Man IP 220 Series 5 Ltd is the latest investment product from Man Investments to build on the IP 220 tradition ofinnovation and performance.

The investment objective of the USD and EUR bonds is to generate double digit growth in excess of 10% per annum for an annualised volatility of 16-18%.

Bondholders have the benefit of the 100% capital guarantee on the maturity date for each bond class provide by Barclays Bank PLC as well as a profit lock-in feature.

The first product in this family, Man-IP 220 Limited, has demonstrated the performance potential of the IP 220 product structure over the past ten years with positive performance in a variety of market conditions.

The unique structure of the IP 220 investment products combines two complementary investment approaches - the AHL Diversified Programme and the Glenwood Portfolio - which have been refined and improved over the year.

performance has always been the key focus. Man-IP 220 Limited has grown so that USD 100,000 invested in December 1996 was worth USD 450,714 on 31 August 2007, an annualised reture of 15.0%.⁴ Incontrast, the same amount invested in world stocks would have only returned USD 191, 861 over the same time period.

Performance compared to traditional investments
The following chart demonstrates how Man-IP 220 Limited (in USD) has outperformed and show a low correlation to traditional investments in stock and bond markets since inception.

Man-IP 220 Limited (in USD) during rising and falling markets 18 December 1996 to 31 August 2007

	Man-IP 220 Limited (in USD)4	World stocks	World bonds
Total return	350.7%	91.9%	88.0%
Annualised return	15.0%	6.2%	6.0%
Annualised return	17.6%	14.0%	2.8%
Sharpe ratio5	0.65	0.21	0.65
Worst drawdown	-19.9%	-47.9%	-2.7%
Correlation	1.00	-0.13	0.36

The investment strategy
The investment strategy of Man 220 Series 5 Ltd is to harness the Glenwood Portfolio.

The AHL Diversifiled Programme is intended to be the principal source of returns while the Gleneood Portfolio will provide stability and diversification by allocating trading capital to six different hedge fund styles and, currently, more than 60 managers.

Offer period :
22 October to 3 December 2007 with the potential for extension by one week.

Face value of the bonds :
USD 1/EUR 1 per bond

Minimum subscription :

USD bonds : USD 50,000
EFA investors : EUR 50,000 equivalent as advised by Man IP 220 Services 5 Ltd. Hong Kong investors: USD 65,000.

EUR bonds : EUR 50,000
Hong Kong investors: USD 65,000 equivalent as advised by Man IP 220 Series 5 Ltd.

If investing in both classes, the minimum subscription amounts above still apply to your overall investment but you must subscribe for at least 20,000 bonds in each class(this does not apply to EEA/Hong investors.)

Minimum redemption : 20,000 bonds

Minimum holding : 50,000 bonds

Maturity date :
USD bonds: 31 August 2020
USD bonds: 31 August 2020

Sales charge : none

Dealing frequency : monthly

Monthly redemptions subject to the following fees

Redemption or between	Redemption fee
the issue date and 31 December 2009	4% of NAV per bond
1 january 2010 and 31 December 2011	15.0%
1 january 2010 and 31 December 2013	17.6%
on or after 1 january 2014	0.65

Reporting
Investors can access prices through the following media:

• www.maninvestments.com
• Financial Times and International Herald Tribune
• Bloomberg, Reuters, Standard & Poor’s, and Telekurs electronic data services.

	USD Bonds	EUR Bonds
Common code	32041680	32041817
ISIN code	XS0320416802	XS0320418170
Valoren number	3394003	3393999