Discovery - Management re-organisation at Discovery Holdings

Discovery - Management re-organisation at Discovery Holdings                    
Discovery Holdings Limited                                                      
(Incorporated in the Republic of South Africa)                                  
(Registration number: 1999/007789/06)                                           
ISIN: ZAE000022331                                                              
Share Code: DSY                                                                 
("Discovery")                                                                   
NEWS RELEASE FROM DISCOVERY HOLDINGS                                            
29 November 2005                                                                
Management re-organisation at Discovery Holdings                                
Discovery Holdings is to implement a number of key changes to its senior        
management structure, effective from 1 January 2006.                            
These changes reflect the phenomenal growth of Discovery both within the        
existing businesses and due to the start-up of our new ventures. Discovery is   
realigning its key senior people to position it for the future.                 
The changes also include moves to modernise Discovery"s leadership titles in    
line with international practice, for instance moving away from the title       
managing director to CEO in respect of Discovery"s individual businesses.       
The following changes are being made:                                           
-    Barry Swartzberg, Managing director of Discovery Health, will move into    
     Discovery Holdings as Executive Director. He will co-ordinate many of the  
     Group-wide functions including People and Finance, and will assist         
     Discovery Holdings CEO Adrian Gore in co-ordinating and leading our growing
international operations. With the US and UK businesses and the explicit   
     strategy of performing as many of the back office functions in South Africa
     as possible, it is necessary to create a central leadership role that co-  
     ordinates it all and ensures the optimum use of infrastructure and the     
migration of best practice across both of the offshore businesses.         
-    John Robertson, currently group wide COO, will move into Discovery Holdings
     as Group CIO and will also be responsible at a Holdings level for the      
     infrastructural aspects of international operations.                       
-    Neville Koopowitz, currently Group Marketing Director and Managing director
     of Vitality, will take over the leadership of Discovery Health, and will   
     become the CEO of Discovery Health.                                        
-    Hylton Kallner, currently General Manager, Special Projects, will replace  
Neville and will assume all accountabilities for the organisation"s        
     marketing and distribution functions, and will become General Manager,     
     Marketing and Distribution.                                                
-    Alan Pollard will become the CEO of Vitality. He will maintain his role as 
head of research and development within Discovery Health. Given the        
     intimate interplay between Health and Vitality, Discovery believes that    
     this structure will maximise its capabilities.                             
-    Khalik Mayet, currently responsible for regulatory and corporate           
development, will be now taking on the responsibility for DiscoveryCard and
     will report to Alan Pollard.                                               
-    Herschel Mayers will change his title from Managing Director to CEO of     
     Discovery Life.                                                            
-    Trent Rossini, currently GM of PruHealth Operations will become COO of all 
     local functions that support Discovery"s international operations in the US
     and the UK, reporting to John Robertson.                                   
All other senior executives will continue in their current positions.           
According to CEO Adrian Gore, after the management changes, Discovery remains a 
matrix structured organisation, but one that is cleaner and more focused and one
that will maximise focus and entrepreneurship within each business.             
"Discovery has never been an organisation that works on a strict hierarchy and  
the structure has, by design, always attempted to facilitate the free flow of   
skills and ideas between the businesses," says Gore. "The new structure will    
free up each of the businesses to compete and win in the markets in which they  
operate.  It will also facilitate our integration strategy and allow for best   
practice and efficiency to flow across the group."                              
Prepared by    : Beachhead Media and Investor Relations                         
                 Patrick Lawlor (011) 214 2410 / 082 459 6709 /                 
                 Patrick@bmsa.co.za                                             
On behalf of   : Discovery Holdings                                             
Contact        : Adrian Gore, CEO, Discovery Holdings (011) 529 2800            
29 November 2005                                                                
Sandton                                                                         
Sponsor                                                                         
RAND MERCHANT BANK (A division of FirstRand Bank Limited)                       
Date: 29/11/2005 05:16:06 PM Supplied by www.sharenet.co.za                     
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