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Fri 25 Jan 2008, 9:00 MAF - Mutual & Federal Insurance Company Limited - Further cautionary
MAF
 MAF                                                                             
MAF - Mutual & Federal Insurance Company Limited - Further cautionary           
announcement                                                                    
Mutual & Federal Insurance Company Limited                                      
(Incorporated in the Republic of South Africa)                                  
(Registration number: 1970/006619/06)                                           
("Mutual & Federal" or "the Company")                                           
Share code JSE: MAF & ISIN: ZAE000010823                                        
Share code NSX: MTF                                                             
FURTHER CAUTIONARY ANNOUNCEMENT                                                 
Further to the cautionary announcements released on SENS on 8 November 2007 and 
14 December 2007, shareholders are advised that discussions between Old Mutual  
plc ("Old Mutual") and Royal Bafokeng Holdings (Proprietary) Limited ("RBH")    
relating to the potential sale by Old Mutual to RBH of a controlling interest in
Mutual & Federal, are continuing. Further details are expected to be announced  
in due course. Accordingly, shareholders are advised to continue exercising     
caution when dealing in the Company`s securities until a full announcement is   
made.                                                                           
Johannesburg                                                                    
25 January 2008                                                                 
Co-sponsors                                                                     
Merrill Lynch South Africa (Proprietary) Limited                                
Nedbank Capital                                                                 
Merchant Bank and transactional sponsor                                         
RAND MERCHANT BANK (A division of FirstRand Bank Limited)                       
Date: 25/01/2008 09:00:01 Produced by the JSE SENS Department.                  
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howsoever arising, from the use of SENS or the use of, or reliance on,          
information disseminated through SENS.
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