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

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