Trading Statement

26 May 2006 15:00

Man Alternative Investments Ld26 May 2006 Man Alternative Investments Limited April 2006-------------------------------------------------------------------------------- Investment Objective Generate strong and consistent capital growth over the long-term in sterlingterms with low volatility by allocating assets to managers who trade indiversified markets implementing a broad range of fundamental, technical,systematic and discretionary strategies. Track Record: From inception on 24 May 2001 to 30 April 2006 Key Statistics ------------------------Total Return -1.2%Last Month 1.9%Last Quarter 4.0%Last 12 Months 19.2%Year to Date 8.1%---------------- ---------NAV per Share GBP 0.9876Total NAV GBP 32,591,474No. of Shares 33,000,000---------------- --------- Glenwood Portfolio April Commentary The Glenwood Portfolio posted a profit over the months as profits were accruedby all styles. The US dollar fell to an 11-month low against the euro as theFederal Reserve gave further indications that its series of interest rate hikesmay be drawing to a close. Profits posted by the commodity & trading styleproved beneficial to returns. Systematic global macro managers benefited fromshort positions against some Asian currencies while long positions capturedgains from contracts in the Japanese yen, euro and Swiss franc against the USdollar. Elsewhere, short trades in US bonds generated gains as prices fell overthe month. Further gains accrued from the multi-strategy style. Performance wasboosted by a shift in energy prices, particularly the spike in crude oil priceswhich also led the majority of natural gas contracts to rally. Base metalspositions also secured solid returns as zinc and copper prices heightened overthe month. Key Strategies Contributions * Key Strategies Contributions * Commodity & Trading +0.78% Multi-Strategy +0.67%Equity Hedge +0.18% Relative Value +0.00%Event Driven +0.48% Variable Equity +0.16% This information is provided by RNS The company news service from the London Stock Exchange