Enhanced Investments - Financial Portal

Dealings in securities by a director

Published: 2023-12-05 18:42:24 ET

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 6.42 to 6.53 of the JSE Debt 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 23 November 2022, with regards to Mr Swartzberg’s hedging transactions entered
into over a portion of his shareholding in Discovery.

Shareholders and noteholders are now advised that Mr Swartzberg has replaced the existing hedging
transaction, as stated below. These hedging transactions are related to funding arrangements entered
into in order to follow various rights offers and subscriptions for Discovery shares over time.

 Director                                    :   Mr Barry Swartzberg
 Company                                     :   Discovery Limited
 Office held                                 :   Director: Discovery Limited
 Nature of interest                          :   Indirect beneficial
 Clearance obtained                          :   Yes
 Date of Transaction                         :   30 November 2023
 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 R 119.56 per share
 Exercise dates                             :    21 November 2024 – 11 December 2024
 Number of options                          :    3,000,000
 Notional value of transaction in 2024      :    R358,680,000

 Nature of transaction                      :    Sale of European call options with an average
                                                 strike price of R 166.06 per share
 Exercise dates                             :    21 November 2024 – 11 December 2024
 Number of options                          :    3,000,000
 Notional value of transaction in 2024      :    R498,180,000

Sandton
5 December 2023

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

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

Important disclosures

Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

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Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.