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Tue 23 May 2006, 11:22 Mutual & Federal Insurance Company Limited - Direc
MAF
 MAF                                                                             
Mutual & Federal Insurance Company Limited - Director"s dealings announcement   
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 A DIRECTOR 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:                                         
Director:                    Bruce Campbell                                     
Office held                  Managing Director                                  
Date of transaction:         22 May 2006                                        
Number of shares:            61 700                                             
Average strike price:        R10.73                                             
Total value of transaction:  R662 420                                           
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:         22 May 2006                                        
Number of shares:            24 800                                             
Price per share:             R33.39                                             
Total value of transaction:  R828 072                                           
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                                                                    
23 May 2006                                                                     
Sponsor                                                                         
Nedbank Capital                                                                 
Date: 23/05/2006 11:22:18 AM Produced by the JSE SENS Department                
                                                                                
                                                                                
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