Enhanced Investments - Financial Portal

Dealings in Securities by a Director

Published: 2025-05-30 13:42:27 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 6.45
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 30 May 2024 which, in turn, referred to prior announcements, dated 17 May 2024, 23 March 2020
which, in turn, referred to prior announcements, dated 2 December 2019, 21 October 2016 and 4 November
2013, regarding hedging transactions entered into by Mr Adrian Gore 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.

The collar arrangement forming part of the hedging transactions, which included call options on the Discovery
ordinary 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 Discovery ordinary shares (see Transactions 1 to 4
below). Importantly, these sales pertain solely to a subset of Mr Gore’s shareholding subject to the collar
arrangement.

In addition, shareholders and noteholders are now advised that Mr Gore has entered into replacement hedging
transactions, as disclosed below (see Transactions 5 and 6 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                                 :     26 May 2025
 Class of securities                                 :     Ordinary shares
 On market/off market                                :     On market
 Nature of transaction                               :     Sale of securities
 Number of shares                                    :     37,500
 Selling price per share                             :     ZAR 213.45
 Total value of transaction                          :     ZAR 8,004,375.00

Transaction 2
 Date of transaction                                 :     27 May 2025
 Class of securities                                 :     Ordinary shares
 On market/off market                                :     On market
 Nature of transaction                               :     Sale of securities
 Number of shares                                    :     37,500
 Selling price per share                             :     ZAR 214.61
 Total value of transaction                          :     ZAR 8,047,875.00
Transaction 3
 Date of transaction                             :    28 May 2025
 Class of securities                             :    Ordinary shares
 On market/off market                            :    On market
 Nature of transaction                           :    Sale of securities
 Number of shares                                :    39,000
 Selling price per share                         :    ZAR 216.82
 Total value of transaction                      :    ZAR 8,455,980.00

Transaction 4
 Date of transaction                             :    29 May 2025
 Class of securities                             :    Ordinary shares
 On market/off market                            :    On market
 Nature of transaction                           :    Sale of securities
 Number of shares                                :    39,000
 Selling price per share                         :    ZAR 219.40
 Total value of transaction                      :    ZAR 8,556,600.00

Transaction 5
 Date of transaction                             :    27 May 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 214.61 per share
 Exercise dates                                  :    9 June 2031
 Number of options                               :    250,000
 Notional value of transaction in 2031           :    ZAR 53,652,500.00

Transaction 6
 Date of transaction                             :    27 May 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 457.12 per share
 Exercise dates                                  :    9 June 2031
 Number of options                               :    250,000
 Notional value of transaction in 2031           :    ZAR 114,280,000.00



Sandton
30 May 2025

Equity and Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

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

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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.