Final Results - Year Ended 31 March 2000

Man(ED & F) Group PLC
8 June 2000


             PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2000
                                       
                             FINANCIAL HIGHLIGHTS
                                       
                                       
                                March 2000        March 1999                
                                                                      Change
Funds under                         $4.7bn            $3.8bn             24%
management
Profit before tax -                                                         
continuing operations              £111.5m           £107.3m              4%
Including net                                                             
management fee income               £55.5m            £45.5m             22%
Diluted earnings per                                                        
share - continuing operations        32.3p             30.2p              7%
Dividends per share                  13.6p             12.7p              7%
Post-tax return on                                                          
equity - continuing operations       22.5%             21.8%              3%
Shareholders' funds                £250.3m           £375.0m           (33%)

E D & F Man is a focused financial services group.  Man Investment Products is
a leading Asset Management business, with an established presence in the
growing alternative investment market.  Man International is a global futures
Brokerage business.

Stanley Fink, Chief Executive, said:

'This has been a year of significant change for the Man Group, during which we
have established ourselves as a focused Financial Services business.  These
businesses have made substantial progress in the year, with assets under
management up 24% to $4.7 billion and underlying management fee income up 22%.
In Brokerage, market position has been maintained or improved across all the
major exchanges on which we operate.  Overall, pre-tax profits from continuing
operations are up 4% and earnings per share from these operations are up 7%.

'We are excited by the prospects for the Group.  The sector continues to see
strong demand for alternative investment products.  We believe that we are
well positioned as an integrated financial services business, with strengths
in asset management, distribution and market access, to exploit this
favourable environment.  We are confident that over the coming year our
endeavours will meet with further success.'

For further information please contact:

Stanley Fink             Chief Executive                    020 7285 3000
Peter Clarke             Finance Director                   020 7285 3163
Marc Popiolek            Gavin Anderson & Company           020 7457 2345

OVERVIEW

This has been a year of substantial change.  In such an active year, it is
pleasing to be able to report continued progress in our Financial Services
businesses.  These businesses have together shown average pre-tax earnings
growth of 47% per annum over the last three years, with funds under management
growing 260% in aggregate over the same period.   In the current year, profits
from continuing operations increased by 4% and diluted earnings per share from
these operations increased by 7% from 30.2 pence to 32.3 pence.  Funds under
management were $4.7 billion at year-end, up 24%.  Reflecting this increased
asset base, recurring management fee income has increased by 22% to £55.5
million, further improving the underlying quality of the Group's earnings.

In November 1999 the Board stated that it believed that shareholder value
would be enhanced through the sale of the Agricultural Products activities,
allowing the market to recognise the value of our Financial Services
businesses.  That value has been demonstrated by the strong performance of the
Group's shares following that announcement and the subsequent sale, generating
a Total Return to shareholders of 87% over the year to March 2000.  Reflecting
this new business focus, we are proposing to change the name of the Company to
Man Group plc, and a resolution to effect this is being proposed at the
forthcoming Annual General Meeting.

This major reorganisation of the Group has not been without financial cost.
In our Interim Report the Board had warned that it anticipated significant
Agricultural Products restructuring costs in the second half of the year.  The
disposal of the Agricultural Products activities in March resulted in a loss
on disposal of £61.7 million (including goodwill write back of £21.9 million)
effectively replacing the anticipated restructuring costs.  In March, we also
sold our US peanut shelling operations at a pre-tax loss of £7.5 million and
in addition, have recognised a £3 million impairment of the US peanut
processing assets sold on 6 June 2000.

GROUP STRATEGY AND OUTLOOK

The Board has demonstrated its ability and willingness to create shareholder
value through business focus, and remains committed to generating long-term
returns to shareholders through financial performance and capital management.
Our Financial Services businesses each have leading positions in growing
markets and we will continue to develop them both organically and through
acquisition.  We aim to deliver significant growth in underlying earnings per
share, whilst accepting some headline earnings volatility due to variation in
the level of performance related income earned by our Asset Management
business.

In Asset Management, our key focus is a continued increase in assets under
management, through the construction, marketing and distribution of high
margin specialist fund products.  We will achieve this through continued
investment in product innovation, financial engineering and asset
distribution. We will further widen the range of products we can offer to our
client base through the purchase of stakes in additional specialised asset
managers with complementary trading styles.  We also plan to expand
distribution where we see our traditional strength in retail markets being
increasingly complemented by growing institutional interest in alternative
investment products.

