8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): May 7, 2008

GLG Partners, Inc.

(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction
of incorporation) 001-33217
(Commission
File Number) 20-5009693
(I.R.S. Employer
Identification No.)

399 Park Avenue, 38th Floor
New York, New York 10022
(Address of principal executive offices)

Registrant’s telephone number, including area code: (212) 224-7200

Not Applicable

Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

     On May 7, 2008, GLG Partners (the “Company”) released its earnings for the first fiscal quarter of 2008 and is furnishing a copy of the earnings release to the Securities and Exchange Commission under Item 2.02 of this Current Report on Form 8-K. In addition, the Company will discuss its financial results during a webcast and teleconference call on Wednesday, May 7, 2008 at 8:30 a.m. (ET). To access the webcast and teleconference call, go to the Company’s website at www.glgpartners.com.

     The Company presents certain financial measures, such as adjusted net income, non-GAAP compensation, benefits and profit share and non-GAAP weighted average fully diluted shares, that are not prepared in accordance with U.S. generally accepted accounting principles, or GAAP, in addition to financial results prepared in accordance with GAAP. See the discussion in the earnings release under “Non-GAAP Financial Measures”. The Company’s management uses these non-GAAP financial measures in its evaluation of the Company’s core results of operations and trends between fiscal periods and believes these measures are an important component of its internal performance measurement process. The Company’s management also prepares forecasts for future periods on a basis consistent with these non-GAAP financial measures. Under the Company’s credit facility, the Company and its subsidiaries are required to maintain compliance with certain financial covenants based on adjusted earnings before interest expense, provision for income taxes, depreciation and amortization, or adjusted EBITDA, which is calculated based on the non-GAAP adjusted net income measure, further adjusted to add back interest expense, provision for income taxes, depreciation and amortization. Non-GAAP adjusted net income has certain limitations in that it may overcompensate for certain costs and expenditures related to the Company’s business and may not be indicative of the cash flows from operations as determined in accordance with GAAP.

Item 8.01. Other Events.

     Attached as Exhibit 99.2 to this Current Report on Form 8-K and incorporated herein by reference is the investor presentation to be used by the Company in conjunction with the Company’s webcast and teleconference call.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99.1	Press Release of the Company dated May 7, 2008.
99.2	Investor Presentation dated May 7, 2008.

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SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

GLG PARTNERS, INC.
By:	/s/ Alejandro San Miguel
	Alejandro San Miguel
	General Counsel and Corporate Secretary

Date: May 7, 2008

EXHIBIT INDEX

Exhibit Number		Description
	99.1	Press Release of the Company dated May 7, 2008.
	99.2	Investor Presentation dated May 7, 2008.

EX-99.1

Exhibit 99.1

GLG PARTNERS REPORTS Q1 2008 EARNINGS

• Net revenues of $131.4 million for Q1 2008, 80% above Q1 2007

• Total net inflows of $0.77 billion during Q1 2008 (3.1% of opening Q1 2008 net assets under management (AUM))

• Net AUM of $24.6 billion as of March 31, 2008, up 53.2 % from March 31, 2007

• Net GAAP loss of $222.2 million for Q1 2008

• Non GAAP adjusted net income for Q1 2008 of $33.8 million, up 142.2% from Q1 2007

• Regular dividend of $0.025 per share was paid on April 21, 2008

New York, May 7, 2008 — GLG Partners, Inc. (NYSE: GLG), a leading alternative asset manager, today reported a GAAP net loss attributable to common stockholders of $226.3 million for the quarter ended March 31, 2008. GAAP diluted EPS was ($1.07) for the quarter ended March 31, 2008. The first quarter 2008 GAAP net loss resulted primarily from the recognition of compensation related expenses associated with GLG’s reverse acquisition transaction with Freedom Acquisition Holdings in November 2007. There will be similar but diminishing GAAP compensation expenses quarterly, ending in the fourth quarter of 2012, related to the acquisition. For further discussion of these largely, non cash Acquisition related charges see below under “Non GAAP Financial Measures”.

Non GAAP adjusted net income (GAAP net (loss)/income plus Acquisition-related compensation expense less cumulative dividends) was $33.8 million, up 142.2% year-over-year. Non GAAP adjusted net income per non GAAP weighted average fully diluted share was $0.10 for the quarter ended March 31, 2008, up 150.0% year-over-year. Non GAAP adjusted net income and non GAAP weighted average fully diluted shares are financial measures not prepared under U.S. generally accepted accounting principles, or GAAP. A reconciliation of GAAP net income to Non GAAP adjusted net income and average fully diluted shares under GAAP to non GAAP weighted average fully diluted shares is presented below under “Non GAAP Financial Measures”.

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GLG’s net assets under management (AUM) as of March 31, 2008 reached $24.6 billion (net of assets invested from other GLG managed funds), slightly up from net AUM as of December 31, 2007 and up 53.2% from March 31, 2007. Net inflows as a percentage of beginning period net AUM were 3.1% during the first quarter of 2008. GLG’s gross AUM (including assets invested from other GLG managed funds) was $29.1 billion at March 31, 2008, up 0.2% from December 31, 2007 and 56.2% from March 31, 2007. Moderate performance related declines across GLG managed funds were offset by inflows and currency translation in the quarter ended March 31, 2008 as set forth below in Table 1.

“While market conditions have presented many challenges in the first part of this year, they have also presented many opportunities and we remain optimistic about our prospects” said Noam Gottesman, Chairman and Co-CEO of GLG. “We have successfully managed this business through a broad spectrum of environments over the past 12 years and our focus remains on investing in our people, scaling our infrastructure and delivering superior investment performance.”

