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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Ej5MkpbhJASkSLZfwPjhUxM80gWwGkkmgCrLq2HGS5C8guctuYbwZDrn/wMRI5ZX
 HRyvJGX0OJP/1KVwnPWX6Q==

<SEC-DOCUMENT>0000930413-03-003773.txt : 20031224
<SEC-HEADER>0000930413-03-003773.hdr.sgml : 20031224
<ACCEPTANCE-DATETIME>20031224103030
ACCESSION NUMBER:		0000930413-03-003773
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031222
FILED AS OF DATE:		20031224

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HANGER ORTHOPEDIC GROUP INC
		CENTRAL INDEX KEY:			0000722723
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-SPECIALTY OUTPATIENT FACILITIES, NEC [8093]
		IRS NUMBER:				840904275
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		TWO BETHESDA METRO CENTER
		STREET 2:		SUITE 1300
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814
		BUSINESS PHONE:		3019860701

	MAIL ADDRESS:	
		STREET 1:		TWO BETHESDA METRO CENTER
		STREET 2:		SUITE 1300
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SEQUEL CORP
		DATE OF NAME CHANGE:	19890814

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CELLTECH COMMUNICATIONS INC
		DATE OF NAME CHANGE:	19860304

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			J P MORGAN CHASE & CO
		CENTRAL INDEX KEY:			0000019617
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10670
		FILM NUMBER:		031072964

	BUSINESS ADDRESS:	
		STREET 1:		270 PARK AVE
		STREET 2:		39TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2122706000

	MAIL ADDRESS:	
		STREET 1:		270 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

	FORMER NAME:	
		FORMER CONFORMED NAME:	CHASE MANHATTAN CORP /DE/
		DATE OF NAME CHANGE:	19960402

	FORMER NAME:	
		FORMER CONFORMED NAME:	CHEMICAL BANKING CORP
		DATE OF NAME CHANGE:	19920703

	FORMER NAME:	
		FORMER CONFORMED NAME:	CHEMICAL NEW YORK CORP
		DATE OF NAME CHANGE:	19880508
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>c30229_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-12-22</periodOfReport>
   <notSubjectToSection16>1</notSubjectToSection16>
    <issuer>
        <issuerCik>0000722723</issuerCik>
        <issuerName>HANGER ORTHOPEDIC GROUP INC</issuerName>
        <issuerTradingSymbol>HGR</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000019617</rptOwnerCik>
            <rptOwnerName>J P MORGAN CHASE &amp; CO</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>270 PARK AVE</rptOwnerStreet1>
            <rptOwnerStreet2>35TH FL</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10020</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>0</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>1</isTenPercentOwner>
         <isOther>0</isOther>
      </reportingOwnerRelationship>
   </reportingOwner>
 <derivativeTable>
   <derivativeTransaction>
      <securityTitle>
         <value>7% Redeemable Preferred Stock</value>
            <footnoteId id="F2"/>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>16.50</value>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2003-12-22</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>26500</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>1403.39</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
         <value>2003-12-22</value>
      </exerciseDate>
      <expirationDate>
            <footnoteId id="F5"/>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Non-Voting Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>1606060</value>
            <footnoteId id="F3"/>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>1381</value>
            <footnoteId id="F4"/>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>I</value>
         </directOrIndirectOwnership>
         <natureOfOwnership>
           <value>Indirect Nature</value>
            <footnoteId id="F1"/>
         </natureOfOwnership>
      </ownershipNature>
   </derivativeTransaction>
 </derivativeTable>
   <footnotes>
      <footnote id="F1"> The amounts shown in Table II represent the beneficial ownership of the Issuer's equity securities by J.P. Morgan Partners (BHCA), L.P. (JPM BHCA&quot;), a portion of which may be deemed attributable to the Reporting Person because it is the sole stockholder of (x) JPMP Capital Corp. which is the general partner of JPMP Master Fund Manager, L.P. (&quot;MF Manager&quot;), the general partner of JPM BHCA and (y) Chatham Ventures, Inc., the limited partner of JPM BHCA.  The actual pro rata portion of such beneficial ownership that may be deemed attributable to the reporting person is not readily determinable because it is subject to several variables, including the internal rate of return and vesting within JPM BHCA and MF Manager.</footnote>

      <footnote id="F2"> The Company is entitled to require the 7% Redeemable Preferred Stock to be converted into non-voting common stock on or after July 2, 2002, if the average closing price of the common stock for 20 consecutive trading days is equal to or greater than 175% of the conversion price.</footnote>

      <footnote id="F3"> These shares were initially convertible into  1,606,060  shares on non-voting common stock of the Issuer.  However, accrued and unpaid dividends on the 7% Redeemable Preferred Stock will have the effect of increasing the number of shares of common stock issuable upon conversion of the 7% Redeemable Preferred Stock.</footnote>

      <footnote id="F4"> These shares were initially convertible into  83,697  shares of non-voting common stock of the Issuer.  However, accrued and unpaid dividends on the 7% Redeemable Preferred Stock will have the effect of increasing the number of shares of common stock issuable upon conversion of the 7% Redeemable Preferred Stock.</footnote>

      <footnote id="F5"> There is no expiration date.</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>J.P. Morgan Chase &amp; Co.</signatureName>
      <signatureDate>2003-12-22</signatureDate>
   </ownerSignature>
   <ownerSignature>
      <signatureName>/s/ Jeffrey Walker</signatureName>
      <signatureDate>2003-12-22</signatureDate>
   </ownerSignature>
</ownershipDocument>

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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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