DISCOVERY HOLDINGS LIMITED - DEALING IN SECURITIES BY A DIRECTOR

DISCOVERY HOLDINGS LIMITED - DEALING IN SECURITIES BY A DIRECTOR                
DISCOVERY HOLDINGS LIMITED                                                      
(Incorporated in the Republic of South Africa)                                  
(Registration number : 1999/007789/06)                                          
ISIN  : ZAE000022331                                                            
Share Code : DSY                                                                
("Discovery")                                                                   
In compliance with the JSE Securities Exchange South Africa Listings            
Requirements, the following information is disclosed:                           
Director                   :    Mr. N S Koopowitz                               
Class of security          :    Ordinary shares                                 
Nature of transaction      :    Ownership and delivery of shares in terms of    
                                the Discovery Holdings Share Scheme             
Number of shares           :    425 000                                         
Date of transaction        :    27 September 2004                               
Price of transactions      :    262 500 ordinary shares @ R10.83                
                                125 000 ordinary shares @ R7.80                 
                                37 500 ordinary shares @ R7.20                  
Total value of                                                                  
transaction                :    R4 087 875.00                                   
                                Pursuant to the above, Mr. N S Koopowitz has    
                                entered into a hedge over his shares in order to
                                secure finance to take ownership and delivery of
the Discovery shares. The hedge comprises put   

                                and call options (an option collar) and expires 
                                27 September 2005. Floor price: R11.20. Cap     
                                Price: R18.50.                                  
Nature and extent of                                                            
director"s interest        :    Direct beneficial                               
Clearance obtained         :    Yes                                             
Sandton                                                                         
28 September 2004                                                               
Merchant Bank and Sponsor                                                       
RAND MERCHANT BANK (A division of FirstRand Bank Limited)                       
CORPORATE FINANCE                                                               
Date: 28/09/2004 02:08:19 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department