Document:

Form of Group Risk Services Agreement

 Exhibit 10.4 
  

			
	

	  	CLIFFORD CHANCE LLP

 MAN GROUP PLC 
 AND 
 MF GLOBAL LTD 
  

 TRANSITIONAL SERVICES AGREEMENT - 
 FOR GROUP RISK SERVICES BY MAN GROUP PLC 
  

 CONTENTS 
  

					
	 Clause
	  	 	  	Page
	 1.
	  	Interpretation	  	1
			
	 2.
	  	Condition Precedent, Commencement, Term And Extension	  	4
			
	 3.
	  	Services - Scope, Standards, Form And Changes	  	5
			
	 4.
	  	IT, IP And Third Party Consents	  	7
			
	 5.
	  	Exit Planning	  	8
			
	 6.
	  	MF Global Requirements And MGP Relief	  	10
			
	 7.
	  	Fees And VAT	  	10
			
	 8.
	  	Contract Management	  	11
			
	 9.
	  	Termination	  	12
			
	 10.
	  	Consequences Of Termination	  	13
			
	 11.
	  	Change Control Procedure	  	15
			
	 12.
	  	Liability	  	16
			
	 13.
	  	Force Majeure	  	17
			
	 14.
	  	Audit Rights	  	18
			
	 15.
	  	Data Protection And Regulatory Matters	  	18
			
	 16.
	  	Third Parties’ Rights And Liability	  	18
			
	 17.
	  	Disputes And Arbitration	  	19
			
	 18.
	  	General	  	19
		
	 SCHEDULE 1        SERVICES SCHEDULE
	  	24

 This Agreement is made on ___________ 2007 
 BETWEEN: 
  

	(1)	MAN GROUP PLC, a company incorporated under the laws of England, whose registered office is at Sugar Quay, Lower Thames Street, London, EC3R 6DU (Registered in England No.
2921462) ( “MGP”); and 

  

	(2)	MF GLOBAL LTD, a company incorporated under the laws of Bermuda, whose registered office is at Clarendon House, 2 Church Street, Hamilton HM 11 Bermuda (Registered in Bermuda
No. 39998) (“MF Global”). 

 WHEREAS: 
  

	(A)	Pursuant to an agreement (the “Master Separation Agreement”) dated on or about the date of this Agreement between MGP and MF Global, the parties agreed to the
Separation in relation to the IPO of MF Global (as each term is defined in the Master Separation Agreement). 

  

	(B)	MF Global requires certain Services (specified in the Services Schedule) to be provided to it and other Affiliates of MF Global on a transitional basis on and following the date of
the IPO on the terms of this Agreement. MGP has agreed to provide or procure the provision of these Services on the terms of this Agreement. 

  

	(C)	In addition, MF Global requires assistance from MGP in transitioning its business off the Services during the term of this Agreement and related data migration. MGP has agreed to
provide such assistance as more fully described in this Agreement. 

  

	1.	INTERPRETATION 

  

	1.1	In this Agreement, the following capitalised terms shall have the following meanings, unless otherwise indicated. 

 “Affiliate” means, in relation to a party, any company, partnership or other entity which from time to time Controls, is Controlled by or
is under the common Control with that party. For the purposes of this Agreement, (a) MF Global and its Controlled Affiliates shall not be deemed to be Affiliates of MGP and (b) MGP and its Controlled Affiliates shall not be deemed to be
Affiliates of MF Global. 
 “Agreement” means the terms of this agreement, including any Schedules. 
 “Business” means the businesses operated by MF Global and its Affiliates as at the Effective Date and as reasonably expanded from time to
time. 
 “Change” has the meaning given to it in clause 11. 
 “Change Control Procedures” means the procedures by which changes may be made to one or more of the Services, as set out in clause 11.

 “Contract Manager” has the meaning given to it in clause 8. 

 “Control” means the beneficial ownership of more than 50 per cent of the issued
share capital, or the legal power to direct or cause the direction of the general management, of the company, partnership or other person in question, and “Controlled” shall be construed accordingly. 
 “Data Protection Laws” means any legislation in force from time to time which implements the Data Protection Directives and is applicable
to the provision of the Services pursuant to this agreement, including the Data Protection Act 1998 and the Privacy and Electronic Communications (EC Directive) Regulations 2003 (SI 2003/2426). 
 “Effective Date” means the “IPO Date” as defined in the Master Separation Agreement. 
 “Fees” means the fees, costs and expenses to be paid by MF Global for the Services as set out in the Services Schedule. 
 “IPO” has the meaning given to it in the Master Separation Agreement. 
 “Intellectual Property Rights” means all intellectual property rights in any part of the world and shall include: patents (including
supplementary protection certificates), utility models, rights in inventions, registered and unregistered trade and service marks, rights in business and trade names and get-up, rights in domain names, registered designs, unregistered rights in
designs, semiconductor and topography rights, copyrights and neighbouring rights, database rights and in each case rights of a similar or corresponding character and all applications and rights to apply for the protection of any of the foregoing.

 “IT System” means the information technology systems owned or used by a party in connection with its business, excluding
that party’s own software, data and Third Party Software. 
 “Master Separation Agreement” has the meaning given to it
in the recitals. 
 “MF Global Requirement” has the meaning given to it in clause 6. 
 “MF Global Data” means any of the data and/or databases provided by MF Global and/or an Affiliate of MF Global to MGP and/or an Affiliate
of MGP in connection with the provision of the Services, including any such data as MGP and/or an Affiliate may incorporate in its databases. 
 “MF Global Software” means the software in which MF Global and/or an Affiliate of MF Global owns the Intellectual Property Rights and used by MF Global, MGP and/or any of their Affiliates in connection with the provision of
the Services. 
 “MGP Data” means any of the data and/or databases provided to a Service Recipient by MGP and/or an Affiliate
of MGP in connection with the provision of the Services, including any such data as the Service Recipient may incorporate in its databases. 
  

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 “MGP Software” means the software in which MGP and/or an Affiliate of MGP owns the
Intellectual Property Rights and used by MGP and/or an Affiliate of MGP in connection with the provision of the Services. 
 “Personal
Data” shall have the meaning ascribed to it in the Data Protection Law, as shall the terms “data subject”, “processing” and “processed”. 
 “Separation” has the meaning given to it in the Master Separation Agreement. 
 “Service Recipient” means, in relation to a Service, MF Global and/or MF Global’s Affiliates, who are or will be operating a
Business which was provided with a service equivalent to the Service, or provided a service equivalent to the Service, in the ordinary course of that Business in the 12 months prior to the Effective Date. 
 “Service Term” means, in respect of each Service, the period for which that Service will be provided, as set out in the Services
Schedule, and any extension to such period in accordance with clause 2. 
 “Services” means the services to be provided or
procured by MGP for the benefit of the relevant Service Recipient, as more fully set out in the Services Schedule. 
 “Services
Schedule” means Schedule 1 (including the Attachments to this Schedule). 
 “Tax Authority” means any government,
state or municipality, or any local, state, federal or other authority, body or official, anywhere in the world, capable of exercising a fiscal, revenue, customs or excise function. 
 “Third Party Software” means software the Intellectual Property Rights in which are owned by a third party and which is used in respect
of the provision of the Services. 
 “TUPE” means the Transfer of Undertakings (Protection of Employment) Regulations 2006.

 “VAT” means: 
  

	 	(a)	any tax imposed in conformity with the European Council directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112) (including, in relation to
the United Kingdom, value added tax imposed by the Value Added Tax Act 1994 and regulations supplemental thereto); and 

  

	 	(b)	any other tax of a similar nature, whether imposed in a member state of the European Union in substitution for, or levied in addition to, such tax referred to in (a), or elsewhere
in any other country or jurisdiction. 

  

	1.2	In this Agreement words importing the singular include the plural and vice versa and words importing gender include any other gender. 

  

	1.3	The headings of clauses are for ease of reference and shall not affect the construction of this Agreement. 

  

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	1.4	Any reference to a statutory provision shall include any subordinate legislation made from time to time under that provision which is in force at the date of this Agreement.

  

	1.5	Any reference to a statute or statutory provision shall include such statute or provision as from time to time modified, re-enacted or consolidated whether before or after the date
of this Agreement. 

  

	1.6	The words “include”, “includes” and “including” and any words following them shall be construed without limitation to the
generality of any preceding words or concepts and vice versa. 

  

	1.7	In this Agreement, unless the context otherwise requires, a reference to a person or party shall, at any time when such person or party is treated as a member of a group for VAT
purposes, include (where appropriate) a reference to the representative member of such group at such time (the term “representative member” to have the same meaning as in the Value Added Tax Act 1994). 

  

	1.8	In the event of an inconsistency between the terms of a Schedule to this Agreement and the other terms of this Agreement, the terms of the Schedule shall have precedence.

  

	2.	CONDITION PRECEDENT, COMMENCEMENT, TERM AND EXTENSION 

  

	2.1	Condition Precedent 

 With the exception of this
clause 2.1 and clauses 17 (Disputes and Arbitration) and 18 (General) (which will become effective on the date of signature of this Agreement), the remainder of this Agreement will only take effect if the IPO occurs, and is conditional
on the IPO taking effect. If the foregoing condition does not occur by 30 June 2008 (or such later date as the parties may agree in writing), this Agreement will terminate automatically. 
  

	2.2	Commencement 

 MGP will commence providing the
Services on the Effective Date. 
  

	2.3	Term 

  

	 	2.3.1	Each Service will be provided for the duration of the Service Term (subject to earlier termination in accordance with this Agreement) and will lapse automatically thereafter, unless
the parties agree to extend the duration of any Service pursuant to this clause 2. 

  

	 	2.3.2	This Agreement will terminate automatically on the earlier of the following events: 

  

	 	(a)	when MGP has ceased providing the last of the Services; 

  

	 	(b)	on the expiry of the Service Term (including any extension of the Service Term); or 

  

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	 	(c)	on the termination of this Agreement in accordance with its terms. 

  

	2.4	Extension 

  

	 	2.4.1	If MF Global wishes to extend the initial Service Term of a Service (including any agreed extension period in respect of a Service), then MF Global must give MGP notice of this at
least 2 months prior to the expiration of the then-current Service Term (including any agreed extension period). MGP may agree (but is not obliged) to continue to provide the relevant Service(s) for an extended period following the expiry of the
then-current Service Term. MPG will notify MF Global in writing within 7 days after receipt of MF Global’s request whether it wishes to continue to provide such service, subject to clause 2.4.2. 

  

	 	2.4.2	Any extension of the then-current Service Term will be subject to the parties reaching agreement on the terms on which MGP will continue to provide those Services (including the
extension period) prior to the expiry of the then-current Service Term. The Change Control Procedures do not apply to extensions of the Service Term under this clause 2. 

  

	3.	SERVICES - SCOPE, STANDARDS, FORM AND CHANGES 

  

	3.1	Services Scope and Location 

  

	 	3.1.1	In consideration of the relevant Fees to be paid by MF Global under this Agreement, MGP shall provide the Services to the relevant Service Recipients in accordance with the terms
and conditions of this Agreement. 

  

	 	3.1.2	MGP is to provide the Services on a global basis from MGP’s central London-based Group Risk function. 

  

	 	3.1.3	MF Global shall ensure that the Service Recipients comply with the provisions of this Agreement (other than payment provisions) as if they were party to it, and shall be responsible
to MGP for any failure by any of the Service Recipients so to comply. 

  

	3.2	Service Standards 

  

	 	3.2.1	Subject to clause 3.2.3, the Services will be provided to the same standard, quality and extent to which they have ordinarily been provided by MGP to the relevant MF Global
Affiliate during the 12 months prior to the Effective Date. 

  

	 	3.2.2	MGP will provide the Services with the same skill and care employed by it in the 12 months prior to the Effective Date in respect of the provision of those Services to the relevant
MF Global Affiliate, and in compliance with the laws and regulations that apply to it as a provider (not a recipient) of the Services. 

  

	 	3.2.3	Where the Services consist of services which were not previously provided by MGP in the ordinary course of its business, those Services shall be provided with reasonable skill and
care and to a standard consistent with prevailing industry practice. 

  

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	3.3	Form and Function of Services 

  

	 	3.3.1	The Services shall, in all material respects, be the same in form and function as the equivalent services provided by MGP to the relevant MF Global Affiliate in the 12 months prior
to the Effective Date. 

  

	 	3.3.2	Where the Services consist of services which were not previously provided in the ordinary course of MGP’s business, the form and function of those Services will be as set out
in the Services Schedule. 

  

	3.4	Change in Services 

 If MF Global requires any
additional services or any change in the Services (including any increased functionality not contemplated by the standards and requirements referred to in this clause 3) then this may be requested through the Change Control Procedures. MGP shall be
under no obligation to provide such additional services and/or changes to the Services except to the extent otherwise provided for in the Change Control Procedures. 
  

	3.5	Change in Scope of the Services 

 The Services will
only be provided, and may only be used, for the benefit of the Business and for no other purpose. However, if: 
  

	 	3.5.1	MF Global expands or changes its Business activities, or diversifies beyond or narrows the scope of the Business, after the Effective Date; or 

  

	 	3.5.2	the Financial Services Authority’s requirements for the preparation of reports relating to the Internal Capital Adequacy Assessment Process (“ICAAP”) in the UK
materially vary from the Financial Services Authority’s requirements as at the Effective Date; or 

  

	 	3.5.3	the equivalent requirements for the preparation of reports relating to the ICAAP for jurisdictions other than the UK materially vary from those requirements of the Financial
Services Authority relating to ICAAP as at the Effective Date, 

 and any such change or variation requires the Services to be
materially varied or extended to cover such change in, or addition or variation to, the Business activities or regulatory requirements for ICAAP, MF Global will have to request and agree to the relevant variation to the Services under the Change
Control Procedures. For the avoidance of doubt, and subject to clause 11.2 (Changes in laws or regulations), MGP is not obliged to make any such material variation or extension to the Services in respect of such change in, or addition or
variation to, the Business activities or regulatory requirements for ICAAP. 
  

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	4.	IT, IP AND THIRD PARTY CONSENTS 

  

	4.1	Intellectual property rights 

  

	 	4.1.1	The parties agree to the additional terms under Schedule 2 (Additional Software Licence Rights) which shall take precedence to the terms of this clause 4.

  

	 	4.1.2	MGP will retain all Intellectual Property Rights in any material developed by it in connection with this Agreement or the performance of the Services. MGP will grant to MF Global a
royalty-free and perpetual licence to use such Intellectual Property Rights (excluding any Intellectual Property Rights which are developed and owned by a third party, unless MGP has sub-licensing rights) for its internal business purposes only.

  

	 	4.1.3	Subject to the terms of this clause 4, MGP is only required to utilise its and/or MF Global’s existing systems and Intellectual Property Rights to provide the Services.

  

	 	4.1.4	Unless otherwise agreed through the Change Control Procedures, MGP is not required to commit to any further development of the systems of MGP, MF Global or any of their Affiliates
for the provision of the Services. 

  

	 	4.1.5	If MGP agrees to develop any particular Intellectual Property Rights at MF Global’s request pursuant to the Change Control Procedures, then MGP will grant to MF Global a
royalty-free and perpetual licence to use such Intellectual Property Rights for its internal business purposes. 

  

	4.2	Licence to use MGP Software and Data 

 If necessary
and where relevant, MGP shall grant to and/procure for each relevant Service Recipient: 
  

	 	4.2.1	a personal, non-exclusive, non-transferable licence to use the MGP Software for the Service Term, and solely to the extent necessary to receive the benefit of the Services; and

  

	 	4.2.2	a personal, non-exclusive, non-transferable licence to use the MGP Data for the Service Term, and solely to the extent necessary to receive the benefit of the Services.

  

	4.3	Licence to use MF Global Software and Data 

 If
necessary and where relevant, MF Global shall grant to and/procure for MGP and/or its Affiliates: 
  

	 	4.3.1	a personal, non-exclusive, non-transferable licence to use the MF Global Software for the Service Term, and solely to the extent necessary to provide the benefit of the Services;
and 

  

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	 	4.3.2	a personal, non-exclusive, non-transferable licence to use the MF Global Data for the Service Term, and solely to the extent necessary to provide the benefit of the Services.

 Such licences will terminate with the expiry or earlier termination of the Agreement. 
  

	4.4	Third Party Software 

  

	 	4.4.1	MGP will consult with MF Global on the relevant licences for Third Party Software, and the terms applicable to such licences, which may be necessary for MF Global to receive the
Services from MGP. 

  

	 	4.4.2	Subject to receiving any necessary third party consents or licences, MGP will use reasonable endeavours to grant, or procure, relevant licences (on a royalty-free and perpetual
basis) for the relevant Service Recipients to use the Third Party Software which are necessary to permit the Service Recipients to use or receive a Service. This requirement excludes any licences for Third Party Software which MF Global is required
to obtain as an MF Global Requirement. 

  

	 	4.4.3	Subject to MF Global’s prior consent (and provided such consent is not unreasonably withheld), MF Global agrees to accept the licences provided or procured on the terms granted
or procured by MGP under this clause 4.4, including payment of commercial licence fees, unless otherwise agreed. 

  

	4.5	Third Party Consents 

  

	 	4.5.1	Subject to clause 4.4, to the extent that the consent of a third party is required to allow MGP to provide any of the Services under this Agreement, MGP will use reasonable
endeavours to obtain that consent at MGP’s cost. 

  

	 	4.5.2	If, despite having used reasonable endeavours pursuant to clause 4.5.1, any required third party consent is not obtained or a third party requires MGP to cease using any items
and/or services made available to MGP in the provision of Services to a Service Recipient, MGP will be relieved from providing the Services to the extent that it is not able to do so as a result of the third party refusal to provide consent.

  

	 	4.5.3	In the event a relevant third party consent cannot be obtained and MGP cannot provide a Service pursuant to this clause 4.5: 

  

	 	(a)	MF Global is not required to pay for such Service; and 

  

	 	(b)	MGP is not obliged to vary or extend its Services; and 

  

	 	(c)	MF Global may request a variation to the Services (including the use of an alternative IT systems) in accordance with the Change Control Procedures. 

  

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	4.6	Licence to use Software and Data following Service Term expiry 

 If MF Global identifies any MGP Software and/or MGP Data which any Service Recipient requires the continued use of following the cessation of any of the Services, the following terms apply: 
  

	 	4.6.1	MF Global shall notify MGP thereof in writing within a reasonable period in advance of the expiration of the relevant Service Term; and 

  

	 	4.6.2	MGP may (but is not obliged to) continue to provide the relevant MGP Software and/or MGP Data following the expiry of the Service Term, subject to the parties reaching agreement on
the terms of such use (which may include the payment of royalties or other fees). 

  

	4.7	Access to IT Systems and Security 

  

	 	4.7.1	Neither party shall (except to the extent expressly permitted to do so by this Agreement) attempt to obtain access to, use or interfere with any IT Systems or data used or processed
by the other party except to the extent required to do so to receive (in the case of a Service Recipient) or provide the Services, including complying with any relevant requirements set out in the Services Schedule. 

  

	 	4.7.2	Each party shall ensure, and shall procure each of its relevant Affiliates to ensure, that reasonable security measures are maintained to protect its IT Systems from unauthorised
access by third parties, and in particular from disruption by any computer software routine intended or designed to (i) procure access or use of the IT System by a third person, or (ii) disable, damage or erase, or disrupt or impair the
normal operation of information technology systems, including “back door”, “time bomb”, “Trojan Horse”, “worm”, “drop dead device”, “virus” or other. 

  

	 	4.7.3	Each party shall at all times abide by, and procure all its employees, contractors and agents to abide at all times by, any access and security protocol and/or policy required by
the other party when accessing the other party’s IT network and/or physical premises. 

  

	5.	EXIT PLANNING 

  

	5.1	MF Global responsibility 

  

	 	5.1.1	MF Global acknowledges and agrees that: 

  

	 	(a)	this Agreement is a transitional arrangement under which MGP will support the Business operated by MF Global and its Affiliates only, by providing the Services for a limited period
of time; and 

  

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	 	(b)	MF Global and its relevant Affiliates will be responsible for obtaining services to replace each of the Services upon the earlier termination or expiration of the relevant Service
Term. 

  

	 	5.1.2	MF Global will immediately after the Effective Date start planning for its exit from this Agreement and the transitioning of its Business off the Services (including transferring
the Services either to itself or a replacement third party service provider). 

  

	 	5.1.3	MF Global may submit its exit plan to MGP from time to time, and MGP will endeavour to provide commentary on the exit plan and its feasibility to the extent that it affects MGP.

