INVESTOR NOTICE: MURRAY, FRANK & SAILER LLP IS INVESTIGATING A SHAREHOLDER CLASS ACTION AGAINST REFCO INC.

New York, NY   October 19, 2005 - Murray, Frank & Sailer LLP announces that it is investigating a class action lawsuit on behalf of all securities purchasers of Refco Inc. ("Refco" or the "Company") (NYSE: RFX - News) between August 11, 2005 and October 7, 2005, inclusive (the "Class Period"), including purchasers of the Company's shares pursuant or traceable to the Company's initial public offering (the "Offering") on August 11, 2005.

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Refco is a leading independent provider of execution and clearing services for exchange-traded derivatives and a major provider of prime brokerage services in the fixed income and foreign exchange markets. The investigation focuses on allegations that Refco and Refco insiders completed an initial public offering of Refco common stock on August 11, 2005, selling 26.5 million shares at $22 per share for proceeds of $583 million.

Murray, Frank & Sailer LLP is focusing on allegations that three months later, on October 10, 2005, before trading opened, defendants revealed that the Company had been carrying an undisclosed receivable from its Chief Executive Officer, Defendant Phillip R. Bennett, in the amount of $430 million, that Bennett was taking a leave of absence, and that Company financial statements issued since 2002 could no longer be relied upon. The announcement stunned the market, driving down the price of Refco shares by 44.4%, from a closing price of $28.06 on October 7, 2005 (Friday) to a low of $15.60 on October 10, 2005 (Monday). Trading in Refco shares was halted on the morning of October 11, 2005 pending additional news, and, after resumption of trading, closed at $13.06, down 11.2% for the day.

On October 12, 2005, The Wall Street Journal reported that an investment firm controlled by Bennett, had paid Liberty Corner, a New Jersey hedge fund, to help him hide that he owed Refco hundreds of millions of dollars, and that the SEC had launched an investigation of the Company. Later that day, Bloomberg News reported that Bennett had been arrested by federal authorities on charges of securities fraud stemming from his failure to disclose in public filings with the SEC the existence of hundreds of millions of dollars in transactions between Refco and a company he controlled.

If you purchased or otherwise acquired Refco between August 11, 2005 and October 7, 2005, and sustained damages, you may, no later than December 12, 2005, move the Court to serve as lead plaintiff. Shareholders outside the United States may also join the action, regardless of which exchange was used to purchase the securities. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action as lead plaintiff online at http://www.murrayfrank.com/CM/NewCases/NewCases.asp. If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff’s counsel Eric J. Belfi, Christopher S. Hinton or Bradley P. Dyer of Murray, Frank & Sailer LLP.