DISCOVERY LIMITED - Discovery Limited-Change of Credit Outlook

Discovery Limited-Change of Credit Outlook

Discovery Limited
(Incorporated in the Republic of South Africa)
(Registration No. 1999/007789/06)
Legal Entity Identifier: 378900245A26169C8132
JSE share code: DSY, DSYBP
DSY ISIN: ZAE000022331
DSBP ISIN: ZAE000158564
JSE bond company code: DSYI
("Discovery" or the "Issuer")

CHANGE TO THE CREDIT OUTLOOK FOLLOWING MOODY'S OUTLOOK CHANGE ON THE SOUTH
AFRICAN GOVERNMENT

Shareholders and noteholders are referred to the Moody's Investors Service ("Moody's") press release
dated 27 May 2026 on the South African insurers, including Discovery. Moody's has reaffirmed the
long-term Issuer rating of Discovery at Ba3 and changed the outlook to positive from stable. The
national scale long term issuer rating of Discovery was also reaffirmed at Aa3.za.

The change to the credit outlook follows Moody's affirmation of the South African government's Ba2
issuer rating and change in outlook to positive from stable on 22 May 2026.

Moody's noted: "The outlook change to positive from stable reflects an improved sovereign outlook
for South Africa. Insurers' credit profiles benefit given their significant exposure to domestic
government securities and bank deposits. We view key credit fundamentals such as asset quality,
capitalisation, profitability and financial flexibility as closely linked to local economic and market
conditions."

Further details are available on the Moody's website at the following link:
https://ratings.moodys.com/rmc-documents/466058


Sandton

28 May 2026

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




                                                                                                        

Date: 28-05-2026 04:32:00
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