Man Investments raises record USD 725 million in latest product launch

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About the Product
Man Multi-Strategy Series 5 Ltd closed on 31 March 2003 and is expected to start making initial investments from the beginning of April.

Series 5 is the first in the Man Multi-Strategy product family to offer capital ('Series 5 Capital') and income ('Series 5 Income') bonds, providing investors with the choice of how they access this innovative product structure. Both Series 5 Capital and Series 5 Income will provide investors with efficient access to Man's successful multi-strategy/multi-adviser investment approach, the Man Multi-Strategy portfolio. Series 5 Capital and Series 5 Income will also enjoy the benefit of capital guarantees provided by ABN AMRO Bank N.V., which ensure investors the return of at least 100% of their initial investment at maturity on 31 May 2015.

Series 5 Capital provides investors conventional access to the Man Multi-Strategy portfolio and was offered in both EUR and USD classes. It will target similar risk-adjusted returns to previous products in the Man multi-strategy family (annualised returns of around 17% for an annualised volatility of around 12%) as well as provide the benefit of capital guarantees and a profit lock-in feature.

Series 5 Income has been structured to appeal to the more risk-conscious investor, initially targeting annualised returns of around 14% for an annualised volatility of around 9%. For the first four years, investors in Series 5 Income will also receive a fixed annual coupon payment of 2%, calculated on the face value of the bonds held on each coupon payment date, after which time it will aim to pay a coupon up to prevailing one-year USD LIBOR rates.

Series 5 provides investors with access to a diversified portfolio of investment strategies implemented by a number of carefully selected advisers. The ability of the Man Multi-Strategy portfolio to generate returns and protect investors' capital during difficult market conditions for traditional assets has been highlighted by the performance of Man Multi-Strategy Guaranteed Limited, the first product in the family. As at 28 February 2003, Man Multi-Strategy Guaranteed Limited had outperformed traditional investments, producing an annualised return of 16.9% since inception on 15 July 2000 compared to -18.9% for world stocks and 9.9% for world bonds over the same period.

The ABN AMRO group is a global banking group offering a wide range of commercial and investment banking products and services on a worldwide basis through its network of approximately 3,400 branches in more than 60 countries. The ABN AMRO group ranks 10th in Europe and 22nd in the world based on tier 1 capital and had total assets of EUR 556 billion at 31 December 2002.

About Man AP Unison Series 1 Ltd
Man AP Unison Series 1 Ltd ('Man AP Unison') is the latest addition to the innovative Man AP product family, which was established over three years ago with the launch of Man-AP Stratum Ltd. The core objective of this product family is to target conservative risk adjusted returns. Man AP Unison will be positioned to target solid medium-term annualised returns of around 14-16% for an annualised volatility of around 8-10% for both USD and EUR class bonds. The product also carries the additional benefit of principal protection in the form of capital guarantees, as well as a profit lock-in feature.

The Man AP Unison portfolio will consist of strategic allocations to arbitrage, managed futures, directional, equity hedge and long/short equities investment styles. It will gain exposure to these styles through allocations to portfolios that harness the investment skills of carefully selected complementary managers. The managers in each 'style portfolio' focus on the exploitation of particular market inefficiencies and profit opportunities. The style portfolios have distinctive risk/reward characteristics and their performance profiles highlight complementary strengths in varying market environments and conditions.

About Man Investments
Man Investments (Man) is an independent and global leader in alternative investments, providing innovative products and tailor-made solutions for private and institutional clients. Through its core investment managers, Man has succeeded in developing specialised strengths in different alternative asset classes - hedge funds, private equity, leveraged finance and convertible bonds. Established in 1983, Man has launched more than 200 products, many of them with leading financial institutions. It manages in excess of USD 25 billion* and employs more than 600 people worldwide. Man's headquarters are in Switzerland and London and it also has regional offices in Chicago, Hong Kong, the Middle East, Montevideo, New York and Tokyo.

Source: Man Database and Standard & Poor's Micropal
Past and projected performance is not necessarily a guide to future results.
World Stocks: MSCI World Stock Index (Total return)
World Bonds: Salomon Brothers World Government Bond Index (Total Return)