A cycle for innovation Were often asked, Can you keep innovating? The truth is, I find that the more you innovate, the more you can innovate. Most innovation in companies is event based. A competitor comes up with something, and the company responds. We do the opposite. Our leaders are always on a treadmill to create and launch new ideas. For example, every year we have a rock-star launch where were presenting something new to thousands of our intermediaries who own sales. Our guys know the date is booked. The concerts happening. You just better write the music. We have growth metrics for a lot of what we do. Our earnings per share have grown by 25 percent a year, compounded, for the last two decades, with little capital. But my personal view is that the rationales behind innovation and earnings targets are not really great bedfellows. You have to invest in innovation, even if you dont know where it will end up. But with a growth-target mind-set, youre always thinking, Oh, we cant do this, because its going to undermine our margins or whatever. You ought to do both well, but its challenging to balance those two parts of your brain. To push ourselves to find the next idea, we have an internal competition every year called Inspiring Excellence, where our top one thousand leaders break into teams of two to four people and work on new concepts. Throughout the year, we hold contests until weve narrowed down to the top five teams, who present at our annual management conference. Even ideas that dont win often prove to be winners later on, when we roll them out. This program provides us with a strong inventory of possibilities, which are continually replenished. Twice a year, our remuneration committee looks at each business and gives it an innovation score. So the take-home bonus of a thousand people is based on a subjective review of the success of their launches. But even beyond that pool, all our employees are involved in this time-based cycle, working on projects. Across the organisation, theres a natural metronome of our innovation. I genuinely believe that the smartest people work for the organisations they believe are doing good. At Discovery, our people have built innovative businesses that are good not only for the company but also for our customers. Im dedicated to Discoverys work in building South Africa and communities around the world. I want South Africans to look at Discovery with hope, to feel the future is certain. Overview of Discoverys financials for year end 2022 The Group delivered a strong operating performance from the established operations and remained resilient in a challenging macro-economic environment. The organisations drive for growth manifested through Discovery Bank and in the ongoing evolution of its global healthcare model, notably with the establishment of Amplify Health. In addition, the Vitality Shared-value business model continued to demonstrate its relevance and ability to deliver value to clients and Discovery across all aspects of the value chain as well as to broader society. This supports continued investment in the model. The operating environment for the full year ended 30 June 2022 was characterised by two significant factors: Firstly, the evolution of COVID-19, as the emergency phase of the pandemic has passed, with conditions in most markets normalising, except for Asia which was affected by severe lockdowns and restrictions. Secondly, considerable geo-political polarisation and macro-economic volatility, caused by a combination of the COVID-19 pandemic, Ukraine conflict, and supply-side constraints. This resulted in higher inflation, increased interest rates as well as currency and market volatility. In light of this, the Group focused on a pivot to growth based on three strategies: (1) Achieving robust performance and strong competitive positioning of businesses within the South Africa (SA) Composite, United Kingdom (UK) Composite and Vitality Global, by successfully navigating the latter stages of the COVID-19 period; continuing to invest in the Vitality Shared-value business model; and ensuring excellent execution and operational delivery. (2) Driving new business initiatives to scale, led by Discovery Bank and initiatives within Vitality Group, notably Amplify Health, and streamlining some initiatives so the Group is well positioned for strong growth, and ensuring spend on new initiatives reverts to the Groups long-term guidance of 10% of operating profit. (3) Ensuring capital and business strength and discipline with high levels of liquidity and solvency and a commensurate reduction in the Groups financial leverage ratio.

As Discovery grows into new industries they are going to have to make use of teams to great effect. Explain THREE contributions of using teams that Discovery can benefit from as they deploy more team-based innovation going forward.