In Brokerage, our key objective is to offer a premium execution and advisory
service across a range of financial markets, whilst focusing resources on
those product lines which offer the best growth opportunities and good returns
on capital.  We will achieve this through continuing to participate actively
in the development of electronic trading systems and by taking advantage of
opportunities arising from industry consolidation. We have made substantial
investment in developing systems to offer Internet-based services to a growing
number of retail clients in both the US and, more recently, Europe.

The Group has a powerful market presence in the fast growing field of
alternative investment products and has strategically positioned itself in the
high-margin private client sector.  We see continued strong demand for our
specialist products, especially in periods of uncertainty in world financial
markets, and further growth in assets under management, both organically and
through acquisition.  We have a leading Brokerage business with international
scale and see substantial opportunities to cross-sell our investment products
to existing Brokerage clients and especially its fast growing retail client
base.  Shareholders have already seen the benefits of the Group's new focus.
We are confident of our ability to deliver a high level of return to our
shareholders through both growth in earnings per share and continued
improvement in the underlying quality of those earnings.

DIVIDENDS

The Board proposes a final dividend of 9.3 pence per share, which together
with the interim dividend of 4.3 pence per share, amounts to 13.6 pence, an
increase of 7%.  The final dividend will be paid on 1 September 2000 to
shareholders on the register at the close of business on 7 July 2000.  The
shares will be quoted ex-dividend from 3 July 2000.  The scrip dividend
alternative will again be available in respect of the final dividend and a
circular will be posted to shareholders on 21 July 2000.


OPERATING REVIEW

Asset Management

Building on its strong growth record, Man Investment Products has made
significant progress during the year.  At £85.7 million, profits for the year
are up slightly from last year, but funds under management are up 24%, from
$3.8 billion to $4.7 billion, and underlying management fee income is ahead by
22%.  It is this growth in management fees, earned on the increased level of
assets under management, which results in an improvement in the quality of
profits.  Last year's profits were achieved as a result of an unusually high
level of performance fee income.

Our sales effort raised over $1.5 billion of new assets under management
during the year and the sales momentum has continued well into this year with
the successful launch in April of Man IP 220 Plus Series (2) raising $102
million.  We launched 19 funds during the year, with an average launch size of
$55 million, with strong demand in Switzerland, Asia and the Middle East.  New
money raised continued to be in funds with a duration of nine or ten years,
further increasing the average maturity of funds under management.

We continue to expand our sales network which at the year-end incorporated
over 700 intermediaries, an increase of around 40% in 12 months.  These
intermediaries complement our own sales offices in Europe, the Middle East,
the Americas and the Far East.

We continue to invest in developing innovative product structures and in
expanding the underlying capacity and diversity of approaches to asset
management within our portfolio.  During the year we made an investment in
three new managers: Marin, Concordia and Tamiso.  These new managers use a
systematic approach to investing in a wide range of international futures,
foreign exchange and securities markets on a basis which complements our
existing managers.  We often combine new trading styles with those of our
established managers in composite funds, which enables us to offer clients the
potential for superior returns with the benefit of lower levels of relative
risk afforded by the diversification.

Brokerage

Man International had another year of strong performance, reporting profits of
£23.7 million, although the impact of quieter markets in the second half of
the year over the millennium period led to profits slightly below the record
level of last year.  We have maintained our market position across all the
major exchanges on which Man International operates.

On the revenue side, we have enjoyed organic growth in our core energy,
financial futures and metals franchises as well as very strong growth in our
US equities business.  Against this, we saw a decline in foreign exchange
revenues as a consequence of the introduction of the Euro in January 1999.

We have also benefited from the full integration of the Investor Services
business we acquired in July 1998 as well as a contribution from the financial
futures business acquired from Tullet & Tokyo in September 1999.

We have achieved a reduction in per-ticket processing costs which was the
result of both the application of new technology and close control of
overheads.  Further, there have been savings made in overall transactional
costs as a consequence of the migration of the bulk of European futures and
options trading from floor-based to screen trading platforms.  This process
has yet to begin in the US, but we expect further savings when it does.