Table 1: Assets Under Management
(US$ in millions)

	As of Mar 31,
	2008			2007
Gross Fund-Based AUM	$	26,404		$	17,060
Managed Accounts AUM		2,385			1,398
Cash and Other Securities		347			197
Gross AUM		29,136			18,655
YoY % Change		56.2	%		34.9	%
Net AUM		24,646			16,085
YoY % Change		53.2	%		36.2	%

	Three Months Ended March 31,
	2008			2007
Opening Net AUM	$	24,612		$	15,154
Inflows		767			9
Performance ((losses)/gains net of gains/losses and fees)		(1,549	)		845
Currency translation impact (non-USD AUM expressed in USD)		816			77
Closing Net AUM	$	24,646		$	16,085
% of Opening Net AUM
Net Fund-based inflows (net of redemptions)		3.1	%		0.1	%
Net Fund-based performance ((losses)/gains net of gains/losses)		(6.3	%)		5.6	%

Note: Performance as a percentage of operating net AUM is based on both opening AUM and inflows during the period and can be influenced by heavy flows.

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Financial Summary

For the quarter ended March 31, 2008, net revenues and other income was up 80.0% to $131.4 million from $73.0 million in the same quarter in 2007, primarily due to increased management and administration fees as a result of higher levels of net assets under management.

Performance fees were immaterial in the quarter ended March 31, 2008 as it is our practice to recognize performance fees when they crystallize, generally on June 30 and December 31 of each year. Accordingly, the second quarter’s performance fees will largely reflect first half performance.

Management and administration fees totalled $121.0 million, or 2.0% of average net AUM for the first quarter ended March 31, 2008, increases of 72.9 % and 17 basis points (bps), respectively, compared to the quarter ended March 31, 2007. Other income of $5.6 million reflects primarily currency related gains on cash held on our balance sheet during first quarter 2008.

The total level of non GAAP compensation, benefits and profit share (“CBP”) fell by 289 bps to 40.3% for the quarter ended March 31, 2008 when expressed as a percentage of revenues for the same period last year, although this rose by 67.9% to $52.9 million from the year ago quarter. CBP is a financial measure not prepared under GAAP, and includes compensation, benefits and profit share but excludes Acquisition-related compensation expense described below under “Non GAAP Financial Measures”. Compensation, benefits and profit share for the first quarter 2008 rose to $313.0 million compared to $31.5 million in the same quarter last year, largely on the recognition of $260.2 million recognition of Acquisition-related compensation expense tied to our transaction with Freedom.

Please note that compensation, benefits and profit share tied to fund performance is only recognized when the related performance fees crystallize, generally on June 30 and December 31 of each year. Consequently during the second quarter, the portion of compensation expense and limited partner profit share tied to performance reflects crystallized first half performance.

General, administrative, and other expenses for the quarter ended March 31, 2008 increased 17.6% year-over-year to $30.3 million and decreased as a percentage of revenues from 35.3% to 23.1%. Net interest expense was $4.0 million during the quarter ended March 31, 2008 reflecting the cost of borrowings under our term loan and revolving credit facilities.

“Our financial performance to date reflects our ability to grow top line revenues while actively managing expenses” said Emmanuel Roman, Co-CEO and Managing Director of GLG. “As our business evolves and grows, we will continue to invest in our risk and controls infrastructure while managing the bottom-line”.

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Capital and Dividends

As of March 31, 2008, there were 247.4 million common shares, 58.9 million FA Sub 2 Limited Exchangeable Shares, and 54.5 million warrants outstanding. During the first quarter of 2008, GLG repurchased 7.0 million warrants for $37.4 million, 0.3 million shares for $3.5 million and 2.1 million warrants were exercised at $7.50 per share for an aggregate of $16.1 million. Life to date (through May 5, 2008), GLG has repurchased 14.3 million warrants for $82.9 million, 0.3 million shares for $3.5 million and 5.5 million warrants have been exercised at $7.50 per share generating aggregate proceeds of $41.4 million.

We have $117.1 million remaining out of the $200 million in our authorized stock and warrant repurchase programs through August 2008.

We paid a regular quarterly dividend of $0.025 per share on April 21, 2008.

Investor/Analyst Conference Call and Webcast

GLG will hold a conference call for investors and analysts on Wednesday, May 7, 2008 at 8:30 a.m. EDT / 1:30 p.m. BST hosted by Chairman of the Board and Co-Chief Executive Officer, Noam Gottesman, Chief Financial Officer, Jeffrey Rojek, and Chief Operating Officer, Simon White. To participate by telephone, the domestic dial-in number is +1-888-713-4214 and the international dial-in number is +1-617-213-4866. The access code is 94617774. For the replay, which will be available until June 6, 2008, the domestic dial-in number is +1-888-286-8010 and the international dial-in number is +1-617-801-6888. The replay access code is 63443418. The teleconference will also be available via live webcast on GLG’s website at www.glgpartners.com.

Participants may pre-register for the call at:

https://www.theconferencingservice.com/prereg/key.process?key=P4UM34QP6.
(Due to its length, this URL may need to be copied/pasted into your Internet browser’s address field. Remove the extra space if one exists.)

Pre-registrants will be issued a pin number to use when dialing into the live call that will provide quick access to the conference by bypassing the operator upon connection.

The webcast will be available for replay on the “Calendar of Events” page of GLG’s website until June 6, 2008.