  

	5.2	MGP responsibility 

  

	 	5.2.1	To assist MF Global’s exit from this Agreement, MGP shall transfer to MF Global, at such time as MF Global may reasonably require, all data and documents maintained or
generated by MGP in the course of providing the Services to the extent that the same relate substantially to MF Global and/or other Service Recipients and/or the Business of MF Global and its Affiliates (subject to MGP’s business and
confidentiality constraints). Such data and documents shall be transferred in the format that they have been maintained by MGP; if MF Global requires the same to be converted into another format, MF Global may request the same through the Change
Control Procedures. MGP may retain a reasonable number of copies of such data and documents for its own internal, regulatory compliance or legal purposes (in which case, for clarity, the confidentiality obligations set out in this Agreement will
continue to apply to those data and documents to the extent that such data and documents relate to MF Global). 

  

	 	5.2.2	MGP will provide MF Global with reasonable assistance and access to MGP’s personnel and systems used in the provision of the Services (to the extent permissible, in the case of
third party systems and generally with regard to MGP’s business and confidentiality constraints) to allow MF Global to plan its exit from this Agreement. To the extent that such assistance will require MGP to incur any additional costs or
expenses, it will only be required to comply with this term to the extent that MF Global agrees to reimburse such costs and expenses to the extent that they are reasonable. 

  

	 	5.2.3	Other than as provided under this clause 5, MGP will only be required to provide assistance to MF Global in relation to the exit from this Agreement if it has agreed to provide such
assistance in writing and on such terms as it may prescribe at the time of agreeing the same (which may include without limitation reimbursement of its costs and expenses). For the avoidance of doubt, MGP will not be required to comply with any
actions allocated to it in an exit plan prepared by MF Global unless it has agreed in writing to them. 

  

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	6.	MF GLOBAL REQUIREMENTS AND MGP RELIEF 

  

	6.1	MF Global Requirements 

 MF Global will, and will
procure that its relevant Affiliates will, do each of the following (each an “MF Global Requirement”): 
  

	 	6.1.1	fulfil its specific requirements in connection with the Services as set out in the Services Schedule; 

  

	 	6.1.2	on reasonable notice, give MGP or its agents reasonable access to facilities, systems, premises and/or staff of MF Global (or of the relevant Affiliate); 

 

	 	6.1.3	promptly provide MGP or its agent with sufficient information and assistance reasonably required to enable MGP to perform its obligations under this Agreement (including copies of
documents and data), all in a timely manner to enable MGP to provide the Services in accordance with this Agreement and to comply with its legal and regulatory obligations; and 

  

	 	6.1.4	remain responsible for all necessary regulatory capital calculations (other than the calculation of monthly Economic Capital which is performed as part of the Services).

  

	6.2	MGP Relief 

  

	 	6.2.1	MGP will not be liable for any failure to provide the Services to the extent that the failure is caused by a failure by MF Global (or the relevant MF Global Affiliate) to comply in
a timely manner with any of the MF Global Requirements (including any failure to do so which is excused by the force majeure provisions of this Agreement). 

  

	 	6.2.2	Subject to the terms of this Agreement, for the avoidance of doubt, MGP will not be relieved from providing the Services where MF Global (or the relevant MF Global Affiliate)
complies with all relevant MF Global Requirements in a timely manner. 

  

	7.	FEES AND VAT 

  

	7.1	Fees and costs 

  

	 	7.1.1	MF Global will pay MGP the relevant Fee on a monthly or other basis per Service for the provision of that Service, as set out more fully in the Services Schedule.

  

	 	7.1.2	All Fees shall be invoiced in arrears on a monthly or other basis (in accordance with the Services Schedule) and shall be payable within 30 days from the date of the invoice. For
the avoidance of doubt, MGP may include recoverable costs and expenses incurred in a previous month in an invoice relating to a future month (without double-counting). 

  

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	7.2	Late Payment 

 Late payments of Fees will attract
additional interest payments of 2% per annum above the then-current base lending rate of Barclays Bank plc per month, accruing from the first business day following the day on which payment is due until the date of actual payment. 

 

	7.3	VAT 

  

	 	7.3.1	All sums set out in this Agreement or otherwise payable by any party to any other party pursuant to this Agreement shall be deemed to be exclusive of any VAT which is chargeable on
the supply or supplies for which such sums (or any part thereof) are the whole or part of the consideration for VAT purposes. 

  

	 	7.3.2	Where, pursuant to the terms of this Agreement, any party (or any Affiliate of any party) (the “Supplier”) makes a supply to any other party (or any Affiliate of
any party) (the “Recipient”) for VAT purposes and VAT is or becomes chargeable on such supply (being VAT for which the Supplier is required to account to any relevant Tax Authority), the Recipient shall, subject to the receipt of a
valid VAT invoice in respect of such supply, pay to the Supplier (in addition to any at the same time as any other consideration for such supply) a sum equal to the amount of such VAT. 

  

	 	7.3.3	References in this Agreement to any cost or expense incurred by any party and in respect of which such party is to be reimbursed or indemnified by any other party under the terms of
this Agreement, or the amount of which is to be taken into account in any calculation or computation set out in this Agreement, shall include such part of such cost or expense as represents any VAT but only to the extent that such first party is not
entitled to credit or repayment in respect of such VAT from any relevant Tax Authority. 

  

	8.	CONTRACT MANAGEMENT 

  

	8.1	The parties will each appoint the person indicated as its “Primary Recipient” in clause 18.3 (Notices) as its contract manager (“Contract
Manager”) who, as of the date of this Agreement, will be responsible for all matters in relation to this Agreement on the behalf of that party. A Contract Manager may be replaced by the party appointing it. Each party must provide written
notice of any change in a Contract Manager to the other party no later than the date of such change. 

  

	8.2	The parties will ensure that the Contract Managers will meet at least once a month to discuss any matters relating to this Agreement and to monitor progress of MF Global’s exit
planning. 

  

	8.3	Each party’s Contract Manager will be authorised to make decisions for that party and such decisions will be binding on that party. 

  

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	9.	TERMINATION 

  

	9.1	Termination by MF Global for convenience 

  

	 	9.1.1	MF Global may terminate any and all Service(s) for convenience at any time, subject to 30 days’ notice. 

  

	 	9.1.2	MGP will on receipt of such a notice inform MF Global as soon as may be practicable, but no later than 10 business days after the receipt of such notice, of the effect that the
termination of the relevant Service will have on the remainder of this Agreement (which may include, without limitation, the inability to provide any of the other Services or changes in the Fees). Any costs or changes in the Fees determined by MGP
to be payable by MF Global for the early termination of this Agreement under this clause 9.1 are to be reasonably substantiated by reference to calculations and objective data. 

  

	 	9.1.3	MGP and MF Global agree to each use commercially reasonable endeavours to minimise the impact of any termination of a Service on the remainder of this Agreement.

  

	 	9.1.4	If MF Global accepts the effects of the termination of a Service on this Agreement as identified by MGP in its notice to MF Global, this Agreement will be amended and terminated in
accordance with that notice. If MF Global rejects, or does not accept, such effects of the termination of a Service in writing (which must be notified within 5 business days after the date of the notice from MGP), MF Global will be deemed to have
withdrawn its notice of termination of the relevant Service, and the terms of this Agreement shall continue in effect. 

  

	9.2	Termination by MF Global for cause 

 MF Global may
terminate the entire Agreement immediately in its entirety in respect of all the Services or any part of the Services (at its determination): 
  

	 	9.2.1	for a material breach by MGP which is not capable of being remedied or, in the case of a material breach capable of being remedied, if such material breach has not been remedied
within 30 days from the date of written notice requiring it to do so; 

  

	 	9.2.2	for insolvency of MGP; or 

  

	 	9.2.3	if MF Global is required to terminate this Agreement by law or regulatory requirement (including where MF Global’s lead financial services regulator requires the same).

  

 - 12 - 

	9.3	Termination by MGP for cause 

 MGP may terminate
this Agreement immediately in its entirety in respect of all the Services or any part of the Services (at its determination): 
  

	 	9.3.1	for a material breach by MF Global which is not capable of being remedied or, in the case of a material breach capable of being remedied, if such material breach has not been
remedied within 30 days from the date of written notice requiring it to do so; 

  

	 	9.3.2	for insolvency of MF Global; or 

  

	 	9.3.3	if MGP is required to terminate this Agreement by law or regulatory requirement (including where MGP’s lead financial services regulator requires the same).

  

	9.4	Termination by MGP for change in control of MF Global 

  

	 	9.4.1	MGP may terminate the entire Agreement by giving MF Global at least 30 days’ notice if a third party (excluding MGP or any of its Affiliates) acquires Control of MF Global
(whether directly or indirectly) at any time following the IPO. For clarity, the IPO itself will not be considered an acquisition of Control for the purposes of this clause. 

  

	 	9.4.2	MGP’s right under this clause 9.4 must be exercised within 30 days of any such acquisition of Control coming to MGP’s attention, following which such right will lapse
automatically and irrevocably. 

  

	10.	CONSEQUENCES OF TERMINATION 

  

	10.1 	Obligations on termination 

 On termination of this
Agreement for any reason: 
  

	 	10.1.1	MGP will stop providing the Services (or in the case of the termination of particular Services only, those Services); 

  

	 	10.1.2	MF Global will pay all sums which at the date of termination are due and payable to MGP (pro rated where necessary); and 

  

	 	10.1.3	the parties shall promptly return any Confidential Information (including data and software) of the other party or its Affiliates to its owner (or with the prior written agreement
of the owner of the Confidential Information delete or destroy it). Notwithstanding the foregoing, each party may retain a reasonable number of copies of the other party’s Confidential Information for its own internal, regulatory compliance or
legal purposes, for as long as is necessary for those purposes, and the obligations of confidentiality set out in this Agreement shall continue to apply to the same. 

  

	10.2 	Data Access following termination 

 MGP agrees, for
a period of 5 years from the date of this Agreement, to the extent that MGP and/or any of its Affiliates will retain data or business information of MF Global or any of its Affiliates, to provide MF Global with reasonable access (including the right
to take copies) during normal business hours, to such data or business information, subject to the following: 
  

	 	10.2.1	MF Global gives MGP reasonable notice of such request; 

  

 - 13 - 

	 	10.2.2	MF Global reimburses MGP for its reasonable costs in providing such access; and 

  

	 	10.2.3	MGP will use reasonable endeavours to provide the relevant data/information as soon as reasonably practicable. 

  

	10.3 	Survival of terms 

 Any term of this Agreement which
is expressed or by its nature intended to survive termination of this Agreement, including terms governing liability of the parties, termination consequences of this Agreement, confidentiality, governing law and dispute resolution, and the
interpretation of this Agreement, shall survive termination of this Agreement. 
  

	10.4 	TUPE rights and obligations 

  

	 	10.4.1	If: 

  

	 	(a)	any employee of MGP asserts or establishes that he or she has become employed by MF Global, any MF Global Affiliate or any replacement provider of the Services (a
“Transferee”), as a result of the termination of this Agreement or the termination of a particular Service or part thereof, and 

  

	 	(b)	the Transferee does not wish to employ such person, 

 then
the Transferee shall within 5 business days of becoming aware of such assertion notify MGP in writing that it does not wish to employ such person (the “Affected Employee”) and MGP shall be given the opportunity (but shall not be
obliged) to offer the Affected Employee re-employment with MGP. If the Transferee fails to notify MGP in writing within this time period then that person will be treated as if he or she had always been an employee of the Transferee. 
  

	 	10.4.2	If the Affected Employee accepts an offer made by MGP pursuant to this clause 10.4, the Transferee will immediately release that person from his or her employment and waive any
notice period or restrictive covenants under his or her employment contract with the Transferee. 

  

 - 14 - 

	 	10.4.3	If, within 5 business days of being notified in accordance with this clause 10.4, MGP has not made an offer or an offer has been made but, within 5 business days of the offer being
made, it has not been accepted: 

  

	 	(a)	the Transferee will be entitled within a further 20 business day period to terminate the employment of the Affected Employee by following the statutory dismissal procedure; and

  

	 	(b)	MGP will indemnify MF Global for the reasonable costs and expenses incurred by MF Global or the relevant MF Global Affiliate arising under or in connection with such termination of
the Affected Employee’s contract of employment. 

  

	 	10.4.4	If the Transferee continues the employment of the Affected Employee beyond the relevant 20 business day period described in clause 10.4.3 then that person will be treated as if he
or she had always been an employee of the Transferee. 

  

	11.	CHANGE CONTROL PROCEDURE 

  

	11.1 	Valid Changes 

 Except to the extent otherwise
provided for in this Agreement, all changes to this Agreement, including changes to the Services or the functionality included in any Service (having regard to the standards and requirements referred to in clause 3 (Services)) (each a
“Change”), will be valid if agreed through the Change Control Procedures set out in this clause. 
  

	11.2 	Changes in laws or regulations 

  

	 	11.2.1	Either party may request a Change but neither party will be obliged to agree to a Change requested by the other party (except that a party will not refuse a Change requested by the
other party which is necessary to allow the other party to comply with any laws or regulations that apply to the other party), but subject to and contingent on the parties first reaching agreement on the terms on which they will implement the
requested Change. 

  

	 	11.2.2	For the avoidance of doubt, and save for as provided in the Services Schedule, MGP will not be responsible for advising MF Global on any changes in the laws or regulations that
apply to MF Global. 

  

	11.3 	Procedures 

  

	 	11.3.1	MGP will: 

  

	 	(a)	if it requests a Change, together with its request; or 

  

	 	(b)	if MF Global requests a Change, within 15 days after receipt of MF Global’s request, 

 deliver to MF Global a statement (“Impact Statement”) identifying the impact of the proposed Change to the terms of and Services
provided under this Agreement (including any changes to the Fees payable by MF Global or any additional one-off implementation fees that are required to implement the proposed Change). 
  

 - 15 - 

	 	11.3.2	If the parties accept the Impact Statement (including any changes agreed to be made thereto) their Contract Managers will sign it, and this Agreement will be deemed to be amended in
accordance with the Impact Statement (mutatis mutandis). 

  

	11.4	Costs and Expenses 

  

	 	11.4.1	MF Global will be responsible for all of its own costs and expenses and for the reasonable costs and expenses of MGP in connection with any Change requested by MF Global or any
Change requested by a party which is necessary to allow that party to comply with any change in the laws or regulations that apply to that party, including any steps taken by MGP as it is required to do under the Change Control Procedures in
connection with the requested Change. 

  

	 	11.4.2	Subject to clause 11.4.1, MGP will be responsible for all of its own costs and expenses and for the reasonable costs and expenses of MF Global in connection with any Change
requested by MGP (but excluding a Change requested pursuant to clause 11.2), including any steps taken by MF Global as it is required to do under the Change Control Procedures in connection with the requested Change. 

  

	12.	LIABILITY 

  

	12.1 	Limitation of liability 

 MGP’s liability in
connection with this Agreement (however arising, including liability under contract, for tort (including negligence) and under an indemnity) will be capped, in respect of any event and all events preceding that event, to 100% of the total of the
Fees (exclusive of VAT) paid and due and payable by MF Global under this Agreement during the 12 month period prior to that event. 
  

	12.2 	Exclusion of liability 

  

	 	12.2.1	MGP will not be liable for the accuracy or completeness of any data provided by or on behalf of MF Global (including MF Global Data) or for the consequences if that data are not
accurate or complete. 

  

	 	12.2.2	MGP will not be liable for MF Global’s use of the deliverables supplied by MGP as a result of the Services (including any MGP Data and MGP Software). MGP will have no liability
to any third parties in respect of MF Global’s use of those deliverables. 

  

	 	12.2.3	With the exception of its liability under any indemnity given by it under this Agreement, neither party will be liable to the other for any: 

  

	 	(a)	indirect or consequential loss, damage or claims; or 

  

	 	(b)	for any lost profits, lost business, lost data, loss of goodwill. 

  

 - 16 - 

	12.3 	Liability for negligence and wilful default 

 MGP
will not be liable to MF Global under this Agreement unless it has acted with fraud or has been negligent or in wilful default of its obligations under this Agreement. 
  

	12.4 	MF Global indemnity 

 MF Global shall indemnify MGP
against any loss, damage or claims suffered by or made against MGP as a result of or flowing from claims by third parties in connection with the provision of the Services (excluding claims due to MGP acting with fraud, negligence or wilful default
of its obligations under this Agreement). 
  

	12.5 	No liability for third party acts/omissions 

 Without prejudice to the terms of this clause 12 and clause 18.1 (Assignment and sub-contracting), MF Global acknowledges and agrees that MGP will rely on certain third parties (including content and data service providers) from
time to time in connection with the provision of the Services. MGP will not be liable in any way to MF Global or any third party for a failure to provide any Services where such failure is caused or exacerbated by an act or omission of any such
third party, or a failure by any such third party, to provide relevant information and/or assistance to MGP, unless MGP has acted with negligence or fraud in its reliance or management of such third party or in wilful default under any
contract or agreement between MGP and such third party. 
  

	13.	FORCE MAJEURE 

  

	13.1 	For the purposes of this Agreement, a “Force Majeure Event” means acts of God, riots, war, terrorist activities, strikes, lock-outs or other industrial disputes,
epidemics, governmental restraints, act of legislature and a directive or requirement of a competent authority governing a party, or any other circumstance beyond the reasonable control of the party liable to effect performance of an obligation.

  

	13.2 	Neither party shall be liable for failure to perform, or delay in performing, any of its relevant obligations under this Agreement in so far as the performance of such obligations
is prevented by a Force Majeure Event in relation to it. 

  

	13.3 	Each party shall notify the other of the occurrence of a Force Majeure Event applicable to it and shall use all reasonable endeavours to continue to perform its obligations
hereunder for the duration of such Force Majeure Event. 

  

	13.4 	MF Global shall not be required to pay the Fees in respect of any suspended Service whilst, but only to the extent that, the provision of the Service is suspended as a result of a
Force Majeure Event, save where the Fees relate to the costs of or payments to be made to any third party employed or engaged as an independent contractor by MGP. 

  

	13.5 	Each party shall have the right to terminate this Agreement without cause if a Force Majeure Event continues for a period of a collective period of 30 days.

  

 - 17 - 

	14.	AUDIT RIGHTS 

  

	14.1 	MF Global will be entitled to audit MGP’s compliance with this Agreement and the systems and procedures (including the IT systems) employed by MGP in providing the Services, at
reasonable times and with reasonable (not less than 4 business days) advance notice. MF Global may carry out these audits using its own personnel (including its internal auditors) or with MGP’s consent (not to be unreasonably withheld or
delayed) external advisors. 

  

	14.2 	MGP will allow a competent regulator of MF Global access to MGP’s premises, staff and facilities where that regulator requires the same in the exercise of its regulatory
functions in respect of MF Global. 

  

	14.3 	All audits must be conducted at reasonable business times and MF Global will ensure that MGP’s business is not unduly disrupted by any such audit. MF Global will be responsible
for any damage or loss caused as a result of any such audit. 

  

	15.	DATA PROTECTION AND REGULATORY MATTERS 

  

	15.1 	Data Protection 

  

	 	15.1.1	To the extent that the Services include the processing by MGP of any Personal Data belonging to MF Global, MGP will act as data processor to MF Global and will process that personal
data only in accordance with MF Global’s written instructions. 

  

	 	15.1.2	Each party will comply with its obligations under applicable Data Protection Laws. 

  

	 	15.1.3	Neither party is responsible for facilitating the other party’s compliance with its obligations under the Data Protection Laws. 

  

	15.2 	Regulatory Matters 

  

	 	15.2.1	Each party shall give the other party written notice as soon as may be reasonably practicable after it becomes aware of any matter which, in its reasonable opinion, is likely to
have a material adverse affect on its or its Affiliates’ ability to provide or receive Services in accordance with this Agreement. 

  

	 	15.2.2	The parties will cooperate in good faith to, and use all reasonable endeavours to agree on how to, address and resolve such regulatory or other matter, including agreeing on
amendments or additional provisions to the terms of this Agreement with the intent of maintaining, as nearly as possible, the same commercial effect as the original terms of this Agreement. 

  

	16.	THIRD PARTIES’ RIGHTS AND LIABILITY 

  

	16.1 	A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement, but this clause does not
affect any right or remedy of a third party which exists or is available apart from that Act. 

  

 - 18 - 

	16.2 	The losses or damages incurred or suffered by an Affiliate of a party that arise in connection with this Agreement shall be deemed the losses or damages of that party (so that the
direct losses/damages of the Affiliate shall be deemed the direct losses/damages of the relevant party, and the indirect losses of the Affiliate, shall be deemed the indirect losses/damages of the relevant party). All such losses and damages shall
be subject to the exclusions and limitations set out in this Agreement. 