We work proactively with clients to develop technological solutions which meet
their needs efficiently while enhancing our service levels and product
offerings.  During the year we successfully rolled out our Internet trading
product so that today, over 40% of all our US private client futures activity
is now transacted through that medium.  We are also very encouraged by the
continued rapid growth of our European retail businesses.

ADDITIONAL FINANCIAL INFORMATION

Returns to shareholders

Measured in terms of total return to shareholders, the last year has been very
successful, with a return of 87%. Over the last three years total return to
shareholders, reflecting the increase in share price and gross dividends
together, has averaged 49% per annum.

Diluted earnings per share before exceptional items on our continuing
operations have grown by an average of 68% per annum over the last three
years.  Over the same period we have grown the dividend by an average of 8%
per annum.  The year's dividend is covered 2.4 times by continuing earnings.
This is similar to last year, and consistent with the lower capital
requirements of our Financial Services businesses.


Sale of the Agricultural Products businesses

The most significant event of the year was the sale of the Group's
Agricultural Products business to a management buyout group ('Newco') which
included certain directors of the Company.  As a related party transaction,
and also in view of its size, the disposal required shareholder approval,
which was given at an Extraordinary General Meeting of shareholders on 13
March 2000, with the transaction subsequently completing on 24 March 2000.

Newco acquired all the issued share capital of Agman Holdings Limited
('Agman', the holding company of the Agricultural Products business) for a
total value of £569 million.  The effective consideration was satisfied by the
redesignation to 'A' ordinary shares of 14,615,836 E D & F Man Group plc
shares held by certain members of the management buyout group with an agreed
value for the purposes of the transaction of £60.2 million, and the repayment
or assumption by Newco at completion of the net debt of the Agricultural
Products business of £508.8 million.

The Group's net assets were reduced by £60.2 million and the listed issued
ordinary share capital was reduced by 14,615,836 shares as a consequence of
the transaction.  The transaction was immediately earnings enhancing to the
Group as losses incurred by Agricultural Products were eliminated.  On a per
share basis, the beneficial earnings effect of the redesignation and
subsequent cancellation was negligible for the year, since it was effective at
the end of the year and had little impact on the weighted average shares in
issue that year.  The effect on continuing earnings per share will be more
significant in the year to March 2001.

The sale of Agricultural Products resulted in an exceptional loss on disposal
of £61.7 million.  This includes a charge of £21.9 million in relation to
goodwill previously written off against reserves.  To facilitate the
transaction, the Group also subscribed $100 million (£62.9 million) for Newco
Loan Notes which will be subordinated to Newco's financing and trade
creditors.  In turn, Newco granted to the Group warrants to subscribe for up
to 10% of the ordinary issued share capital of Newco, giving the Group the
opportunity to participate in any future growth of these activities.

On completion, the net debt of Agman was repaid by Newco, resulting in a net
cash inflow to the Group of £445.9 million, being a reduction in net debt of
£508.8 million, together with the subscription for $100 million (£62.9
million) of Newco Loan Notes.

The disposal of Agricultural Products did not include our US nut operations,
for which sale negotiations were already under way, or our 25 per cent
interests in each of Sugar Australia and New Zealand Sugar, refining and
distribution businesses which operate independently of the Agricultural
Products business, and which have recently returned to profitability.
Subsequently, on 31 March 2000 we completed the disposal of our US peanut
shelling business, generating a pre-tax exceptional loss of £7.5 million (£5.8
million net of tax).  On completion, we received £60.7 million in cash plus
the discharge of £12.3 million of third party bank indebtedness.  The sale of
the remainder of our US nut processing business was completed on 6 June 2000
for a consideration of £8 million.  An impairment provision of £3.0 million
has been recognised in the results for the year to March 2000 to write down
the assets of the US nut processing business to their recoverable amount.  The
trading results in the year of both of the nut processing activities are
included in discontinued operations.

Financial capacity

The Group finances its borrowing requirements primarily through a number of
commercial banks.  We have restructured our debt financing facilities through
a two year $835 million committed revolving credit facility with a number of
leading banks, and revised the covenant structure to reflect the Group's new
business focus and to provide flexibility for the future.  In addition, the
Group has uncommitted facilities available to it of $313 million.  Cash usage
at year-end was £329.5 million.  Total undrawn committed facilities at the
year-end were £281.8 million (1999: £493.2 million).

