upside participation in the Discovery share price, consistent with his continued confidence in the long-term
prospects of Discovery, in which he remains a substantial long-term shareholder.



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:                               25 June 2026
Class of securities:                               Options over Discovery ordinary shares
On market/off market:                              Off market
                                                   Purchase of European put options with an average strike
Nature of transaction:
                                                   price of R199.76 per share
Exercise dates:                                    From 17 June 2031 to 20 June 2031
Number of options:                                 1,000,000
Notional value of transaction in 2031:             R199,760,000.00


Transaction 2
Date of transaction:                               25 June 2026
Class of securities:                               Ordinary shares
On market/off market:                              On market
Nature of transaction:                             Sale of securities
Number of shares:                                  63,000
Selling price per share:                           R282.13
Total value of transaction:                        R17,774,190.00


Transaction 3
Date of transaction:                               26 June 2026
Class of securities:                               Ordinary shares
On market/off market:                              On market
Nature of transaction:                             Sale of securities
Number of shares:                                  63,000
Selling price per share:                           R281.00
Total value of transaction:                        R17,703,000.00


Transaction 4
Date of transaction:                               29 June 2026
Class of securities:                               Ordinary shares
On market/off market:                              On market
Nature of transaction:                             Sale of securities
Number of shares:                                  100,000
Selling price per share:                           R264.84
Total value of transaction:                        R26,484,000.00


30 June 2026
Sandton

Equity and Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited


Date: 30-06-2026 05:00:00
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