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Tue 28 Mar 2006, 12:32 Mutual & Federal - Dealing In Securities
MAF
 MAF                                                                             
Mutual & Federal - Dealing In Securities                                        
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 AN OFFICER OF MUTUAL & FEDERAL INSURANCE COMPANY       
LIMITED                                                                         
In compliance with Rule 3.63 of the Listings Requirements of the JSE Limited,   
the following information is disclosed:                                         
Officer:                     Gary Benton                                        
Office held                  Company Secretary                                  
Date of transaction:         27 March 2006                                      
Number of shares:            39 400                                             
Average strike price:        R6.79                                              
Total value of transaction:  R267 526                                           
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                                  
Officer:                     Gary Benton                                        
Office held                  Company Secretary                                  
Date of transaction:         27 March 2006                                      
Number of shares:            21 000                                             
Price per share:             R33.70                                             
Total value of transaction:  R707 700                                           
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                                                                    
28 March 2006                                                                   
Sponsor                                                                         
Nedbank Capital                                                                 
Date: 28/03/2006 12:32:03 PM Produced by the JSE SENS Department                
                                                                                
                                                                                
                                                                                
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