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Wed 20 Aug 2003, 11:51 DEALING IN SECURITIES BY A DIRECTOR OF MUTUAL & FE
LIMITED                                                                         
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           19 August 2003                              
Number of shares                    26 300                                      
Price per share                     R15.00                                      
Class of shares                     Ordinary shares                             
Nature of transaction               Sale of shares on open                      
                                    market                                      
Nature and extent of interest       Direct Beneficial                           
Johannesburg                                                                    
20 August 2003                                                                  
Sponsor                                                                         
Nedbank Corporate                                                               
Date: 20/08/2003 11:03:45 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
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