Independent non-executive director changes DISCOVERY LIMITED (Incorporated in the Republic of South Africa) (Registration number 1999/007789/06) Legal Entity Identifier: 378900245A26169C8132 JSE share code: DSY, DSYBP DSY ISIN: ZAE000022331 DSBP ISIN: ZAE000158564 JSE bond code: DSYI (“Discovery” or “Company” or “Group”) INDEPENDENT NON-EXECUTIVE DIRECTOR CHANGES In compliance with paragraph 3.59 of the Listings Requirements of the JSE Limited, shareholders are advised of the following non-executive director changes at Discovery. The Company is pleased to announce the appointment of Mr David Macready as independent non-executive director to the Group Board, effective from 3 February 2020; and as member of the Group Audit Committee, transitioning to its chairperson with effect from 14 February 2020. Mr Macready will also be appointed as a member of the Actuarial Committee and Risk and Compliance Committee of the Group. Mr Macready’s membership of the Group Audit Committee will allow for a controlled handover from Mr Les Owen, independent non-executive director and chairperson of the Group Audit Committee, who has informed the Board of his intention to retire given his 12-year tenure. This will be effective at the close of the Board meeting scheduled on 14 February 2020. Appointment of David Macready Discovery is in an important phase of its development with the recent launch and scaling of its Banking operations, navigating through a challenging macro-economic environment, as well as its global expansion into different markets via key partnerships. This requires a unique set of skills and breadth of experience including accounting and actuarial expertise, together with multinational financial services experience spanning insurance and retail banking; as well as Board and Audit Committee experience – all within a high-growth and entrepreneurial environment. The Board believes that Mr Macready’s substantial institutional experience is closely aligned to the needs of the Group during this important phase of its evolution. Mr Macready (61), a chartered accountant registered with the South African Institute of Chartered Accountants, is a seasoned professional having commenced his career at Deloitte & Touche in South Africa and a further six years in the United Kingdom. Mr Macready has spent the past 22 years in the wider Old Mutual Group, more recently being chief executive officer of Old Mutual South Africa between 2015 and 2017. Mr Macready was chief executive of Old Mutual Wealth and Investment Group between 2017 and December 2018. Mr Macready also held a number of key directorships and audit committee memberships within the Old Mutual and Nedbank Group of companies over the past 12 years. Discovery welcomes Mr Macready to the Board. Planned retirement of Mr Les Owen Mr Owen has served as an independent non-executive director of the Company since December 2007 and has been chairperson of the Group Audit Committee, as well as a member of the Actuarial Committee and Risk and Compliance Committee. During his tenure at Discovery, Mr Owen has played a significant role in these important governance and stewardship roles. Discovery wishes to thank Mr Owen for his invaluable contribution to the Group over the past 12 years. Mr Owen will ensure a controlled handover to Mr Macready as the new chairperson of the Group Audit Committee. Sandton 15 January 2020 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 15-01-2020 03:17:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.