About GLG

GLG, one of the largest alternative asset managers in the world, offers its base of long-standing prestigious clients a diverse range of investment products and account management services. GLG’s focus is on preserving client’s capital and achieving consistent, superior absolute returns with low volatility and low correlations to both the

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equity and fixed income markets. Since its inception in 1995, GLG has built on the roots of its founders in the private wealth management industry to develop into one of the world’s largest and most recognized alternative investment managers, while maintaining its tradition of client-focused product development and customer service. As of March 31, 2008, GLG managed net AUM of over $24.0 billion.

Forward-looking Statements

This press release contains statements relating to future results that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties. These risks and uncertainties include, but are not limited to: market conditions for GLG managed investment funds; performance of GLG managed investment funds, the related performance fees and the associated impacts on revenues, net income, cash flows and fund inflows/outflows; the cost of retaining GLG’s key investment and other personnel or the loss of such key personnel; risks associated with the expansion of GLG’s business in size and geographically; operational risk; litigation and regulatory enforcement risks, including the diversion of management time and attention and the additional costs and demands on GLG’s resources; risks related to the use of leverage, the use of derivatives, interest rates and currency fluctuations; as well as other risks and uncertainties, including those set forth in GLG’s filings with the Securities and Exchange Commission. These forward-looking statements are made only as of the date hereof, and GLG undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Contacts:

Investors/analysts:

GLG:	Jeffrey Rojek Chief Financial Officer +1 212 224 7245 jeffrey.rojek@glgpartners.com
	Michael Hodes Acting Director of Investor Relations +1 212 224 7223 michael.hodes@glgpartners.com
Media:
Finsbury:	Rupert Younger/Amanda Lee +44 (0)20 7251 3801 rupert.younger@finsbury.com amanda.lee@finsbury.com
	Andy Merrill + 1 212 303 7600 andy.merrill@finsbury.com

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Non GAAP Financial Measures

GLG presents certain financial measures that are not prepared in accordance with U.S. generally accepted accounting principles (GAAP), in addition to financial results prepared in accordance with GAAP.

Compensation, benefits and profit share (“CBP”): GLG’s management assesses its personnel related expenses based on the measure non GAAP compensation, benefits and profit share, or non GAAP CBP. Non GAAP CBP reflects GAAP compensation, benefits and profit share adjusted to exclude Acquisition-related compensation expense in connection with the acquisition by Freedom Acquisition Holdings Inc. (“Freedom”) of GLG Partners LP and associated entities.

The majority of the Acquisition-related compensation is the result of the accounting for an agreement among certain of the Company’s principals concurrent with the Acquisition. Although there were no additional equity shares issued to the principals as a result of the agreement, due to the service conditions contained in the agreement, GAAP requires a charge to compensation as the service conditions are met for the fair value of those shares as of the date of the agreement. Management believes that this non-cash charge to compensation expense does not reflect our ongoing core business operations and compensation expense and excludes such amounts for assessing our ongoing core business performance.

Additionally, GLG subtracts any compensation expense related to dividends paid on unvested shares. Compensation expense is only booked in accordance with SFAS 123(R) on dividends on unvested shares that are ultimately not expected to vest.

Non GAAP CBP is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP compensation, benefits and profit share.

It should be noted that non GAAP CBP is equivalent to the non GAAP measure “comprehensive limited partner profit share, compensation and benefits”, or “non GAAP PSCB”, previously used by GLG’s management to assess its personnel related expenses. This label was updated to better conform to our current statement of operations presentation.

Non GAAP Adjusted Net Income: GLG’s management assesses the underlying performance of its business based on the measure “adjusted net income,” which adjusts net (loss)/income before minority interest for (1) the Acquisition-related compensation expense and (2) the cumulative dividends payable to the holders of exchangeable shares of our FA Sub 2 Limited subsidiary in respect of our estimate of the net taxable income of FA Sub 2 Limited allocable to such holders multiplied by an assumed tax rate. Adjusted net income is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP net (loss)/income as an indicator of GLG’s operating performance or any other measures of performance derived in accordance with GAAP.

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Non GAAP Weighted Average Fully Diluted Shares: GLG’s management assesses business performance per share based on the measure “non GAAP weighted average fully diluted shares outstanding,” which adjusts average fully diluted shares outstanding under GAAP for (1) the unvested shares issued pursuant to our equity participation plan, which are recorded under GAAP as treasury shares, but upon which we will pay dividends; (2) unvested shares awarded under our 2007 Restricted Stock Plan and our 2007 Long-Term Incentive Plan upon which we will pay dividends; (3) the impact on the weighted average fully diluted shares outstanding of including all of the 69 million outstanding shares of Freedom common stock immediately prior to the closing of the acquisition by Freedom from January 1, 2006 rather than from November 2, 2007; and (4) the impact of including all of the 74 million Freedom warrants as outstanding from January 1, 2006 rather than from November 2, 2007 in determining the weighted average number of warrants outstanding in each period, and applying the treasury stock method to determine the number of fully diluted shares outstanding under such warrants applying the stock price on November 2, 2007 for all dates prior to November 2, 2007. Non GAAP weighted average fully diluted shares is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP fully diluted shares outstanding or used in calculating GAAP earnings per share.

GLG is providing these non GAAP financial measures to enable investors, securities analysts and other interested parties to perform additional financial analysis of GLG’s personnel related costs and its earnings from operations and because GLG believes that they will be helpful to investors in understanding all components of personnel-related costs of GLG’s business. GLG’s management believes that non GAAP financial measures also enhance comparisons of GLG’s core results of operations with historical periods. In particular, GLG believes that the non GAAP adjusted net income measure better represents profits available for distribution to stockholders than does GAAP net (loss)/income. Non GAAP weighted average fully diluted shares is a non GAAP financial measure that we use internally to measure the number of shares on which we expect to pay dividends plus the warrants outstanding under the treasury stock method.

