MF Global Reports Fiscal 2008 First Quarter Results

MF Global Ltd. (NYSE: MF), the world's leading broker of
exchange-listed futures and options, today reported fiscal 2008 first
quarter revenues, net of interest and transaction-based expenses (net
revenues), of $374.4 million. For the quarter ended June 30, 2007, the
company recorded GAAP net income of $72.9 million, or $0.60 per
diluted pro forma share, and $0.57 per adjusted diluted pro forma
share based on 127.0 million adjusted diluted pro forma shares
outstanding.

Net income on an adjusted basis was $46.1 million, or $0.36 per
adjusted diluted pro forma share, in the first fiscal quarter.(1)
Adjusted figures do not include gains from exchange memberships, the
non-recurring expense of initial public offering costs or the
integration expenses related to the acquisition of Refco assets.

"This was a solid quarter for MF Global driven by continued strong
performance in Europe and Asia," said Kevin Davis, chief executive
officer, MF Global. "Our unique diversification across products,
markets, regions and clients continues to deliver consistent results."

"Our business is one which tends to thrive in times of market
turmoil and uncertainty. Accordingly, MF Global has been a beneficiary
of the recent significant volatility, particularly in July, in many of
the markets in which we operate," Mr. Davis continued. "We remain
confident in our long-term financial objectives as well as the overall
growth prospects for MF Global."

Pre-tax margin, or pre-tax income divided by net revenues, was
29.8 percent for the period ended June 30, 2007. Adjusted pre-tax
margin was 18.8 percent for the same period.

For the fiscal first quarter of 2008, execution-only volume was
132.0 million lots and cleared volume was 338.5 million lots.

For the fiscal first quarter of 2008, execution-only commissions
were $110.3 million, cleared commissions were $358.7 million and
principal transactions were $63.8 million.

Interest income totaled $860.7 million in the fiscal first quarter
of 2008. Interest income is comprised of interest earned on client
funds, interest received on margin accounts, interest received from
collateralized financing arrangements, and interest earned from the
investment of excess capital.

For the fiscal first quarter of 2008, compensation and employee
benefits expense was $215.4 million, or 57.5 percent of net revenues.
Adjusted non-compensation expense for the fiscal first quarter of 2008
was $80.1 million, or 21.4 percent of net revenues.

"We maintained strong expense discipline in the quarter
demonstrating the scalability and operating leverage of the financial
model," said Amy Butte, chief financial officer, MF Global. "As we
move forward as an independent public company, we are focused on
operating flexibility and maximizing long-term shareholder value."

For the fiscal first quarter of 2008, the company's effective tax
rate on ordinary operations was approximately 35.0 percent. Overall,
the company's effective tax rate for the fiscal first quarter of 2008
was approximately 33.0 percent. The lower overall effective tax rate
in the first quarter reflects the impact of one-time items associated
with the separation transaction, including non-deductible initial
public offering costs and the reversal of previously accrued taxes
relating to gains on the sale of certain assets to Man Group plc.

At June 30, 2007, MF Global had $1.2 billion in cash and cash
equivalents.

Due to its foreign issuer status at the time of its recently
completed initial public offering, MF Global intends to begin periodic
financial reporting as a domestic issuer with respect to the second
fiscal quarter ending September 30, 2007. Accordingly, the company
will not hold an earnings conference call or file a report on Form
10-Q with the Securities and Exchange Commission with respect to the
quarter ended June 30, 2007. Going forward, starting with fiscal
second quarter results expected at the end of October, the company
will include quarterly year-over-year financial comparisons in the
press release, will host an earnings conference call and file a report
on Form 10-Q for that quarter.

Other First Quarter Highlights

On July 19 2007, MF Global, formerly Man Financial, successfully
completed its separation from Man Group plc (LSE:EMG) through an
initial public offering of 97.4 million shares of common stock.

MF Global continued its track record of consolidation in the first
fiscal quarter. The company acquired FXA Securities Ltd., a leading
provider of online foreign exchange products to retail investors in
Japan. This acquisition represents an opportunity for MF Global to
roll out a retail foreign exchange platform to all of Asia Pacific and
Europe.

