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Hearing Date and Time: April 12, 2012 at 10:00 a.m. (Prevailing Eastern Time)

DEWEY & LEBOEUF LLP

1301 Avenue of the Americas

New York, New York 10019

Telephone: (212) 259-8000

Facsimile: (212) 259-6333

Martin J. Bienenstock

Michael P. Kessler

Irena M. Goldstein

Attorneys for the Statutory Creditors’

Committee of MF Global Holdings Ltd., et al.

In re:

MF GLOBAL INC.,

SIPA Debtor.

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Case No. 11-02790 (MG)

SIPA Liquidation

JOINDER OF STATUTORY CREDITORS’ COMMITTEE OF MF GLOBAL

HOLDINGS LTD., ET AL. IN SUPPORT OF POSITION OF CHAPTER 11 TRUSTEE

REGARDING MOTION OF JAMES W. GIDDENS, SIPA TRUSTEE FOR

LIQUIDATION OF MF GLOBAL INC., TO APPROVE FIRST INTERIM

DISTRIBUTION FOR ALLOWED COMMODITY FUTURES CLAIMS

The statutory creditors’ committee appointed in the chapter 11 cases of MF

Global Holdings Ltd., et al. (Case no. 11-15059 (MG)) (the “Committee” of the “Chapter 11

Debtors,” respectively), submits this joinder in the position of Louis J. Freeh (the “Chapter 11

Trustee”) set forth in his Statement (the “Statement”) Regarding Motion of James W. Giddens,

SIPA Trustee for Liquidation of MF Global Inc., to Approve First Interim Distribution for

Allowed Commodity Futures Claims [Dkt. No. 1215] (the “Motion”). In support of this Joinder,

the Committee states as follows:

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JOINDER

1. The Chapter 11 Trustee does not object (nor does the Committee) to the

relief sought by James W. Giddens (the “SIPA Trustee”), the SIPA Trustee for Liquidation of

MF Global Inc. (“MFGI”), in the Motion — authority to make distributions on account of

allowed commodity futures claims. Instead, the Chapter 11 Trustee faults the SIPA Trustee’s

refusal to make public even the most basic information concerning the SIPA estate. For

example, the SIPA Trustee has not made public, or updated any public information concerning,

the amount of determined claims, customer property or, most importantly, his calculation of the

so-called “missing customer property.” The Committee joins in the Chapter 11 Trustee’s

frustration.

2. In December 2011, the Committee filed the Limited Objection of Statutory

Creditors’ Committee of MF Global Holdings Ltd., et al. to SIPA Trustee’s Expedited Motion to

Approve Further Transfers and Distributions for MF Global Inc. United States Commodity

Futures Customers [Dkt. No. 604], and sought this Court to place restrictions on the SIPA

Trustee’s ability to distribute funds because of the lack of transparency. Among other things, the

Committee requested that the Committee and the Chapter 11 Trustee be granted access to the

“books and records concerning [MFGI’s] customers’ accounts and property so that all interim

distributions can be reviewed.” Limited Objection, at ¶ 2. To date, that simple request has not

been granted.

3. Now, more than four months later, not only is there no clarity, the

Committee and the Chapter 11 Trustee have been left in the dark to puzzle through the various

bits and pieces of information the SIPA Trustee deigns to provide. In this regard, it should not

be forgotten that in the days prior to the bankruptcy filing, more than $875 million was borrowed

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by Chapter 11 Debtors MF Global Finance USA Inc. and MF Global Holdings Ltd., only to be

down streamed to MFGI, never to be seen since.

4. Moreover, the lack of clarity is only complicated by the mixed messages

delivered by the SIPA Trustee. When these proceedings were commenced, parties in interest

believed that there may be a shortfall in customer property of approximately $600 million (as

pointed out by the Chapter 11 Trustee, CME Group Inc. still believes that this is the correct

amount, Statement, at ¶ 2). On November 21, 2011, the SIPA Trustee stated that the shortfall

was $1.2 billion, twice the amount previously reported. Statement from the Office of the Trustee

for the Liquidation of MF Global Inc., dated November 21, 2011. In the Trustee’s Preliminary

Report on Status of his Investigation and Interim Status Report on Claims Process and Account

Transfers [Dkt. No. 896], dated February 6, 2012 (“February 6 Report”) and attached hereto as

Exhibit A, the SIPA Trustee appears to estimate the shortfall at approximately $1 billion.1 Only

six days after filing the February 6 Report, the SIPA Trustee issued a press release stating that

the shortfall is at least $1.6 billion. Update on Estimated Commodities Deficiency and Claims

Process, dated February10, 2012. See copy of press release and related article attached as

Exhibit B hereto.

5. The SIPA Trustee further obfuscated matters by attaching a chart to the

February 6 Report purporting to demonstrate an overview of cash movement to and from MFGI

during October 2011. See February 6 Report, Appendix A at p. 1. To paraphrase Sir Winston

Churchill, the chart is “a riddle, wrapped in a mystery, inside an enigma.” In other words, the

chart is of absolutely no help to anyone trying to determine what happened to MFGI’s and its

customers’ property.

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In the February 6 Report, the SIPA Trustee states that customer funds should have totaled $5.5 billion, but on that

date, only approximately $4.5 billion was on deposit. See February 6 Report, Appendix A, at p. 4. The February 6

Report is attached hereto as Exhibit A.

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6. The Committee has been working with the Chapter 11 Trustee to realize

value for the Chapter 11 Debtors’ creditors. The SIPA Trustee’s assistance is crucial to this

effort as evidenced by the chart annexed hereto as Exhibit C; the chart is also attached to the

first status report of the Committee pursuant to Bankruptcy Code section 1102(b)(3) filed

contemporaneously herewith in the chapter 11 cases.

7. For these reasons, as a condition of further distributions, the SIPA Trustee

should be required to provide a clear calculation of his so-called “missing funds,” and to identify

the steps being taken to recover them. He should also be required to disclose whether he has

identified clearing houses and counterparties who are or may be holding excess margin or other

property of the SIPA estate, and whether he has demanded its turnover in each instance.

Dated: April 5, 2012

New York, New York

DEWEY & LEBOEUF LLP

By: /s/ Martin J. Bienenstock

DEWEY & LEBOEUF LLP

Martin J. Bienenstock

Michael P. Kessler

Irena M. Goldstein

1301 Avenue of the Americas

New York, New York 10019

Tel: (212) 259-8000

Fax: (212) 259-6333

Attorneys for the Statutory Creditors’

Committee of MF Global Holdings Ltd., et al.

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