^{YEAR 2001 PRESS RELEASES}

RESULTS TO EXCEED MARKET EXPECTATIONS

E D & F Man Investment Products becomes

 Against Strong Performance

  April 17^th, 2001 Dubai, UAE

  E D & F Man Investment Products, one of the world’s leading alternative investment management houses, will henceforth be known as Man Investment Products (MIP).

 MIP’s name change follows that of its parent to Man Group plc in September last year and is mirrored by the Group’s brokerage division change of name from E D & F Man International to Man Financial.

  The Group, which is a specialist fund manager and international futures broker, also announced that following recent strong performance by many of its fund products, performance fees earned for the year ended 31 March 2001 will be substantially ahead of market expectations.  Man Group will be announcing its Preliminary Results for the year ended 31 March 2001 on 31 May 2001.

 Stanley Fink, CEO of Man Group, commented: “This announcement highlights the ability of Man’s products to perform in a variety of market conditions. The Group has a wide range of alternative investment products, many of which have been able to deliver strong out performance in volatile markets. The funds have particularly benefited from the major trends in currencies as well as the strength of bonds and weakness of equity markets generally”.

 Notably, in March of this year the Group’s largest manager AHL generated returns to investors of 10% in the month, which was the sixth consecutive month of positive performance.  Almost all the Group’s funds are currently at incentive fee highs and Group funds under management as at 31 March 2001, were estimated to be in excess of $6.5 billion.  Management fees and Brokerage income for the year ended 31 March 2001 are both in line with management’s expectations.

 Antoine Massad, regional manager for Man Investment Products in the Middle East, said: “MIP is evolving, as is evidenced by our three most recent innovative fund launches and our investors approve; Man-Glenwood Select closed for subscriptions on 27 March 2001 having raised over US$ 220m, the largest launch of any MIP product. Investors will of course continue to receive the same high-quality service and continue to benefit from a superior blend of investment products, under a new, straightforward name: MIP.”

 MIP is a global business with offices in Dubai, Bahrain, Hong Kong, London, Chicago, Montevideo, Tokyo and Zurich and has launched more than 170 alternative investment vehicles worldwide. Recent fund launches include Man-Glenwood Nexus (October 2000) and Man-Glenwood Select (January 2001), both guaranteed hedge funds. In March this year, MIP, in collaboration with Dresdner Kleinwort Wasserstein, launched Man Alternative Investments Limited, MIP’s first UK listed fund-of-hedge funds product. MIP’s client focus has also broadened from a retail investor-driven base to include proactive marketing to institutional pension funds.

 About Man Group

  Man Group plc is a financial services group whose origins date back to 1783.  It is quoted on the London Stock Exchange and employs over 1,500 people in 11 countries worldwide.

 About Man Investment Products

Man Investment Products is part of Man Group plc and currently manages US$ 6.5 billion for institutions and private investors worldwide. It is a global business with offices in Dubai, Hong Kong, London, Chicago, Montevideo, Tokyo and Zurich and has launched more than 170 alternative investment vehicles worldwide.

 About Man-Glenwood

Man-Glenwood began as a joint venture between Man Investment Products and Glenwood¹, a Chicago-based investment adviser founded in 1987 and now wholly-owned by the Man Group. Man-Glenwood’s multi-strategy, multi-manager investment approach has performed in line with its objective of generating equity-like returns with bond-like volatility. Since inception in 1987, the Man-Glenwood Portfolio² has achieved an annualized return of 12.3% for a volatility of 6.7%, with positive returns produced in approximately 85% of all calendar quarters².            

 This material is issued by Man Investment Products Limited, which is regulated in the UK by the SFA. The rules and regulations made under the Financial Services Act for the protection of investors do not apply to investment business conducted outside the UK and compensation under the Investor Compensation Scheme may not be available.

¹”Glenwood” may refer to Glenwood Holdings, LLC, Glenwood Capital Management, LLC, Glenwood International Limited and / or their associated companies and principals.

²Man-Glenwood Portfolio: represented by Glenwood Partners L.P. (net of fees and commissions) from 1 January 1987 to 31 December 1995 and Man-Glenwood Multi-Strategy Fund Limited from 1 January 1996 to 30 November 2000.  It should be noted that the fees, leverage and the exact mix of managers have varied over time and as a result performance of any future product managed by Man-Glenwood will vary.

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Issued by Gulf Hill and Knowlton on behalf of E D & F Man. For further information, please contact Randa Mazzawi on Tel: (+9714) 3344930 or Fax (+9714) 3344923/3344917/3360692 or e-mail: rmazzawi@hillandknowlton.co.ae