  

	16.3 	This Agreement is solely for the benefit of the parties hereto and does not confer upon any third party any remedy, claim, reimbursement or cause of action or other right other than
any as is provided for herein. 

  

	17.	DISPUTES AND ARBITRATION 

 The parties agree that
the terms of the Master Separation Agreement which relate to disputes and arbitration (as set out in the Master Separation Agreement) shall apply to this Agreement, and disputes shall be resolved in accordance with those provisions on behalf of the
parties to this Agreement by the parties to the Master Separation Agreement. 
  

	18.	GENERAL 

  

	18.1 	Assignment and sub-contracting 

  

	 	18.1.1	This Agreement may not be assigned by a party without the consent of the other party, except that either party may assign this Agreement to an Affiliate of that Party.

  

	 	18.1.2	MGP may sub-contract the provision of any part of the Services but it will remain responsible for the provision of the Services in accordance with this Agreement, including the
standards set out in this Agreement, despite any sub-contracting. 

  

	18.2 	Confidentiality 

  

	 	18.2.1	The parties agree that the terms of the Master Separation Agreement which relate to Confidential Information (as defined in the Master Separation Agreement) shall apply to this
Agreement and are deemed to be repeated herein (mutatis mutandis) as if set out in this Agreement. 

  

	 	18.2.2	Notwithstanding this clause 18.2, MGP and MF Global each acknowledge and agree that they are each regulated entities, and as such, if one party breaches any relevant laws or
regulations, the other party is not prevented under this Agreement or otherwise from reporting such breach to the relevant regulatory authority. 

  

 - 19 - 

	 	18.2.3	Where permitted by regulation, each party will notify the other party in advance of reporting a breach to a regulatory authority. 

  

	18.3 	Notices 

  

	 	18.3.1	Save where otherwise provided for in this Agreement, any notice or other communication required to be given or served under or in connection with this Agreement shall be in writing
and shall be sufficiently given or served if delivered or sent to the following relevant address and persons: 

  

	 	(a)	In the case of MGP to: 

  

	 	Address:	Sugar Quay, Lower Thames Street, 

	 	    	London, EC3R 6DU 

  

	 	Fax:	+44 (0) 20 7144 1919 

	 	Attention:	Barry Wakefield (“Primary Recipient”) 

 With a copy to: Chris Chaloner (“Secondary Recipient”) 

	 	Fax:	+44 (0) 20 7144 1919 

  

	 	(b)	In the case of MF Global to: 

  

	 	Address:	Sugar Quay, Lower Thames Street, 

	 	    	London, EC3R 6DU 

  

	 	Fax:	+(212) 589 - 6236 

	 	Attention:	Steve Cochrane (“Primary Recipient”) 

 With a copy to: Howard Schneider, Esq. (“Secondary Recipient”) 

	 	 Address:
	 717 5th Avenue, New York, NY, 10022 USA 

	 	Fax:	+(212) 589 - 6236 

  

	 	18.3.2	Unless there is evidence to indicate otherwise, a notice given under this clause is deemed given: 

  

	 	(a)	if delivered personally, when left at the relevant address; 

  

	 	(b)	if sent by post, except air mail, 2 business days after posting it; 

  

	 	(c)	if sent by air mail, 6 business days after posting it; or 

  

	 	(d)	if sent by fax, when confirmation of its transmission has been recorded by the sender’s fax machine. 

  

	18.4 	Whole Agreement 

 This Agreement, together with the
Master Separation Agreement and the Schedules hereto, contains the whole agreement between the parties relating to the subject matter of this Agreement at the date hereof to the exclusion of any terms implied by law 

  

 - 20 - 

 
which may be excluded by contract, and supersedes any previous written or oral agreement between the parties in relation to the matters dealt with in this
Agreement. 
  

	18.5 	Waiver 

 No delay or forbearance by any party in
exercising any right or remedy shall operate as a waiver of it, nor shall any single or partial exercise of any right or remedy preclude any other or further exercise of it or the exercise of any other right or remedy. 
  

	18.6 	Further Assurances 

 At any time after the date of
this Agreement each party shall, and shall use all reasonable endeavours to procure that any necessary third party shall, at the cost of that party execute such documents and do such acts or things as the other party may reasonably require for the
purpose of giving to the other party the full benefit of this Agreement. 
  

	18.7 	Relationship 

  

	 	18.7.1	Except as expressly otherwise agreed in writing between the parties: 

  

	 	(a)	nothing in this Agreement shall be construed as constituting an agency, partnership or joint venture between the MGP, MF Global and/or any of their Affiliates;

  

	 	(b)	neither party has the authority to act or incur obligations on behalf of the other; and 

  

	 	(c)	neither party has any responsibility for the acts or omissions of the other. 

  

	 	18.7.2	Each party shall each ensure that its Affiliates, employees, agents, delegates or sub-contractors do not hold themselves out as employees or agents of the other.

  

	18.8 	Costs 

 Unless otherwise agreed, each party shall
bear its own legal, accountancy and other costs and expenses incurred by it in connection with the preparation and negotiation of this Agreement. 
  

	18.9 	Severance 

  

	 	18.9.1	If any provision in this Agreement shall be held to be illegal, invalid or unenforceable, in whole or in part, under any enactment or rule of law, such provision or part shall to
that extent be deemed not to form part of this Agreement but the legality, validity and enforceability of the remainder of this Agreement shall not be affected. 

  

 - 21 - 

	 	18.9.2	The parties will use all reasonable endeavours to agree a replacement provision which shall have, as nearly as possible, the same commercial effect as the ineffective provision.

  

	18.10 	Variation 

 No variation of this Agreement shall be
effective unless in writing and signed by or on behalf of each of the parties or (if expressly required under the terms of this Agreement) is in accordance with the Change Control Procedures. 
  

	18.11 	Counterparts 

 This Agreement may be executed in any
number of counterparts each of which shall be deemed an original, but all the counterparts shall together constitute one and the same instrument. 
  

	18.12 	Governing Law and Jurisdiction 

 This Agreement and
all matters arising from or connected with it are governed by laws of England and Wales. 
  

 - 22 - 

 EXECUTED by the parties as an agreement 
  

					
	 Signed by ______________
	  	)	  	
	 a duly authorised representative of
	  	)	  	
	MAN GROUP PLC 	  	)	  	

					
			
	___________________________	  	Signature	  	

 Date: 
  

					
	 Signed by ______________
	  	)	  	
	 a duly authorised representative of
	  	)	  	
	MF GLOBAL LTD	  	)	  	

					
			
	___________________________	  	Signature	  	

 Date: 
  

 - 23 - 

 SCHEDULE 1 
 SERVICES SCHEDULE 
  

	(A)	Calculation of Economic Capital for MF Global 

  

	 	(A)	Service Description 

 For each risk category
below, to calculate economic capital at the 95% and 99.9% confidence interval or at any confidence level agreed with MF Global. 
 To
calculate an overall level of economic capital taking into account permitted levels of correlation within risk-types and between risk-types. 
 Sub-divisions of the economic capital will be provided as agreed with MF Global. 
  

	 	(A)	Operational Risk 

  

	 	(1)	Updating of the narrative used to support the operational risk scenarios, including key risks and controls, and further description of the risks by major business area (delivered
for all scenarios at least annually), in the form set out in Attachment 1. 

  

	 	(2)	A brief operational risk assessment will be sent to the Risk Committee every month outlining directional changes in the operational risk profile and whether there is any requirement
to amend any of the operational risk scenarios. This assessment will be based on information provided by MF Global including business growth, internal losses, key risk indicators, internal and external audit issues, compliance and regulatory issues,
legal claims and related legal fees, new product initiatives, changes in business processes, systems, controls, technologies and organisational structures, new business locations and acquisitions. It will also be based on details of external losses
and incidents, general changes in the external market and regulatory environment and any proposed changes to the operational risk capital methodology. 

  

	 	(3)	Maintenance of the economic capital model methodology, including simulation techniques, selection of appropriate distributions, correlation or diversification assumptions (updates
as and when required). 

  

	 	(4)	Estimation and proposal of input parameters used to drive the model, i.e. frequencies and severities, and correlation factors for each scenario (updated as required, but delivered
at least annually as part of ICAAP). 

  

 - 24 - 

	 	(B)	Business Risk 

  

	 	(1)	Update of business risk scenarios and calculation of economic capital for any scenarios deemed severe enough (at 99.9% confidence) to cause a loss within a one year horizon; this
will include the reputation impacts of severe operational risk events (updated at least annually, in line with business plan). 

  

	 	(C)	Credit Risk 

  

	 	(1)	To model credit risk economic capital using credit exposure amounts provided by MF Global. 

  

	 	(2)	To use in the calculation of economic capital the models, assumptions and techniques being applied at the time of signing this Agreement. 

  

	 	(3)	To develop methodologies for quantifying economic capital as may be required in the context of using economic capital in the ICAAP (see Service (C) below).

  

	 	(4)	To develop methodologies for quantifying economic capital for new products or types of exposure. 

  

	 	(5)	To update the assumptions used in the economic capital model in response to analysis undertaken by MF Global, external consultants or MGP’s Affiliates.

  

	 	(D)	Market Risk 

  

	 	(1)	To model market risk economic capital using market position information provided by MF Global. 

  

	 	(2)	To use in the calculation of economic capital the models, assumptions and techniques being applied at the time of signing this Agreement. 

  

	 	(3)	To develop methodologies for quantifying economic capital as may be required in the context of using economic capital in the ICAAP (see Service (C) below).

  

	 	(4)	To develop methodologies for quantifying economic capital for new products or types of exposure. 

  

	 	(5)	To update the assumptions used in the economic capital model in response to analysis undertaken by MF Global, external consultants or MGP’s Affiliates.

  

 - 25 - 

	 	(E)	Delivery of Report 

  

	 	(1)	MGP to deliver monthly economic capital report to MF Global, by no later than 5 working days after the delivery of the information. The report will be in the format set out in
Attachment 2, which will be in line with existing (as at the Effective Date) MGP Group Risk Economic Capital reports in terms of content, scope and level of detail. 

  

	 	(2)	Following the provision of the above described Economic Capital report each month, MGP will use reasonable efforts to respond to any questions by MF Global which are raised in the 7
days following delivery of the report. 

  

	 	(B)	Service Term 

 12 months from the Effective
Date. 
  

	 	(C)	Service Price 

 USD$75,000 per calendar
month. 
  

	 	(D)	MF Global Requirements 

  

	 	 (A)
	 MF Global to provide the following required input data to MGP Group Risk Department in electronic format. For input data
that is required to be provided monthly, MF Global to provide it no later than the 10th business day following each
month end. Input data that is required daily to be provided by MF Global no later than the following business day. Annual and ad-hoc required input data to be provided by MF Global as and when available or issued. 

  

	 	(1)	Operational Risk: (a) Monthly key risk indicators (all locations) reported against thresholds or prior 12 month trends; (b) Monthly reports of all incidents greater
than $25,000 (refer to incident data specification in MGP operational risk policy, which is to be replaced by MF Global’s operational risk policy when available); (c) Internal, external and regulatory audit findings as and when issued.

  

	 	(2)	Business Risk: (a) Monthly management accounts with breakdown of earnings by major desk and type of business; (b) Access to annual business plans and medium term
plans with details of major new initiatives; (c) MGP to be included in the regular distribution for these documents; (d) documents to be provided for the use of MGP’s Group Risk team in providing the services as set out in this
Agreement. 

  

	 	(3)	 Credit Risk: (a) Daily provision of all credit exposures and internal credit ratings. The credit exposures provided must include the legal entity to
which MF Global has an exposure or potential 

  

 - 26 - 

	 	 
exposure; (b) The credit exposures should be provided by the following daily feeds into the Man Credit Monitoring system from the below sources and any
new sources as are agreed from time to time: 

  

	 	(2)	R&N and stressed numbers from Prime. 4 separate feeds: London, Singapore, Australia, India and Hong Kong; 

  

	 	(3)	R&N FX feed; 

  

	 	(4)	Grips – 5 separate feeds: SBL, FRNs, CDs, Bonds; 

  

	 	(5)	GMI and stressed numbers from Prime; 

  

	 	(6)	BETA and stressed numbers from Prime; 

  

	 	(7)	Loanet; and 

  

	 	(8)	Phase3. 

  

	 	(4)	Market Risk: (a) Following daily reports to be provided; (b) Any new reports and sources as agreed from time to time: 

  

	 	(9)	Daily Mgmt Report 1; 

  

	 	(10)	Daily Stop Loss spreadsheet with explanation of breaches (if any); 

  

	 	(11)	Daily FX ladder reports for Man Financial & Man Capital; and 

  

	 	(12)	Daily P&L for MF Global’s Treasury Trading Team. 

  

	 	(B)	MF Global to provide access to senior management, including the CFO, COO and CEO of MF Global, at all reasonable times on MGP’s request to discuss input data provided and to
provide ancillary data as required by MGP in order to provide the Service; such ancillary data may include (but will not be limited to) copies of management accounts, business forecasts, internal audit reports and external audit reports, regulatory
returns, details of insurance programmes, key risk indicator reports, loss data and limit breach statistics, and others. 

  

	 	(C)	MF Global to grant observer status to MGP’s representative on all relevant global and regional committees which are relevant to the provision of risk information. Such relevant
committees include without limitation: 

  

	 	(1)	Risk, Compliance or Audit Committees, including Broker Division Risk Committee; 

  

	 	(2)	New Products Committees; 

  

 - 27 - 

	 	(3)	Finance Committees; and 

  

	 	(4)	IT & DR Committees. 

 MF Global to provide MGP
with copies of all documents presented to such committees and minutes of all meetings of all such committees as soon as possible after those meetings have been held. 
  

	(B)	Stress-testing of Economic Capital on an annual basis 

  

	 	(A)	Service Description 

 To prepare a proposal
for stress-testing to be undertaken as part of producing the Internal Capital Adequacy Assessment Process (ICAAP) documentation. Following agreement with MF Global, to carry out such stress-testing as has been agreed. A report will be prepared for
discussion with MF Global. Any amendments to the assumptions will be documented and MGP will produce such further analysis as is agreed. 
  

	 	(B)	Service Term 

 12 months from the Effective
Date. 
  

	 	(C)	Service Price 

 USD$25,000 per calendar
month. 
  

	 	(D)	MF Global Requirements 

  

	 	(A)	MF Global will provide input into the development of the stress-tests on a timetable to be agreed. MF Global will give feedback on the reasonableness of the results.

  

	 	(B)	MF Global will provide such assistance as is required in order to amend the stress tests following the review. 

  

	(C)	Provision of an annual report to assist with MF Global’s internal capital adequacy assessment 

  

	 	(A)	Service Description 

  

	 	(A)	Assistance with the preparation of the reports supporting the Internal Capital Adequacy Assessment Process (ICAAP) and its equivalents for those jurisdictions for which MF Global is
obliged to report under the Capital Requirements Directive. 

  

	 	(B)	As part of the ICAAP production process, MGP will advise MF Global on the internal processes required for the preparation, challenge and adoption of its ICAAP, based on the then
current and relevant regulatory requirements. 

  

	 	(C)	Subject to (D) below, based on the most recent FSA draft submission proposal, the document Appendix in Attachment 3 will outline the details of the service to be
provided (including the likely format of the reporting and the preparation required by Group Risk) and the data and support required from MF Global. 

  

 - 28 - 

	 	(D)	MGP may (but is not obliged to) modify the document Appendix in Attachment 3 from time to time to reasonably reflect any changes in the FSA draft submission proposal from
time to time. MF Global acknowledges that the relevant regulatory requirements regarding ICAAP reporting may change and /or be uncertain from time to time. 

  

	 	(B)	Service Term 

 12 months from the Effective
Date. 
  

	 	(C)	Service Price 

 USD$50,000 per calendar
month. 
  

	 	(D)	MF Global Requirements 

 As detailed in
Attachment 3 to Schedule 1. 
  

	(D)	Assistance with development of liquidity scenarios and the annual test of the liquidity contingency plan 

  

	 	(A)	Service Description 

 To provide advice to
MF Global on the production of the annual liquidity scenarios and the test of the liquidity contingency plan. 
  

	 	(B)	Service Term 

 12 months from the Effective
Date. 
  

	 	(C)	Service Price 

 USD$120,000 annual fee, to
be paid as follows: 
  

	 	(A)	50% of the fee payable on the first date of the commencement of these services, which may be the Effective Date; 

  

	 	(B)	25% of the fee payable on the date of the delivery of the first draft liquidity scenarios paper(s); and 

  

	 	(C)	25% of the fee payable on the date of the delivery of the last draft liquidity scenarios paper(s). 

  

	 	(D)	MF Global Requirements 

 None. 

 

	(E)	Training in respect of credit aggregation and limit monitoring systems 

  

	 	(A)	Service Description 

 To maintain the MCM
system, which provides credit aggregation for MF Global. To provide such training and assistance to MF Global personnel as is required to enable them to effectively maintain and operate the MCM system. MGP will make available 1 contractor to MF
Global for 3 months to provide training and assistance to MF Global personnel in relation to the MCM system (on the basis and assumption that this contractor does not transfer to MF Global as part of the Services provided). 
  

 - 29 - 

	 	(B)	Service Term 

 The earlier of
30 September 2007 or the expiry date of 3 months immediately following the Effective Date. 
  

	 	(C)	Service Price 

 USD$10,000 per calendar
month. 
  

	 	(D)	MF Global Requirements 

  

	 	(A)	The operation of the MCM system is dependent on the appropriate feeds being provided by MF Global. 

  

	 	(B)	The training will be dependent on personnel in MF Global being available with the appropriate skills to enable them to operate the system effectively. 

  

 - 30 - 

 SCHEDULE 2 
 ADDITIONAL SOFTWARE LICENCE RIGHTS 
  

	1.	SUB-LICENCE FOR MOW WORKS - ECAP MODEL AND MCM SYSTEM 

 MGP will grant to MF Global a sub licence, and MF Global accepts such licence, to use the applications developed and owned by Mercer Oliver Wyman Limited (“MOW Works”) in respect of the ECAP models and MCM system, as
further described in, and on the terms and conditions, set out in Attachment 1 (Agreement for the Sub License of Works by MOW), to the extent necessary to receive or use a Service. 
  

	2.	MGP SOFTWARE 

  

	2.1	Scope 

 The licence grant under this paragraph 2
applies to the following applications (“MGP Software”) only: 
  

	 	2.1.1	the applications developed by Infrasoft Technologies Limited in respect of the MCM system used in providing a Service; and 

  

	 	2.1.2	the applications developed by EVMTech AG in respect of the ECAP models used in providing a Service (excluding the Risk++ and AMA library applications). 

  

	2.2	Licence grant 

  

	 	2.2.1	MGP grants, and/or will procure its relevant Affiliate to grant, to MF Global, and MF Global accepts, a non-exclusive, non transferable, irrevocable, fully-paid and royalty-free
licence to use and copy the MGP Software solely for its own internal business purposes, to the extent necessary to receive or use a Service, and subject to the terms and conditions set out in this schedule. 

  

	 	2.2.2	MF Global may sublicense the right to use the MGP Software to its relevant Affiliates, provided that each sub licence is subject to the same terms and conditions as contained in
this Schedule. 

  

	3.	LIMITS AND RESTRICTIONS APPLICABLE FOR ALL LICENCES 

 Each of the licences to use the MOW Works and MGP Software referred to in this Schedule (collectively, “Software”) are subject to the following terms and restrictions (to the extent permitted by applicable law): 

 

	3.1	the Software are licensed and provided on an “as is” basis; 

  

	3.2	MGP excludes any warranties in respect of the use, purpose and fitness of the Software; 

  

 - 31 - 

	3.3	MF Global and each of its Affiliates shall have no right and recourse against MGP in respect of the use of the Software; 

  

	3.4	MF Global agrees to waive any rights and remedies it may have against MGP in respect of the use of the Software by MF Global and/or its Affiliates; 

  

	3.5	MF Global shall obtain all necessary and relevant authorisations and licences to use the works and software of any third party vendor (including Microsoft and Oracle) which are or
may be necessary or relevant to make use of the Software; and 

  

	3.6	MF Global shall not commercially exploit the Software. 

  

	4.	SERVICES AND ASSISTANCE 

  

	4.1	MGP will provide assistance and information reasonably requested by MF Global to install and operate the Software on MF Global’s IT systems. To the extent that such assistance
will require MGP to incur any costs or expenses, it will only be required to comply with this term to the extent that MF Global agrees to reimburse such costs and expenses to the extent that they are reasonable. 

