Statement re Phoenix

Man Group plc
15 March 2005


15 March 2005

Statement re Phoenix

Man Group was made aware last week by Phoenix, a client of Man Financial (Man
Group's brokerage division), of discrepancies in Phoenix's internal
reconciliation of certain of its accounts. It appears that certain accounts in
the books of Phoenix do not exist at any company at the Man Group. We understand
that BaFin, the German regulator, and the authorities in Germany are currently
investigating internal accounting procedures and record-keeping at Phoenix. We
have undertaken a detailed review of our own records, and are satisfied that
there are no irregularities of any kind at any Man Group company. The Man Group
has incurred no loss, has no financial exposure to Phoenix, and all Man client
and proprietary funds are fully accounted for.

Enquiries
Man Group plc         020 7144 1000
Lena Tang

Merlin Financial      020 7653 6620
Paul Downes
Paul Lockstone
Lachlan Johnston





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