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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0000930413-03-003483.txt : 20031125
<SEC-HEADER>0000930413-03-003483.hdr.sgml : 20031125
<ACCEPTANCE-DATETIME>20031125155746
ACCESSION NUMBER:		0000930413-03-003483
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031121
FILED AS OF DATE:		20031125

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			JPMP MASTER FUND MANAGER L P
		CENTRAL INDEX KEY:			0001243235
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10670
		FILM NUMBER:		031023293

	MAIL ADDRESS:	
		STREET 1:		C/O JPMORGAN PARTNERS
		STREET 2:		1221 AVENUE OF THE AMERICAS 40TH FL.
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10021

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
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>c30021_form4ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-11-21</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000722723</issuerCik>
        <issuerName>HANGER ORTHOPEDIC GROUP INC</issuerName>
        <issuerTradingSymbol>HGR</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001243235</rptOwnerCik>
            <rptOwnerName>JPMP MASTER FUND MANAGER L P</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O J.P. MORGAN PARTNERS LLC</rptOwnerStreet1>
            <rptOwnerStreet2>1221 AVENUE OF THE AMERICAS, 40TH FLOOR</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>2003-11-21</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>22119</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>1425.36</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
         <value>2003-11-21</value>
      </exerciseDate>
      <expirationDate>
            <footnoteId id="F5"/>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Non-Voting Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>1340545</value>
            <footnoteId id="F3"/>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>27881</value>
            <footnoteId id="F4"/>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>I</value>
         </directOrIndirectOwnership>
         <natureOfOwnership>
           <value>(FN 1)</value>
            <footnoteId id="F1"/>
         </natureOfOwnership>
      </ownershipNature>
   </derivativeTransaction>
 </derivativeTable>
   <footnotes>
      <footnote id="F1"> The amounts show in Table II represent the beneficial ownership of the Issuer's equity securities by J.P. Morgan Partners (&quot;BHCA&quot;), L.P. (&quot;JPM BHCA&quot;), a portion of which may be deemed attributable to the Reporting Person because it is the sole general 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 thye internal rate or return and vesting within JPM BHCA.</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 1,340,545 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 1,689,756 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>/s/Mitchell Blutt</signatureName>
      <signatureDate>2003-11-24</signatureDate>
   </ownerSignature>
</ownershipDocument>

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