Cash receipts from the sale of Agricultural Products and the US nut shelling
activities have reduced gearing significantly to 24% (1999: 140%)
notwithstanding the reduction in net assets flowing from the transaction
structure.  Historically the Group's gearing has been higher, but with the
change in the business we would expect it to remain at lower levels.

Summary of results

Profits from continuing operations increased in the year, up 4% to £111.5
million, with a significant improvement in underlying earnings quality.

Asset Management matched the record profit level of last year with an increase
in underlying management fees, up 22% from £45.5 million to £55.5 million, but
lower performance related fees reflecting overall lower product performance.
Brokerage reported a slightly lower result, impacted by the reduction in
liquidity and transaction volume in most futures markets around 31 December
1999.  The profit from Sugar Australia is contained within continuing
operations, with a positive contribution of £2.1 million being made for the
year.  Profits from continuing businesses in the second half of £57.8 million
were higher than the first half of £53.7 million.

Discontinued operations, which incorporate the results of the Agricultural
Products businesses sold to the management buyout group for the period up to
24 March 2000, and the US nuts businesses sold before and after the year-end,
reported an aggregate pre-exceptional loss for the period of £34.5 million.
These businesses reported a pre-exceptional loss of £10.6 million in the first
half of the year and an exceptional restructuring charge of £42.8 million.
These activities continued to experience difficult trading environments in the
second half, particularly sugar and nuts, prior to their disposal.

Operating income is principally denominated in US dollars which are translated
into sterling for the UK statutory accounts.  There has been a positive
translation effect from currency movements of £2.4 million with an average
rate for the year of $1.6114 (1999: $1.6476).

Interest income, earned principally through investment of client funds, forms
a significant part of the profits of our Financial Services businesses.
Accordingly net interest payable last year reversed to become net interest
income for the year.

Taxation

The tax charge for the year amounted to £16.7 million.  The effective rate on
continuing operations was 22%, compared with 24.4% last year.  The reduction
in rate is a consequence of a change in geographical split of the Group's
worldwide profits.

Cash flow

Net debt was reduced by £485.5 million from £546.9 million to £61.4 million
primarily as a result of the sale of the Agricultural Products activities,
which settled £508.8 million of debt, and the disposal of the US nuts
activities which reduced debt by a further £60.7 million net.  After an
adverse currency translation adjustment of £2.1 million there was an overall
cash outflow of £85.4 million.  This includes an operating cash outflow of
£12.8 million (after taking account of the investment of £62.9 million in
Newco Loan Notes), capital expenditure of £17.1 million, taxation of £13.9
million and dividends of £28.8 million.

Balance sheet

The sale of the Agricultural Products activities has reduced the scale of the
balance sheet and affected the asset mix.   The Group balance sheet now
reflects a Financial Services business, although at year-end the assets and
liabilities of our nuts processing activities, which were sold on 6 June 2000,
were still owned by the Group and as such are reflected in the balance sheet,
although these amounts are not significant.  The investment in Sugar Australia
is included within 'Investments in associates'.

The increase in the level of debtors and creditors can be attributed
principally to the expansion in our securities and stock loan businesses.
Within Asset Management the provision by the Group of financing facilities to
some of the funds has also resulted in an increase in debtors and borrowings.

Tangible fixed assets

Capital expenditure on tangible fixed assets was £15.9 million (1999: £33.7
million) compared to depreciation in the year of £20.5 million.

Disposals with a net book value of £135.6 million were made as a result of the
sale of the Agricultural Products activities and US nut shelling operations.
The closing balance sheet includes £4.5 million of fixed assets which relate
to our US nut processing activities.

Millennium programme

The Group undertook an extensive programme to ensure that all operating and
computer systems were Year 2000 compliant.  The results of this effort were
positive and no operating difficulties or interruptions were experienced.

Annual General Meeting

The Company's Annual General Meeting will be held at 11 am on Thursday 31
August 2000, at the Queen Elizabeth II Conference Centre, Broad Sanctuary,
Westminster, London SW1P 3EE.


