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Tue 1 Jul 2003, 17:07 DEALING IN SECURITIES BY A DIRECTOR OF MUTUAL & FE
MUTUAL & FEDERAL INSURANCE COMPANY LIMITED                                      
(Incorporated in the Republic of South Africa)                                  
ISIN No: ZAE000010823    Share code: MAF                                        
(Reg.No. 1970/006619/06)                                                        
DEALING IN SECURITIES BY A DIRECTOR OF MUTUAL & FEDERAL INSURANCE COMPANY       
LIMITED                                                                         
In compliance with Rule 3.72 - 3.75 of the Listings Requirements of the JSE     
Securities Exchange South Africa, the following information is disclosed:       
Director                            Bruce Campbell                              
Office Held                         Managing Director                           
Date transaction effected           24 June 2003                                
Number of shares                    76 100                                      
Price per share                     R1.87                                       
Class of shares                     Ordinary shares                             
Nature of transaction               Exercised share options in                  
                                    terms of share scheme                       
Nature and extent of interest       Direct Beneficial                           
Director                            Bruce Campbell                              
Office Held                         Managing Director                           
Date transaction effected           24 June 2003                                
Number of shares                    21 500                                      
Sale price per share                R14.95                                      
Class of shares                     Ordinary shares                             
Nature of transaction               Sale of shares on open                      
                                    market                                      
Nature and extent of interest       Direct Beneficial                           
Johannesburg                                                                    
1 July 2003                                                                     
Sponsor                                                                         
Nedbank Corporate
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