Discovery Limited · JSE:DSY

Discovery — Investor Presentation (February 2026)

35 slides from Discovery's investor presentation, February 2026

  1. Slide 1: Discovery

    ry) Discovery

  2. Slide 2: Table of contents

    Table of contents Asset Class Performance to 30 January 2026 SA Rand against the US Dollar, Pound & Eur SA Equity Performance to 30 January 2026 o (5 years) Commodities Performance to 30 January 2026 Global Market Performance to 30 January 2026 Exchange Rates (USDZAR) SA Markets Exchange Rates (GBPZ

  3. Slide 3: Asset Class Performance to 30 January 2026

    Asset Class Performance to 30 January 2026 3

  4. Slide 4: SA Equity Performance to 30 January 2026

    SA Equity Performance to 30 January 2026 4

  5. Slide 5: Commodities Performance to 30 January 2026

    Commodities Performance to 30 January 2026 5

  6. Slide 6: Global Market Performance to 30 January 2026

    Global Market Performance to 30 January 2026 6

  7. Slide 7: SA Markets

    SA Markets JSE All Share Index 25000 22500 20000 17500 15000 12500 ‘onjen xapu 10000 7500 5000 2500 0 O1Jan00 O01 Jan02 Ot Jan04 = Ot Jan06 = Ot Jan08 «= O1Jan10 =O Jan12.««OtJant4 «Ot Jan46 = Ot dan 18 = O1Jan20. © O1Jan22. O11 Jan24 Ot Jan 26 Years — All Share Total Return index (J203) The graph t

  8. Slide 8: Resources vs Financials vs Industrials

    Resources vs Financials vs Industrials 8

  9. Slide 9: Earnings per share and price-earnings ratios

    Earnings per share and price-earnings ratios 9

  10. Slide 10: South African Volatility Index (SAVI)

    South African Volatility Index (SAVI) 10

  11. Slide 11: Exchange Rate overview (CPI - Best Fit)

    Exchange Rate overview (CPI - Best Fit) 11

  12. Slide 12: Interest rates and bond yields

    Interest rates and bond yields 12

  13. Slide 13: Bond Yields

    Bond Yields R186 "1 10.5 (26) Aum 1 preva, 65 6 01 Jan 06 01 Jan 08 01 Jan 10 01 Jan 12 01 Jan 14 01 Jan 16 01 Jan 18 01 Jan 20 01 Jan 22 01 Jan 24 01 Jan 26 Years — R186 Bond Yield (R 186) The bie line represents the 10-year government bond (R188) wih Interest of 10.5% per annum, pad semlannualy, G

  14. Slide 14: Equity Yields vs Interest Rates

    Equity Yields vs Interest Rates 14

  15. Slide 15: MSCI vs Earnings

    MSCI vs Earnings Morgan Stanley World Index (USD) 600 500 400 300 (%) wamoug, 200 100 01 Jan 08 01 Jan 08 01 Jan 10 01 Jan 12 Ot Jan 14 01 Jan 16 01 Jan 18 01 Jan 20 01 Jan 22 01 Jan 24 Years — MSC! World Index (MXWO) — Eamings per share (MXWO) Ir earings per share are tending higher than curtent sh

  16. Slide 16: MSCI EM vs Earnings

    MSCI EM vs Earnings Morgan Stanley Emerging Markets Index (USD) 01 Jan 06 01 Jan 08 01 Jan 10 01 Jan 12 01 Jan 14 01 Jan 16 01 Jan 18 01 Jan 20 Years — MSCI Emerging Markets Index (MXEF) — Eamings per share (MXEF) Ir earings per share are tending higher than curtent shae pres, he sectors undervalued

  17. Slide 17: Global Markets Overview

    Global Markets Overview MSCI Index Returns Regional Comparison 350 300 250 200 nung 150 100 (56) winjas ong -100 01 Jan...01 Jan09 01 Jan 10 01 Jan 11 O1Jan12 01 Jan 43 O1Jan 14 O1Jan15 01 Jan 16 01Jan17 01Jan18 01 Jan 19 01 Jan20 01Jan21 01 Jan22 01Jan23 01 Jan 24 01 Jan25 01 Jan 26 Years — MSCI Wo

  18. Slide 18: MSCI Relative Price-Earnings Ratios (Trailing)

    MSCI Relative Price-Earnings Ratios (Trailing) 18

  19. Slide 19: MSCI and All Share Relative Price-Earnings Ratios (Trailing)

    MSCI and All Share Relative Price-Earnings Ratios (Trailing) 19

  20. Slide 20: Global market volatility

    Global market volatility VIX Index 01 Jan...01Jan92 01Jan94 01 Jan96 01Jan98 01Jan00 01 Jan02 01Jan04 01 Jan06 01Jan08 01Jan10 01Jan12 O1Jan14 01Jan16 01 Jan18 O1Jan20 01 Jan22 01 Jan24 01 Jan 26 Years — Global market volatility (CBOE MV Index) A gauge of market sentimentfear relating tothe global e