GROUP PROFIT AND LOSS ACCOUNT
for the year ended 31 March 2000

                            2000                       1999        
                Continuing  Discont'd         Continuing  Discont'd          
                operations  operations  Total operations  operations  Total
                        £m       £m       £m         £m           £m     £m
                                                                            
Net operating                                                          
income               216.2      107.6  323.8     194.8        130.9   325.7
Operating expense   (141.5)    (109.6)(251.1)   (119.2)       (99.2) (218.4)
Exceptional                                                                 
operating expense      -         (3.0)  (3.0)      -            -       -
                                                                            
Operating                                                                   
profit/(loss)         74.7      (5.0)   69.7      75.6        31.7     107.3
                                                                            
Share of operating                                                            
profit/(loss)from joint                                                       
ventures and 
associates            6.7       (0.7)   6.0       3.9         3.1        7.0
Total operating                                                             
profit/(loss)         81.4      (5.7)  75.7      79.5        34.8      114.3
Exceptional items                                                             
Loss on sale of                                                             
Agricultural                                                                
Products                                                                    
businesses               -     (69.2)  (69.2)         -           -         -
                                           
Restructuring                                                               
costs                    -     (44.3)  (44.3)         -           -         -
                                           
Net interest                                                                
income/(expense)       30.1     (28.8)    1.3      27.8      (34.1)     (6.3)
                                                                           
Profit/(loss)                                                               
on ordinary                                                                 
activities           
before taxation       111.5   (148.0)   (36.5)     107.3        0.7     108.0 
                         
                                                                            
Taxation             (24.5)      7.8    (16.7)     (26.2)      (3.5)    (29.7)
                                           
                                                                            
Profit/(loss)                                                               
on ordinary                                                                 
activities            
after taxation        87.0    (140.2)   (53.2)      81.1       (2.8)     78.3 
                         
                                    
Equity minority                                                             
interests                -      (1.1)    (1.1)     (0.5)       (1.4)    (1.9)
                                                                            
Profit/(loss)for the                                                          
financial year        87.0    (141.3)   (54.3)      80.6       (4.2)    76.4
                            
Ordinary dividends                      (33.8)                         (31.8)
Dividend in specie                      (60.2)                            -
                                     
Retained (loss)/profit                 (148.3)                           44.6
                          
                                                                            
Earnings per share on continuing                                              
operations
Basic                34.2p                          32.3p                     
Diluted              32.3p                          30.2p                     

Earnings per share including
exceptional items
Basic                                  (21.3p)               30.6p
Diluted                                (20.2p)               28.6p
                                        
Dividends per share                                                   
Interim                                 4.3p                 4.0p
Final proposed                          9.3p                 8.7p             
    
                                              
                                                             

Historical cost profits and losses are not materially different from those
shown above.

GROUP BALANCE SHEET
at 31 March 2000

                                                2000                 1999
                                                  £m                   £m
Fixed assets                                                             
Intangible fixed assets                          6.5                  6.0
Tangible fixed assets                           27.8                165.1
Investments                                                              
Investments in joint ventures                                            
Share of gross assets                           12.1                 34.4
Share of gross liabilities                     (2.7)               (22.2)
                                                 9.4                 12.2
Investments in associates                       17.0                 41.5
Other investments                               13.3                 18.4
                                                74.0                243.2
Current assets                                                           
Stocks                                           3.0                378.3
Debtors                                      1,277.7              1,100.3
Investments                                     75.0                121.0
Cash at bank and in hand                       268.1                119.4
                                             1,623.8              1,719.0
Creditors: amounts falling due                                           
within one year                            (1,164.3)            (1,048.1)
Net current assets                             459.5                670.9
Total assets less current liabilities          533.5                914.1
                                                                         
Creditors: amounts falling due                                           
after more than one year                     (275.7)              (507.0)
Provisions for liabilities and charges         (7.5)               (15.6)
                                                                        
                                                                         
Net assets                                     250.3                391.5
                                                                         
                                                                         
Capital and reserves                                                     
Called up share capital                         27.0                 26.8
Share premium account                           36.1                 35.6
Capital reserve                                  0.1                  0.1
Profit and loss account                        187.1                312.5
                                                                         
