Discovery - Results of the claw-back offer

Discovery - Results of the claw-back offer                                      
Discovery Holdings Limited                                                      
(Incorporated in the Republic of South Africa)                                  
(Registration number 1999/007789/06)                                            
(Share code:  DSY    ISIN:  ZAE000022331)                                       
("Discovery" or "the company")                                                  
Results of the claw-back offer                                                  
1. Introduction                                                                 
In terms of the claw-back offer, Discovery raised R875 million through the      
subscription by FirstRand Limited ("FirstRand") of 134 615 385 new Discovery    
shares at 650 cents per share ("new Discovery shares") with Discovery           
shareholders having the right to acquire their pro rata portion of new Discovery
shares.                                                                         
2. Results of the claw-back offer                                               
                              Number           % of new                         
Discovery                        

                                               shares                           
     New Discovery shares     134 615 385      100.0                            
     New Discovery shares     127 562 531      94.8                             
applied for                                                                
     New Discovery shares     173 520 825      128.9                            
     applied for, including                                                     
     excess applications                                                        
Excess applications      45 958 294       34.1                             
     New Discovery shares     7 052 854        5.2                              
     available for excess                                                       
     applications                                                               
The new Discovery shares available for excess applications have been allocated  
as follows:                                                                     
     Number of excess applications             % of excess                      
                                               applications                     
allocated                        

     Less than 250 000                         0.0%                             
     250 000 to 499 999                        1.0%                             
     500 000 to 999 999                        2.0%                             
1 000 000 to 2 499 999                    3.5%                             
     2 500 000 to 4 999 999                    5.0%                             
     5 000 000 to 7 499 999                    10.0%                            
     7 500 000 to 9 999 999                    15.0%                            
10 000 000 to 14 999 999                  20.0%                            
     Greater than 15 000 000                   25.0%                            
Applications have been received for 21 281 388 new Discovery shares by the      
executive directors of Discovery, representing 97.2% of the number of new       
Discovery shares offered to them.  Following the finalisation of the claw-back  
offer, the executive directors of Discovery hold 85 954 618 shares, representing
16.1% of Discovery"s issued share capital.                                      
On Monday 28 July 2003:                                                         
dematerialised shareholders will have their safe custody accounts credited with 
the new Discovery shares subscribed for in terms of the claw-back offer; and    
share certificates in respect of the new Discovery shares subscribed for in     
terms of the claw-back offer will be posted to certificated shareholders.       
These transactions will include any allocation of excess applications.          
Sandton                                                                         
28 July 2003                                                                    
Date: 28/07/2003 05:20:05 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department