MF Global Corporate Overview

Credit Suisse Financial Services Forum

February 6, 2009

Presented by Randy MacDonald

Chief Financial Officer

Statements contained in this presentation that are not based on current or historical

fact are forward-looking in nature. Such forward-looking statements are based on

current plans, estimates and expectations and are made pursuant to the Private

Securities Litigation Reform Act of 1995. Forward-looking statements are based on

known and unknown risks, assumptions, uncertainties and other factors. The

Company's actual results, performance, or achievements may differ materially from

Safe Harbor

1

Company's actual results, performance, or achievements may differ materially from

any future results, performance, or achievements expressed or implied by such

forward-looking statements. The Company undertakes no obligation to publicly

update or revise any forward-looking statement. For a discussion of some of the

important factors that could cause the issuer’s results to differ from those expressed

in, and implied by, the following forward-looking statements, please refer to the 10-Q

filed with the SEC, in particular, the “Risk Factors” section thereof.

About MF Global

• Operating in 12 countries• 3,200+ employees• 70+ Exchange affiliations

Diversified Global PresenceCorporate Highlights

• NYSE: MF (IPO July 2007)

• Five Year CAGR

• Net Revenue – 27%

• Net Income – 31%

2

Countries with offices and introducing broker (IB) relationships

Countries with IB relationships

• Investment grade ratings

• Baa2/BBB/BBB+

(Moody’s/S&P/Fitch)

Diversified Market Leader in Futures, Options & Cash

• Global leader in futures, options and cash markets

• World’s largest specialty broker of exchange-listed futures and options

• Uniquely diversified franchise

• Products

• Markets

• Regions

Track record of strong performance in all market conditions

3

• Regions

• Customers

• Strength and growth in cash and OTC = favorable position as market evolves

• Market environment creates opportunities for unconflicted model

• Favorable macro trends in OTC markets

• Track record of stable growth

• Disciplined approach to risk management

• Strong capital position with excess maintained over regulatory requirements

• Robust liquidity position

Cash Exchange-Traded Derivatives OTC-Traded Derivatives

Fixed Equity Equity Interest

Agri- Interest

Unmatched Diversification of Services

• Independent, conflict-free model

• Diverse product portfolio

• Global reach and scale

• Unmatched operating leverage

• Strengthened risk management

• Resiliency of business model

MF Global Points of Differentiation

4

Trading Venue EquityFixed Income

Equity Futures

Equity Options

Interest Rate Futures

FX EnergyAgri-culture

MetalsInterest Rates

Credit FX Equity Commodities

MF Global ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ����

Newedge � � � � � � � � � � � �

FC Stone � � � � � �

GFI Group � � � � � � � �

Interactive Brokers � � � � �

CME � � � � � �

ICE � � � � �

NYSE � � � � � � �Exchanges

IDBs

FCMs

Capturing Opportunities in Macro Trends

• Maintain revenue by discovering opportunity

- Extend duration

- Broadened asset class participation

Wider Spreads

Demand for Skilled Risk Management

Macro TrendMacro Trend MF Global OpportunityMF Global Opportunity

• Demonstrated success in volatile times

• Upgraded talent

• Reorganization completed

55

Demand for Product Expertise

• Fixed Income

- Demand for unconflicted players

- Extended institutional client base

• Foreign Exchange

• Metals

- Continued volatility in base metals

- Geographic opportunities

- Asia

- Latin America

Access to Products• Geographic footprint

• Global business heads

• Multiple asset class offering

• Client service focus

3.00

3.25

3.50

3.75

4.00

4.25

4.50

4.75

5.00

5.25

5.50

Fed Funds Target, 30d Tbill & 2YR Agency Yld(basis points)

Capitalizing on Market Expertise to Benefit from Wider Spreads

0.00

0.25

0.50

0.75

1.00

1.25

1.50

1.75

2.00

2.25

2.50

2.75

3.00

Fed Funds Target 30d Tbill 2YR Agency Yld

66

100%

110%

120%

130%

Short-Term Flight to Quality of U.S. Client Segregated Funds

U.S. TARP banks: 26% increase in funds from August to November

CFTC Segregated Client Funds - Indexed

60%

70%

80%

90%

Mar Apr May June July Aug Sept Oct Nov

Non-TARP TARP Banks

77Note: CFTC funds are not representative of total client balances

U.S. Non-TARP: 12% decline in funds from August to November

Fixed Income and Stock Borrow/Loan BusinessManaging Risk for Higher Reward

Declining Avg. Absolute BalancesDeclining Avg. Absolute Balances Increasing RevenueIncreasing Revenue

