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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 announcements released on the Stock Exchange News Service
of the JSE, with the most recent being on 28 June 2024, related to hedging transactions entered into by Mr Adrian
Gore over a portion of his shareholding in Discovery. These 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 has now reached maturity and Mr Gore has
entered into replacement hedging transactions, as disclosed below (see Transactions 1,2,3 and 4). The current
Discovery share price at the collar's maturity is higher than the strike price on the call options on Discovery
ordinary shares, that were included in the collar arrangement. This had led to the sale of Discovery ordinary
shares under the collar to settle this, as per Transaction 5 below (amounting to approximately 2% of Mr Gore's
shareholding).
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 : 11 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 217.35 per share
Exercise dates : From 15 December 2031 to 22 December 2031
Number of options : 2,800,000
Notional value of transaction in 2031 : ZAR 608,581,400.00
Transaction 2
Date of transaction : 11 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 374.07 per share
Exercise dates : From 15 December 2031 to 22 December 2031
Number of options : 2,800,000
Notional value of transaction in 2031 : ZAR 1,047,396,000.00
Transaction 3
Date of transaction : 11 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 205.91 per share
Exercise dates : From 12 January 2032 to 16 January 2032
Number of options : 600,000
Notional value of transaction in 2032 : ZAR 123,546,600.00
Transaction 4
Date of transaction : 11 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 496.47 per share
Exercise dates : From 12 January 2032 to 16 January 2032
Number of options : 600,000
Notional value of transaction in 2032 : ZAR 297,882,000.00
Transaction 5
Date of transaction : 18th December 2025
Class of securities : Ordinary shares
On market/off market : On market
Nature of transaction : Sale of securities
Number of shares : 930,000
Volume weighted average sale price per share : ZAR 230.24
Highest price per share : ZAR 231.91
Lowest price per share : ZAR 228.61
Total value of transaction : ZAR 214,123,163.38
Sandton
18 December 2025
Equity and Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 18-12-2025 05:46:00
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