NEW YORK–(BUSINESS WIRE)–Aug. 13, 2003–Fitch Ratings assigns the following ratings to the liabilities of Man Glenwood Alternative Strategies II Ltd/Man Glenwood Alternative Strategies II LLC, amarket value collateralized fund obligation (CFO).

— $250,000,000 class A secured notes due May 15, 2010 ‘AAA’;

— $40,500,000 class B secured notes due May 15, 2010 ‘AA’;

— $15,000,000 class C secured notes due May 15, 2010 ‘A’;

— $43,750,000 class D secured notes due May 15, 2010 ‘BBB’;

The proceeds of the issue will be used largely to purchase master fund preference shares of Man Glenwood Asset Holdings Ltd, a special purpose company incorporated in Bermuda, which will invest in a diversified portfolio of hedge funds and total return swaps referencing hedge funds that are selected and monitored by the portfolio manager, Man Investments Limited, its investment advisor, Man-Glenwood GmbH and its subadvisor, Glenwood Capital Investments L.L.C. The assets of the issuer, primarily the master fund preference shares, are pledged as collateral for all the classes of notes.

The ratings on the notes represent Fitch’s assessment that noteholders will receive timely interest and principal payments in accordance with the terms of the legal documents. Fitch’s ratings of the notes are based on the quality and diversification of the portfolio investments, as well as the investment management capabilities of the portfolio manager and its advisors. The ratings are also determined by the credit enhancement provided to the various levels of the class A, B, C and D notes, including the support from subordinated notes, equity shares, and various other structural protections, such as collateral quality tests.

For a detailed transaction report, see the new issue report for this transaction, which will be available on the Fitch Ratings web site at ‘www.fitchratings.com’ after deal closing.