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, DSYBP
DSY ISIN: ZAE000022331
DSBP ISIN: ZAE000158564
JSE bond code: DSYI
("Discovery")

DEALINGS IN SECURITIES BY A DIRECTOR

In compliance with both the JSE Limited Listings and Debt Listings Requirements, the following information
is disclosed.

Shareholders and noteholders are referred to the announcement released on the Stock Exchange News
Service on 23 March 2020 which, in turn, referred to prior announcements, dated 2 December 2019, 21
October 2016 and 4 November 2013, with regards to Mr Gore’s hedging transactions entered into over a
portion of his shareholding in Discovery.

Shareholders and noteholders are now advised that Mr. Gore has further amended the hedging transactions
extended and amended on 23 March 2020 and originally entered into on 17 October 2016 by the purchase
of European call options in order to regain previously capped upside. Mr. Gore has simultaneously entered
into a new hedging transaction over a portion of his shareholding in Discovery by the purchase of European
put options.

Shareholders and noteholders are further advised that due to the non-declaration of an ordinary dividend
for the year ended 30 June 2020, Mr. Gore has sold Discovery shares in order to service funding arrangements
currently due and payable.

All transactions are related to funding arrangements entered into in order to follow various rights offers and
subscriptions for Discovery shares over time.


 Director                                     :   Adrian Gore
 Company                                      :   Discovery Limited
 Office held                                  :   Group Chief Executive
 Nature of interest                           :   Indirect beneficial
 Clearance obtained                           :   Yes

 Transaction 1
 Date of transaction                          :   17 November 2020
 Class of securities                          :   Options over Discovery ordinary shares
 On market / off market                       :   Off market
 Nature of transaction                        :   Purchase of European call options with a strike price of R
                                                  155.39
 Exercise Dates                               :   Every business day from 05 March 2024 to 04 April 2024
                                                  (20 equally weighted tranches)
 Number of options                            :   1,172,500
 Notional value of transaction in 2024        :   R 182,194,775

 Transaction 2
 Date of transaction                          :   17 November 2020
 Class of securities                          :   Options over Discovery ordinary shares
 On market / off market                       :   Off market
 Nature of transaction                        :   Purchase of European call options with a strike price of R
                                                  165.00
 Exercise Dates                               :   Every business day from 05 March 2024 to 04 April 2024
                                                  (20 equally weighted tranches)
 Number of options                            :   1,172,500
 Notional value of transaction in 2024        :   R 193,462,500

 Transaction 3
 Date of transaction                          :   17 November 2020
 Class of securities                          :   Options over Discovery ordinary shares
 On market / off market                       :   Off market
 Nature of transaction                        :   Purchase of European put options with a strike price of R
                                                  127.97
 Exercise Dates                               :   Every business day from 05 March 2024 to 04 April 2024
                                                  (20 equally weighted tranches)
 Number of options                            :   656,500
 Notional value of transaction in 2024        :   R 84,012,305

 Transaction 4
 Date of transaction                          :   19 November 2020
 Class of securities                          :   Ordinary shares
 On market / off market                       :   On-market
 Nature of transaction                        :   Sale of securities
 Number of shares                             :   394,000
 Selling price                                :   12,796 cents per share
 Total value of transaction                   :   R 50,419,077


Sandton
23 November 2020

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

Date: 23-11-2020 05:12:00
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