DISCOVERY LIMITED - Presentation at financials conference, including trading update for Discovery SA

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" or the "Group")



Presentation at financials conference, including trading update for Discovery SA



Discovery's CEO of South Africa and Discovery Bank, Hylton Kallner, will present today at the UBS South Africa
("SA") Financial Services Conference 2025. The presentation can be found at the following link on the Discovery
Group Investor Relations website (https://www.discovery.co.za/assets/discoverycoza/corporate/investor-
relations/2025/ubs-sa-financial-services-conference-2025.pdf).


The presentation highlights the strategic value drivers across Discovery SA's businesses and demonstrates
Discovery SA's strong performance in the first quarter of the 2026 financial year on some key metrics. Some
notable areas within the presentation are highlighted here:


Strong new business production across Discovery SA for the quarter

For the quarter ended 30 September 2025 ("reporting quarter") compared with the quarter ended 30 September
2024 ("prior quarter"):

     - Discovery Individual Life's new business production for embedded value purposes increased 16%. The
       resulting impact on lower unit costs, combined with lower SA longer-term yields as at 30 September
       2025, had a marked increase in the value of new business for Individual Life for the reporting quarter.
       Lower prevailing rates of inflation mechanically reduced automatic contribution increases, resulting in
       total annual premium income ("API") increasing by 3%.

     - Discovery Invest's new business production for embedded value purposes increased 12%, while its total
       new business API increased 9%, also impacted by lower inflationary increases.
     - Discovery Health's new business API increased 8%.

     - Discovery Insure's new business API increased 5%.

     - Discovery Group Life and Umbrella Funds business is more volatile by nature, due to the relative impact
       of large scheme sales period on period.


Discovery Individual Life's claims and persistency experience has remained ahead of embedded value
expectations ("expected")

For the reporting quarter for Discovery Individual Life:

     - Actual claims, gross of reinsurance, were 84% of expected, comparing favourably with 86% of expected
       for the financial year to June 2025.

     - Actual lapses were 93% of expected, tracking only slightly up on the 89% of expected for the financial
       year to June 2025.


A strong start to 2026 further increases confidence around the growth ambition for Discovery SA
Discovery SA has a five-year ambition of 12.5% to 17.5% growth in profit from operations as its contribution to
Discovery Group's 15% to 20% five-year ambition. Discovery SA delivered 22% growth in profit from operations
for the 2025 financial year, the first year of this ambition. The continued resilience and growth in the first quarter
of the 2026 financial year has further increased Discovery SA's confidence in achieving its ambition as well as
achieving growth in profit from operations within this 12.5% to 17.5% range for the 2026 financial year.


This information only considers the performance of one quarter and all forward looking statements involve risk
and uncertainty because they relate to future events and circumstances which are beyond Discovery's control.
Accordingly, Discovery's actual future financial performance and results may differ. Any reference to future
financial performance has not been reviewed or reported on by the Group's auditors.

Sandton
9 October 2025

Equity and Debt Sponsor

Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 09-10-2025 11:08:00

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