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 5 December 2023 which, in turn, referred to a prior announcement, dated 23 November 2022,
regarding hedging transactions entered into by Mr Barry Swartzberg 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 shares over time.

The collar arrangement forming part of the hedging transactions, which included call options on the shares, has
now reached maturity. The current Discovery share price at the collar’s maturity is higher than the strike price
on the call options, leading to the sale of shares. Importantly, these sales pertains solely to a subset of Mr
Swartzberg’s shareholding subject to the collar arrangement, with no additional shares involved.

 Director                                           :    Mr. Barry Swartzberg
 Company                                            :    Discovery Limited
 Office held                                        :    Executive Director: Discovery
 Nature of interest                                 :    Indirect beneficial
 Clearance obtained                                 :    Yes
 Class of securities                                :    Ordinary shares
 On market/off market                               :    On market

Transaction 1
 Date of transaction                                :    03 December 2024
 Nature of transaction                              :    Sale of securities
 Number of shares                                   :    200,000
 Selling price per share                            :    ZAR 193.58
 Total value of transaction                         :    ZAR 38,716,000.00

Transaction 2
 Date of transaction                                :    04 December 2024
 Nature of transaction                              :    Sale of securities
 Number of shares                                   :    200,000
 Selling price per share                            :    ZAR 194.00
 Total value of transaction                         :    ZAR 38,800,000.00


Transaction 3
 Date of transaction                                :    05 December 2024
 Nature of transaction                              :    Sale of securities
 Number of shares                                   :    200,000
 Selling price per share                            :    ZAR 194.57
 Total value of transaction                         :    ZAR 38,914,000.00

Transaction 4
 Date of transaction                                :    06 December 2024
 Nature of transaction                            :    Sale of securities
 Number of shares                                 :    200,000
 Selling price per share                          :    ZAR 196.67
 Total value of transaction                       :    ZAR 39,334,000.00



Sandton
09 December 2024

Equity Sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)

Debt Sponsor
FirstRand Bank Limited