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Wed 6 Oct 2004, 14:52 Dealing in securities by a director
Mutual & Federal Insurance Company Limited - Dealing in securities by a director
MUTUAL & FEDERAL INSURANCE COMPANY LIMITED                                      
(Incorporated in the Republic of South Africa)                                  
ISIN No: ZAE000010823    Share code: MAF                                        
(Registration Number 1970/006619/06)                                            
DEALING IN SECURITIES BY A DIRECTOR 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:         5 October 2004                                     
Number of shares:            207 600                                            
Strike price per share:      R3.52                                              
Total value of transaction:  R730 752                                           
Class of shares:             Ordinary shares                                    
Nature of transaction:       Exercise of options in terms of                    
                             the Mutual & Federal Share Option                  
                             Scheme                                             
Extent of interest:          Direct beneficial                                  
Director:                    Bruce Campbell                                     
Office held:                 Managing Director                                  
Date of transaction:         5 October 2004                                     
Number of shares:            207 600                                            
Price per share:             R18.50                                             
Total value of transaction:  R3 840 600                                         
Class of shares:             Ordinary shares                                    
Nature of transaction:       Sale of shares on the open market                  
Extent of interest:          Direct beneficial                                  
Written permission to deal:  Yes                                                
Johannesburg                                                                    
6 October 2004                                                                  
Sponsor                                                                         
Nedbank Capital
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