Forester Exchangeable Bond

Man Group plc
16 August 2006


FORESTER LIMITED
(incorporated with limited liability in Guernsey with registered number 40171)

NOTICE OF ADJUSTMENT TO EXCHANGE PRICE

to holders of outstanding £400,000,000 3.75 per cent. Guaranteed Exchangeable
Bonds due 2009 (ISIN: XS0157910711; Common Code: 15791071)

exchangeable for ordinary shares ('Ordinary Shares') of and unconditionally
guaranteed by MAN GROUP PLC (incorporated with limited liability in England and
Wales with registered number 2921462)

(the 'Bonds')

NOTICE OF ADJUSTMENT TO EXCHANGE PRICE

NOTICE IS HEREBY GIVEN by Forester Limited and Man Group plc that each 18 US
cents Ordinary Share has been subdivided into six Ordinary Shares of 3 US cents
each (the 'Subdivision'). The Subdivision became effective on 14 August 2006.

Accordingly in accordance with Condition 21 and Condition 33 of the terms and
conditions of the Bonds, notice is hereby given of an adjustment to the Exchange
Price as a result of the Subdivision. The Exchange Price has been adjusted to
£2.13. This adjustment is effective as of 14 August 2006.


Dated: 16 August 2006



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