Investors should consider these non GAAP financial measures in addition to, and not as a substitute for, or superior to, measures of performance prepared in accordance with GAAP. The non GAAP financial measures presented by GLG may be different from financial measures used by other companies.

SOURCE GLG Partners Inc.

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GLG Partners, Inc.
Combined and Consolidated Statement of Operations
(US$ in thousands; US GAAP)

	Three Months Ended
	March 31,
	2008			2007			% Change
Net revenues and other income
Management fees, net	$	98,756		$	57,343			72	%
Performance fees, net		4,735			2,521			88	%
Administration fees, net		22,248			12,645			76	%
Other		5,641			498			1033	%
Total net revenues and other income		131,380			73,007			80	%
Expenses
Employee compensation and benefits		(287,935	)		(25,048	)		1050	%
Limited partner profit share		(25,104	)		(6,453	)		289	%
Compensation, benefits and profit share		(313,039	)		(31,501	)		894	%
General, administrative and other		(30,303	)		(25,764	)		18	%
		(343,342	)		(57,265	)		500	%
(Loss)/ Income from operations		(211,962	)		15,742			(1446	%)
Interest (expense)/income, net		(4,043	)		1,475			(374	%)
(Loss)/income before income taxes		(216,005	)		17,217			(1355	%)
Income taxes		(6,200	)		(3,255	)		90	%
GAAP net (loss)/income	$	(222,205	)	$	13,962			(1691	%)
Minority interests
Cumulative dividends		(4,129	)		—
Share of income		—			(210	)		(100	%)
GAAP net (loss)/income attributable to common stockholders	$	(226,334	)		13,752			(1746	%)
Weighted average shares outstanding, basic		211,167			135,712
Net (loss)/income per common share, basic		(1.07	)		0.10			(1158	%)
Net (loss)/income attributable to common stockholders, diluted		(226,334	)		13,752
Weighted average shares outstanding, diluted		211,167			194,617
Net (loss)/income per share, diluted		(1.07	)		0.07			(1617	%)

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GLG Partners, Inc.
Consolidated Balance Sheets
(US$ in thousands; US GAAP)

	As of March 31,			As of December 31,
	2008			2007
Assets
Cash and cash equivalents	$	294,539		$	429,422
Restricted cash		24,099			24,066
Investments (at fair value)		92,115			96,108
Fees receivable		51,385			389,777
Prepaid expenses and other assets		35,333			35,685
Goodwill		587			—
Property, plant and equipment, net		9,265			9,079
Total Assets		507,323			984,137
Liabilities and Stockholders’ Equity
Current Liabilities
Rebates and sub-administration fees payable	$	16,626		$	21,207
Accrued compensation, benefits and profit share		91,324			467,887
Income taxes payable		31,717			37,464
Distribution payable		111,929			78,093
Accounts payable and other accruals		50,137			37,624
Other liabilities		29,651			16,092
Total Current Liabilities		331,384			658,367
Minority Interests		—			1,911
Loans Payable		570,000			570,000
Total Non-Current Liabilities		570,000			571,911
Total Liabilities		901,384			1,230,278
Commitments and Contingencies		—			—
Stockholders’ equity
Common stock, $.0001 par value; 1,000,000,000 authorized, 247,439,127 issued and outstanding (2006: 171,083,976 issued and outstanding)		25			24
Additional Paid in Capital		784,079			575,589
Treasury Stock, 25,382,500 shares of common stock 1		(347,740	)		(347,740	)
Series A voting preferred stock; 150,000,000 authorized, 58,904,993 issued and outstanding (2006: 58,904,993 issued and outstanding)		6			6
Accumulated deficit		(829,548	)		(477,497	)
Accumulated other comprehensive income		(883	)		3,477
Total stockholders’ equity		(394,061	)		(246,141	)
Total liabilities and stockholders’ equity	$	507,323		$	984,137

¹ Represents stock held by GLG subsidiaries to be delivered in respect of future service obligations of Equity Limited Partnership members and included in common stock issued and outstanding.

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	Three Months Ended March 31,
	2008			2007
Net cash provided by operating activities	$	7,518		$	14,611
Net cash used in investing activities		(3,256	)		(1,997	)
Net cash used in financing activities		(138,733	)		(137,623	)
Net decrease in cash and cash equivalents		(134,471	)		(125,009	)
Effect of foreign currency translation		(412	)		1,053
Cash and cash equivalents at beginning of the period		429,422			273,148
Cash and cash equivalents at end of the period	$	294,539		$	149,192

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GLG Partners, Inc.
Financial Supplement

