Change in executive responsibilities of director DISCOVERY LIMITED (Incorporated in the Republic of South Africa) (Registration number 1999/007789/06) Legal Entity Identifier: 378900245A26169C8132 JSE share code: DSY, DSYBP DSY ISIN: ZAE000022331 DSBP ISIN: ZAE000158564 JSE bond code: DSYI ("Discovery" or "Group") CHANGE IN EXECUTIVE RESPONSIBILITIES OF DIRECTOR In compliance with paragraph 3.59 of the Listings Requirements of the JSE Limited, shareholders are advised of the following change in executive director responsibilities at Discovery. Hylton Kallner as CEO of Discovery’s South African operations Mr Kallner, the current CEO of Discovery Life, will assume the role of CEO of Discovery’s South African operations. In the role, Mr Kallner will lead the composite strategy for Health, Life, Invest, Insure, and Vitality entities, and will oversee their integration with Vitality and Discovery Bank. Mr Kallner will continue to chair the SA EXCO, as the core governance forum of the SA composite. Given the strategic importance of Discovery Bank, it will continue to report to the Group CEO. As a result of the above change in executive responsibilities of Mr Kallner, the following voluntary disclosure is made. Riaan van Reenen as CEO of Discovery Life Mr van Reenen, the current Discovery Life Limited Chief Actuary, will assume the role of CEO and Director of Discovery Life, subject to regulatory approval. Given his leadership in the development of Discovery Life’s shared-value business model, Mr van Reenen has played a fundamental role in the business’s growth from start-up to the market leader in terms of new business market share and impact. Mr van Reenen has led the Discovery Life actuarial valuations team since its inception; he has also led the establishment of the actuarial functions for Group Risk, Discovery Invest and Vitality Life in the UK. These appointments are seen as an important step to create necessary focus to achieve the Group’s ambition. Sandton 29 January 2020 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 29-01-2020 05:06:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.