The company also acquired Dowd Wescott in February 2007. The
strategic acquisition expanded MF Global's professional trader client
segment which generates significant volumes and creates long-term
global opportunities for the company.

In conjunction with the separation from Man Group and MF Global's
initial public offering, the company received strong credit ratings of
A3 from Moody's, BBB+ from Standard & Poor's Ratings Services, BBB+
from Fitch Ratings.

About MF Global Ltd.

MF Global Ltd., formerly Man Financial, is the leading broker of
exchange-listed futures and options in the world. It provides
execution and clearing services for exchange-traded and
over-the-counter derivative products as well as for non-derivative
foreign exchange products and securities in the cash market.

MF Global is uniquely diversified across products, trading
markets, customers and regions. Its worldwide client base of more than
130,000 active accounts ranges from financial institutions, industrial
groups, hedge funds and other asset managers to professional traders
and private/retail clients.

MF Global operates in 12 countries on more than 70 exchanges,
providing access to the largest and fastest growing financial markets
in the world. It is the leader by volume on many of these markets and
on a single day averages six million lots, more than most of the
world's largest derivatives exchanges. For more information, please
visit www.mfglobal.com.

Forward-Looking Statement

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995: Forward-looking statements in this press release,
including statements relating to the Company's future revenues and
earnings, plans, strategies, objectives, expectations and intentions,
are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Investors are cautioned that
such forward-looking statements are inherently subject to risks and
uncertainties, many of which cannot be predicted with accuracy, and
some of which might not be anticipated. We caution you not to place
undue reliance on these forward-looking statements. We refer you to
the Company's filings with the Securities and Exchange Commission
(SEC) for a description of the risks and uncertainties the Company
faces. This press release includes certain non-GAAP financial
measures, as defined under SEC rules. A reconciliation of these
measures is included in the financial information later in this
release, as well as in the Company's Current Report on Form 8-K
furnished to the SEC in connection with this earnings release, which
is available on the Company's website at www.mfglobal.com and on the
SEC's website at www.sec.gov.

(1) Adjusted items are non-GAAP measures. For a reconciliation of
non-GAAP measures used in this release with the comparable GAAP
measures, please reference the information at the end of this release.

-0-
*T
MF Global
Combined Statement of Operations
(Dollars in thousands)

For the three
months ended
June 30, 2007
--------------

Revenues
Execution only commissions $ 110,296
Cleared commissions 358,673
Principal transactions 63,767
Interest income 860,670
Other 9,440
--------------
Total revenues 1,402,846

Interest and transaction-based expenses:
Interest expense 735,246
Execution and clearing fees 221,401
Sales commissions 71,796
--------------
Total interest and transaction-based expenses 1,028,443

Revenues, net of interest expense and transaction-based
expenses 374,403
--------------

Expenses
Employee compensation and benefits 215,378
Communications and technology 26,647
Occupancy and equipment costs 8,563
Depreciation and amortization 12,383
Professional fees 14,472
General and other 18,019
IPO-related costs 20,752
Refco integration costs 1,327
--------------
Total other expenses 317,541

Gains on exchange seats and shares 63,301
Interest on borrowings 8,692
--------------

Income before provision for income taxes 111,471
Provision for income taxes 36,859
Minority interests in income of combined companies (net
of tax) 943
Equity in earnings of uncombined entities (net of tax) (772)
--------------
Net income $ 72,897
==============
*T

-0-
*T
MF Global
Combined Balance Sheets
(Dollars in thousands)

June 30, March 31,
2007 2007
----------- -----------

Assets
Cash and cash equivalents $ 1,210,516 $ 1,733,098
Cash segregated under Federal and other
regulations 5,446,262 4,373,496
Securities purchased under agreements to resell 28,431,481 19,056,287
Securities borrowed 8,954,648 4,843,281
Securities received as collateral 409,095 555,229
Securities owned, at fair value 17,153,716 13,598,979
Receivables:
Brokers, dealers and clearing organizations 8,295,133 6,185,144
Customers (net of allowances) 906,131 801,643
Affiliates 3,751 12,004
Other 37,887 41,741
Memberships in exchanges, at cost 16,897 17,514
Furniture, equipment and leasehold
improvements, net 50,831 45,756
Intangible assets, net and goodwill 254,266 238,058
Other assets 190,841 168,042

