Discovery Limited · JSE:DSY

Discovery — Investor Presentation (August 2025)

35 slides from Discovery's investor presentation, August 2025

  1. Slide 1: Discovery

    ry) Discovery °

  2. Slide 2: Table of contents

    Table of contents Asset Class Performance to 29 August 2025 SA Rand against the US Dollar, Pound & Euro (5 years) SA Equity Performance to 29 August 2025 Exchange Rates (USDZAR) Commodities Performance to 29 August 2025 Exchange Rates (GBPZAR) Global Market Performance to 29 August 2025 Exchange Rat

  3. Slide 3: Asset Class Performance to 29 August 2025

    Asset Class Performance to 29 August 2025 3

  4. Slide 4: SA Equity Performance to 29 August 2025

    SA Equity Performance to 29 August 2025 4

  5. Slide 5: Commodities Performance to 29 August 2025

    Commodities Performance to 29 August 2025 5

  6. Slide 6: Global Market Performance to 29 August 2025

    Global Market Performance to 29 August 2025 6

  7. Slide 7: SA Markets

    SA Markets JSE All Share Index O1Jan00 O1Jan02 Ot Jan04 == Ot Jan06 =O Jan 08 “The graph tacks th value ofthe A Share index. a decent indelor of SA stock market pecormance 01 Jan 10 01 Jan 12 Years 01 Jan 14 01 Jan 16 — All Share Total Retum Index (J203) 01 Jan 18 01 Jan 20 01 Jan 22 01 Jan 24 20000

  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 " 10.5 65 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 Years — R186 Bond Yield (R 186) ‘The bie line represents the 70-year government bond (R788) vth intrest of 10.5% per annum, paid semi-annually. Gvernment backed debt it rega

  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) 01 Jan 08 01 Jan 08 01 Jan 10 01 Jan 12 01 Jan 14 — MSC! Worid index (MxWO) It oamrings por share ae toring hghe: than curont share prc, the socor I undervalued ane presents buying opportunity 01 Jan 16 Years 01 Jan 18 ~~ Eamings per share (MXWO) 01

  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 18 01 Jan 18 01 Jan 20 Years — MSCI Emerging Markets Index (MXEF) — Eamings per share (MXEF) Irendng highe: than curont share pice, the sector is undervalued an presents a buying

  17. Slide 17: Global Markets Overview

    Global Markets Overview MSCI Index Returns Regional Comparison O1Jan...01Jan09 O1Jan10 O1Jan11 O1Jan12 01 Jan 13 O1Jan14 O1Jan15 O1Jan16 O1Jan17 O1Jan18 O1Jan19 O1Jan20 O1Jan21 01Jan22 01 Jan23 01 Jan24 01 Jan 25 Years ‘= MSCI World (MxXWO) — MSCIEM (MXEF) — MSCIFM (MX_136614) — MSC! EFM Africa ex Z

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

    MSCI Relative Price-Earnings Ratios (Trailing) 18

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

    MSCI and SWIX Relative Price-Earnings Ratios (Trailing) 19

  20. Slide 20: Global market volatility

    Global market volatility VIX Index 70 60 ° 01 Jan....01Jan 92 01Jan94 01Jan96 01 Jan98 01Jan00 01 Jan02 O1Jan04 01Jan06 01Jan08 O1Jan10 O1Jan12 O1Jan14 O1Jan16 O1Jan18 01Jan20 01Jan22 01Jan24 01 Jan 26 Years — Global market volatility (CBOE MV Index) ‘Agauge of market sentimonfear clang tothe lob eq

  21. Slide 21: Global Bonds

    Global Bonds BARCAP Global Bond Index (USD) 01 Jan 04 01 Jan 06 01 Jan 08 01 Jan 10 01 Jan 12 01 Jan 14 01 Jan 16 01 Jan 18 Years — BARCAP (BARCAP Global Bond Index) 01 Jan 20 01 Jan 22 01 Jan 24 600 550 600 450 400 350 300 250 ‘enjen xepul 21

  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) SA Rand against US Dollar 225 20 eye) e6ueyoxa 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) 24

  25. Slide 25: Exchange Rates (GBPZAR)

    Exchange Rates (GBPZAR) SA Rand against the UK Pound 275 25 228 175 125 eyes e6ueyoxa 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 the UK Pound (GBPZAR) 25

  26. Slide 26: Exchange Rates (EURZAR)

    Exchange Rates (EURZAR) SA Rand against the Euro 225 175 125 eye) e6ueyoxa ° 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

  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 01 Jan09 01 Jan10 01 Jan 11 Of Jan 12 O1Jan13 O1Jan14 O1Jan15 O1Jan16 O1Jan17 O1Jan18 O1Jan19 01 Jan20 01 Jan 21 Years — Gold - Price (USD) (GOLD) O1Jan22 O1Jan23 01 Jan 24 01 Jan 25 4000 3500 3000 2500 2000 100 1000 500 ‘eoud jods uy e6ueyo Jee Uo J20, 31

  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 01 Jan 00 01 Jan 02 01 Jan 04 01 Jan 06 01 Jan 08 01 Jan 10 O1Jan12 —O1Jan14 01 Jan 16 Years — Platinum - Price (USD) (PLATINUM) 01 Jan 18 01 Jan 20 01 Jan 22 01 Jan 24 2250 2000 1750 1500 1250 4000 750 00 250 ‘eoud jods ul e6ueyo Jee uo s20, 33

  34. Slide 34: Conclusion

    Conclusion Thank you for listening, this brings the InvestGuru for August 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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