  

	4.2	MGP is not required to provide any technical support or services in respect of the Software, unless otherwise agreed. 

  

	5.	NO FEES OR CHARGES PAYABLE 

 The licences granted
under this Schedule are royalty-free and fully paid-up. 
  

	6.	INTELLECTUAL PROPERTY RIGHTS 

 All intellectual
property rights (including copyright, know-how and patentable rights) in, or related to, the Software created by MF Global and/or its Affiliates shall be assigned to and/or vest (including by way of future assignment and/or vesting) in MGP and/or
its nominated Affiliate or licensor. 
  

	7.	INDEMNITY FOR THIRD PARTY CLAIMS 

 MF Global shall
indemnify each of MGP and its relevant Affiliates for any third party claims (including claims by MF Global’s Affiliates) arising in relation to the use of the Software by MF Global and/or its Affiliates or breach of this Agreement by MF Global
and/or any of its Affiliates. 
  

 - 32 - 

 ATTACHMENT 1 
 Sub licence Agreement for MOW Works 
 This Agreement is made on _______________ 2007 
 BETWEEN: 
  

	(3)	MAN GROUP PLC, a company incorporated under the laws of England (Registered in England No. 2921462) (“Licensee”); and 

  

	(4)	MF GLOBAL LTD, a company incorporated under the laws of Bermuda, whose registered office is at Clarendon House, 2 Church Street, Hamilton HM 11 Bermuda (“MF Global
Global”); and 

  

	(5)	MERCER OLIVER WYMAN LIMITED, a company incorporated under the laws of England (Registered in England No. 2995605) (“Licensor”).

 WHEREAS: 
  

	(D)	The Licensor has granted or will grant a non-exclusive, non transferable, irrevocable right to the Licensee to use any and all of the works and intellectual property rights created
or developed, and to be created or developed, by the Licensor from time to time in respect of any of the applications used by the Licensee (including the MCM system and ECAP models for calculating risk) for the Licensee’s own internal business
purposes (collectively “Works”). 

  

	(E)	In order to provide certain services to MF Global and/or its subsidiaries in the future, the Licensee wishes to sublicense the use of the Works to any one or more of its
subsidiaries, MF Global and the subsidiaries of MF Global from time to time. 

 In consideration of the various undertakings herein, THE
PARTIES AGREE as follows. 
  

	8.	SUB LICENSE OF WORKS TO MF GLOBAL 

  

	8.1	The Licensor has granted or hereby grants to the Licensee a non-exclusive, non transferable, irrevocable right to the Licensee to use the Works (including a future right to use any
Works which come into existence after the date of this agreement) for the Licensee’s own internal business purposes. 

  

	8.2	The Licensor agrees that the Licensee may sublicense the use of the Works to any one or more of its subsidiaries, MF Global and the subsidiaries of MF Global from time to time, in
order to provide services to any of the foregoing. 

  

	8.3	The Licensee hereby grants a non-exclusive, non transferable, irrevocable right to MF Global to use the Works for its own internal business purposes, subject to the additional terms
under clause 2. 

  

 - 33 - 

	9.	LIMITS AND RESTRICTIONS ON SUB LICENCE 

 The sub
licence under clause 1 is subject to the following terms and restrictions (to the extent permitted by applicable law): 
  

	9.1	the Works are licensed and provided by the Licensor and Licensee on an “as is” basis; 

  

	9.2	the Licensor and Licensee each exclude any warranties in respect of the use, purpose and fitness of the Works by MF Global; 

  

	9.3	MF Global agrees to waive any rights and remedies it may have against either the Licensor and Licensee in respect of the use of the Works by MF Global and/or its affiliates; and

  

	9.4	MF Global shall obtain all necessary and relevant authorisations and licences to use the works and software of any third party vendor (including Microsoft and Oracle) which are or
may be necessary or relevant to make use of the Works. 

  

	10.	MF GLOBAL INDEMNITY 

 MF Global shall indemnify each
of the Licensor and Licensee for any third party claims (including claims by MF Global’s affiliates) which arise in relation to the use of the Works by MF Global and/or its affiliates or MF Global’s breach of this agreement. 
  

	11.	NO ADDITIONAL FEES 

 Neither the Licensee and MF
Global is required to make any separate payment of fees or costs to the Licensor for a sub licence for the Works permitted under this agreement. 
  

	12.	FURTHER ASSURANCES 

 Each party shall, and shall use
all reasonable endeavours to procure that any necessary affiliate or third party shall, at the cost of that party, execute such documents and do such acts or things as the other party may reasonably require for the purpose of giving to the other
party the full benefit of this Agreement. 
  

	13.	THIRD PARTIES’ RIGHTS 

 A person who is not a
party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement, but this clause does not affect any right or remedy of a third party which exists or is available apart from that Act.

  

	14.	GOVERNING LAW AND JURISDICTION 

 This agreement
shall be governed by laws of England and Wales. The courts of England shall have exclusive jurisdiction to settle any dispute arising from or connected with this agreement. 
  

 - 34 - 

 EXECUTED by the parties as an agreement 
  

					
	 Signed by ______________
	  	)	  	
	 a duly authorised representative of
	  	)	  	
	MAN GROUP PLC 	  	)	  	

					
			
	___________________________	  	Signature	  	

 Date: 
  

					
	 Signed by ______________
	  	)	  	
	 a duly authorised representative of
	  	)	  	
	MF GLOBAL LTD	  	)	  	

					
			
	___________________________	  	Signature	  	

 Date: 
  

					
	 Signed by ______________
	  	)	  	
	 a duly authorised representative of
	  	)	  	
	MERCER OLIVER WYMAN LIMITED	  	)	  	

					
			
	___________________________	  	Signature	  	

 Date: 
  

 - 35 -Form of Tax Matters Deed

 Exhibit 10.5 
  

			
	

	 	CLIFFORD CHANCE LLP

 MAN GROUP PLC 
 AND 
 MF GLOBAL LTD 
  

 TAX MATTERS DEED 
  

 CONTENTS 
  

					
	 Clause
	  	 	  	Page
			
	 1.
	  	Interpretation	  	1
			
	 2.
	  	Commencement	  	8
			
	 3.
	  	Obligations of Man Group plc	  	8
			
	 4.
	  	Limitation on Quantum	  	10
			
	 5.
	  	Limitations on Covenant	  	10
			
	 6.
	  	Time Limits for Making Claims	  	13
			
	 7.
	  	Recovery Only Once	  	13
			
	 8.
	  	Mitigation	  	13
			
	 9.
	  	Payments free of Withholding, etc.	  	13
			
	 10.
	  	Conduct of Tax Proceedings Related to Relevant Claims	  	14
			
	 11.
	  	Date for Payment and Interest	  	15
			
	 12.
	  	Recovery from Third Parties	  	16
			
	 13.
	  	Tax Computations - MF Global Group Companies	  	17
			
	 14.
	  	Tax Computations - Man Group Companies	  	18
			
	 15.
	  	Clean Exit	  	19
			
	 16.
	  	Surrender of Relief	  	19
			
	 17.
	  	Section 171A and Section 179A TCGA 1992 Elections	  	21
			
	 18.
	  	United Kingdom Transfer Pricing Adjustments	  	21
			
	 19.
	  	Counter-Indemnity	  	22
			
	 20.
	  	Provision of Information	  	23
			
	 21.
	  	Confidentiality of Information	  	23
			
	 22.
	  	Preservation of Information	  	23
			
	 23.
	  	Co-operation and sharing of information	  	24
			
	 24.
	  	Overprovisions and Repayments of Tax	  	24
			
	 25.
	  	Deferred Share Schemes And relevant tax charge	  	26
			
	 26.
	  	Disputes and Arbitration	  	28
			
	 27.
	  	VAT	  	28
			
	 28.
	  	General	  	29

 THIS DEED is made
on                                 2007 
 BETWEEN: 
  

	(1)	Man Group plc, a company incorporated in England and Wales (registered no. 2921462) whose registered office is at Sugar Quay, Lower Thames Street, London EC3R 6DU
(“Man Group plc”); and 

  

	(2)	MF Global Ltd, a company incorporated in Bermuda (registered no. 39998) whose registered office is at Clarendon House, 2 Church Street, Hamilton, HM11 Bermuda (“MF
Global”). 

 WHEREAS this Deed is entered into pursuant to the Master Separation Agreement (as defined below). 
 THIS DEED WITNESSES AS FOLLOWS: 
  

	1.	INTERPRETATION 

  

	1.1	In this Deed: 

 “Accounting Period” has
the meaning given in section 12 to ICTA. 
 “Accounts” means the audited combined financial statements of the Man Financial
Companies as at 31 March 2007 as set out in the Registration Statement, prepared in accordance with U.S. GAAP, the auditor’s report on those accounts and the notes to those accounts. 
 “Actual Provision” and “Arm’s Length Provision” shall have the meaning given in paragraph 1 of Schedule 28AA
to ICTA. 
 “Additional Relief” has the meaning given in clause 25.5. 
 “Ancillary Agreements” has the meaning given in the Master Separation Agreement and “ Ancillary Agreement” means any one
of those agreements. 
 “Adjustment” has the meaning given in clause 18.1. 
 “Advantaged Person” and “Disadvantaged Person” shall have the meaning given in paragraph 6 of Schedule 28AA to ICTA.

 “Australian Franking Credits” means franking credits as defined in section 995-1 of ITAA 1997. 
 “Australian GST” means the goods and services tax imposed by A New Business Tax System (Goods and Services Tax) Act 1999 of Australia and
legislation and regulations supplemental thereto. 
 “Available Compensating Adjustment” has the meaning given in paragraph
7A(3) of Schedule 28AA to ICTA. 
  

 - 1 - 

 “Australian MEC Group” means the MEC Group (as defined in the ITAA 1997) formed with
effect from 1 July 2002 of which Man Financial Australia Limited was the provisional head company. 
 “Business Day”
means a day, other than a Saturday or Sunday, on which banks are open for business in London and New York. 
 “Category A
Amount” means the amount (if any) equal to the aggregate of: 
  

	 	(A)	any Relevant Tax Charge that has been paid or discharged on or after the Effective Date by a MF Global Group Company, provided that the amount of any Relevant Tax Charge that may be
included in the Category A Amount shall be subject to reduction in accordance with clause 25.4; 

  

	 	(B)	any costs reasonably incurred by any Man Financial Company: 

  

	 	(1)	in connection with any Relevant Tax Charge which is taken into account under paragraph (A) in computing the Category A Amount; or 

  

	 	(2)	in mitigating any Relevant Tax Charge that is reasonably expected to arise; and 

  

	 	(C)	any Shortfall of Relief that is treated as arising under clause 25.6. 

 “Category B Amount” means the amount (if any) equal to any Additional Relief that is treated as arising under clause 25.5. 
 “Change of Control” means, in respect of either MF Global, or Man Group plc: 
  

	 	(i)	the sale or other disposition by such person of all or substantially all of its assets (other than a bona fide pledge in connection with a financing); 

  

	 	(ii)	the acquisition of greater than 50% of the capital or voting stock of such person; or 

  

	 	(iii)	a merger, consolidation or other business combination involving such person, which results in the shareholders of such person immediately prior to such event owning less than 50% of
the capital stock of the surviving entity, 

 provided however, that in no event shall the Re-organisations or the IPO
constitute a Change of Control. 
 “Code” means the Internal Revenue Code of 1986 of the United States, as amended.

 “Corresponding Adjustment” has the meaning given by clause 18.1.1. 
 “Counter-Indemnity Tax” has the meaning given by 19.1. 
 “Default” means a failure to discharge when due any liability to Tax or any act, transaction, omission or arrangement entered into, or carried out (or, in the case of an omission, not carried out),
by, or at the request of, a MF Global Group Company which increases, or results in, the imposition of any fine, penalty or interest, except where the 

  

 - 2 - 

 
failure to discharge such liability to Tax or such act, transaction, omission or arrangement that increases or results in, the imposition of such fine,
penalty or interest results from a request made by Man Group plc pursuant to clause 10. For the avoidance of doubt, the imposition of any fine, penalty or interest on any Relevant Tax Charge or Tax Liability giving rise to a Relevant Claim (taking
into account clause 25.4) where such fine, penalty or interest relates to any taxable period that begins before the Effective Date shall not by itself constitute Default for the purposes of this Deed. 
 “Deferred Share Schemes” means any of the following schemes relating to employee share option or share awards: 
  

	 	(A)	Man Group Executive Share Option Scheme 2001; 

  

	 	(B)	The Man Group Long Term Incentive Plan; 

  

	 	(C)	The Man Group Post-tax Coinvestment Plan; 

  

	 	(D)	The Man Group Sharesave Scheme; or 

  

	 	(E)	The Man Group plc United States Employee Stock Purchase Plan. 

 “Determination Date” means the first anniversary of the Effective Date. 
 “Dispute” has the
meaning given by clause 26. 
 “Effective Date” means the date on which the IPO Closing (as defined in the Master Separation
Agreement) occurs. 
 “Estimated Taxes” means the estimated Taxes that are payable in the United States every quarter by MF
Global or any MF Global Group Company. 
 “Exit Charge” has the meaning given by clause 3.1.2. 
 “Exit Payment” means the payment required to be made by clause 15 pursuant to section 721-35 of ITAA 1997. 
 “Finally Determined” means, in relation to any Tax Proceeding, that the relevant Tax return and/or Tax computations to which the Relevant
Tax Charge or Relevant Relief relates becomes final and incapable of amendment, including, without limitation, because: 
  

	 	(A)	the relevant Tax Authority is precluded for any reason from serving a notice of enquiry or further notice of enquiry (as the case may be) into such Tax return;

  

	 	(B)	the relevant taxpayer company has failed to appeal within the time limit allowed by law against any amendment to such Tax return made by the relevant Tax Authority;

  

	 	(C)	any such enquiry is finally determined by the Tax Authority serving a closure notice on the relevant taxpayer company and the relevant Tax return is amended in a manner which
accords with the conclusions stated in such closure notice; 

  

 - 3 - 

	 	(D)	the relevant Tax return is conclusively agreed between the relevant taxpayer company and the relevant Tax Authority; or 

  

	 	(E)	an appeal to any court or tribunal has been made in respect of such Tax return or any related assessment in respect thereof or amendment thereto, such appeal has been determined by
the relevant court or tribunal, each relevant party has failed to make any appeal against such decision by any applicable time limit or has given a binding notice that it will not appeal against such decision and the relevant Tax return has (if
necessary) been amended in a manner which accords with such decision. 

 “Governmental Authority” means any
nation or government, any state or other political subdivision thereof, the European Community, any governmental, federal, state, provincial, local governmental or municipal entity and any self-regulatory or quasi-governmental organisation
exercising executive, legislative, judicial, regulatory, fiscal or administrative functions or pertaining to government (including, in each case, any branch, department, or official or body thereof). 
 “ICTA” means the Income and Corporation Taxes Act 1988 of the United Kingdom. 
 “ITAA 1997” means the Income Tax Assessment Act 1997 of Australia. 
 “IPO” has the meaning given by the Master Separation Agreement. 
 “Kanangra” means Kanangra Pty Ltd, a company incorporated in Australia (ACN 002747 480) whose registered office as at the date of this
Deed is at Level 24, Grosvenor Place, 225 George Street, Sydney, New South Wales, Australia. 
 “Leaving Entity” means Man
Financial Australia Limited and any other company that ceases to be a member of the Australian MEC Group on the Effective Date. 
 “Loss” means any and all liabilities, demands, claims, actions, causes of action, assessments, losses, damages, fines, penalties, charges and administrative, judicial and arbitration awards and judgments, costs and expenses
(including any litigation expenses including solicitors’ fees, counsels’ fees and related costs and disbursements) but excluding any Loss relating to, in respect of, or computed by reference to, Tax. 
 “Man Group Companies” means Man Group plc and any subsidiary undertaking from time to time of Man Group plc (but excluding any Man
Financial Company or MF Global Group Company) and “Man Group Company” means any one of those companies. 
 “Man Group
UK Ltd” means Man Group UK Ltd a company incorporated in England and Wales (registered no. 05856654) whose registered office as at the date of this Deed is at Sugar Quay, Lower Thames Street, London EC3R 6DU. 
 “Man Financial Companies” means MF Global and each of the companies whose names and addresses are set out in Schedule 1 to this Deed, and
“Man Financial Company” means any one of those companies. 
  

 - 4 - 

 “Man Financial Australia Limited” means Man Financial Australia Limited, a company
incorporated in Australia (ACN 001 662 077) whose registered office as at the date of this Deed is at Level 24, Grosvenor Place, 225 George Street, Sydney, New South Wales, Australia. 
 “Man Financial Limited” means Man Financial Limited, a company incorporated in England and Wales (registered no. 1600658) whose
registered office as at the date of this Deed is at Sugar Quay, Lower Thames Street, London EC3R 6DU. 
 “Master Separation
Agreement” means the master separation agreement entered into by Man Group plc and MF Global in connection with the IPO. 
 “MF Global Group Companies” means MF Global, a subsidiary undertaking or parent undertaking from time to time of MF Global or a subsidiary undertaking from time to time of a parent undertaking of MF Global and includes, for
the avoidance of doubt, each Man Financial Company with effect from the Effective Date (but excludes any Man Group Company) and “MF Global Company” means any one of those companies. 
 “Payment” means an amount equal to the Available Compensating Adjustment multiplied by the rate of United Kingdom corporation tax
applicable for the Accounting Period to which the Adjustment relates. 
 “Payment Date” shall mean the date on which the
Disadvantaged Person would have paid an additional amount of Tax but for it having claimed a Corresponding Adjustment (and for these purposes it shall be assumed that any Reliefs arising from Corresponding Adjustments are used in the order in which
the relevant Corresponding Adjustments are claimed by the Disadvantaged Person). 
 “Pre-Effective Date Return” means all Tax
returns, assessments, deemed assessments, computations, forms or statements that relate to a period (or part period) ending on or before the Effective Date. 
 “Registration Statement” means the Form S-1 Registration Statement lodged by or on behalf of MF Global in connection with the IPO. 
 “Relevant Claim” means a claim by MF Global in relation to the covenants set out in clause 3.1 of this Deed. 
 “Relevant Matter” has the meaning given by clause 13.2. 
 “Relevant Tax Charge” means the amount (if any) of a Man Financial Company’s liability to make a payment of Tax which is imposed by the United States as a result of the IPO on any transaction
which such Man Financial Company has entered into under Part A of Schedule 2 to this Deed. 
 “Relief” means any beneficial
tax attribute, including, without limitation, any loss, relief, allowance, exemption, set-off, deduction, right to repayment or credit granted by or available in relation to Tax pursuant to any legislation or otherwise. 
  

 - 5 - 

 “Re-organisations” means: 
  

	 	(i)	each of the transactions described in Part B of Schedule 2 to this Deed; 

  

	 	(ii)	each of the transactions described in Part C of Schedule 2 to this Deed; 

 and “Re-organisation” means any one of those transactions. 
 “Share Awards”
has the meaning given by clause 25. 
 “Shortfall of Relief” has the meaning given by clause 25.6. 
 “Surrender of Relief” means: 
  

	 	(i)	in the United Kingdom, a surrender of relief for trading losses or other amounts eligible for surrender under Chapter IV of Part X to ICTA (a “surrender of group relief”)
or a surrender of a tax refund under section 102 of the Finance Act 1989 (UK); and 

  

	 	(ii)	outside the United Kingdom, any Relief surrendered or claimed whether or not corresponding or similar to a surrender of group relief or a surrender of a tax refund (and includes, in
Australia, a transfer of tax losses under Division 170 of ITAA 1997 in respect of the period prior to the formation of the Australian MEC Group). 

 “Tax” and “Taxation” mean any form of taxation, and any levy, duty, charge, contribution, withholding or impost in the nature of taxation (including any related fine, penalty,
additions to tax or additional amounts within the meaning of Chapter 68 of the Code, or interest). 
 “Tax Authority” and
“Taxation Authority” means any government, state or municipality or any local, state, federal or other authority, body or official anywhere in the world exercising a fiscal, revenue, customs or excise function including, without
limitation, (in the United Kingdom) Her Majesty’s Revenue and Customs, (in the United States of America) the Internal Revenue Service and (in Australia) the Australian Taxation Office. 
 “Tax Funding Agreement” means the agreement titled Tax Funding Agreement to be entered into by the members of the Australian MEC Group
before the IPO. 
 “Tax Liability” has the meaning given by clause 3.1. 
 “Tax Loss” means any loss arising in any accounting period or other taxable period which is available to be set-off against income,
profits or gains arising in any other accounting period or taxable period. 
 “Tax Proceeding” means any audit, review,
assessment, competent authority determination or any other administrative or judicial proceeding with the purpose or effect of determining (including redetermining) any liability to Tax (including, without limitation, any administrative or judicial
review of any formal or informal claim for refund). For the avoidance of doubt, an appeal of a Tax Proceeding is a Tax Proceeding. 
  

