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Thu 13 Nov 2003, 12:48 CHANGE IN THE BOARD OF DIRECTORS
MUTUAL & FEDERAL INSURANCE COMPANY LIMITED - CHANGE IN THE BOARD OF DIRECTORS   
  MUTUAL & FEDERAL INSURANCE COMPANY LIMITED                                      
  (Incorporated in the Republic of South Africa)                                  
  ISIN No: ZAE000010823    Share code: MAF                                        
  (Reg.No. 1970/006619/06)                                                        
  ("the Company")                                                                 
  CHANGE IN THE BOARD OF DIRECTORS                                                
  Shareholders of Mutual & Federal Insurance Company Limited are advised that, Mrs
  Philani Jones Vilakazi and Dr Deenadayalen Konar have been appointed as non-    
  executive directors of the Company.                                             
  Mrs Vilakazi is General Manager of Exegesis Consulting, a management consulting 
  firm specialising in development work in South Africa, while Dr Konar is an     
  independent consultant specialising in corporate governance and a director of   
  companies.                                                                      
  13 November 2003                                                                
  Johannesburg                                                                    
  Sponsor                                                                         
  Nedbank Corporate                                                               
  Date: 13/11/2003 12:44:01 PM Produced by the JSE SENS Department                
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