  21. Slide 21: Global Bonds

    Global Bonds BARCAP Global Bond Index (USD) 01 Jan04 01 Jan 06 01 Jan 08 01 Jan 10 04 Jan 12 01 Jan 14 01 Jan 16 01 Jan 18 01 Jan 20 01 Jan 22 01 Jan 24 01 Jan 26 Years — BARCAP (BARCAP Global Bond Index) yaN qs 600 550 00 450 400 350 300 250 ‘anjen xepul

  22. Slide 22: SA Rand against the US Dollar, Pound & Euro (12 months)

    SA Rand against the US Dollar, Pound & Euro (12 months) 22

  23. Slide 23: SA Rand against the US Dollar, Pound & Euro (5 years)

    SA Rand against the US Dollar, Pound & Euro (5 years) 23

  24. Slide 24: Exchange Rates (USDZAR)

    Exchange Rates (USDZAR) wy) SA Rand against US Dollar 225 20 175 15 12.5 eye) ebueyox3, 10 78 25 01 Jan 75 01 Jan 80 01 Jan 85 01 Jan 90 01 Jan 95 01 Jan 00 01 Jan 05 01 Jan 10 01 Jan 15 01 Jan 20 01 Jan 25 Years — SA Rand against US Dollar (USDZAR)

  25. Slide 25: Exchange Rates (GBPZAR)

    Exchange Rates (GBPZAR) SA Rand against the UK Pound 01 Jan 80 01 Jan 85 01 Jan 90 01 Jan 95 01 Jan 00 01 Jan 05 01 Jan 10 Ot Jan 15 01 Jan 20 01 Jan 25 Years — SA Rand against the UK Pound (GBPZAR) a 278 25 225 175 12.5 eye) ebueyox3,

  26. Slide 26: Exchange Rates (EURZAR)

    0ys® Exchange Rates (EURZAR) SA Rand against the Euro 225 175 12.5 0 01 Jan 88 01 Jan 90 01 Jan 92 01 Jan 94 01 Jan 96 01 Jan 98 01 Jan 00 01 Jan 02 01 Jan 04 01 Jan 06 01 Jan 08 01 Jan 10 01 Jan 12 01 Jan 14 01 Jan 16 01 Jan 18 01 Jan 20 01 Jan 22 01 Jan 24 01 Jan 26 Years — SA Rand against the Eur

  27. Slide 27: SA equities vs. global developed & emerging markets (12 months)

    SA equities vs. global developed & emerging markets (12 months) 27

  28. Slide 28: SA equities vs. global developed & emerging markets (5 years)

    SA equities vs. global developed & emerging markets (5 years) 28

  29. Slide 29: US Institute for Supply Management Index

    US Institute for Supply Management Index 29

  30. Slide 30: SA Purchasing Managers Index

    SA Purchasing Managers Index 30

  31. Slide 31: Gold Price (USD)

    Gold Price (USD) Gold price in US$ terms 5500 5000 4500 4000 3500 3000 2500 ‘e9ud ods ul eBueuo Je0f uo see, 2000 1500 1000 500 01 Jan09 O01 Jan 10 O1Jan11 Of Jan 12 O1Jan13 O1Jan14 O1Jan15 O1Jan16 O1Jan17 O1Jan18 O1Jan19 01Jan20 O1Jan21 O1Jan22 O1Jan23 01Jan24 O1Jan25 01 Jan 26 Years — Gold - Price

  32. Slide 32: Brent Crude Price per Barrel (USD)

    Brent Crude Price per Barrel (USD) 32

  33. Slide 33: Platinum Price (USD)

    Platinum Price (USD) Platinum price in US$ terms 2500 2250 2000 1750 1500 1250 ‘e9ud ods ul eBueuo Je9d uo see, 1000 750 250 Ot Jan00 Ot Jan02 01 Jan04 = O1 Jan06 «Ot Jan08 = O1Jan10 = Ot Jan 12.» Ot dan 14 = Ot'Jan16 = Ot Jan18 «= O1Jan20. © O1Jan22.- Ot Jan24 © O1 Jan 26 Years — Platinum - Price (

  34. Slide 34: Conclusion

    0ys® Conclusion Thank you for listening, this brings the Invest Guru for January to an end. 34

  35. Slide 35: Disclaimer

    Disclaimer This document is produced on behalf of Discovery Invest by RisCura Invest (Pty) Ltd. It contains confidential information and is protected by copyright law. Copyright in all information, material and logos are protected by both national and international intellectual property laws. Accord

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