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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 paragraphs 3.63 to 3.74 of the JSE Limited ("JSE") Listings Requirements and paragraphs 6.45
to 6.56 of the JSE Debt and Specialist Securities Listings Requirements, the following information is disclosed.
Shareholders and noteholders are referred to the announcement released on the Stock Exchange News Service
of the JSE on 17 May 2024 and 28 June 2024 which, in turn, referred to prior announcements, dated 24 June
2024, 23 March 2020, 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. These hedging transactions
were related to funding arrangements entered into in order to follow various rights offers and subscriptions for
Discovery ordinary shares over time.
Shareholders and noteholders are now advised that as the collar arrangements forming part of these hedging
transactions have reached maturity, Mr Gore has entered into replacement hedging transactions, as disclosed
below (see Transactions 1 and 2 below).
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 : 5 December 2025
Class of securities : Options over Discovery ordinary shares
On market/off market : Off market
Nature of transaction : Purchase of European put options with an average
strike price of ZAR 229.28 per share
Exercise dates : From 8 December 2031 to 12 December 2031
Number of options : 1,590,000
Notional value of transaction in 2031 : ZAR 364,555,200.00
Transaction 2
Date of transaction : 5 December 2025
Class of securities : Options over Discovery ordinary shares
On market/off market : Off market
Nature of transaction : Sale of European call options with an average strike
price of ZAR 374.87 per share
Exercise dates : From 8 December 2031 to 12 December 2031
Number of options : 1,590,000
Notional value of transaction in 2031 : ZAR 596,047,752.00
Transaction 3
Date of transaction : 10 December 2025
Class of securities : Ordinary shares
On market/off market : On market
Nature of transaction : Sale of securities
Number of shares : 220,000
Selling price per share : ZAR 228.68
Total value of transaction : ZAR 50,309,600.00
Sandton
11 December 2025
Equity and Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 11-12-2025 03:56:00
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