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Tue 5 Jul 2005, 17:19 Mutual & Federal - Trading Update
Mutual & Federal - Trading Update                                               
MUTUAL & FEDERAL INSURANCE COMPANY LIMITED                                      
(Incorporated in the Republic of South Africa)                                  
Registration number 1970/006619/06                                              
Share code: MAF     ISIN No: ZAE000010823                                       
(`Mutual & Federal` or `the company`)                                           
TRADING UPDATE                                                                  
In terms of the Listings Requirements of the JSE Limited, a listed company is   
required to publish a trading update as soon as it becomes reasonably certain   
that the financial results for the period to be reported on next will show a 20%
or more difference from those of the prior corresponding period.                
Accordingly, shareholders are advised that following an increase in the value of
listed equities, the company expects that the basic and headline earnings for   
the first six months of 2005 will be 60% to 80% higher than those of the prior  
corresponding period.                                                           
The information in this trading update has not been reviewed or reported on by  
Mutual & Federal`s auditors.                                                    
The results for the six months ended 30 June 2005 are expected to be published  
on or about 25 July 2005.                                                       
Johannesburg                                                                    
5 July 2005                                                                     
Sponsor                                                                         
Nedbank Capital                                                                 
Date: 05/07/2005 05:05:15 PM                      
Produced by the JSE SENS Department
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