 - 6 - 

 “Tax Sharing Agreement” means an agreement contemplated by section 721-25 of ITAA 1997
titled Tax Sharing Agreement to be entered into by the members of the Australian MEC Group before the IPO. 
 “TCGA 1992”
means the Taxation of Chargeable Gains Act 1992 of the United Kingdom. 
 “Transfer Document” means any instrument executed
in connection with any Re-organisation which could not be relied upon in the United Kingdom unless duly stamped. 
 “Treasury
Regulation” means the final, temporary and proposed income tax regulations promulgated under the Code, as such regulations may be amended from time to time including corresponding provisions of succeeding regulations. 
 “UK Tax Counsel” means any of John Gardiner QC, Jonathan Peacock QC or Rex Bretten QC or, if none of them is available, such other
leading UK tax counsel of not less than ten years’ call as may be agreed between the parties. 
 “USD” means the legal
currency of the United States of America. 
 “U.S. GAAP” means U.S. generally accepted accounting practice.

 “VAT” means value added tax imposed by VATA and legislation and regulations supplemental thereto and includes any other
tax of a similar fiscal nature whether imposed in the United Kingdom (instead of or in addition to value added tax) or elsewhere from time to time including, without limitation, Australian GST. 
 “VATA” means the Value Added Tax Act 1994 of the United Kingdom. 
 “VAT Group” means a group for the purposes of the VAT Grouping Legislation. 
 “VAT Grouping Legislation” means (a) in relation to the United Kingdom, sections 43 to 43D (inclusive) of VATA and the Value Added
Tax (Groups: eligibility) Order 2004 of the United Kingdom and (b) in relation to any other jurisdiction, any provisions which are equivalent in nature to (a) in such other jurisdictions. 
  

	1.2	In this Deed words importing the singular include the plural and vice versa and words importing gender include any other gender. 

  

	1.3	The headings of clauses are for ease of reference and shall not affect the construction of this Deed. 

  

	1.4	Any reference to a statutory provision shall include any subordinate legislation made from time to time under that provision which is in force at the date of this Deed.

  

	1.5	Any reference to a statute or statutory provision shall include such statute or provision as from time to time modified, re-enacted or consolidated whether before or after the date
of this Deed. 

  

	1.6	The words “include”, “includes” and “including” and any words following them shall be construed without limitation to the generality of any preceding
words or concepts and vice versa. 

  

 - 7 - 

	1.7	The expressions “parent undertaking” and “subsidiary undertaking” bear the same meanings in this Deed as they respectively bear in the Companies Act 1985 of the
United Kingdom. 

  

	1.8	Any reference in this Deed to any person shall (where appropriate and unless the context otherwise requires) be construed, at any time when such person is treated as a member of a
VAT Group, to include a reference to the representative member of such group at such time (the term “representative member” to have the same meaning as for the purposes of the VAT Grouping Legislation). 

  

	1.9	In this Deed, a reference to: 

  

	 	1.9.1	income, profits or gains earned, accrued or received includes any income, profits or gains deemed to be earned, accrued or received for the purposes of the relevant Tax; and

  

	 	1.9.2	income, profits or gains earned, accrued or received on or before a particular date or in respect of a particular period includes income, profits or gains which are deemed for the
purposes of the relevant Tax to have been earned, accrued or received on or before that date or in respect of that period. 

  

	1.10 	Where it is necessary to determine whether a monetary limit or threshold referred to in this Deed has been reached or exceeded and the value of a Relevant Claim is expressed in a
currency other than USD, the value of that Relevant Claim shall be translated into USD at the spot rate of exchange applicable to that amount of that other currency (as derived from Reuters with the prior agreement of Man Group plc and MF Global) at
close of business in London on the date of receipt by Man Group plc of written notification from MF Global in accordance with this Deed of the existence of such claim. 

  

	2.	COMMENCEMENT 

  

	2.1	With the exception of this clause 2 (Commencement) and clause 15 (Clean Exit) and clause 28 (General) (which will become effective upon the execution of this
Deed), the remainder of this Deed shall only have effect, and accordingly create binding rights and obligations on the parties, from the Effective Date and is conditional upon the Effective Date occurring by 30 June 2008 (or such later date as
the parties may agree in writing). 

  

	2.2	Unless otherwise agreed by the parties in writing, if the condition precedent under clause 2.1 does not occur or is not completed this Deed will terminate automatically.

  

	2.3	Each parties rights and obligations cease immediately on termination, however termination does not affect a party’s accrued rights and obligations (if any) at the date of
termination. 

  

	3.	OBLIGATIONS OF MAN GROUP PLC 

  

	3.1	Subject to the provisions of this Deed, Man Group plc covenants to pay, or procure that Man Group UK Ltd pays, to MF Global an amount equal to a Man Financial Company’s
liability (or, in the case of clause 3.1.3 only, a MF Global Group Company’s liability) to make a payment of Tax (a “Tax Liability”): 

  

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	 	3.1.1	which arises on any transaction which such Man Financial Company has entered into under the Re-organisations; or 

  

	 	3.1.2	which arises under either: 

  

	 	(a)	section 179 of TCGA 1992 (or under similar provisions of law in other jurisdictions, such as under Section 1.1502-13 of the Treasury Regulations) as a result of such Man
Financial Company (i) ceasing as a result of the IPO to be a member of any chargeable gains group (as defined by section 170 of TCGA 1992) whose principal company is a Man Group Company and (ii) being treated as disposing of any asset
which it has acquired prior to the Effective Date from a Man Group Company; or 

  

	 	(b)	section 104-175 of the ITAA 1997, 

 (any such Tax
Liability constituting an “Exit Charge”); or 
  

	 	3.1.3	which is imposed by Australia or the United Kingdom or the United States: 

  

	 	(a)	as a result of any Man Group Company having failed or failing to discharge when due any Tax Liability of that Man Group Company, except to the extent that such Tax Liability is
properly attributable to income, profits or gains earned, accrued or received by, or which is primarily chargeable on, or importations, supplies or acquisitions made for VAT purposes by or to, a MF Global Group Company; or 

 

	 	(b)	which is properly attributable to income, profits or gains earned, accrued or received by, or importations, supplies or acquisitions made for VAT purposes by or to, a Man Group
Company, but for which the MF Global Group Company bears the primary or joint and several liability; 

  

	 	3.1.4	which is imposed in Australia as a direct and immediate consequence of the denial of the utilisation of any tax losses (as defined in section 995-1 of ITAA 1997) or purported tax
losses by the Australian MEC Group; 

  

	 	3.1.5	which arises as a result of the loss or non-availability of, or the loss of the utilisation of, any Relief which would have otherwise been available to Man Financial Limited in
respect of payments made by it to any company in the asset management division (generally referred to as the “Man Investments” division) of Man Group plc or which arises as a result of the assessment of withholding Tax in respect of such
payments. 

  

	3.2	Man Group plc further covenants to pay, or procure that Man Group UK Ltd pays, to MF Global an amount equal to the amount of any liability of a Man Financial Company (or, in the
case of a Relevant Claim arising under clause 3.1.3 only, any liability of a MF Global Group Company): 

  

	 	3.2.1	for costs reasonably incurred by such Man Financial Company or MF Global Group Company (as the case may be) in connection with a successful Relevant Claim; or

  

 - 9 - 

	 	3.2.2	for costs reasonably incurred by such Man Financial Company or MF Global Group Company (as the case may be) in mitigating any Tax Liability that is reasonably expected or which, but
for such mitigation, would have reasonably been expected to give rise to a Relevant Claim in respect of which such Man Financial Company or MF Global Group Company is, or would have been, entitled to recover under this Deed,

 provided that, for the avoidance of doubt, the conduct of Tax Proceedings in connection with any Tax Liability giving rise to
(or expected to give rise to) a Relevant Claim (including indemnities related thereto) is governed exclusively by clause 10. 
  

	4.	LIMITATION ON QUANTUM 

  

	4.1	Man Group plc shall not be liable, other than in respect of a Relevant Claim arising solely under clause 3.1.3, in respect of a Relevant Claim unless the amount that would otherwise
be recoverable (but for this clause 4.1) in respect of that Relevant Claim exceeds USD 100,000. 

  

	4.2	Any amount which Man Group plc agrees to pay under clause 5.9.2(a)(2) shall be regarded, for the purposes of this clause 4, as an amount payable by Man Group plc in respect of a
Relevant Claim and subject to the same limitation set out in clause 4.1. 

  

	5.	LIMITATIONS ON COVENANT 

 Except for clause
3.1.3(a), which shall apply notwithstanding the limitations set forth in the following clauses 5.1 to 5.12, clause 3 does not apply, and Man Group plc shall not be liable, in respect of a Relevant Claim: 
  

	5.1	to the extent that the Relevant Claim arises from, or is increased as a result of, a failure by any MF Global Group Company to act fully in accordance with a reasonable request made
by any Man Group Company in connection with the Re-organisations provided that if a MF Global Group Company considers a request made by Man Group plc or any Man Group Company to be unreasonable, MF Global must, within 10 Business Days following
the receipt of such request, notify Man Group plc in writing that it considers such request to be unreasonable and provide detailed reasons for such view; 

  

	5.2	to the extent that the Relevant Claim arises or is increased (i) by reason of the application of section 7874 of the Code and the Treasury Regulations thereunder or
(ii) by reason of MF Global being, or being deemed to be, resident for the purposes of any Tax in any jurisdiction other than Bermuda; 

  

	5.3	to the extent that the Relevant Claim arises from, or is increased as a result of, a voluntary act, transaction, omission or arrangement entered into, or carried out (or, in the
case of an omission, not carried out), by, or at the request or direction of, a MF Global Group Company or a director, officer, employee, agent or adviser of any MF Global Group Company, after the Effective Date, provided that the signing and
lodging of a Tax return or Tax computation referred to in clause 14.4 shall not be regarded as a voluntary act for these purposes; 

  

 - 10 - 

	5.4	to the extent that the Relevant Claim arises from, or is increased as a consequence of, any MF Global Group Company failing to comply with any of its obligations under the Master
Separation Agreement or any Ancillary Agreement (including this Deed); 

  

	5.5	to the extent that: 

  

	 	5.5.1	the amount of the Tax Liability giving rise to the Relevant Claim was expressly taken into account in computing the amount of the capital contribution made by Man Group UK Limited
to MF Global prior to the IPO, the amount of such capital contribution being determined by mutual agreement between Man Group plc and MF Global; 

  

	 	5.5.2	the amount of the Tax Liability giving rise to the Relevant Claim was taken into account in computing the amount of an allowance, provision or reserve in the Accounts, provided that
this limitation shall not apply to any claim under clause 3.1.4 ; 

  

	 	5.5.3	the Relevant Claim relates to a Tax Liability of a Man Financial Company arising because such company’s assets are more than, or its liabilities are less than, were taken into
account in computing the provision for Tax in the Accounts; 

  

	5.6	to the extent that any Relief is for no consideration made available by a Man Group Company to the Man Financial Company concerned to set against or otherwise mitigate the Tax
Liability giving rise to the Relevant Claim, provided that such Relief is not reflected in the Accounts; 

  

	5.7	to the extent that the Relevant Claim relates to a Tax Liability which has been paid or discharged (whether by payment or by the use or set-off of any Relief) on or before the
Effective Date; 

  

	5.8	to the extent that the Relevant Claim arises from, or is increased as a result of: 

  

	 	5.8.1	a failure by a Man Financial Company to carry on after the Effective Date the same, or substantially the same, business or other activities as it carried on immediately before the
Effective Date; or 

  

	 	5.8.2	the insolvency or winding up of any Man Financial Company; or 

  

	 	5.8.3	a change in the place of incorporation or tax residence of any Man Financial Company; or 

  

	 	5.8.4	a Man Financial Company ceasing to be a MF Global Group Company; 

  

	5.9	to the extent that the Relevant Claim relates to United Kingdom stamp duty and arises from, or is increased as a consequence of, any Transfer Document having been:

  

	 	5.9.1	 (in the case of a Transfer Document executed within the United Kingdom) submitted to Her Majesty’s Revenue and Customs in the United Kingdom for adjudication
of United Kingdom stamp duty in circumstances where a duly authenticated copy or other copy of such Transfer Document or other document 

  

 - 11 - 

	 	 
recording or otherwise giving effect to the matters to which the Transfer Document relates would suffice; or 

  

	 	5.9.2	(in the case of a Transfer Document executed outside the United Kingdom) brought into the United Kingdom by or on behalf of a MF Global Group Company, or at the request or direction
of or with the consent of any MF Global Group Company, except where: 

  

	 	(a)	Man Group plc has given written consent to such Transfer Document being brought into the United Kingdom, such consent not to be unreasonably withheld provided that (without limiting
the foregoing) it shall not be unreasonable for consent to be withheld where: 

  

	 	(1)	in the opinion of UK Tax Counsel, a duly authenticated copy or other copy of such Transfer Document or other document recording or otherwise giving effect to the matters to which
the Transfer Document relates would suffice; or 

  

	 	(2)	it is (or, but for this clause, would be) necessary to produce such Transfer Document in any judicial, legal, arbitration or administrative proceedings in the United Kingdom in
which a MF Global Group Company is a party and the amount for which Man Group plc would (but for this clause) be liable in respect of any Relevant Claim that would arise, or be increased, as a consequence of such Transfer Document being brought into
the United Kingdom exceeds the Loss (calculated by such MF Global Group Company acting reasonably and in good faith) that would arise to or be suffered by a Man Financial Company as a result of not producing such Transfer Document in those
proceedings provided that in such case Man Group plc agrees (subject to the limitations in clause 4) to pay MF Global an amount equal to such Loss; or 

  

	 	(b)	such MF Global Group Company is obliged to bring such Transfer Document into the United Kingdom by law or by the order of any competent court, tribunal or Governmental Authority
(including Her Majesty’s Revenue & Customs) which (in any such case) has the power in law to require such Transfer Document to be brought into the United Kingdom; 

  

	5.10	 to the extent that the Relevant Claim relates to any fine, penalty or interest where such fine, penalty or interest is attributable to any unreasonable delay by, or Default
of, a MF Global Group Company occurring after the Effective Date; 

  

	5.11 	 to the extent that any Tax savings or net Tax benefits are actually received by a MF Global Company in connection with any amounts recoverable for a Relevant Claim
provided however, that, other than Tax credits attributable to a deduction or withholding described in clause 9.2, any Tax credits (including, without limitation, Australian Franking Credits or any foreign Tax credits) that may arise to a MF Global
Company as 

  

 - 12 - 

	 	 
a result of a Tax Liability being imposed as described in clause 3.1 shall not be taken into account; and 

  

	5.12 	to the extent that the Relevant Claim arises from, or is increased as a result of, any MF Global Group Company amending or agreeing to the amendment of any Pre-Effective Date
Return, without the prior written consent of Man Group plc in accordance with clause 13.4. 

  

	6.	TIME LIMITS FOR MAKING CLAIMS 

 Any Relevant Claim
under this Deed shall be fully barred and unenforceable unless MF Global has given Man Group plc written notice of such Relevant Claim (stating in reasonable detail the nature of the Relevant Claim and, if practicable, the amount claimed) on or
before 90 days after the end of the relevant period during which a Tax Authority is permitted to make any claims or assessments against a Man Financial Company in respect of the Tax Liability giving rise to that Relevant Claim. 
  

	7.	RECOVERY ONLY ONCE 

 MF Global shall not be entitled
to recover under this Deed more than once in respect of (i) any Tax Liability giving rise to a Relevant Claim or (ii) any costs which MF Global is entitled to recover under clause 3.2 or (iii) any amount taken into account in
computing the Category A Amount. 
  

	8.	MITIGATION 

 Nothing in this Deed shall restrict or
limit MF Global’s general obligation at law, and MF Global shall otherwise use its commercially reasonable endeavours and take all action, to mitigate any Relevant Claim or Relevant Tax Charge provided however that under no circumstances shall
any MF Global Company be required to take any action pursuant to clauses 8, 10 and 12 that would result in any losses arising to any MF Global Company which would not otherwise be indemnified by Man Group plc pursuant to this Deed. 
  

	9.	PAYMENTS FREE OF WITHHOLDING, ETC 

  

	9.1	All payments made under this Deed shall be made gross, free of any right of counterclaim or set-off and without deduction or withholding of any kind other than any deduction or
withholding required by law. 

  

	9.2	If a party making a payment under this Deed makes a deduction or withholding required by law from a payment under this Deed, the sum due from that party shall be increased to the
extent necessary to ensure that, after the making of any deduction or withholding, the party entitled to receive such payment receives a sum equal to the sum it would have received had no deduction or withholding been made. 

 

	9.3	If a party assigns the benefit of this Deed to any other party in accordance with clause 28.1.1 of this Deed, clause 9.2 shall only apply to the extent that it would have
applied had the benefit not been so assigned. 

  

 - 13 - 

	10.	CONDUCT OF TAX PROCEEDINGS RELATED TO RELEVANT CLAIMS 

  

	10.1 	If a MF Global Group Company becomes aware of any matter or circumstance (other than the carrying out of any of the Re-organisations or the IPO) or any Tax Proceeding that is
expected to give rise to a Relevant Claim, MF Global shall within 10 Business Days of becoming aware of such matter or circumstance or such Tax Proceedings (as the case may be), give written notice to Man Group plc of the matter or circumstance or
Tax Proceeding (including reasonable details thereof) and shall consult with Man Group plc with respect to such matter or circumstance or Tax Proceeding. 

  

	10.2 	Notwithstanding clause 10.1, but subject to clause 10.3, MF Global shall, and shall ensure that each MF Global Group Company will, as Man Group plc may reasonably request:

  

	 	10.2.1	institute any Tax Proceedings (and take any related action) in connection with a Tax Liability giving rise to (or expected to give rise to) a Relevant Claim, and give any
information and assistance in connection therewith; 

  

	 	10.2.2	in connection with the conduct of any Tax Proceedings (and the taking of any related action) related to the Tax Liability giving rise to (or expected to give rise to) a Relevant
Claim use advisers nominated by Man Group plc and Man Group plc and MF Global shall jointly control the conduct of such Tax Proceedings, provided however that Man Group plc shall be entitled to exclusive control of a Tax Proceeding (or taking of
related action) if (i) Man Group plc gives written notice to MF Global admitting that any Tax arising from such Tax Proceedings will be a Relevant Claim in respect of which MF Global will be entitled to recover under this Deed; and
(ii) keeps MF Global informed in a timely manner in respect of the conduct of such Tax Proceeding; 

  

	 	10.2.3	provide Man Group plc (at its cost) with copies of the documents or records, as may be reasonably necessary for the Tax Proceedings described in 10.2.1; and

  

	 	10.2.4	refrain from admitting liability in respect of, or compromising or settling, any Tax Liability giving rise (or expected to give rise) to a Relevant Claim without the prior written
consent of Man Group plc (not to be unreasonably withheld or delayed); 

  

	10.3 	Notwithstanding any other provision to the contrary in this Deed: 

  

	 	10.3.1	Man Group plc shall fully indemnify the relevant MF Global Group Company on demand against all reasonable costs properly incurred as a result of a the taking of any action requested
by Man Group plc in clause 10.2; 

  

	 	10.3.2	if Man Group plc requests that the Tax Liability giving rise to (or expected to give rise to) a Relevant Claim be paid in advance of proceedings to seek a related refund, Man Group
plc shall lend sufficient funds on an interest free basis to the relevant MF Global Group Company, and with no net after Tax cost to the relevant MF Global Group Company to cover any of the relevant Tax Liability, provided that:

  

 - 14 - 

	 	(a)	to the extent such refund claim is ultimately disallowed, the loan or portion thereof equal to the amount of the refund claim so disallowed shall be applied against any payment then
due from Man Group plc in respect of any Relevant Claim related to that Tax Liability; 

  

	 	(b)	to the extent that such refund claim is ultimately disallowed and the Tax Liability is not recoverable by MF Global under this deed, MF Global shall pay, or procure that the
relevant MF Global Group Company pays, to Man Group plc all amounts advanced to the MF Global Group Company in respect of the relevant Tax Liability within 10 days of the refund claim being disallowed; and 

  

	 	(c)	to the extent such refund claim is ultimately allowed, MF Global shall pay, or procure that the relevant MF Global Group Company pays, to Man Group plc all amounts advanced to the
MF Global Group Company in respect of the relevant Tax Liability within 10 Business Days of the receipt of such refund, plus an amount equal to the net amount of any interest received from the relevant Taxing Authority that is properly attributable
to such amount provided however, notwithstanding any other provision to the contrary in this Deed, that if the payment of such interest is made subject to a deduction or withholding required by law on account of Tax, MF Global and the relevant MF
Global Company shall not be required to pay any additional amounts in respect of such deduction or withholding. 