----------- -----------
TOTAL ASSETS 71,361,455 51,670,272
=========== ===========

Liabilities and Equity
Short-term borrowings, including current
portion of long-term borrowings 93,752 82,005
Securities sold under agreements to repurchase 24,614,474 16,874,222
Securities loaned 16,031,688 10,107,681
Obligation to return securities borrowed 409,095 555,229
Securities sold, not yet purchased, at fair
value 6,086,721 3,378,462
Payables:
Brokers, dealers and clearing organizations 3,972,265 2,561,509
Customers 17,661,880 15,756,035
Affiliates 910,871 869,897
Accrued expenses and other liabilities 243,681 345,868
Long-term borrowings 604,270 594,622

----------- -----------
TOTAL LIABILITIES 70,628,697 51,125,530
----------- -----------

Minority interests in combined subsidiaries 8,317 6,973
----------- -----------

EQUITY 724,441 537,769

----------- -----------
TOTAL LIABILITIES AND EQUITY $71,361,455 $51,670,272
=========== ===========
*T

Non-GAAP Financial Measures

In addition to our combined financial statements presented in
accordance with GAAP, we use certain non-GAAP financial measures of
our financial performance for the reasons described further below. The
presentation of these measures is not intended to be considered in
isolation from, as a substitute for or as superior to, the financial
information prepared and presented in accordance with GAAP, and our
presentation of these measures may be different from non-GAAP
financial measures used by other companies. In addition, these
non-GAAP measures have limitations in that they do not reflect all of
the amounts associated with our results of operations as determined in
accordance with GAAP. The non-GAAP financial measures we use are (1)
non-GAAP adjusted net income, which we refer to as "adjusted net
income", and (2) non-GAAP adjusted net income per adjusted diluted pro
forma common shares. These non-GAAP financial measures currently
exclude the following items from our statement of operations:

-- Refco integration costs

-- Gains on exchange memberships

-- IPO-related costs

We do not believe that any of these items are representative of
our future operating performance. Other than exchange membership gains
and losses, these items reflect costs that were incurred for specific
reasons outside of normal operations.

In addition, we may consider whether other significant
non-operating or unusual items that arise in the future should also be
excluded in calculating the non-GAAP financial measures we use. The
non-GAAP financial measures also take into account income tax
adjustments with respect to the excluded items.

GAAP Reconciliation

The table below reconciles net income to adjusted net income
(applying an assumed tax rate of 35% to the adjustments), for the
periods presented:

-0-
*T

For the Three
Months Ended
June 30, 2007
------------------
(dollars in
millions)
Net income (unadjusted) 72.9
Add: Refco integration costs 0.9
Add: IPO-related costs 13.5
Less: Exchange memberships gains (41.2)
-----------------

Adjusted net income 46.1

Adjusted diluted pro forma shares outstanding (in
millions) (1) 127.0
*T

-0-
*T

(1) We believe it is meaningful to investors to present adjusted net
income per adjusted diluted pro forma common share. Adjusted diluted
pro forma shares outstanding are adjusted to add back shares
underlying an additional 4,753,933 restricted share units granted as
part of the IPO Awards that are not considered dilutive under U.S.
GAAP and therefore not included in pro forma diluted common shares
outstanding. For fiscal 2007, our adjusted diluted pro forma shares
outstanding would be 127.0 million, subject to increase to reflect our
grant of additional awards after the pricing of the initial public
offering. Since we expect to add back the expenses associated with
these awards in determining our adjusted net income in future periods,
we believe it is more meaningful to investors to calculate pro forma
adjusted net income per common share based on adjusted diluted shares
outstanding. We believe that this presentation is meaningful because
it demonstrates the dilution that investors will experience at the end
of the three-year vesting period of these awards.
*T