                                                                         
Shareholders' funds (including                                           
non-equity interests)                          250.3                375.0
                                                                         
Equity minority interests                          -                 16.5
                                                                         
                                               250.3                391.5
                                                                         

GROUP CASH FLOW STATEMENT
for the year ended 31 March 2000
                                                2000                 1999
                                                  £m                   £m
                                                                         
Net cash (outflow)/inflow from                                           
operating activities                          (12.8)                72.8
Dividends from joint ventures                     -                  0.4
Dividends from associates                       9.3                  8.7
Returns on investments and                                               
servicing of finance                           (5.5)                (6.8)
Taxation paid                                 (13.9)               (11.9)
Capital expenditure and                                                  
financial investment                          (17.1)               (40.8)
Acquisitions and disposals                    (17.3)                 8.2
Equity dividends paid                         (28.8)               (25.7)
Net cash (outflow)/inflow                     (86.1)                 4.9
Management of liquid resources                 (7.5)               (10.4)
Financing                                     200.7                 69.5
Increase in cash                              107.1                 64.0


RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
for the year ended 31 March 2000

                                                 2000                   1999
                                                   £m                     £m
                                                                            
Increase in cash                                107.1                   64.0
Cash inflow from movement in debt              (200.0)                 (67.2)
Cash outflow from movement in liquid                                          
resources                                         7.5                   10.4
Change in net debt                                                          
resulting from cash flows                       (85.4)                   7.2
Net debt of businesses                                                      
and subsidiaries acquired                        (9.2)                    -
Debt disposed of with                                                       
businesses and subsidiaries                     582.2                     -
Currency translation difference                  (2.1)                 (20.1)
Movement in net debt                            485.5                  (12.9)
Opening net debt                               (546.9)                (534.0)
Closing net debt                                (61.4)                (546.9)

GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
for the year ended 31 March 2000

                                                 2000                     1999
                                                   £m                       £m
                                                                              
(Loss)/profit for the financial year           (54.3)                     76.4
Currency translation difference                                               
taken directly to reserves                      (3.1)                      8.6
Tax on translation difference                                                 
taken through reserves                          (0.1)                      1.4
                                                                              
Total recognised (losses)/gains                                               
relating to the year                           (57.5)                     86.4
                                                            


RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
for the year ended 31 March 2000

                                                2000                   1999
                                                  £m                     £m
(Loss)/profit for the                                                      
financial year                                (54.3)                   76.4
Ordinary dividends                            (33.8)                  (31.8)
Dividend in specie                            (60.2)                      -
Retained (loss)/earnings                     (148.3)                   44.6
Other recognised gains                                                     
and losses relating to the year                (3.2)                   10.0
Issue of ordinary share capital                 0.7                     2.3

Amount added back in                             
respect of scrip dividends                      4.0                     5.5

Goodwill written off on acquisitions              -                    (4.8)
Goodwill written back                                                      
on disposals                                    22.1                    0.2
Net (decrease)/increase                                                    
in shareholders' funds                        (124.7)                  57.8
Opening shareholders' funds                    375.0                  317.2
Closing shareholders' funds                    250.3                  375.0


NOTES

1.  BASIS OF PREPARATION

The financial information contained herein has been prepared on the basis of
the accounting policies set out in the Annual Report for the year to 31 March
2000.

The financial information contained herein is abridged and does not constitute
statutory accounts as defined by Section 240 of the Companies Act 1985.
Statutory accounts for the year to 31 March 2000, upon which the auditors have
indicated their intention to give an unqualified report, will shortly be
delivered to the Registrar of Companies and will be posted to shareholders on
15 June 2000.  The accounts for the year ended 31 March 1999 were unqualified
and have been delivered to the Registrar of Companies.

2.  EXCEPTIONAL OPERATING EXPENSE

This represents a £3m impairment charge against the assets of our US nut
processing facilities to their recoverable amounts.

