MANCHESTER UNITED SATEMENT

"Following recent press reports, Sir Roy Gardner and the PLC Board of Manchester United today publishes its well-established policies and procedures in respect to player transfers and contract negotiations.

"A clear and distinct demarcation of responsibilities has been in place for at least as long as Manchester United has been listed on the London Stock Exchange."

"Manchester United has a clear policy statement on the announcement of all player transfers with all significant player transfers announced through the London Stock Exchange before any other public confirmation.

"With effect from the current transfer window, Manchester United will provide additional information on transfer deals. This started with last Friday's announcement (23rd January 2004) of the purchase of the registration of Louis Saha which included details of commissions paid to agents. This information will be provided in all future Stock Exchange announcements.

"In accordance with the specific undertaking given at the company's last Annual General Meeting, the Board will consider whether any further additional disclosure should be included in next year's annual report.

"Manchester United believes its processes and policies are among the most rigorous in football. Although the media have reported various allegations, Manchester United has received no documentary evidence from any party to support these allegations.

"However, the Board of Manchester United will conduct a thorough internal review of the recent transfer dealings. Any changes or improvements in controls required ascertained from this review would be published and implemented before the next transfer window in June 2004.

"In addition, the company intends to seek support from the FA Premier League for new guidelines in respect of dealing with agents.

"Manchester United reaffirms that it complies fully with the current combined code of corporate governance as disclosed in its annual report year-ended 31 July 2003. ...

"In addition, the company is taking steps to ensure that it complies with all aspects of the new code of corporate governance, which comes into effect for Manchester United PLC in the year-ended 31st July 2005."

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