Refco: Departure Of Directors Or Principal Officers - Election Of Directors - Appointment Of Principal Officers

On November 15, 2005, Refco Inc. ("Refco") issued a press release (the "Press Release") announcing that its Board of Directors had accepted the resignation of William M. Sexton as chief executive officer and named Robert N. Dangremond, managing director of AlixPartners, LLC, a leading global turnaround and restructuring management company, as interim chief executive officer of Refco, effective immediately.

Prior to his appointment as interim chief executive officer of Refco, Mr. Dangremond was named chief restructuring officer of Refco after Refco and 23 of its subsidiaries voluntarily filed for protection under Chapter 11 of the Bankruptcy Code on October 17, 2005.

In addition to Mr. Dangremond's current position as managing director of AlixPartners, LLC, he is a vice-chairman of AlixPartners Holdings. Mr. Dangremond also served as co-managing director for the AlixPartners LLC world wide group. Furthermore, during the last five years, Mr. Dangremond served as chief restructuring officer of Mirant Corporation and chief restructuring officer for Harnischfeger, Inc.