DISCOVERY LIMITED - Appointment of Hylton Kallner as CEO of Discovery Bank Limited and Discovery Bank Holdings Limited

Appointment of Hylton Kallner as CEO of Discovery Bank Limited and Discovery Bank Holdings Limited

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")

APPOINTMENT OF HYLTON KALLNER AS CEO of DISCOVERY BANK LIMITED and DISCOVERY BANK HOLDINGS LIMITED

Discovery today announced the appointment of Hylton Kallner as the new CEO of Discovery Bank and
Discovery Bank Holdings effective from 1 January 2021, following the approval received from the
Prudential Authority. Hylton Kallner replaces Barry Hore as the Bank has completed its build and
migration phase, during which several important milestones were achieved. These include the build of the
Bank‘s powerful digital banking capability based on the Shared-Value model, the creation of world-class
banking products and the successful migration of all Discovery Card accounts from FirstRand Bank
Limited to Discovery Bank. The Bank has also seen its first full year of operations, with all user journeys
maturing and strong growth to over 500,000 accounts and R5bn in retail deposits. It continues to
innovate at a rapid pace, with the latest rewards and digital enhancements being positively received.
Building on this momentum and supported by the Bank team, Hylton is taking Discovery Bank forward as
it accelerates this growth and increases its focus on integration.

“In taking over from Barry, Hylton will leverage his experience as CEO of the SA businesses of Discovery in
building a powerful and integrated composite. His understanding of Discovery’s Shared-Value business
model, along with his extensive experience at Discovery Group spanning nearly 25 years, position him well
to drive continued growth and success for Discovery Bank. His experience in the conceptualisation and
operation of the original Discovery Card and more recently overseeing the provision of core Group
services to Discovery Bank, add to the competencies gained in his decade as the group’s Chief Marketing
Officer. Hylton will step down from various subsidiary boards but will retain his role as chair of the
Discovery South Africa Exco as the key co-ordination structure across the SA Composite. This will enable
him to leverage assets across the Group as the Bank focuses on driving strong, high-quality customer
growth and value,” said Adrian Gore, Discovery Group Chief Executive.

"I would like to thank Barry Hore. Over the past five years, Barry has led the build of the Bank from the
ground up, culminating in the public launch and completion of the migration of the Discovery Card
portfolio from FirstRand Bank Limited. I would like to thank him for his invaluable contribution. His unique
combination of deep banking and technology experience has been instrumental in establishing a strong
operational capability and cutting-edge digital customer proposition, attracting a high-quality customer
base and robust retail deposit franchise. Barry leaves having established a strong and experienced
leadership team, supported by deep specialists across multiple disciplines, with significant banking
experience. We are hugely thankful to Barry for all he has done and wish him all the best in his future
endeavours,” said Adrian Gore.

Reflecting on his time as CEO of Discovery Bank, Barry Hore said, “I feel privileged to have had this
opportunity to join the Discovery team in creating and building Discovery Bank. I would like to thank the
incredible team that has supported me in this journey and feel confident that I am able to leave at this
point, having built the strong foundations of a uniquely disruptive banking capability. I am truly proud of
what has been achieved in such a short space of time”

Sandton
10 December 2020

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

Date: 10-12-2020 09:00:00
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