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Fri 30 Apr 2004, 12:49 Dealing in securities by directors
Mutual & Federal Insurance Company Limited - Dealing in securities by directors 
  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 DIRECTORS OF MUTUAL & FEDERAL INSURANCE COMPANY LIMITED
  In compliance with Rule 3.63 of the Listings Requirements of the JSE Securities 
  Exchange South Africa, the following information is disclosed:                  
  Director:                    Michael John Levett                                
  Date of transaction:         29 April 2004                                      
  Number of shares:            763 600                                            
  Price per share:             R17.02                                             
  Value of transaction:        R12 996 472                                        
  Class of shares:             Ordinary shares                                    
  Nature of transaction:       Acceptance of offer from Mutual &                  
  Federal Investments (Proprietary)                  
                               Limited in terms of a general                      
                               offer to minority shareholders                     
  Extent of interest:          Direct beneficial                                  
  Written permission to deal:  Yes                                                
  Director:                    Christo Ferro Liebenberg                           
  Date of transaction:         29 April 2004                                      
  Number of shares:            40 000                                             
  Price per share:             R17.02                                             
  Value of transaction:        R680 800                                           
  Class of shares:             Ordinary shares                                    
  Nature of transaction:       Acceptance of offer from Mutual &                  
  Federal Investments (Proprietary)                  
                               Limited in terms of a general                      
                               offer to minority shareholders                     
  Extent of interest:          Indirect beneficial                                
  Written permission to deal:  Yes                                                
  Johannesburg                                                                    
  30 April 2004                                                                   
  Sponsor                                                                         
  Nedbank Capital                                                                 
  Date: 30/04/2004 12:07:06 PM Produced by the JSE SENS Department                
                                                                                  
                                                                                  
                                                                                  
  



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