Acquisition

Man Group PLC
21 October 2002

Man Group plc

21 October 2002


                         Acquisition of GNI

Man Group plc ('Man'), the international hedge fund manager and futures broker,
has today entered into an agreement to acquire 100 per cent. of GNI Holdings Ltd
('GNI') from Old Mutual plc for a cash consideration of £100 million.

GNI is a leading broker of futures and options, FX and equity derivative
products based in London, with offices in Chicago and Geneva and over 500 staff.
The acquisition will form part of Man's brokerage business, Man Financial and
the combination will create the world's largest independent futures broker, with
GNI's European focus providing a natural complement to Man's existing strength
in Europe, the US and the Far East.



The benefits for Man of the acquisition of GNI are that:



•        The combination of Man Financial and GNI will strengthen our position
as the number one European player in the institutional financial futures
business.



•        The acquisition will also enhance our leading position on LIFFE, Eurex,
IPE and LME.



•        Man have the opportunity to build on GNI's leading position in the
European equity contract for differences market - one of the fastest growing
equity products in recent years.



•        The acquisition is likely to generate cost savings of at least £8
million per annum.



•        Limited client duplication between Man Financial and GNI.



•        The acquisition is expected to be earnings enhancing, after the
amortisation of goodwill, in the first full financial year, to 31 March 2004.



In the six months to 30 June 2002, GNI made profits before tax of £5 million.
It is expected that at completion of the transaction, which is subject to
regulatory consents, the net assets of the businesses being acquired will be
£64.5 million. The consideration will be met from Man's existing resources.



Commenting on the acquisition, Kevin Davis, Managing Director of Man Financial
said:



'This transaction represents a major step forward in the development of Man's
Brokerage business. The combination of Man and GNI significantly strengthens our
position in a variety of markets, most notably listed interest rate derivatives.
Additionally, GNI brings us expertise in equity derivatives, which will
significantly enhance our presence in that market.'



Merrill Lynch acted as financial adviser to Man in this transaction.




Enquiries:



Man Group plc - 020 7285 3000

Peter Clarke, Finance Director

Kevin Davis, Managing Director, Man Financial



Merrill Lynch International - 020 7995 2000

Peter Moorhouse



Gavin Anderson & Company - 020 7554 1400

Chris Salt



About Man Group plc



Man Group plc is a leading global provider of alternative investment products as
well as one of the world's largest futures brokers. The Group employs around
1,800 people in 15 countries, with key centres in London, Switzerland, New York,
Chicago, Paris and Singapore. Man Group plc was listed on the London Stock
Exchange (EMG.L) in 1994 and is a constituent of the FTSE 100 index. Further
information on the Man Group can be found at www.mangroupplc.com.



About Man Financial



Man Financial is one of the world's leading providers of brokerage services in
futures and options to both institutional and private clients, offering advice,
execution and clearing services. Man Financial is also an intermediary in the
world's metals, foreign exchange and equities markets. Man Financial is the
largest executing futures broker in the world, ranking first on LIFFE, the
Chicago Mercantile Exchange, the New York Mercantile Exchange and the
International Petroleum Exchange. The firm also holds one of the top three
rankings on may other major exchanges such as the London Metal Exchange, the
Chicago Board of Trade (grains), Eurex (interest rate options), the Singapore
Exchange and the Sydney Futures Exchange.






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