DISCOVERY LIMITED - Dealings in securities by a director

Dealings in securities by a director

DISCOVERY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1999/007789/06)
JSE share code: DSY ISIN: ZAE000022331
(“Discovery”)

DEALINGS IN SECURITIES BY A DIRECTOR

In compliance with the JSE Limited Listings Requirements, the following information is disclosed:
Mr Herschel Mayers has entered into a series of hedging transactions (“transactions”) over a portion of his shareholding
in Discovery. The transactions have been entered into as part of an equity funding arrangement with a financial
institution, which consists of a loan agreement securitised by simultaneous put derivative hedges.

 Director                                           :    Mr Herschel Mayers
 Company                                            :    Discovery Limited
 Date of transactions                               :    13 March 2019
 Class of securities                                :    Options over Discovery ordinary shares
 Nature of interest                                 :    Indirect beneficial
 On market / off market                             :    Off market
 Clearance obtained                                 :    Yes

 Transaction 1
 Nature of transaction                              :    Purchase of physically-settled European put options with a
                                                         strike price of R 102.24 per share
 Expiry Date                                        :    4 March 2022
 Number of options                                  :    1,044,563
 Reference Price per share                          :    R 146.0500
 Notional value of transaction                      :    R 106,796,121.12

 Transaction 2
 Nature of transaction                              :    Purchase of physically-settled European put options with a
                                                         strike price of R 102.24 per share
 Expiry Date                                        :    13 April 2022
 Number of options                                  :    1,050,648
 Reference Price per share                          :    R 146.0500
 Notional value of transaction                      :    R 107,418,251.52

 Transaction 3
 Nature of transaction                              :    Purchase of physically-settled European put options with a
                                                         strike price of R 102.24 per share
 Expiry Date                                        :    13 May 2022
 Number of options                                  :    1,053,484
 Reference Price per share                          :    R 146.0500
 Notional value of transaction                      :    R 107,708,204.16

 Transaction 4
 Nature of transaction                              :    Purchase of physically-settled European put options with a
                                                         strike price of R 102.24 per share
 Expiry Date                                        :    13 June 2022
 Number of options                                  :    1,056,312
 Reference Price per share                          :    R 146.0500
 Notional value of transaction                      :    R 107,997,338.88


Sandton
15 March 2019

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

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