  

	 	10.3.3	no MF Global Group Company shall be required to take any action pursuant to this clause 10 that would result in any losses arising to any MF Global Group Company (including, for the
avoidance of doubt, losses of Tax benefits that would otherwise be available to a MF Global Group Company in the absence of a position that Man Group plc requests a MF Global Group Company to take) which would not otherwise be indemnified by Man
Group plc pursuant to this Deed; 

  

	 	10.3.4	no MF Global Group Company shall be required to appeal any adverse decision by any court or administrative tribunal, unless Man Group plc has obtained an opinion from legal counsel
in form and substance reasonably acceptable to such MF Global Group Company that an appeal is more likely than not to succeed; and 

  

	 	10.3.5	no MF Global Group Company shall be required to consent to the settlement of any Tax Proceeding to the extent that such settlement gives rise to any Tax for which such MF Global
Group Company is not fully indemnified under this Deed by Man Group plc. 

  

	11.	DATE FOR PAYMENT AND INTEREST 

  

	11.1 	If a Tax Liability arises as mentioned in clause 3, MF Global shall notify Man Group plc in writing of the amount payable. 

  

 - 15 - 

	11.2 	If Man Group plc requests within 14 days starting on the day after delivery of the notice, MF Global shall ensure that (at Man Group plc’s cost) the auditors of MF
Global’s financial statements (acting as experts and not as arbitrators) confirm the amount referred to in clause 11.1. This confirmation is (except for manifest error) conclusive and binding on Man Group plc. 

  

	11.3 	Man Group plc shall pay the amount referred to in clause 11.1 to MF Global ten Business Days after the date of the notice or, if later, the auditors’ confirmation, or if later:

  

	 	11.3.1	in the case of a Relevant Claim, five Business Days before the date on which the Tax is payable; and 

  

	 	11.3.2	in the case of a claim for costs under clause 3.2, five Business Days before MF Global or the relevant Man Financial Company becomes liable to pay the costs.

  

	11.4 	If any sum due and payable by Man Group plc under this Deed is not paid on the due date in accordance with the provisions of this Deed, Man Group plc shall, in addition to that sum,
pay or procure that Man Group UK Ltd pays interest to MF Global from the due date for payment of the sum to and including the day of actual payment of the sum. The interest accrues from day to day at the rate of 3% per year above the then
current base lending rate of Barclays Bank plc. 

  

	11.5 	For the avoidance of doubt, the date on which Tax is payable for the purposes of clause 11 includes (i) the date on which Estimated Taxes are payable in respect of the Tax
Liability giving rise to the Relevant Claim and (ii) where an amended return is submitted which results in the relevant taxpayer being required to pay additional Tax, the date on which such additional Tax is payable (provided that this shall
not be a date prior to the date on which the amended return is submitted), provided further that, if the Estimated Taxes paid on account of a Tax Liability giving rise to a Relevant Claim are more than the actual amount of that Tax Liability, MF
Global shall pay, or procure that a MF Global Group Company pays, to Man Group plc an amount equal to the difference between the actual amount of the Tax Liability and the Estimated Taxes paid on account of that Tax Liability no later than 10
Business Days after the actual amount of the Tax Liability becomes determined and provided further that, if the Estimated Taxes paid on account of any Tax Liability giving rise to a Relevant Claim are less than the actual amount of the Tax
Liability, and MF Global is entitled to recover under this Deed the full amount of such actual Tax Liability then Man Group plc shall pay, or procure that another Man Group Company pays, to MF Global, or, if directed by MF Global, to another MF
Global Group Company, an amount equal to the difference between the actual amount of the Tax Liability and the Estimated Taxes paid on account of that Tax Liability no later than 10 Business Days after the actual amount of the Tax Liability becomes
determined. 

  

	12.	RECOVERY FROM THIRD PARTIES 

  

	12.1 	 If Man Group plc has paid to MF Global an amount in satisfaction of a Relevant Claim or MF Global has given written notice of a Relevant Claim in accordance with
clause 11 or any Relevant Tax Charge has arisen and MF Global or any other Man Financial Company is or becomes or may be entitled to recover from another person an amount 

  

 - 16 - 

	 	 
which arises or results from a Tax Liability giving rise to the Relevant Claim or Relevant Tax Charge (as the case may be), MF Global shall within 10
Business Days notify Man Group plc and, if relevant, shall (at the cost of Man Group plc) procure that MF Global or such Man Financial Company shall take such action as Man Group plc may reasonably require to enforce the recovery against the person
in question and: 

  

	 	12.1.1	if Man Group plc has already paid an amount in full satisfaction of a Relevant Claim, or in respect of the Relevant Tax Charge, and the amount paid by Man Group plc in respect of
the Relevant Claim or Relevant Tax Charge is more than the Sum Recovered, MF Global shall within 10 Business Days pay to Man Group plc the Sum Recovered; 

  

	 	12.1.2	if Man Group plc has already paid an amount in full satisfaction of a Relevant Claim, or in respect of a Relevant Tax Charge, and the amount paid by Man Group plc in respect of the
Relevant Claim or Relevant Tax Charge is less than or equal to the Sum Recovered, MF Global shall within 10 Business Days pay to Man Group plc an amount equal to the amount paid by Man Group plc; and 

  

	 	12.1.3	if Man Group plc has not already paid an amount in satisfaction of a Relevant Claim, or in respect of a Relevant Tax Charge, the amount of the Relevant Claim for which Man Group plc
would have been liable, or the amount of any Relevant Tax Charge which may be taken into account in computing the Category A Amount, shall be reduced by and to the extent of the Sum Recovered. 

  

	12.2 	For the purposes of clause 12.1, “Sum Recovered” means an amount equal to the total of the amount recovered from the other person plus any interest in respect of
the amount recovered from the person less any Tax computed by reference to the amount recovered from the person payable by a MF Global Group Company and less all reasonable costs incurred by a MF Global Group Company in recovering the amount from
the person. For the avoidance of doubt, “Sum Recovered” shall not include any Tax deducted or withheld at source in respect of the amount recovered and which such MF Global Group Company is not entitled to recover (whether as a result of
such being “grossed up” or under the provisions of any applicable double taxation treaty or otherwise). 

  

	13.	TAX COMPUTATIONS - MF GLOBAL GROUP COMPANIES 

  

	13.1 	Without prejudice to clause 10 of this Deed and subject to clause 13.2 below, from the Effective Date, MF Global shall (at its cost) have the responsibility for, and the
conduct of, preparing, submitting to, negotiating and agreeing with the Tax Authorities, all Tax computations and Tax returns of the MF Global Group Companies. 

  

	13.2 	In relation to any Tax computations and Tax returns relating to (i) any matter or circumstance giving rise (or expected to give rise) to a Relevant Claim, (ii) any
Relevant Tax Charge or (iii) the Deferred Share Schemes (each a “Relevant Matter”), MF Global shall: 

  

	 	13.2.1	 submit to Man Group plc for comments such Tax computations and Tax returns (and any related documents) to the extent that they relate to a Relevant Matter, 

  

 - 17 - 

	 	 
which any MF Global Group Company intends to submit to a Tax Authority before submission to the relevant Tax Authority and take into account all such
reasonable comments as Man Group plc or its duly authorised advisers may make within 10 Business Days after the submission to Man Group plc of such Tax computations and Tax returns (and any related documents) by MF Global;

  

	 	13.2.2	use all reasonable endeavours to agree the Tax matters that relate to the Relevant Matters as soon as reasonably practicable and will deal with such matters promptly and diligently;
and 

  

	 	13.2.3	submit to the relevant Tax Authority those Tax computations, Tax returns and other relevant documents required in relation to the Relevant Matters in a timely manner.

  

	13.3 	Man Group plc shall provide or procure the provision of all such information and assistance which may reasonably be required by MF Global to prepare, submit and agree all Tax
computations and Tax returns relating to the Relevant Matters. 

  

	13.4 	MF Global shall not, and shall ensure that no MF Global Group Company, amends, seeks to amend or agrees to the amendment of, any Pre-Effective Date Return which relates to any
Relevant Matter without the prior written consent of Man Group plc (such consent not to be unreasonably withheld or delayed). 

  

	14.	TAX COMPUTATIONS - MAN GROUP COMPANIES 

  

	14.1 	Subject to clause 14.2 and 14.4 below, Man Group plc shall (at its cost) have the responsibility for, and the conduct of, preparing, submitting to, negotiating and agreeing
with the Tax Authorities, all Tax computations and Tax returns of the Man Group Companies. 

  

	14.2 	In relation to any Tax computations and Tax returns relating to the Tax affairs of Man Financial Australia Limited in respect of any accounting or other taxable period beginning
before the Effective Date but ending after that date, Man Group plc shall: 

  

	 	14.2.1	submit to MF Global for comments such Tax computations and Tax returns (and any related documents) to the extent that they relate to the Tax affairs of Man Financial Australia
Limited, which a Man Group Company intends to submit to a Tax Authority before submission to the relevant Tax Authority and take into account all such reasonable comments as MF Global or its duly authorised advisers may make within 10 Business Days
after the submission to MF Global of such Tax computations and Tax returns (and any related documents) by Man Group plc; 

  

	 	14.2.2	use all reasonable endeavours to agree the Tax matters that relate to the Tax affairs of Man Financial Australia Limited as soon as reasonably practicable and will deal with such
matters promptly and diligently; and 

  

	 	14.2.3	submit to the relevant Tax Authority those Tax computations, Tax returns and other relevant documents required in relation to the Tax affairs of Man Financial Australia Limited in a
timely manner. 

  

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	14.3 	MF Global shall provide or procure the provision of all such information and assistance which may reasonably be required by Man Group plc to prepare, submit and agree all Tax
computations or Tax returns (and any related documents) in each case relating to the Tax affairs of Man Financial Australia Limited in respect of any accounting or other taxable period beginning before the Effective Date but ending after that date.

  

	14.4 	In relation to any Tax computations and Tax returns relating to the Tax affairs of Man Financial Australia Limited in respect of any accounting or other taxable period beginning and
ending before the Effective Date that has not been lodged by the Effective Date, MF Global shall: 

  

	 	14.4.1	submit to Man Group plc for comments such Tax computations and Tax returns (and any related documents) to the extent that they relate to the Tax affairs of the Australian MEC Group,
which Man Financial Australia Limited intends to submit to a Tax Authority before submission to the relevant Tax Authority and take into account all such reasonable comments as Man Group plc or its duly authorised advisers may make within 10
Business Days after the submission to Man Group plc of such Tax computations and Tax returns (and any related documents) by MF Global; 

  

	 	14.4.2	use all reasonable endeavours to agree the Tax mattes that relate to the Tax affairs of the Australian MEC Group as soon as reasonably practicable and will deal with such matters
promptly and diligently; and 

  

	 	14.4.3	submit to the relevant Tax Authority those Tax computations, Tax returns and other relevant documents required in relation to the Tax affairs of the Australian MEC Group in a timely
manner. 

  

	14.5 	Man Group plc shall provide or procure the provision of all such information and assistance which may reasonably be required by MF Global to prepare, submit and agree all Tax
computations or Tax returns (and any related documents) in each case relating to the Tax affairs of the Australian MEC Group in respect of any accounting or other taxable period beginning and ending before the Effective Date.

  

	15.	CLEAN EXIT 

  

	15.1 	Man Group plc will ensure that at least 7 Days prior to the Effective Date, Kanangra will provide each Leaving Entity with a draft calculation of the Exit Payment for that Leaving
Entity in accordance with the Tax Sharing Agreement. 

  

	15.2 	MF Global will ensure that at least 1 Business Day prior to the Effective Date each Leaving Entity pays the relevant Exit Payment to Kanangra in accordance with the Tax Sharing
Agreement. 

  

	16.	SURRENDER OF RELIEF 

  

	16.1 	MF Global shall ensure each Man Financial Company shall: 

  

	 	16.1.1	 accept from Man Group plc, or any other company as Man Group plc may specify, such Surrender of Relief as Man Group plc may at its sole discretion direct and to the
extent permitted by law in respect of any accounting period of 

  

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such Man Financial Company beginning on or before 31 March 2007, provided that any Man Financial Company can use any Relief of any Man Financial
Company in priority to using any Relief surrendered by Man Group plc or any other company as Man Group plc may specify provided further, for the avoidance of doubt, that nothing in this clause 16.1.1 shall require any Man Financial Company to
withdraw or amend any claim previously made by it in relation to a Surrender of Relief if doing so would give rise to a Tax Liability for that Man Financial Company in respect of which MF Global could not make a Relevant Claim; and

  

	 	16.1.2	make to any company as Man Group plc may specify such Surrender of Relief as Man Group plc may at its sole discretion direct and to the extent permitted by law in respect of any
accounting period of such Man Financial Company beginning on or before 31 March 2007. 

  

	16.2 	In consideration of any surrender under clause 16.1.1 MF Global shall procure that the relevant Man Financial Company shall pay to Man Group plc, or such company as Man Group plc
directs (provided that such company is resident in the United Kingdom for United Kingdom tax purposes), an amount equal to the product of the amount of the Relief surrendered and the statutory Tax rate applicable in the relevant jurisdiction for the
period to which the Surrender of Relief relates, except to the extent that: 

  

	 	16.2.1	such Surrender of Relief was reflected in the Accounts and was made available to the Man Financial Company concerned for no consideration; or 

  

	 	16.2.2	Tax from which the Man Financial Company is relieved as a result of such surrender is Tax in respect of which Man Group plc is or, but for the surrender, would be liable in respect
of a Relevant Claim (in which case the payment that would otherwise have been due by the relevant Man Financial Company shall be reduced to the extent that Man Group plc is, or but for the surrender, would be liable in respect of a Relevant Claim).

  

	16.3 	In consideration of any surrender under clause 16.1.2 Man Group plc shall procure that the relevant company to which the Surrender of Relief is made shall pay to MF Global, or such
company as MF Global directs, an amount equal to the product of the amount of the Relief surrendered and the statutory Tax rate applicable in the relevant jurisdiction for the period to which the Surrender of Relief relates.

  

	16.4 	Payments under clauses 16.2 and 16.3 shall be made as soon as practicable (but, in any event, no later than 30 days after the date on which any consent to surrender is given or
amended, provided that if the amount of the Relief surrendered is subsequently shown to have been more or less than the amount initially taken into account for the purposes of clauses 16.2 and 16.3 (as applicable) then an amount equal to the
difference between the amount previously paid and the product of the amount of the Relief actually surrendered and the statutory Tax rate applicable in the relevant jurisdiction for the period to which the Surrender of Relief relates shall be paid
by or repaid to (as the case may be) the relevant company. 

  

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	16.5 	MF Global shall, and shall procure that each Man Financial Company shall, use all reasonable endeavours to procure that full effect is given to the surrenders to be made under
clauses 16.1.1 and 16.1.2 and that such surrenders are allowed in full by the relevant Tax Authority and MF Global shall procure that each Man Financial Company shall sign and submit to the relevant Tax Authority all such notices of consent to
surrender and all such other documents and returns as may be necessary to ensure that full effect is given to this clause. 

  

	17.	SECTION 171A AND SECTION 179A TCGA 1992 ELECTIONS 

  

	17.1 	MF Global shall ensure that each Man Financial Company shall join, as Man Group plc may at its sole discretion direct and to the extent permitted by law, with a company specified by
Man Group plc in the making of an election under section 171A or section 179A of TCGA 1992 for the purpose of reducing or eliminating a Tax Liability in respect of which Man Group plc is, or but for the making of such claim or election would be,
liable under this Deed. MF Global shall procure that the relevant Man Financial Company shall promptly sign and submit to HM Revenue & Customs in the United Kingdom all such claims or elections and all such other documents and returns as
may be necessary to ensure that full effect is given to this clause. 

  

	17.2 	No payment shall be made by the relevant Man Financial Company in consideration of the making of a claim or election under clause 17.1. 

  

	17.3 	MF Global shall ensure that the relevant Man Financial Company shall promptly take such action and give such information and assistance in connection with the affairs of the
relevant Man Financial Company and/or any MF Global Group Company as Man Group plc may request in relation to any Tax Proceedings or potential Tax Proceedings arising from any the making of a claim or election under clause 17.1.

  

	18.	UNITED KINGDOM TRANSFER PRICING ADJUSTMENTS 

  

	18.1 	If paragraph 1(2) of Schedule 28AA to ICTA applies to an Actual Provision which has been made or imposed between (i) Man Group plc or a Man Group Company and (ii) a Man
Financial Company, by means of a transaction or series of transactions entered into on or before the Effective Date, and the profits and losses of the Advantaged Person for any Accounting Period have been computed for Tax purposes as if the
Arm’s Length Provision had been made or imposed instead of the Actual Provision (such computation made in accordance with the Arm’s Length Provision being the “Adjustment”), then the Advantaged Person shall notify the
Disadvantaged Person in writing as soon as practicable, and in order to take account of the applicability of the said paragraph 1(2) to the Actual Provision, and solely for that reason, Man Group plc and MF Global shall ensure that:

  

	 	18.1.1	subject to clause 18.2, the Disadvantaged Person shall make a claim in a timely manner for a corresponding adjustment to be made pursuant to paragraph 6 of Schedule 28AA to
ICTA (a “Corresponding Adjustment”); and 

  

	 	18.1.2	subject to clause 18.3, where a Corresponding Adjustment is made or obtained in accordance with clause 18.1.1, the Disadvantaged Person shall pay to the Advantaged Person
on the Payment Date an amount equal to the Payment. 

  

 - 21 - 

	18.2 	Any claim pursuant to clause 18.1.1 shall be made in accordance with, and to the extent permitted by, applicable legislation. 

  

	18.3 	Any payment pursuant to clause 18.1.2 shall, so far as possible, be made in such manner and otherwise subject to such conditions as may be necessary to ensure that, pursuant to
legislation applicable to the Accounting Period to which the payment relates (including, but not limited to paragraph 7A of Schedule 28AA to ICTA), such payment does not fall to be brought into account (in whole or in part) in computing profits or
losses of either the Advantaged Person or the Disadvantaged Person for the purposes of United Kingdom corporation tax. 

  

	18.4 	If, after an Adjustment has been made (the “initial Adjustment”), a dispute arises between the Advantaged Person, the Disadvantaged Person and Her Majesty’s
Revenue and Customs in the United Kingdom as to the need for, or the quantum of, the initial Adjustment, then upon resolution or final determination of such dispute, Man Group plc and MF Global shall ensure that the Advantaged Person and the
Disadvantaged Person shall each make, in a timely manner, all such payments and repayments and each shall promptly take all such other steps as would put the Advantaged Person and the Disadvantaged Person respectively in the position which would
have resulted had the initial Adjustment been made in the amount determined by such resolution or final determination. 

  

	19.	COUNTER-INDEMNITY 

  

	19.1 	Subject to clause 19.4, MF Global covenants to pay to Man Group plc an amount equal to any liability to make a payment of Tax (“Counter-Indemnity Tax”) which is
imposed by Australia or the United Kingdom or the United States on any Man Group Company: 

  

	 	19.1.1	as a result of any MF Global Group Company having failed or failing to discharge when due any liability to Tax Liability of that MF Global Group Company, except to the extent that
such liability to Tax is properly attributable to income, profits or gains earned, accrued or received by, or which is primarily chargeable on, or importations, supplies or acquisitions made for VAT purposes by or to, a Man Group Company; or

  

	 	19.1.2	which is properly attributable to income, profits or gains earned, accrued or received by, or importations, supplies or acquisitions made for VAT purposes by or to a MF Global Group
Company, but for which the Man Group Company bears the primary or joint and several liability; or 

  

	 	19.1.3	as a result of capital gain being derived by Kanangra pursuant to section 104-520 of the ITAA-1997 as a direct result of a company other than MFAL ceasing to be a member of the
Australian MEC Group as a result of the IPO, 

 provided that the covenants in this clause 19.1 shall not apply to the extent
that any Tax that is imposed on the Man Group Company arises in respect of any Tax Liability which constitutes a Relevant Claim for which Man Group plc is liable to make a payment under this Deed. 
  