										Trailing 12 months			Trailing 12 months
(USD in millions)	1Q 2008			4Q 2007			1Q 2007			to 3/31/08			to 3/31/07
Opening Net AUM		24,612			20,466			15,154			16,085			11,811
Inflows (net of redemptions)		767			2,927			9			6,836			2,152
Performance ((losses)/gains net of gains/losses and fees)		(1,549	)		986			845			(11	)		1,485
Currency translation impact (non-USD AUM expressed in USD)		816			232			77			1,736			638
Closing Net AUM		24,646			24,612			16,085			24,646			16,085
Average net AUM		24,629			22,539			15,620			20,879			14,047
(USD in thousands except per share amounts)
Management fees		98,756			88,260			57,343			328,565			206,324
Performance fees		4,735			334,826			2,521			680,876			394,010
Administration fees		22,248			21,237			12,645			73,827			40,038
Other		5,641			2,206			498			15,223			3,383
Total net revenues and other income		131,380			446,529			73,007			1,098,491			643,755
Compensation, benefits and profit share		(313,039	)		(893,187	)		(31,501	)		(1,492,750	)		(375,282	)
General, administrative and other		(30,303	)		(29,291	)		(25,764	)		(113,464	)		(82,719	)
Net interest (expense) income		(4,043	)		(2,345	)		1,475			(3,169	)		4,497
Income tax expense		(6,200	)		(30,979	)		(3,255	)		(66,945	)		(30,979	)
GAAP net (loss) income before minority interests		(222,205	)		(509,273	)		13,962			(577,837	)		159,272
Add: Acquisition-related compensation expense		260,155			639,077			—			899,232			—
Deduct: Cumulative dividends		(4,129	)		(2,723	)		—			(6,852	)		—
Non GAAP adjusted net income(1)		33,821			127,081			13,962			314,544			159,272
Non GAAP weighted average fully diluted shares		328,483			331,263			333,737			330,787			333,893
Non GAAP adjusted net income divided by non GAAP weighted average fully diluted shares		0.10			0.38			0.04			0.95			0.48
Management fees and Administration fees/ Avg. net AUM(2)		2.0	%		1.9	%		1.8	%		1.9	%		1.8	%
Total net revenues and other income /Avg. net AUM(2)		2.1	%		7.9	%		1.9	%		5.3	%		4.6	%
Compensation, benefits and profit share less Acquisition-related compensation expense / Total net revenues and other income		40.3	%		56.9	%		43.1	%		54.0	%		58.3	%
General, administrative and other expenses/ Total net revenues and other income		23.1	%		6.6	%		35.3	%		10.3	%		12.8	%
Non GAAP adjusted net income/Total net revenues and other income		25.7	%		28.5	%		19.1	%		28.6	%		24.7	%
“Effective” tax rate (income taxes plus cumulative dividends / sum of adjusted net income, income taxes and cumulative dividends)		23.4	%		21.0	%		18.9	%		19.0	%		16.3	%

(1)	See “Non-GAAP Financial Measures” for further detail.
(2)	Ratios annualized for 1Q and 4Q 2007 as well as 1Q 2008.

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GLG Partners, Inc.
Non GAAP Adjusted Net Income for Three Months Ended March 31, 2008 and March 31, 2007
(US$ in thousands)

	Three Months Ended
	March 31,
	2008			2007		% Change
Derivation of non GAAP adjusted net income
GAAP net (loss)/income	$	(222,205	)		13,962		(1691.5	%)
Add: Acquisition-related compensation expense		260,155			0
Less: cumulative dividends		(4,129	)		0
Non GAAP adjusted net income	$	33,821			13,962		142.2	%
Non GAAP adjusted net income per non GAAP weighted average fully diluted share		0.10			0.04		150.0	%
Non GAAP weighted average fully diluted shares		328,483			333,893

GLG Partners, Inc.
Non GAAP Expenses for Three Months Ended March 31, 2008 and March 31, 2007
(US$ in thousands)

	Three Months Ended
	March 31,
	2008			2007			% Change
Non GAAP expenses
Compensation, benefits and profit share	$	(313,039	)		(31,501	)		893.7	%
Add: Acquisition-related compensation expense		260,155			—
Non GAAP compensation, benefits and profit share (CBP)	$	(52,884	)	$	(31,501	)		67.9	%
GAAP general, administrative and other		(30,303	)		(25,764	)		17.6	%
Non GAAP total expenses	$	(83,187	)	$	(57,265	)		45.3	%

12

GLG Partners, Inc.

Share Count Reconciliation: GAAP Weighted Average Fully Diluted Shares to
Non GAAP Weighted Average Fully Diluted Share Count
(Share count in thousands)

	1Q 08		4Q 2007		1Q 2007
Outstanding
Common stock (including Treasury Stock)1		236,764		234,263		161,095
Unvested shares		10,675		10,468		10,468
Total issued and outstanding common stock		247,439		244,731		171,563
FA Sub 2 Limited Exchangeable Shares		58,905		58,905		58,905
Warrants		54,485		63,633		—
Weighted Average Outstanding
Common stock (excluding Treasury Stock)		211,167		180,683		135,712
Unvested shares		10,652		10,468		10,468
FA Sub 2 Limited Exchangeable Shares		58,905		58,905		58,905
Warrants		56,097		43,709		—
GAAP Weighted Average Fully Diluted Share Count
Common stock		211,167		180,683		135,712
Unvested shares		—		—		—
FA Sub 2 Limited Exchangeable Shares		—		—		58,905
Warrants		—		—		—
Total		211,167		180,683		194,617
Non GAAP adjustments to weighted average fully diluted share count
Common stock:
GAAP weighted average fully diluted share count		211,167		180,683		135,712
add: unvested shares issued pursuant to our equity participation plan, Restricted Stock Plan and LTIP on which dividends will be paid.		36,272		35,851		35,851
add: impact on weighted average fully diluted shares outstanding in each period of including 69.8 million shares of Freedom common stock from January 1, 2006 instead of November 2, 2007.		—		25,037		69,800
add: impact of using a post acquisition averaging period (59 days) for post acquisition warrant exercises and repurchases.		—		116		—
Non GAAP weighted average fully diluted share count		247,439		241,687		241,363
FA Sub 2 Limited Exchangeable Shares:
GAAP weighted average fully diluted share count		—		—		58,905
inclusion of Exchangeable shares as dilutive under non GAAP		58,905		58,905		—
Non GAAP weighted average fully diluted share count		58,905		58,905		58,905
Warrants:
GAAP weighted average fully diluted share count		—		—		—
add: inclusion of weighted average warrants as dilutive under non-GAAP(2)(3)		22,139		30,671		33,625
Non GAAP weighted average fully diluted share count outstanding		22,139		30,671		33,625
Non GAAP, Weighted Average Fully Diluted Share Count(2),(3)
Common stock		247,439		241,687		241,363
FA Sub 2 Limited Exchangeable Shares		58,905		58,905		58,905
Warrants		22,139		30,671		33,625
Total		328,483		331,263		333,893
Equity Market Capitalization (USD in Thousands)
Common equity market capitalization(4)		3,636,303		4,129,449		—
Warrant market capitalization		247,907		383,068		—
Total equity capitalization(4)		3,884,210		4,512,517		—

