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 announcements released on the Stock Exchange News Service
(“SENS”) of the JSE, with the most recent being on 24 June 2024, related to hedging transactions entered into by
Mr Adrian Gore over a portion of his shareholding in Discovery. The hedging arrangements were established to
fund participation in various rights offers and subscriptions for Discovery ordinary shares over time.

The collar arrangement forming part of these hedging transactions, which included call options on Discovery
ordinary shares as announced on SENS on 24 June 2024, was approaching maturity. As the current Discovery
share price exceeds the strike price of the call options, Mr Gore has terminated the collar early and replaced it
with a new collar arrangement (see Transactions 2 and 3 below). The termination of the collar has led to the sale
of a portion of Discovery shares (see Transaction 1 below). Importantly these sales relate solely to a portion of
Mr Gore’s shareholding that was subject to the maturing collar.


 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                                :    23 June 2025
 Class of securities                                :    Ordinary shares
 On market/off market                               :    On market
 Nature of transaction                              :    Sale of securities
 Number of shares                                   :    50,000
 Selling price per share                            :    ZAR 210.83
 Total value of transaction                         :    ZAR 10,541,500.00

Transaction 2
 Date of transaction                                :    20 June 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 215.07 per share
 Exercise dates                                     :    From 23 June 2031 to 30 June 2031
 Number of options                                  :    2,075,004
 Notional value of transaction in 2031              :    ZAR 446,271,110.28

Transaction 3
 Date of transaction                                :    20 June 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 297.52 per share
 Exercise dates                                  :    From 23 June 2031 to 30 June 2031
 Number of options                               :    2,075,004
 Notional value of transaction in 2031           :    ZAR 617,355,190.08



Sandton
26 June 2025

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