Convertible Bond Issue

Man Group PLC
07 November 2002

Not for distribution in or in to the United States, Canada, Japan and Australia



                                                                 7 November 2002



                     Man Group plc - Convertible Bond Issue



Man Group plc ('Man Group') announced today that it has launched an offering of
£325 million of convertible bonds (the 'Bonds') due 2009 convertible into fully
paid ordinary shares of Man Group, through Forester Limited, a Guernsey company
established for such purpose (the 'Offering').



The Bonds will be priced at 100 per cent of the principal amount and are
expected to bear a cash coupon of between 3.75 per cent and 4.375 per cent per
annum. The conversion price is expected to be set at a premium of between 25 per
cent and 32 per cent to the price of Man Group's ordinary shares at the time of
pricing. The final terms of the Bonds are expected to be announced on 7 November
2002.  Settlement of the issue is expected to take place on or about 12
November. Merrill Lynch International is acting as sole bookrunner and lead
manager. It is proposed that Credit Suisse First Boston act as co-lead manager
and ABN AMRO Rothschild and HSBC act as co-managers on this transaction
(together with Merrill Lynch International, the 'Managers').



In addition, Man Group has granted Merrill Lynch, on behalf of the Managers of
the Offering, an over allotment option of up to £50 million of Bonds.



The net proceeds of the issue will be used primarily for general corporate
purposes and will extend the maturity profile of Man Group's debt.  In the short
term, Man Group will use the proceeds to reduce its existing bank borrowings.



Application will be made for the Bonds to be admitted to the Official List of
the UK Listing Authority and to the London Stock Exchange plc for the Bonds to
be admitted to trading on the London Stock Exchange's market for listed
securities. The Bonds will be offered outside the United States in compliance
with Regulation S.



For further information please contact:


Man Group plc                                     020 7285 3000

Stanley Fink
Peter Clarke
David Browne

Merrill Lynch International                       020 7995 2000

Rupert Hume-Kendall
Julian Kozerski
Peter Moorhouse
Richard Snow





STABILISATION/FSA



This press release has been issued by Man Group plc and has been approved for
the purposes of Section 21 of the Financial Services and Markets Act 2000 by
Merrill Lynch International. Merrill Lynch International is acting for Man Group
plc and no one else in connection with the offer of the Bonds and will not be
responsible to any other person for providing the protections afforded to their
respective clients, or for providing advice in relation to the proposed offer.



These materials are not an offer of securities for sale into the United States
or elsewhere. The securities may not be offered or sold in the United States or
to, or for the account or benefit of, U.S. persons (as such terms is defined in
Regulation S under the U.S. Securities Act of 1933 as amended) unless they are
registered or exempt from registration. There will be no public offer of
securities in the United States.



Not for distribution in or into the United States, Canada, Japan and Australia.



ABN AMRO Rothschild is the unincorporated equity capital markets joint venture
between ABN AMRO Bank N.V. and N M Rothschild and Sons Limited ('Rothschild').
ABN AMRO Bank N.V. is regulated by the FSA for the conduct of investment
business in the U.K. Rothschild is regulated by the FSA.


                      This information is provided by RNS
            The company news service from the London Stock Exchange