(1)	Represents stock held by GLG subsidiaries to be delivered in respect of future service obligations of Equity Limited Partnership members.
(2)	Reflects weighted average diluted shares outstanding eligible to receive common dividends or the equivalent plus diluted warrants outstanding under the treasury stock method
(3)	Uses the November 2, 2007, the date the Freedom transaction closed, price of $13.70 and share count of 230,467,891 for all prior periods.
(4)	Assumes conversion of FA Sub 2 Limited exchangeable shares

13

GLG Partners, Inc.
Composition of Assets Under Management and Net Flows Supplement
(US$ in millions)

	As of March 31,						YOY			Qtr on Qtr % Change						As of Dec 31,						YOY
	2008			2007			% Change			Q1 2008			Q1 2007			2007			2006			% Change
Alternative strategy		19,267			11,200			72.0	%		2.3	%		7.6	%	$	18,833		$	10,410			80.9	%
Long-only		4,254			3,882			9.6	%		(10.9	%)		1.8	%		4,774			3,815			25.1	%
Internal FoHF		2,233			1,403			59.1	%		(3.7	%)		11.3	%		2,318			1,261			83.9	%
External FoHF		651			575			13.2	%		8.7	%		1.2	%		598			568			5.4	%
Gross Fund-Based AUM		26,404			17,060			54.8	%		(0.4	%)		6.3	%		26,523			16,053			65.2	%
Managed accounts		2,385			1,398			70.6	%		1.2	%		13.4	%		2,357			1,233			91.2	%
Cash		347			197			76.1	%		68.4	%		(36.5	%)		206			310			(33.5	%)
Total Gross AUM		29,136			18,655			56.2	%		0.2	%		6.0	%		29,086			17,596			65.3	%
Less: internal FoHF investments in GLG funds		(2,217	)		(1,372	)		61.6	%		(4.9	%)		8.2	%		(2,331	)		(1,268	)		83.9	%
Less: external FoHF investments in GLG funds		(51	)		(53	)		(3.7	%)		(3.6	%)		8.9	%		(53	)		(49	)		8.9	%
Less: alternatives fund-in-fund investments		(2,221	)		(1,145	)		94.1	%		6.2	%		1.8	%		(2,090	)		(1,125	)		85.8	%
Net AUM		24,646			16,085			53.2	%		0.1	%		6.1	%	$	24,612		$	15,154			62.4	%

	Three Months Ended March 31,						Trailing 12 Months Ended March 31,						Three Months Ended Dec 31,
	2008			2007			2008			2007			2007			2006
Opening Net AUM	$	24,612		$	15,154		$	16,085		$	11,811		$	20,466		$	13,718
Inflows (net of redemptions)		767			9			6,836			2,152			2,927			102
Performance ((losses)/gains net of losses /gains and fees)		(1,549	)		845			(11	)		1,485			986			1,033
Currency translation impact (non US$ AUM expressed in US$)		816			77			1,736			638			232			301
Closing Net AUM	$	24,646		$	16,085		$	24,646		$	16,085		$	24,612		$	15,154
% of Opening Net AUM
Net Fund-based inflows (net of redemptions)		3.1	%		0.1	%		42.5	%		18.2	%		14.3	%		0.7	%
Net Fund-based net performance ((losses)/gains net of gains/losses)		(6.3	%)		5.6	%		(0.1	%)		12.6	%		4.8	%		7.5	%

Note: Net performance as a percentage of opening net AUM is based on both opening AUM and inflows during the period and can be influenced by heavy inflows.

14

EX-99.2

GLG Partners, Inc. FIRST QUARTER 2008 UPDATE MAY 7, 2008 Exhibit 99.2

FORWARD-LOOKING STATEMENTS This presentation contains statements relating to future results (including certain projections and business trends) of GLG Partners, Inc. ("GLG") that are forward-looking statements. Actual results may differ materially from those projected as a result of certain risks and uncertainties. These risks and uncertainties include, but are not limited to: market conditions for GLG managed investment funds; performance of GLG managed investment funds, the related performance fees and the associated impacts on revenues, net income, cash flows and fund inflows/outflows; the cost of retaining GLG's key investment and other personnel or the loss of such key personnel; risks associated with the expansion of GLG's business in size and geographically; operational risk; litigation and regulatory enforcement risks, including the diversion of management time and attention and the additional costs and demands on GLG's resources; risks related to the use of leverage, the use of derivatives, interest rates and currency fluctuations, as well as other risks and uncertainties, including those set forth in GLG's filings with the Securities and Exchange Commission. These forward-looking statements are made only as of the date hereof, and GLG undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