 - 22 - 

	19.2 	To the extent that Man Group plc has made, or procured the making of, a payment to MF Global under this Deed and an amount in respect of Tax subsequently becomes payable by any Man
Group Company in the circumstances described in clause 19.1, MF Global shall repay to Man Group plc the payment previously paid to MF Global under this Deed. 

  

	19.3 	The provisions of clauses 3.2 and 5 to 12 inclusive of this Deed shall apply, with appropriate modifications, to any claim under clause 19.1 by Man Group plc against MF Global or
any repayment obligation under clause 19.2 as if references to Man Group plc were to MF Global (and vice versa), references to any “Man Group Company” were to any “Man Financial Company” or “MF Global Group Company”
(and vice versa), references to a “Relevant Claim” were to a “claim under clause 19”, references to a “Tax Liability” were to “Counter-Indemnity Tax” and making any other necessary modifications, provided that
none of the limitations in clause 5 shall apply to any claim under clause 19.1.1. 

  

	19.4 	MF Global’s liability under clause 19.1 in respect of a liability to make a payment of Tax which is properly attributable to the income, profits or gains earned, accrued or
received by a Leaving Entity is limited to the amount by which that liability exceeds the amount of the Exit Payment and any payment made by that Leaving Entity to Kangangra under the Tax Funding Agreement in respect of that income, profit or gain.

  

	20.	PROVISION OF INFORMATION 

 If at any time after the
date of this Deed Man Group plc wants to insure against its potential liabilities in respect of any Relevant Claim or Relevant Tax Charge, MF Global shall provide, and shall ensure that each MF Global Group Company provides (at Man Group plc’s
expense), any information as a prospective insurer may reasonably require before effecting the insurance. 
  

	21.	CONFIDENTIALITY OF INFORMATION 

 Any information
obtained under clause 21 will be kept confidential and will not be disclosed to any third party without the prior written consent of the other, unless such disclosure is (i) required pursuant to a legal or regulatory requirement or
(ii) reasonably necessary for the purposes effecting such insurance or in connection with the filing of Tax Returns or in conducting any Tax Proceeding. 
  

	22.	PRESERVATION OF INFORMATION 

  

	22.1 	MF Global shall, and shall ensure that each MF Global Group Company will, preserve all documents, records, correspondence, accounts and other information whatsoever relevant to a
matter or circumstance which may give rise to a Relevant Claim or Relevant Tax Charge. 

  

	22.2 	Man Group plc shall, and shall ensure that each Man Group Company will, preserve all documents, records, correspondence, accounts and other information whatsoever relevant to a
matter or circumstance which may give rise to a Relevant Claim or Relevant Tax Charge. 

  

 - 23 - 

	23.	CO-OPERATION AND SHARING OF INFORMATION 

  

	23.1 	From the Effective Date until the date 90 days after the end of the relevant period during which a Tax Authority is permitted to make any claims or assessments against a Man
Financial Company in respect of a Tax Liability which could give rise to a Relevant Claim or in respect of Relevant Tax Charge, Man Group plc and MF Global shall provide to each other, and each other’s advisors, reasonable access to premises
and personnel and to all relevant assets, documents, records and other information within Man Group plc or MF Global ‘s power or control, for the purposes of filing any Tax returns, instituting any Tax Proceeding and validating or calculating
or accounting for Tax items pursuant to U.S. GAAP. 

  

	23.2 	In addition, and without limiting the foregoing, MF Global (or Man Group plc, as the case may be) shall provide or procure that the relevant MF Global Group Company (or the relevant
Man Group Company, as the case may be) provides any form, voucher or certificate of withholding or similar document which may reasonably be required by any Man Group Company (or any MF Global Group Company, as the case may be) in order to
demonstrate (where relevant) that an amount of, or on account of, Tax has been deducted or withheld from interest paid or payable by a MF Global Group Company to a Man Group Company (or by a Man Group Company to a MF Global Group Company, as the
case may be) on or before the Effective Date, and shall provide Man Group plc or the relevant Man Group Company (or MF Global or the relevant MF Global Group Company, as the case may be) with any reasonable assistance requested by Man Group plc (or
MF Global, as the case may be) in order to make a claim for repayment of such deduction or withholding, whether pursuant to the provisions of a double taxation treaty or otherwise. 

  

	24.	OVERPROVISIONS AND REPAYMENTS OF TAX 

  

	24.1	If MF Global or a MF Global Group Company becomes aware that: 

  

	 	24.1.1	any provision for Taxation in the Accounts is likely to be an overprovision (an “Overprovision”); or 

  

	 	24.1.2	a Man Financial Company is entitled to any repayment of Tax overpaid by that company (other than a repayment which has been shown as an asset in the Accounts and other than a
repayment arising as a result of the carry back of a Tax Loss arising after the Effective Date) and/or any interest in respect of any period before the Effective Date (a “Repayment”), 

 MF Global shall, subject to and in accordance with clause 24.3 below, give written details thereof to Man Group plc and Man Group plc may upon receiving
such notice, or in the absence of such notice, at any time request the auditors for the time being of the Man Financial Companies to certify (at the expense of Man Group plc) the amount of such Overprovision or Repayment, and the amount so certified
exceeds USD 100,000 such amount shall be dealt with in accordance with clause 24.3. 
  

	24.2 	Any written notice given by MF Global under this clause 24.1 must be given to Man Group plc by no later than 10 Business Days after MF Global or a Man Financial Company becomes
aware of the relevant Overprovision or Repayment provided that: 

  

 - 24 - 

	 	24.2.1	notice need only be given if a Relevant Claim (other than a Relevant Claim under clause 3.1.1) has arisen before MF Global or a Man Financial Company has become aware of the
relevant Overprovision or Repayment; and 

  

	 	24.2.2	if a Relevant Claim (other than a Relevant Claim under clause 3.1.1) subsequently arises, then MF Global must give notice of the Overprovision or Repayment at the same time as it
gives notice of that Relevant Claim. 

  

	24.3 	Where it is provided under clause 24.1 that any amount (the “Relevant Amount”) is to be dealt with in accordance with this clause: 

  

	 	24.3.1	the Relevant Amount shall first be set off against any payment then due from Man Group plc in respect of a Relevant Claim (other than a Relevant Claim under clause 3.1.1);

  

	 	24.3.2	to the extent that there is an excess, a refund shall be made to Man Group plc of any previous payment or payments made in respect of a Relevant Claim (other than a Relevant Claim
under clause 3.1.1) and not previously refunded under this clause up to the amount of such excess; 

  

	 	24.3.3	to the extent that the excess referred to in clause 24.3.2 is not exhausted under that clause, the remainder of that excess shall be carried forward and set off against any
future payment or payments which become due from Man Group plc in respect of a Relevant Claim (other than a Relevant Claim under clause 3.1.1). 

  

	24.4 	Where any such certification as is mentioned in clause 24.1 above has been made, Man Group plc or MF Global or the relevant Man Financial Company may request the auditors of
that Man Financial Company for the time being at the expense of the party so making the request to review such certification in the light of all relevant circumstances, including any facts which have become known only since such certification and to
certify whether such certification remains correct or whether in the light of those circumstances the amount that was the subject of such certification should be amended. 

  

	24.5 	If the auditors certify under clause 24.4 above that an amount previously certified should be amended, that amended amount shall be substituted for the purposes of
clause 24.5 as the Relevant Amount in respect of the certification in question in place of the amount originally certified and such adjusting payment (if any) as may be required by virtue of the aforementioned substitution shall be made as soon
as practicable by Man Group plc or (as the case may be) to Man Group plc. 

  

	24.6 	If any dispute arises under this clause 24 as to whether there is or has been any Overprovision or Repayment, such dispute shall be referred for determination to a firm of
chartered accountants as agreed between Man Group plc and MF Global who in making such determination shall act as expert (the “Expert”) and not arbitrator and whose decision shall be final and binding on the parties thereto. The
Expert may make such enquiries as he shall think fit in order to make such determination and shall also determine how the costs of obtaining his opinion should be paid and borne by the parties, taking into account the reasonableness of their
respective arguments. 

  

 - 25 - 

	24.7 	MF Global undertakes to supply and undertakes to procure that the relevant Man Financial Company shall supply to Man Group plc and subsequently to any firm of accountants nominated
to deal with any such dispute in accordance with clause 24.6 (with copies to Man Group plc) all documents, accounts, notices, papers and other necessary information as may be reasonably required for the purposes of making any such determination
as to whether there is or has been any Overprovision or Repayment for the purposes of this clause 24. 

  

	25.	DEFERRED SHARE SCHEMES AND RELEVANT TAX CHARGE 

  

	25.1 	If: 

  

	 	25.1.1	the Category A Amount less the Category B Amount is a positive number, Man Group plc shall pay, or procure that Man Group UK Ltd pays, to MF Global an amount equal to such
difference; and 

  

	 	25.1.2	the Category A Amount less the Category B Amount is a negative number, MF Global shall pay to Man Group plc, or any company that Man Group plc directs, an amount equal to such
difference. 

  

	25.2 	The Category A Amount and Category B Amount shall each be first determined on the Determination Date and the first payment under clause 25.1 is to be made no later than 10 Business
Days after the Determination Date. 

  

	25.3 	If any Relevant Tax Charge becomes due and payable prior to the Determination Date (including, for the avoidance of doubt, payable within the meaning of clause 11.5), Man Group plc
shall lend sufficient funds on an interest-free basis to the MF Global Group Company that has incurred the Relevant Tax Charge provided that all amounts advanced under this clause shall be repayable as follows: 

  

	 	25.3.1	to the extent that any Additional Relief is treated as arising on or before the date that is six months after the Effective Date (the “Relevant Date”), MF Global
shall pay, or procure that the relevant MF Global Group Company repays, to Man Group plc an amount equal to such Additional Relief within 10 Business Days after the Relevant Date; and 

  

	 	25.3.2	the balance, if any, shall be repayable no later than 10 Business Days after the Determination Date. 

  

	25.4 	For the purposes of determining the amount of any Relevant Tax Charge that may be taken into account in computing the Category A Amount, the provisions of clause 5 shall apply, with
appropriate modifications, as if (i) references thereunder to a Relevant Claim, or Tax Liability giving rise to a Relevant Claim, were references to a Relevant Tax Charge and (ii) references thereunder to the Re-organisations were to the
transactions set out in Part A of Schedule 2, and making any other necessary modifications. 

  

	25.5 	 “Additional Relief” shall be treated as arising to the extent that the amount of any Relief that has arisen to any MF Global Group Company in
relation to any accounting period ending in the United Kingdom or the United States after 31 March 2007 as a result of the vesting or exercise of any employee share options or share awards under any of the 

  

 - 26 - 

	 	 
Deferred Share Schemes (together, the “Share Awards”) exceeds the amount recorded in the Accounts as a deferred tax asset in respect of such
Share Awards, provided that for the purposes of determining whether any Additional Relief has arisen for the purpose of calculating the Category B Amount but not for the purposes of clause 25.3: 

  

	 	25.5.1	a Relief shall only be treated as arising as and when the liability of a MF Global Group Company to make an actual payment of, or in respect of, Tax is reduced by reason of the
utilisation of that Relief (including where such Relief is taken into account in the calculation of any Estimated Taxes) provided that, while no MF Global Group Company shall have any obligations to arrange its business or Tax affairs so as to give
priority to the utilisation of such Relief, each MF Global Group Company will act reasonably in the operation of this provision and MF Global shall take and procure that all reasonable steps are taken by each MF Global Group Company to utilise such
Relief in a timely manner; and 

  

	 	25.5.2	the amount of any Additional Relief treated as arising shall be reduced to the extent that any MF Global Group Company is required to recognise any taxable income as a direct result
of the deemed or actual transfer of Man Group plc shares to employees of any MF Global Group Company. 

  

	25.6 	A “Shortfall of Relief” shall be treated as arising to the extent that the amount recorded in the Accounts as a deferred tax asset in respect of any Share Awards
exceeds the amount of the Relief that has arisen or is expected to arise to any MF Global Group Company in relation to any accounting period ending in the United Kingdom or the United States after 31 March 2007 as a result of the vesting or
exercise of the Share Awards. 

  

	25.7 	For the purposes of determining whether there is any Additional Relief or Shortfall of Relief, Man Group plc shall, no later than 30 April 2008, prepare and submit to MF Global
computations setting out the amount of the Relief expected to arise in the period ending 31 March 2008 as a result of the vesting or exercise of the Share Awards (the “Relevant Relief”). MF Global shall have a period of 30
Business Days to provide its comments on such computations before they are finalised. If MF Global does not provide written comments on such computations within the specified timeframe it shall be deemed to have accepted them.

  

	25.8 	MF Global shall ensure that each MF Global Group Company prepares its Tax returns and Tax computations on the basis of the computations referred to in clause 25.7.

  

	25.9 	To the extent that any Additional Relief that is treated as arising under clause 25.5 arises after 31 March 2008, the Category B Amount shall be redetermined on the day that
such Additional Relief arises and MF Global shall make all such necessary payments or repayments to Man Group plc under clause 25.1 no later than 30 days after the date on which such Additional Relief arises. 

  

	25.10	  If a MF Global Group Company becomes aware of any Tax Proceeding relating to any Relevant Tax Charge or Relevant Relief, the provisions of clause 10 shall
apply, with appropriate modifications, as if references thereunder to a Relevant Claim were references to a Tax Proceeding relating to that Relevant Tax Charge or Relevant Relief. 

  

 - 27 - 

	 	 
If, following such Tax Proceeding, there is a change in the amount of the Relevant Tax Charge or Relief actually obtained as a result of the vesting or
exercise of the Share Awards, the Category A Amount and Category B Amount shall be redetermined on the date that the Tax Proceeding is Finally Determined and Man Group plc and MF Global shall make all such necessary payments and repayments under
clause 25.1 no later than 30 days after the Tax Proceeding is Finally Determined. 

  

	25.11	 If any sum due and payable by a party under this clause 25 is not paid on the due date in accordance with the provisions of this clause 25, the party required to make the
relevant payment shall, in addition to that sum, pay interest to the recipient from the due date for payment of the sum to and including the day of actual payment of the sum. The interest accrues from day to day at the rate of 3% per year above
the then current base lending rate of Barclays Bank plc. 

  

	26.	DISPUTES AND ARBITRATION 

  

	26.1 	Any dispute, controversy or claim arising from or connected with this Deed, including on regarding the existence, validity or termination of this Deed (a
“Dispute”), shall be referred to and resolved by arbitration under the Rules of the London Court of International Arbitration (“LCIA”). 

  

	26.2 	The arbitral tribunal shall consist of one arbitrator who shall be nominated and appointed by the LCIA, unless otherwise agreed by the parties at the time of the referral of the
Dispute to the LCIA, and it is agreed that the parties will, wherever possible, seek to agree on the appointment of a neutral tax professional appropriately qualified and experienced with respect to the tax laws of the jurisdiction to which the
Dispute relates, to act as arbitrator. 

  

	26.3 	The seat of the arbitration shall be London, England, and all hearings shall take place in London, England, and the language of the arbitration shall be English.

  

	26.4 	The parties waive any right to refer points of law or to appeal to the courts, to the extent that such waiver can validly be made. 

  

	26.5 	The parties agree that the arbitral tribunal shall have the power to order on a provisional basis any relief which it would have power to grant in a final award.

  

	26.6 	The governing law of the Dispute shall be the substantive law of the governing jurisdiction specified in the Deed. 

  

	26.7 	The cost of the arbitration proceeding, and any subsequent court proceeding to confirm or vacate any arbitration award, will be borne by the unsuccessful party, unless the arbitral
tribunal and/or the court determines otherwise. 

  

	27.	VAT 

  

	27.1 	All sums set out in this Deed or otherwise payable by any party to any other party pursuant to the terms of this Deed shall be deemed to be exclusive of any VAT which is chargeable
on the supply or supplies for which such sums or other consideration (or any part thereof) are the whole or part of the consideration for VAT purposes. 

  

 - 28 - 

	27.2 	Where, pursuant to the terms of this Deed, any party (the “Supplier”) makes a supply to any other party (the “Recipient”) for VAT purposes and VAT
is or becomes chargeable on such supply, the Recipient shall pay to the Supplier (in addition to and at the same time as any other consideration for such supply) a sum equal to the amount of such VAT and the Supplier shall provide the Recipient with
a valid VAT invoice in respect of such supply. 

  

	27.3 	Where any party is required by the terms of this Deed to reimburse or indemnify any other party for any cost or expense, such first party shall reimburse or indemnify such other
party for the full amount of such cost or expense, including such part thereof as represents VAT, save to the extent that such other party is entitled to credit or repayment in respect of such VAT from a Tax Authority. 

  

	28.	GENERAL 

  

	28.1 	Assignment 

  

	 	28.1.1	This Deed may not be assigned by a party without the prior written consent of the other party, such consent not to be unreasonably withheld. 

  

	 	28.1.2	In the event that there is any assignment or transfer in accordance with clause 28.1.1, Man Group Plc shall be under no greater liability under this Deed than it would have been had
no assignment or transfer taken place. 

  

	 	28.1.3	In the event that there is an assignment or transfer in accordance with clause 28.1.1, MF Global shall be under no greater liability under this Deed than it would have been had no
assignment or transfer taken place. 

  

	 	28.1.4	For the purposes of this clause 28.1, a Change of Control of either party shall be deemed an assignment requiring prior written consent of the other party pursuant to this clause
28.1. 

  

	28.2 	Notices 

  

	 	28.2.1	Save where otherwise provided for in this Deed or where afterwards agreed in writing between Man Group plc and MF Global, any notice or other communication required to be given or
served under or in connection with this Deed shall be in writing and shall be sufficiently given or served if delivered or sent to the following relevant address and persons: 

  

	 	(a)	In the case of Man Group plc to: 

  

			
	Address:	  	 Sugar Quay, Lower Thames Street,
 London, EC3R
6DU

		
	Fax:	  	+44(0) 20 7144 1922
		
	Attention:	  	Stephen Clough
		
	With a copy to:	  	Kevin Hayes
		
	Fax:	  	+44(0) 20 7623 8003

  

 - 29 - 

	 	(b)	In the case of MF Global to: 

  

			
	Address:	  	 717 5th Avenue
  
 New York, NY 10022

		
	Fax:	  	+1(212) 589 6214
		
	Attention:	  	Philip O’Reilly
		
	With a copy to:	  	Donna Balon
		
	Fax:	  	+1(212) 589 6214

  

	 	28.2.2	Unless there is evidence to indicate otherwise, a notice given under this Clause is deemed given: 

  

	 	(a)	if delivered personally, when left at the relevant address; 

  

	 	(b)	if sent by post, except air mail, 2 Business Days after posting it; 

  

	 	(c)	if sent by air mail, 6 Business Days after posting it; or 

  

	 	(d)	if sent by fax, when confirmation of its transmission has been recorded by the sender’s fax machine. 

  

	28.3 	Whole Agreement 

  

	 	28.3.1	This Deed contains the whole agreement between the parties relating to the subject matter of this Deed at the date hereof and supersedes any previous written or oral agreement
between the parties in relation to the matters dealt with in this Deed. 

  

	 	28.3.2	In the event that there is any conflict between the terms of any of the Master Separation Agreement, any of the Ancillary Agreements and the terms of this Deed, relating to the
subject matter of this Deed, the terms of this Deed shall prevail. 

  

	28.4 	Waiver 

 No delay or forbearance by any party in
exercising any right or remedy provided by this Deed or by law shall impair or operate as a waiver of that right or remedy, nor shall any single or partial exercise of any right or remedy provided by this Deed or by law preclude any other or further
exercise of it or the exercise of any other right or remedy. 
  

	28.5	 Costs 

 Except where this Deed provides
otherwise, and unless otherwise agreed, each party shall bear its own legal, accountancy and other costs and expenses incurred by it in connection with the negotiation, preparation, execution and performance of this Deed, including all travel,
printing, regulatory filing, rating agency and other expenses, and all fee and disbursements of any legal, financial or other advisors. 
  

 - 30 - 

	28.6 	Severance 

  

	28.7 	If at any time any provision of this Deed is or becomes illegal, invalid or unenforceable under the laws of any jurisdiction, that shall not affect: 

  

	 	28.7.1	the legality, validity or enforceability in that jurisdiction of any other provision of this Deed; or 

  

	 	28.7.2	the legality, validity or enforceability under the laws of any other jurisdiction of that or another provision of this Deed. 

  

	28.8 	Variation 

 No variation of this Deed shall be
effective unless in writing and signed by or on behalf of each of the parties. 
  

	28.9 	Third Parties Rights and Liabilities 

 A person who
is not a party to this Deed has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Deed, but this does not affect any right or remedy of a third party which exists or is available apart from that Act.

