Acquisition

MANN (E D & F) PLC
6 September 1999


ACQUISITION OF BROKERAGE BUSINESS

E D & F Man Group plc ('Man'), the international Financial Services and
Agricultural Products group, has agreed to acquire the brokerage accounts and
relationships and certain other assets of Tullett & Tokyo Futures Limited,
Tullett & Tokyo (Futures) Inc. and Tullett & Tokyo (Futures) Pte. Ltd,
(together 'Tullett & Tokyo Futures'), subsidiaries of Tullett & Tokyo plc.
Tullett & Tokyo Futures operates as a futures brokerage business with offices
in London, New York and Singapore. Completion is expected to take place
shortly. 

The total consideration, which will be payable in cash, is estimated by Man at
$4m (£2.5m), representing payment at closing of the book value of the assets
being acquired plus a capped earn-out based on the profits generated for the
three years from the date of completion and payable over that period. 

Man's brokerage business, Man International, is one of the world's major
brokers of exchange-traded futures and options, providing advice, execution
and clearing services to a worldwide client base ranging from industrial
corporations to private clients. It has a pre-eminent position in the energy
and soft commodities markets and a leading role in financial futures.

Harvey McGrath, Chief Executive of Man, today said:

'This business fits well with Man International's operations and continues our
strategy of extending the client portfolio in the US and Europe and
strengthening our Far East business. The integration of Tullett & Tokyo
Futures' activities into Man's existing business should realise economies of
scale and is expected to be earnings enhancing in the current year.'

For further information please contact:

Peter Clarke, Director, Corporate Finance and Corporate Affairs 0171 285 3181
Marc Popiolek, Gavin Anderson & Company                         0171 457 2345