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Tue 17 Sep 2002, 17:46 Mutual & Federal Insurance Company Limited - Deali
Mutual & Federal Insurance Company Limited - Dealings in Securities by          
                                             Directors                          
Mutual & Federal Insurance Company Limited                                      
(Incorporated in the Republic of South Africa)                                  
Registration no. 1970/006619/06                                                 
Share code: MAF                                                                 
ISIN Code: ZAE000010823                                                         
Dealings in Securities by Directors                                             
In compliance with paragraphs 3.72 to 3.75 of the listings requirements         
of the JSE Securities Exchange South Africa the following information is        
disclosed.                                                                      
In terms of the Mutual & Federal Insurance Company Limited share option         
incentive scheme the following directors of the company have exercised          
options in terms of the scheme as follows:                                      
Name of Director:                          B Campbell                           
Number of Shares:                          26 800                               
Date of transaction:                       13 September 2002                    
Price of Share:                            R 15.75                              
Class of Securities:                       Ordinary shares                      
Nature of transaction:                     Sell                                 
Extent in change of Directors interest:    Beneficial                           
Name of Director:                          B Campbell                           
Number of Shares:                          56 800                               
Date of transaction:                       13 September 2002                    
Price of Share:                            10c                                  
Class of Securities:                       Ordinary shares                      
Nature of transaction:                     Buy                                  
Extent in change of Directors interest:    Beneficial                           
Johannesburg                                                                    
17 September 2002                                                               
Sponsor                                                                         
Merrill Lynch South Africa (Pty) Ltd                                            
Date: 17/09/2002 05:38:00 PM Produced by the JSE SENS Department                



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