  

	28.10	 Counterparts 

 This Deed may be executed in
any number of counterparts each of which shall be deemed an original, but all the counterparts shall together constitute one and the same instrument. 
  

	28.11 	Governing Law and Jurisdiction 

  

	28.12	 This Deed is governed by English law. 

  

 - 31 - 

 EXECUTED by the parties as a Deed: 
  

			
		
	Executed as a deed by	 	)
		
	 MAN GROUP PLC
	 	)

  

	
	
	   
	Signature of director
	
	   
	Name of director
	
	   
	Signature of director/secretary
	
	   
	Name of director/secretary

			
		
	Executed as a deed by	 	)
		
	MF GLOBAL LTD.	 	)

  

	
	
	   
	Signature of director
	
	   
	Name of director
	
	   
	Signature of director/secretary
	
	   
	Name of director/secretary

  

 - 1 - 

 Schedule 1 
 Man Financial Companies 
  

			
	Name	  	ED&F Man Group Limited
		
	Registered Office	  	Sugar Quay, Lower Thames Street, London EC3R 6DU
		
	Company Registration No.	  	02225802
		
	Date of Incorporation	  	01/03/1988
		
	Name	  	MF Global Limited (formerly Botolph Holdings Ltd)
		
	Registered Office	  	Sugar Quay, Lower Thames Street, London EC3R 6DU
		
	Company Registration No.	  	02539446
		
	Date of Incorporation	  	13/09/1990
		
	Name	  	Botolph Nominees Ltd
		
	Registered Office	  	Sugar Quay, Lower Thames Street, London EC3R 6DU
		
	Company Registration No.	  	1778091
		
	Date of Incorporation	  	14/12/1983
		
	Name	  	GNI Holdings Limited
		
	Registered Office	  	Sugar Quay, Lower Thames Street, London EC3R 6DU
		
	Company Registration No.	  	01245273
		
	Date of Incorporation	  	19/02/1976

  

 - 2 - 

			
	Name	  	Clachan Nominees Limited
		
	Registered Office	  	Sugar Quay, Lower Thames Street, London EC3R 6DU
		
	Company Registration No.	  	00700140
		
	Date of Incorporation	  	04/08/1961
		
	Name	  	GNI Limited
		
	Registered Office	  	Sugar Quay, Lower Thames Street, London EC3R 6DU
		
	Company Registration No.	  	01007530
		
	Date of Incorporation	  	08/04/1971
		
	Name	  	GNI SA
		
	Registered Office	  	 Arkion SA, 20, rue Adrien-Lachenal, 1207 Geneva,
 Switzerland [Attention: Enrico Chincarini]

		
	Company Registration No.	  	CH-660-09639920
		
	Date of Incorporation	  	13/10/1992
		
	Name	  	Man Financial Limited
		
	Registered Office	  	Sugar Quay, Lower Thames Street, London EC3R 6DU
		
	Company Registration No.	  	1600658
		
	Date of Incorporation	  	27/11/1981
		
	Name	  	ED&F Man Nominees Limited
		
	Registered Office	  	Sugar Quay, Lower Thames Street, London EC3R 6DU
		
	Company Registration No.	  	02473953
		
	Date of Incorporation	  	23/02/1990

  

 - 3 - 

			
	Name	  	Man Securities Limited
		
	Registered Office	  	Sugar Quay, Lower Thames Street, London EC3R 6DU
		
	Company Registration No.	  	02533792
		
	Date of Incorporation	  	23/08/1990
		
	Name	  	MF Global UK Services Limited
		
	Registered Office	  	Sugar Quay, Lower Thames Street, London EC3R 6DU
		
	Company Registration No.	  	06233208
		
	Date of Incorporation	  	01/05/2007
		
	Name	  	ED&F Man Paris Consultants Limited
		
	Registered Office	  	Sugar Quay, Lower Thames Street, London EC3R 6DU
		
	Company Registration No.	  	01889726
		
	Date of Incorporation	  	26/02/1985
		
	Name	  	Man Financial SA
		
	Registered Office	  	Le Centorial, 16-18 rue du quatre septembre, 75002 Paris, France
		
	Company Registration No.	  	B 397 834 342
		
	Date of Incorporation	  	30/06/1994
		
	Name	  	Man Financial Overseas Limited
		
	Registered Office	  	Sugar Quay, Lower Thames Street, London EC3R 6DU
		
	Company Registration No.	  	06004687
		
	Date of Incorporation	  	21/11/2006

  

 - 4 - 

			
	Name	  	Man Financial Holdings Limited
		
	Registered Office	  	Sugar Quay, Lower Thames Street, London EC3R 6DU
		
	Company Registration No.	  	05626737
		
	Date of Incorporation	  	17/11/2005
		
	Name	  	Man Financial Australia Limited
		
	Registered Office	  	Level 21, Grosvenor Place, 225 George Street, Sydney NSW 2000 Australia
		
	Company Registration No.	  	001 662 077
		
	Date of Incorporation	  	27/12/1978
		
	Name	  	Man Financial Japan Limited
		
	Registered Office	  	Kyodo Building, 6th Floor, 6-12 Nihonbashi-Kayabucho
1-Chome, Chuo-Ku, Tokyo, Japan
		
	Company Registration No.	  	0199-01-094020
		
	Date of Incorporation	  	20/06/2005
		
	Name	  	Man Financial Holdings Canada Limited
		
	Registered Office	  	1 Place Ville-Marie, Suite 4000, Montreal, Quebec, Canada H3B 4M4
		
	Company Registration No.	  	4298632
		
	Date of Incorporation	  	4 May 2005
		
	Name	  	Man Financial Canada Co
		
	Registered Office	  	1 Place Ville-Marie, Suite 4000, Montreal, Quebec, Canada H3B 4M4
		
	Company Registration No.	  	[*]
		
	Date of Incorporation	  	[*]

  

 - 5 - 

			
	Name	  	Polaris Man Financial Futures Co Limited
		
	Registered Office	  	 10F No. 69, 16F No. 67 & 16F No. 69, Dunhua S. Road
 Section 2, Da-an District, Taipei, 106 TAIWAN

		
	Company Registration No.	  	97179282
		
	Date of Incorporation	  	[*]
		
	Name	  	Man Financial (India) Pte Limited
		
	Registered Office	  	 No1, 2nd
Floor, C Block, Modern Centre, 101 K.K. Marg,
 Jacob Circle, Mahalaxmi, Mumbai, 400011, India

		
	Company Registration No.	  	U67110 MH 2005 PTC 15770
		
	Date of Incorporation	  	02/12/2005
		
	Name	  	Man Financial Capital Services India Private Limited
		
	Registered Office	  	 No1, 2nd
Floor, C Block, Modern Centre, 101 K.K. Marg,
 Jacob Circle, Mahalaxmi, Mumbai, 400011, India

		
	Company Registration No.	  	U65923 MH 2007 PTC 170023
		
	Date of Incorporation	  	17/04/2007
		
	Name	  	Man Financial Centralised Services India Private Limited
		
	Registered Office	  	 No1, 2nd
Floor, C Block, Modern Centre, 101 K.K. Marg,
 Jacob Circle, Mahalaxmi, Mumbai, 400011, India

		
	Company Registration No.	  	U65921 MH 2007 PTC 1700H
		
	Date of Incorporation	  	18/04/2007
		
	Name	  	Man Financial-Sify Securities India Pte Limited
		
	Registered Office	  	 No1, 2nd
Floor, C Block, Modern Centre, 101 K.K. Marg,
 Jacob Circle, Mahalaxmi, Mumbai, 400011, India

		
	Company Registration No.	  	11-123359
		
	Date of Incorporation	  	29/12/1999

  

 - 6 - 

			
	Name	  	Man Financial Capital India Pte Limited
		
	Registered Office	  	 No1, 2nd
Floor, C Block, Modern Centre, 101 K.K. Marg,
 Jacob Circle, Mahalaxmi, Mumbai, 400011, India

		
	Company Registration No.	  	U67120 MH 2003 PTC 144480
		
	Date of Incorporation	  	11/04/2004
		
	Name	  	Man Financial Commodities India Pte Limited
		
	Registered Office	  	 No1, 2nd
Floor, C Block, Modern Centre, 101 K.K. Marg,
 Jacob Circle, Mahalaxmi, Mumbai, 400011, India

		
	Company Registration No.	  	U67120 MH 2003 PTC 142627
		
	Date of Incorporation	  	10/10/2003
		
	Name	  	Man Financial Middle East DMCC
		
	Registered Office	  	 Unit No. 601, White Crown Building, Plot No. 58, Sheikh Zayed Road,
 Dubai, United Arab Emirates

		
	Company Registration No.	  	30412
		
	Date of Incorporation	  	07/02/2006
		
	Name	  	Man Financial (S) Pte Limited
		
	Registered Office	  	One George Street, #17-03, 049145, Singapore
		
	Company Registration No.	  	198403253G
		
	Date of Incorporation	  	14/09/1984
		
	Name	  	Man Financial Holdings (HK) Limited
		
	Registered Office	  	 905-6, One International Finance Centre, 1 Harbour View Street,
 Central, Hong Kong

		
	Company Registration No.	  	941373
		
	Date of Incorporation	  	22/12/2004

  

 - 7 - 

			
	Name	  	Man Financial Futures (HK) Limited
		
	Registered Office	  	905-6, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong
		
	Company Registration No.	  	952740
		
	Date of Incorporation	  	22/02/2005
		
	Name	  	Man Financial Securities (HK) Limited
		
	Registered Office	  	905-6, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong
		
	Company Registration No.	  	952738
		
	Date of Incorporation	  	22/02/2005
		
	Name	  	Man Financial Foreign Exchange (HK) Limited
		
	Registered Office	  	905-6, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong
		
	Company Registration No.	  	1011632
		
	Date of Incorporation	  	02/12/2005
		
	Name	  	Man Group USA Inc
		
	Registered Office	  	One North End Avenue, Suite 1121, New York NY 10282 United States
		
	Company Registration No.	  	13-1962847
		
	Date of Incorporation	  	30/04/1962
		
	Name	  	Heinold Asset Management Inc
		
	Registered Office	  	Corporation Trust Centre, 1209 Orange Street, Wilmington Delaware 19081, United States
		
	Company Registration No.	  	36 -3236904
		
	Date of Incorporation	  	31/08/1982

  

 - 8 - 

			
	Name	  	Man Capital LLC
		
	Registered Office	  	One North End Avenue, Suite 1121, New York, NY 10282 United States
		
	Company Registration No.	  	13-3262825
		
	Date of Incorporation	  	09/11/1984
		
	Name	  	Man FX Clear LLC
		
	Registered Office	  	717 Fifth Avenue, 9th Floor, New York, NY
10022-8101
		
	Company Registration No.	  	20 3863678
		
	Date of Incorporation	  	01/12/2005
		
	Name	  	Man Financial Liquidity Management LLC
		
	Registered Office	  	717 Fifth Avenue, 9th Floor, New York, NY
10022-8101
		
	Company Registration No.	  	03-0559161
		
	Date of Incorporation	  	28/03/2005
		
	Name	  	Man Trad LLC
		
	Registered Office	  	717 Fifth Avenue, 9th Floor, New York, NY
10022-8101
		
	Company Registration No.	  	02-0692193
		
	Date of Incorporation	  	05/01/2003
		
	Name	  	Man International Inc
		
	Registered Office	  	100 South Whacker Drive, Chicago, Illinois 60606, United States
		
	Company Registration No.	  	47-0656837
		
	Date of Incorporation	  	16/05/1983

  

 - 9 - 

			
	Name	  	Man Financial Inc
		
	Registered Office	  	717 Fifth Avenue, 9th Floor, New York, NY
10022-8101
		
	Company Registration No.	  	13-2585554
		
	Date of Incorporation	  	17/06/1964
		
	Name	  	Man Securities Inc
		
	Registered Office	  	Corporation Trust Centre, 1209 Orange Street, Wilmington De De 19081, United States
		
	Company Registration No.	  	3399369
		
	Date of Incorporation	  	04/06/2001
		
	Name	  	GNI Securities Inc
		
	Registered Office	  	100 South Whacker Drive, Chicago, Illinois 60606, United States
		
	Company Registration No.	  	04-3368742
		
	Date of Incorporation	  	[*]
		
	Name	  	Man Group Finance Inc
		
	Registered Office	  	717 Fifth Avenue, 9th Floor, New York, NY
10022-8101
		
	Company Registration No.	  	13-3874890
		
	Date of Incorporation	  	09/01/1996
		
	Name	  	ED&F Man Finance Inc
		
	Registered Office	  	717 Fifth Avenue, 9th Floor, New York, NY 10022-8101
		
	Company Registration No.	  	13-2912263
		
	Date of Incorporation	  	18/02/1977

  

 - 10 - 

			
	Name	  	US Futures Exchange LLC
		
	Registered Office	  	233 South Wacker Drive, Suite 2450, Chicago Il 60606, United States
		
	Company Registration No.	  	20-0076875
		
	Date of Incorporation	  	08/07/2006

  

 - 11 - 

 Schedule 2 
 PART A 
  

	1.	Incorporation of Man Investments U.S.A. Holdings Inc. by ED&F Man Investments BV. 

  

	2.	Contribution by Man Group USA Inc. to Man Investments Holdings Inc. of all of the stock of Man Investments Inc. and Man Investments Services Corp. 

  

	3.	Distribution by Man Group USA Inc. of all of the stock of Man Investments Holdings Inc. to ED&F Man Investments BV in exchange for the repurchase by Man Group USA Inc. of 4,640
of its paid up stock held by ED&F Man Investments BV. 

  

	4.	Transfer of Man Investments Holdings Inc. stock directly to Man Investments U.S.A. Holdings Inc on behalf of ED&F Man Investments BV. 

  

	5.	Issue by Man Investments U.S.A. Holdings Inc of 9,900 common voting stock to ED&F Man Investments BV in exchange for the Man Investments Holdings Inc. stock that ED&F Man
Investments BV. directed be delivered to Man Investments U.S.A. Holdings Inc on behalf of ED&F Man Investments BV. 

  

 - 12 - 

 Schedule 2 
 PART B 
  

	1.	Transfer by ED&F Man Group Limited of 12,488,314 ordinary shares of £0.10 each and 45,000,000 ordinary shares of US$1.00 each in Man Investments Holdings Limited to Man
Group UK Limited. 

  

	2.	Transfer by Man Financial Limited of 11,997 ordinary shares of US$1.00 each in Man Holdings Limited to Man Group Holdings Limited and transfer of 1 ordinary share of US$1.00 each in
Man Holdings Limited to Man Group Holdings Limited by each of Philip Bodman, Sarah Zelkin and Kim Roberts who each held the shares as nominees on behalf of Man Financial Limited. 

  

	3.	Transfer by ED&F Man Group Limited to Man Group Holdings Limited of the following shareholdings: 

  

	 	3.1.1	2 ordinary shares of £1.00 each in Poynton Trading Limited; 

  

	 	3.1.2	35,000 ordinary shares of US$1.00 each in ED&F Man Investments Limited; 

  

	 	3.1.3	90,000 ordinary shares of US$1.00 each in ED&F Man Capital Investments Limited; 

  

	 	3.1.4	1,300,000 common shares of US$1.00 each in Man Group Insurances Limited; 

  

	 	3.1.5	437,499 ‘C’ ordinary shares of US$1.00 each in BlueCrest Capital Management Limited; and 

  

	 	3.1.6	1 ordinary share of £1.00 and 128,749,567 preference shares of US$1.00 each in Sugarquay Limited. 

  

	4.	Transfer of the beneficial interest in 350,000 ordinary shares of £1.00 each in Man Fund Management (Guernsey) Limited to Man Group Holdings Limited, the beneficial interest
in 10,000 of such shares being transferred by College Chambers Nominees (No 1) and the beneficial interest in the remaining 340,000 of such shares being transferred by College Chambers Nominees (No 2) (both of which held the shares as nominee and
trustee for ED&F Man Group Limited and now hold the shares as nominee and trustee for Man Group Holdings Limited). 

  

	5.	Transfer by Man Group Holdings Limited of 25,999,994 shares of EUR0.15 each in Man Financial SA to ED&F Man Group Limited and transfer by each of the following nominees of Man
Group Holdings Limited of one share of EUR0.15 each in Man Financial SA to ED&F Man Group Limited: 

  

	 	5.1.1	Philippe Champion; 

  

	 	5.1.2	Stephen Robert Cochrane; 

  

	 	5.1.3	Kevin Roger Davis; 

  

	 	5.1.4	ED&F Man Nominees Limited; 

  

 - 13 - 

	 	5.1.5	Christopher John Robert Smith; and 

  

	 	5.1.6	Stanley Fink. 

  

	6.	Incorporation by ED&F Man Group Limited of Man Financial Overseas Limited. 

  

	7.	Transfer by ED&F Man Group Limited of 10,000,000 ordinary shares of US$1.00 each in Man Financial Holdings Limited to Man Financial Overseas Limited in exchange for 10,000,000
newly issued ordinary shares of US$1.00 each in Man Financial Overseas Limited. 

  

	8.	Transfer by ED&F Man Group Limited to Man Group UK Limited of the following shareholdings (by way of dividend-in-specie): 

  

	 	8.1.1	10,000,001 ordinary shares of US$1.00 each in Man Financial Overseas Limited; and 

  

	 	8.1.2	9,000,000 ordinary shares of US$1.00 each in Man Group Finance Limited. 

  

 - 14 - 

 Schedule 2 
 PART C 
  

	9.	Transfer by ED&F Man Group Limited to Man Investments Holdings Limited of all of ED&F Man Group Limited’s shares in the following companies: 

 

	 	9.1.1	Man Valuation Services Ltd; 

  

	 	9.1.2	Man-Fidex Ltd; 

  

	 	9.1.3	Man-Drake Capital Management Ltd; 

  

	 	9.1.4	Westport Newco Ltd; 

  

	 	9.1.5	Man Galileo Investment Management Ltd; 

  

	 	9.1.6	Man Bluesky Ltd; 

  

	 	9.1.7	Cimbri Investments Ltd; and 

  

	 	9.1.8	Man Investments Finance Ltd (formerly Man Investments Clearing Services Ltd). 

  

	10.	Transfer by ED&F Man Group Limited to Man Group UK Limited (by way of dividend-in-specie) of all of ED&F Man Group Limited’s shares in the following companies:

  

	 	10.1.1	ED&F Man Futures Ltd; and 

  

	 	10.1.2	Faxcorner Ltd. 

  

	11.	Transfer by ED&F Man Limited of all of its shares in ED&F Man Paris Consultants Ltd to ED&F Man Group Limited. 

  

	12.	Transfer by Gilt BV of all of its shares in Man Financial Australia Ltd to Man Financial Overseas Limited. 

  

	13.	Transfer by Man Group Holdings Limited of all of its shares in Man Financial Japan Ltd to Man Financial Overseas Limited. 

  

	14.	Transfer by Man Group plc of London Clearing House deposit to ED&F Man Group Limited. 

  

	15.	Transfer by ED&F Man Group Limited of outstanding balance of loan made to Capital Dynamics to Man Investments Holdings Limited. 

  

	16.	Transfer by any Man Financial Company (as defined in this Deed) to any Man Group Company (as defined in this Deed) of excess exchange seats and shares prior to the IPO.

  

	17.	Transfer by ED&F Man Finance LLC to Man Group USA Inc. of a 48.1% direct ownership interest in US Futures Exchange LLC. 

  

 - 15 - 

	18.	Transfer by Man Group USA Inc to Man Investments Holdings Inc. of all of Man Group USA Inc’s shares in the following companies: 

  

	 	18.1.1	ED&F Man Finance LLC; 

  

	 	18.1.2	Metropolitan Venture Partners Corp.; 

  

	 	18.1.3	Metropolitan Venture Partners (Advisors), LP; and 

  

	 	18.1.4	Seabrook Holdings Inc. 

  

	19.	Transfer by Man Group Holdings Limited of all of its shares in Man Financial (S) Pte Limited and Man Financial Holdings (HK) Limited to MF Global Limited.

  

	20.	Transfer by Man Group Holdings Limited of all of its shares in MF Global Limited (issued in consideration for the transfers mentioned in paragraph 19 above) to Man Group UK Limited.

  

	21.	Transfer by ED&F Man Investments BV of all of its shares in Man Group USA Inc to Man Financial Overseas Limited. 

  

	22.	Transfer by Man Group UK Limited of all of its shares in ED&F Man Group Limited and Man Financial Overseas Limited to MF Global Limited. 

  

 - 16 -

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