GLG OVERVIEW GLG is a NYSE-listed, US public company with operations in London, New York and the Cayman Islands. The company accessed the public markets through a reverse acquisition transaction in November 2007. GLG is one of the world's leading alternative asset managers Over $24 billion in net assets under management ("AUM")(1) as of March 31, 2008 Strong and sustained investment performance with approximately 16% net annual returns in alternative strategies since 1997 42% CAGR in net AUM since 2002; 47% since 2005 Deep and talented team of investment professionals GLG is trading on the NYSE under the symbol GLG Equity market capitalization is approximately $2.8 billion(2) ($2.7 billion common equity and $0.1 billion in warrants) The common equity public float is roughly $525 million(2) Management, directors, officers, key personnel and employees beneficially own 65% of GLG's shares Notes: 1. See "Description of Gross and Net Assets Under Management" in Appendix for definition. 2. Based on GLG's share price of $8.82 and warrant price of $2.69 as of May 5, 2008, and shares and warrants outstanding as at May 5, 2008. 1

GLG IS A LEADING ALTERNATIVE ASSET MANAGER GLG is a multi-strategy alternative asset manager based in London with over $24 billion in net AUM as of March 31, 2008(1) One of the largest independent alternative asset managers in the world(2) Focus on equity, emerging markets, convertible and credit strategies in over 40 funds comprising both alternative and long-only strategies Attractive foundation of ultra-high net worth / high net worth clients representing roughly half of GLG's AUM Over 350 people(3), including 126 investment professionals, located in London, New York and the Cayman Islands Founded in 1995 with a long history of strong and sustained investment performance Winner of numerous major industry awards. Recent awards include: GLG Partners LP Winner 2006 and 2007 No. 1 Hedge Fund (Based on All Votes) GLG Partners LP Winner 2006 Best Hedge Fund Notes: 1. See "Description of Gross and Net Assets Under Management" in Appendix for definition. 2. Source: Institutional Investor / Alpha Magazine, May 2007. 3. Includes contractors and temporary personnel. 2 GLG Global Convertible UCITS D GLG Partners LP Winner 2008 Best Fund over 5 Years Bond Convertibles Global GLG Technology Fund Winner 2007 No. 1 Buyside Individual Telecom Equip/ IT Hardware GLG Utilities Fund Winner 2007 No. 1 Buyside Individual Utilities

GLG'S KEY GROWTH STRATEGIES Extend Strong Investment Track Record Dedicated to achieving substantial absolute returns for clients Committed to recruiting, training, retaining and motivating the top investment talent in the world Expand Investment Products and Strategies Focused on continuing to grow the number of funds and strategies (currently over 40 fund products) Continued emphasis on innovation and responsiveness to market opportunities and client demands Averaged five new product launches per year over the last five years Build on Success in Europe and UK to Penetrate Other Major Markets Expand client relationships and distribution capabilities in the US, Middle East and Asia, regions where GLG currently has modest representation but sees significant growth opportunities For example, the US currently represents 57% of global alternative assets(1), but a de minimus portion of GLG's AUM Registered GLG Inc., a wholly owned subsidiary, with the SEC as a US investment advisor in January 2008, permitting GLG to accept U.S. clients. Leverage strategic investors: Istithmar and Sal. Oppenheim Note: 1. Source: Hedge Fund Research, Inc. 3

GLG'S SIGNIFICANT AUM GROWTH HAS BEEN DRIVEN BY... GLG's net AUM(1) have grown at a CAGR of 42% since December 2002 With $24.6 billion in net AUM, GLG is one of the world's largest alternative asset managers Note: 1. See "Description of Gross and Net Assets Under Management" in Appendix for definition. 4 Net AUM CAGR: 42%

.... GLG'S STRONG AND SUSTAINED TRACK RECORD OF INVESTMENT PERFORMANCE Since the first fund launched in 1997, GLG has achieved a 16.3% net-of-fees annualized dollar-weighted return on its alternative strategies through March 2008 Rebased Index Value Note: Dollar-weighted average returns are calculated as the composite performance of all constituent funds, weighted by the sum of month end fund AUM and fund net inflows on the subsequent dealing day. Performance measured by core class in each fund. First GLG fund began trading in January 1997; as a result, indices are rebased to 100 as at January 1, 1997 with monthly datapoints through to March 31, 2008. Annualized returns calculated on basis of monthly pricing data. 5 Alternative (%) Total (%) 1Q 2008 (3.8) (5.1) 2007 19.3 16.6 2006 19.5 17.1 2005 10.4 12.5 2004 8.2 8.8 Ann. Returns Q1 2008 2007 2006 2005 2004 16.3 (3.8) 19.3 19.5 10.4 8.2 14.3 (5.1) 16.6 17.1 12.5 8.8 9.6 (2.0) 12.6 13.9 7.6 9.6 5.1 2.4 4.0 0.8 3.7 4.9 4.7 (9.9) 3.5 13.6 3.0 9.0 4.5 (16.2) 0.1 16.5 22.8 9.4 4.0 (12.4) 2.8 13.5 13.7 9.5

