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Wed 2 Jun 2004, 9:31 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                                                           
  JSE 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:                    Bruce Campbell                                     
  Office held                  Managing Director                                  
  Date of transaction:         1 June 2004                                        
  Number of shares:            50 000                                             
  Price per share:             R8.06                                              
  Value of transaction:        R403 000                                           
  Class of shares:             Ordinary shares                                    
  Nature of transaction:       Purchase of shares in terms of the Mutual &        
                               Federal Share Option Scheme                        
  Extent of interest:          Direct beneficial                                  
  Written permission to deal:  Yes                                                
  Johannesburg                                                                    
  2 June 2004                                                                     
  Sponsor                                                                         
  Nedbank Capital                                                                 
  Date: 02/06/2004 09:22:53 AM Produced by the JSE SENS Department                
                                                                                  
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