DSY - Discovery - Trading Statement

DSY - Discovery - Trading Statement                                             
DISCOVERY HOLDINGS LIMITED                                                      
(Incorporated in the Republic of South Africa)                                  
(Registration number: 1999/007789/06)                                           
ISIN: ZAE000022331                                                              
Share Code: DSY                                                                 
("Discovery" or "the Company")                                                  
TRADING STATEMENT                                                               
Discovery is currently finalising its results for the six month period ended 31 
December 2011 ("current period"), which will be released on SENS on 23 February 
2012.                                                                           
In the six month period ended 31 December 2010 ("prior period"), Discovery      
acquired Standard Life Healthcare, increased its shareholding in PruHealth and  
PruProtect from 50% to 75%, and recaptured reinsurance in PruHealth. These      
transactions resulted in one-off accounting impacts in Discovery`s results in   
the prior period. Discovery has continued, as in prior periods, to focus on the 
progression of Normalised Headline Earnings that excludes these one-off         
accounting impacts. Management is of the view that this best represents the     
underlying operating performance.                                               
Normalised Headline Earnings per share is expected to be between 15% and 25%    
higher than that of the prior period.                                           
As a result of the one-off accounting impacts described above, the prior period 
Headline Earnings and Earnings were also abnormally impacted and should not be  
used as a basis for direct comparison to the current period`s results.          
Notwithstanding this, shareholders are advised that Headline Earnings per share 
is expected to be between 55% and 65% higher than that of the prior period,     
while Earnings per share is expected to be between 15% and 25% lower than the   
prior period.                                                                   
The financial information on which this trading statement is based has not been 
reviewed and reported on by the Company`s external auditors.                    
Sandton                                                                         
15 February 2012                                                                
Sponsor                                                                         
RAND MERCHANT BANK (A division of FirstRand Bank Limited)                       
Date: 15/02/2012 16:43:04 Supplied by www.sharenet.co.za                     
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