Further re Offer for Bonds

Man Group plc
21 July 2006



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

                           NOTICE OF RESULTS OF OFFER

                           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 of and unconditionally
                                 guaranteed by
                                 MAN GROUP PLC
(incorporated with limited liability in England and Wales with registered number
                                    2921462)
                                 (the 'Bonds')


Notice of Results of Offer

NOTICE IS HEREBY GIVEN by Forester Limited (the 'Company') that pursuant to its
offer to pay a cash offer amount to any holder of Bonds who prior to 4.00 p.m.
(London time) on 20 July 2006 submitted a valid Application for Exchange and
Exchange Notice to exchange his Bonds for the ordinary shares of Man Group plc
(the 'Shares') in accordance with Condition 12 of the terms and conditions of
the Bonds and upon the terms and subject to the conditions set out in the offer
terms contained in the Offer Document dated 13 July 2006 (the 'Offer Document',
which terms and conditions constitute the 'Offer'):

1.                 The Offer expired at 4.00 p.m. (London time) on 20 July 2006.

2.                 Valid Applications for Exchange and Exchange Notices were
received by the Principal Paying and Exchange Agent in respect of £152,105,000
aggregate principal amount of outstanding Bonds (representing 38.0 per cent. in
principal amount of Bonds originally issued).

3.                 The Company intends to accept for exchange all the Bonds for
which a validly tendered Application for Exchange and Exchange Notice has been
submitted, and for each £1,000 principal amount of Bonds for which a valid
Application for Exchange and Exchange Notice has been submitted holders of such
Bonds will receive a total payment of £41.20.

4.                 The payment date for the Offer Amount and the settlement date
for delivery of the Shares is 1 August 2006.

5.                 After settlement of the Offer, the aggregate principal amount
of Bonds outstanding will be £247,885,000.

6.                 The £152,105,000 aggregate principal amount of Bonds tendered
for exchange pursuant to the Offer (at the current exchange price of 1282 pence)
will result in 11,864,652 Shares being delivered on exchange.

(The terms Application for Exchange, Exchange Notice, Principal Paying and
Exchange Agent and Offer Amount with respect to the Bonds are more fully
described in the Offer Document).


Dated: 21 July 2006




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