Further re Refco

Man Group plc
10 November 2005


10th November 2005

Agreement to purchase certain assets of Refco

Man Group plc announces that it has entered into an agreement to purchase the
customer accounts, balances and certain other assets of Refco LLC following an
auction conducted under the authority of the U.S. Bankruptcy Court. The purchase
price consists of $282 million in cash, the assumption of an estimated $37
million of liabilities and other consideration valued for the purposes of the
auction at $4 million. Of the total auction consideration of $323 million, the
value of the tangible assets acquired is estimated to be approximately $115
million, primarily represented by the market value of exchange seats. The
consideration for the purchase is subject to possible downward adjustment
dependent on the levels of segregated customer funds at closing.

Man Group expects that the acquisition, which comprises primarily all of Refco's
employees and the business of Refco's regulated futures brokerage in the U.S.,
London, Asia and Canada, will significantly enhance Man Financial's business. It
is anticipated that the acquisition will enhance underlying EPS before
integration costs in the financial year starting in April 2007.

For the financial year ended 28th February 2005, the profit before tax
attributable to Refco's futures brokerage business was $134.5 million (as
disclosed in Refco Inc's IPO prospectus dated 11th August 2005). On 9th October
2005, Refco determined that its historical financial statements for that period
should no longer be relied upon. On 18th October 2005, Refco Inc., Refco LLC's
parent, and certain subsidiaries filed a petition for relief under Chapter 11 of
the U.S. bankruptcy code.

Completion of the acquisition is conditional upon general regulatory and other
customary approvals and is expected to take place during November 2005.

Further details of the acquisition and integration plan will be given at the
time of the release of Man Group's Interim Results for the six months ended 30th
September due to be announced on 17th November 2005.

Stanley Fink, Chief Executive of Man Group, commenting on the acquisition said:

'We are very pleased to be able to announce the acquisition of Refco Inc's
global futures brokerage business and other assets. The transaction will be
value enhancing to our shareholders and gives us the opportunity to integrate
Refco's high quality staff into our existing brokerage business. It is an
exciting opportunity for shareholders, clients and employees alike.'

Kevin Davis, Managing Director of Man Financial added:

'Man is very excited about this transaction and welcomes Refco's many talented
employees and brokers to the Man Group. We have always respected Refco and its
people and we are thrilled that we will shortly be able to refer to them as our
colleagues.'

Enquiries
Man Group plc             020 7144 1000
David Browne

Merlin                    020 7653 6620
Paul Downes               07900 244888





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