($ in millions)($ in billions)

88

Value Creation Opportunities for MF Global

NEAR-TERM LONG-TERM

Enhance Transparency of ModelEnhance Transparency of Model

• Focus on profitability

• Global reorganization

Organic GrowthOrganic Growth

• Product Expansion- Fixed Income

Potential positive industry developmentsPotential positive industry developments

• Evolution of market structure

9

• Global reorganization

• Efficient use of capital

• Rationalization of business

• Strengthen risk management globally

• Geographic Expansion- Asia- Commodities- Retail FX

• Migration of OTC to Central Cleared Counterparties

• Customer Service

• Consolidation

• Increased demand for:- Market expertise- Product depth- Risk management

Global Product Focus Designed to Drive Profitable Growth

10

Key Financial Metrics

(in millions, except per share data) Dec 31, Sept 30, June 30,

Adjusted basis 2008 2008 2008

Net Revenues 367.4$ 372.9$ 374.7$

Compensation Expense (1) 205.6$ 203.6$ 205.1$

Comp Expense % of Net Revenue (1) 56.0% 54.6% 54.8%

YTD FY 09/08 Comp Exp as a % of Net Revenue 55.1%/55.5%

Non-Compensation Expense (2) 102.6$ 98.4$ 97.1$

Interest Expense on Borrowings 18.4 21.7 14.2

11

Total 121.0$ 120.1$ 111.3$

Pretax Income (3) 40.8$ 46.7$ 52.7$

Pretax Margin (3) 11.1% 12.5% 14.1%

Tax Rate 31.8% 30.8% 30.8%

Net Income 18.8$ 19.4$ 37.0$

Shares 172.9 167.7 128.5

EPS (3) 0.19 0.21 0.32

EBITDA 61.6$ 65.7$ 81.1$

EBITDA Margin 16.8% 17.6% 21.6%

(1) Excluding severance costs(2) Excluding Lehman bad debt for quarter ended September 30, 2008(3) Excluding severance costs for all periods presented, and excluding Lehman bad debt for the quarter ended September 30, 2008

($ millions)

Net Revenue Diversification Delivers Balanced Results

60%

80%

100%

27% 25%

35%

19% 20% 21%

3% 4% 5%

$375 $373 $367(1)

1212(1) Information is presented on an adjusted basis; see tables in earnings release for reconciliation.

0%

20%

40%

1Q09 2Q09 3Q09

51% 51%

38%

Execution and Clearing revenues less transaction costs

Principal Transaction revenues (including matched principal, fixed income and stock/borrow loan)

Net Interest from client payables, corporate cash and related principal transactions

Other

Growing Liquid Equity

(in millions, except per share data) December 31, September 30, June 30,

2008 2008 2008

Liquid Assets 32,031$ 49,116$ 43,629$

Liquid Liabilities (29,866) (46,927) (40,992)

Proceeds (1) - - (300)

Net Liquid Assets 2,165 2,189 2,336

Less: Debt (1,116) (1,292) (1,544)

Liquid Equity 1,049 897 792

Liquid Equity per share (using 120m shares) 8.74$ 7.47$ 6.61$

13

Non-interest Earning Assets

Tangible 286 402 232

Non-Tangible 247 256 405

Less: Minority Interest & Preferred Shares (234) (1) (243) (140)

Shareholders' Equity 1,348$ 1,312$ 1,289$

Debt (2) 1,116 1,292 1,544

Shareholders' Equity & Preferred Shares 1,572 1,545 1,418

Capital Base 2,688$ 2,837$ 2,962$

(1) Net of issuance costs of $66m

(2) Excludes $300 million of the bridge loan not yet repaid at June 30, 2009

800

1,000

$616.7

Excess Capital Creates Potential Opportunities*

($ millions)

$803.6

$1,003.3

0

200

400

600

2Q09 3Q09

$226.3

$386.6

$577.3

US (MF Global Inc) UK (MF Global Ltd.)

14*Per local statutory requirements

Diversified Market Leader in Futures, Options & Cash

• Global leader in futures, options and cash markets

• World’s largest specialty broker of exchange-listed futures and options

• Uniquely diversified franchise

• Products

• Markets

• Regions

Track record of strong performance in all market conditions

15

• Regions

• Customers

• Strength and growth in cash and OTC = favorable position as market evolves

• Market environment creates opportunities for unconflicted model

• Favorable macro trends in OTC markets

• Track record of stable growth

• Disciplined approach to risk management

• Strong capital position with excess maintained over regulatory requirements

• Robust liquidity position

Questions

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