3.  NON-OPERATING EXCEPTIONAL ITEMS
                                                       2000             1999
                                                         £m               £m
Loss on sale of Agricultural                                                
Products businesses:
Excess of net asset value                                                   
over effective consideration                                                
on sale to management buyout group                     39.8                -
Goodwill written back from reserves                    21.9                -
Loss on sale to management                                                  
buyout group                                           61.7
Loss on sale of US nuts                                                     
business (including goodwill                                                
written back from reserves of £0.1m)                    7.5                -
Loss on sale of Agricultural                                                
Products businesses                                    69.2                -
Restructuring costs                                    44.3                -
                                                      113.5                -

The sale of the Agricultural Products businesses to a management buyout group
was completed on 24 March 2000.  The sale of our US nuts processing business
was completed on 31 March 2000 resulting in a loss of £7.5m (£5.8m net of
tax).  The restructuring costs of £44.3m (£42.4m net of tax) principally
relate to the restructuring of the Sugar business prior to its disposal.

4.  SEGMENTAL ANALYSIS OF PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION
                            2000                         1999       
                Continuing  Discont'd         Continuing  Discont'd         
                operations operations   Total operations operations   Total
                        £m         £m      £m         £m         £m      £m   
     
Business                                                                    
segment
Asset Management      85.7           -   85.7       85.0          -     85.0
Brokerage             23.7           -   23.7       25.2          -     25.2
Financial                                                                   
Services             109.4           -  109.4      110.2          -    110.2
Sugar & Molasses       2.1       (6.8)   (4.7)      (2.9)     (17.3)   (20.2)
Ingredients              -      (27.7)  (27.7)          -      18.0     18.0
                                          
Agricultural                                                                
Products               2.1      (34.5)  (32.4)      (2.9)        0.7    (2.2)
                                           
Total profit                                                                
before exceptional                                                            
items                111.5      (34.5)   77.0      107.3        0.7    108.0
Exceptional                                                                 
items -                                                                     
Agricultural             
Products               -       (113.5) (113.5)       -          -        -    
                            
                     111.5     (148.0)  (36.5)      107.3       0.7    108.0
                                          

5.  DIVIDENDS
                                          2000                         1999
                                            £m                           £m
Ordinary shares                                                            
Interim paid                              11.0                         10.0
Final proposed                            22.8                         21.8
                                          33.8                         31.8

Under the scrip dividend arrangements, £4.0m (1999: £5.5m) of the dividends
paid during the year were paid in the form of shares and have therefore been
added back to reserves.

In addition, on 24 March 2000 a demerger dividend in specie of £60.2 million
was paid to holders of E D & F Man Group plc 'A' ordinary shares.

6.  EARNINGS PER SHARE

The calculation of basic earnings per ordinary share is based on a loss for
the year of £54.3m (1999: £76.4m profit) and 254,438,521 (1999: 249,543,107)
ordinary shares, being the weighted average number of ordinary shares in
issue during the year after excluding the shares owned by the E D & F Man
Group plc employee trusts.

The diluted earnings per share is based on a loss for the year of £54.3m
(1999: £76.4m profit) and on 271,896,637 (1999: 267,276,202) ordinary shares,
calculated as follows:
                                            2000                       1999
                                          Number                     Number
Basic weighted average                                                     
number of shares                     254,438,521                249,543,107
Dilutive potential                                                         
ordinary shares:
Share awards under incentive schemes  13,713,935                 16,672,677
Employee share options                   908,592                  1,060,418
                                     269,061,048                267,276,202

Both basic and diluted earnings per share on continuing operations are based
on profits for the year of £87.0m (1999: £80.6m) and upon the numbers of
ordinary shares as above.

7.  OPERATING ACTIVITIES
                                            2000                       1999
                                              £m                         £m
                                                                           
Operating profit                            69.7                      107.3
Depreciation of tangible fixed assets       20.5                       22.2
Amortisation of goodwill                     1.0                        0.8
Loss on sale of tangible fixed assets        0.1                        0.1
Loss on sale of fixed asset investments        -                        0.4
Decrease in stocks                           8.4                       26.3
Increase in debtors                       (565.3)                    (189.9)
Decrease/(increase) in 
short-term investments                      43.8                      (28.8)
Increase in creditors                      413.5                      134.4
Restructuring costs                         (4.5)                         -
                                                                      
                                           (12.8)                       72.8
                                                                           

8.  EXCHANGE RATES

The following rates of exchange have been used in preparing these accounts:

                      Year-end rates                   Average rates
                             2000        1999             2000         1999
                                                               
US dollar                   1.60         1.62             1.61         1.65