Discovery Holdings Limited - Announcement

Discovery Holdings Limited - Announcement                                       
DISCOVERY HOLDINGS LIMITED                                                      
(Registration : 1999/007789/06)                                                 
ISIN :         ZAE000022331                                                     
Share Code :   DSY                                                              
ANNOUNCEMENT                                                                    
Shareholders are referred to the press release by FirstRand Limited today,      
17 March 2003 of an independent enquiry into allegations made against           
Mr Mac Maharaj.                                                                 
The Discovery Board agrees with the process undertaken by FirstRand in seeking  
to eliminate uncertainty regarding the matter in an objective and transparent   
manner, while abiding by the principles of due process and sound corporate      
governance.                                                                     
By order of the Board of Discovery Holdings Limited.                            
Sponsor                                                                         
Rand Merchant Bank                                                              
A division of FirstRand Bank Limited                                            
Corporate Finance