Trading Statement

Man Group plc
29 September 2004

29 September 2004

Pre-Close Trading Update

Man Group plc ('Man Group'), the global provider of alternative investment
products and agency brokerage, is today hosting a presentation by senior
management for analysts and investors on the Man Financial business. At today's
presentation Stanley Fink, the Chief Executive of Man Group plc, will make the
following comments:

'The Man Group has continued to make good progress in the first half of the
year. Demand for our fund products has continued to be strong, and the client
money raised in the six months to 30 September 2004 was around $7.0 billion,
split 38% private client product and 62% institutional product. Man Group funds
under management at today's date are estimated to be $39 billion, up from $38.5
billion at 31 March 2004 and after taking into account the maturity of a major
legacy account at RMF. These figures do not include the latest launch, Man RMF
Multi-Style Series 2 Ltd, which will close in October. Redemptions, at $2.1
billion, remain at the low end of annualised long term experience. Net
management fee income* will be up by over 30% on the first six months to 30
September 2003, reflecting the increased level of funds under management.
Performance fees have been earned by several managers, including RMF and
Glenwood, although net performance fee income* will be about half of the level
of the first six months of last year, reflecting the weaker first quarter
performance at AHL.

Brokerage net income* (excluding prior year exceptional items) will be up over
20% due to continued organic growth, underpinned by a diversified product
offering and a wide geographical presence across all key markets. This result
also reflects the continued development of matched principal business and
further successful recruitment of producer teams, allowing the business to
leverage off the existing infrastructure and client base.

Fully diluted underlying earnings per share** are expected to be up by about
25%.

With its long track record, and balance of investment management, structuring
capability and distribution strength, the Man Group sees high levels of product
demand continuing and is well placed to grow assets strongly. The Brokerage
business continues to demonstrate the strength of its international franchise.

Accordingly, the Board is confident of continued significant growth in
underlying earnings** for the year.'

Man Group will announce its interim results on 4 November 2004 in US dollars,
the Group's new presentation currency.

There will be a dial-in for the Investor Presentation which begins at 9am today.
Details are as follows:

UK Dial in number             020 8901 6928
Pin code                      Quote Man Group Investor Seminar

UK Replay number              020 8515 2499 (until 6pm on 1 October)
Pin code                      611598#
US Replay number              1303 590 3000 (until 6pm on 1 October)
Pin code                      11010553#


Prior year figures in US dollars:
                                           6 months to          12 months to
                                        30 September 2003      31 March 2004
                                                $m                   $m
Asset Management net management fee
income*                                         199                  459
Asset Management net performance fee
income*                                          55                  236
Brokerage*                                       52                  120
                                                  c                   c
Underlying EPS**                                 62                  141

Note: As disclosed in the trading statement issued on 7 July 2004, RMF had a
series of agreements with a major institution that matured at the end of June.
The total funds under management through these agreements was around $3.1
billion. Of this, $0.6 billion has been rolled into a new product for the
institution and another $1.8 billion has been re-packaged and sold to other
institutions - these amounts have been included in the figures shown above.
* Before goodwill amortisation
** Underlying earnings represents earnings from net management fee income in
Asset Management plus Brokerage net income (it therefore excludes net
performance fee income in Asset Management, Sugar Australia, goodwill
amortisation and exceptional items).

Enquiries
Man Group plc             020 7144 1000
Peter Clarke
David Browne

Merlin Financial          020 7653 6620
Paul Downes               07900 244888
Paul Lockstone            07876 685200
Lachlan Johnston          07989 304356
Vanessa Maydon            07802 961902

Notes to Editors
About Man Group plc
Man Group plc is a leading global provider of alternative investment products
and solutions as well as one of the world's largest futures brokers. The Group
employs over 2,800 people in 15 countries, with key centres in London, Pfaffikon
(Switzerland), Chicago, New York, Paris, Singapore and Sydney. Man Group plc is
listed on the London Stock Exchange (EMG.L) and is a constituent of the FTSE 100
Index. Further information on the Man Group can be found at www.mangroupplc.com



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