Man Alternative Investments (Hedge Fund)

18 December 2003
Man Alternative Investments Limited (the "Company")
ESTIMATED NET ASSET VALUE OF SHARES

The estimated Net Asset Value of an Ordinary Share of 0.01 pence each (a
"Share") in the Company is calculated as being 85.58 pence* (US$ 1.4727) as at
the close of business on Friday, 28th November 2003, the valuation point. That
represents a decrease in value of 1.10% from the valuation as at the previous
month end in Sterling terms. (An increase of 0.45% in value in USD terms).

Returns: Not great. But has a growing discount to NAV

If still US$1.473, then at:
$1.8000 : £ 0.818
$1.7800 : £ 0.828
$1.7600 : £ 0.837
$1.7400 : £ 0.847
$1.7000 : £ 0.866
$1.6000 : £ 0.921
$1.5000 : £ 0.982
$1.4500 : £ 1.015