Macro Fund (1) 28% Single Manager Alternative Strategy Funds (22) 66% Notes: Data as at March 31, 2008 based on gross AUM. See "Description of Gross and Net Assets Under Management" in Appendix for definition of "gross AUM". Figures in parentheses indicate number of funds within each strategy. AUM breakdown by investment strategy Sub-breakdown of single manager alternative strategy funds Cash and Individual Securities 1% External FoHFs (6) 2% Managed Accounts 8% Internal FoHFs (3) 8% Long-Only Funds (15) 15% Mixed Asset Long-Short Funds (3) 7% Multi-Strategy Arbitrage Fund (1) 14% Convertible Bond Fund (1) 3% Credit Long-Short Funds (3) 2% Equity Long-Short Funds (13) 46% Single Manager Alternative Strategy Funds (22) 66% 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 GLG Balanced GLG Capital Appreciation GLG Performance GLG Global Convertible GLG Opportunity (restructured into the GLG Global Opportunity Fund in 2002) GLG Market Neutral GLG European Equity GLG Global Convertible UCITS GLG Capital Appreciation (Distributing) GLG Performance (Distributing) GLG European Long-Short GLG Global Aggressive Prescient Alpha GLG European Opportunity GLG North American Opportunity GLG Financials GLG Technology GLG Credit GLG Multi Strategy GLG MMI Enhanced GLG Japanese Long-Short GLG Global Futures GLG North American Equity GLG Alpha Select GLG Emerging Markets GLG Consumer GLG MMI Japanese Opportunity GLG Global Utilities GLG Global Convertible UCITS (Distributing) GLG Event Driven GLG Absolute Return Bond GLG MMI Directional GLG Esprit GLG UK Select Equity GLG MMI Enhanced II GLG Emerging Markets Special Situations GLG Environment GLG Alpha Capture GLG UK Select Equity (Distributing) GLG Loan Fund GLG Emerging Equity Fund GLG Emerging Currency and Fixed Income Fund 2008 GLG Global Mining GLG MMI Select GLG Euro Equity UCITS III GLG Performance UCITS III ....GLG'S DIFFERENTIATED MULTI-STRATEGY APPROACH AND... 6

SUBSTANTIAL NET RETURNS, WITH MODERATE INTER- FUND CORRELATION, SINCE INCEPTION Fund return correlations(2) Fund return correlations(2) Fund return correlations(2) Fund return correlations(2) Fund return correlations(2) Fund return correlations(2) Fund return correlations(2) Fund return correlations(2) Fund return correlations(2) Gross AUM(1) Inception Date Perf. Since Inception Net Ann. Return European Long-Short Emerging Markets Market Neutral North American Opportunity Alpha Select Fund Global Convertible UCITS European Equity S&P 500 Index MSCI World Index Alternative Strategies Alternative Strategies Alternative Strategies Alternative Strategies Alternative Strategies Alternative Strategies Alternative Strategies Alternative Strategies Alternative Strategies Alternative Strategies Alternative Strategies Alternative Strategies Alternative Strategies Alternative Strategies European Long-Short MSCI Europe Index $4.0bn Oct 2000 142% (21%) 12.5% (3.1%) 1.00 0.62 0.57 0.61 0.36 0.25 0.30 0.04 0.14 Emerging Markets (No comparable index) $5.4bn Nov 2005 203% n/a 58.2% n/a 0.62 1.00 0.63 0.34 0.23 0.58 0.51 0.26 0.37 Market Neutral MSCI World Index $2.8bn Jan 1998 465% 36% 18.5% 3.0% 0.57 0.63 1.00 0.54 0.06 0.56 0.32 0.19 0.29 North American Opportunity S&P 500 Index $0.9bn Jan 2002 61% 15% 8.0% 2.3% 0.61 0.34 0.54 1.00 0.13 0.54 0.44 0.35 0.42 Alpha Select Fund FTSE 100 Index $1.2bn Sep 2004 50% 28% 12.0% 7.1% 0.36 0.23 0.06 0.13 1.00 0.03 0.03 (0.31) (0.19) Long-only Strategies Long-only Strategies Long-only Strategies Long-only Strategies Long-only Strategies Long-only Strategies Long-only Strategies Long-only Strategies Long-only Strategies Long-only Strategies Long-only Strategies Long-only Strategies Long-only Strategies Long-only Strategies Global Convertible UCITS ML Global 300 Convertible Index MSCI World Index $0.9bn Mar 1999 97% 52% 5.8% 7.8% 4.8% 0.6% 0.25 0.58 0.56 0.54 0.03 1.00 0.77 0.65 0.73 European Equity MSCI Europe Index $1.5bn Feb 1999 134% 5.8% 9.8% 0.6% 0.30 0.51 0.32 0.44 0.03 0.77 1.00 0.76 0.86 Notes: Data as at March 31, 2008. Funds listed represent seven of GLG's largest funds excluding fund of funds and managed accounts. AUM figures include distributing variants of funds, where applicable. Returns data are for core class in non-distributing fund and are calculated on basis of daily pricing data, where applicable. 1. See "Description of Gross and Net Assets Under Management" in Appendix for definition. 2. Correlations calculated based on monthly returns from fund inception date to March 31, 2008. 3. 65% MSCI World Index, 35% JP Morgan Government Bond Index. 7

PERFORMANCE TRENDS OF GLG'S 10 LARGEST FUNDS 8 Gross AUM Inception Date Performance since Inception 2007 Performance 1Q 08 Performance Alternative Strategies Alternative Strategies Alternative Strategies Alternative Strategies Alternative Strategies Alternative Strategies Emerging Markets (No comparable index) $5.4bn Nov 2005 202.8% n/a 50.5% n/a (5.3%) n/a European Long-Short MSCI Europe Index $4.0bn Oct 2000 141.7% (21%) 15.7% 0.1% (4.1%) (16%) Market Neutral MSCI World Index $2.8bn Jan 1998 465.3% 36% 13.7% 2.8% (8.7%) (12%) Alpha Select FTSE 100 Index $1.2bn Sep 2004 50.0% 28% 14.3% 3.8% 9.0% (12%) Emerging Markets Special Situations (No comparable index) $1.0bn Apr 2007 43.0% n/a 36.2% n/a 5.0% n/a North American Opportunity S&P 500 Index $0.9bn Jan 2002 61.3% 15% 2.0% 3.5% (1.7%) (10%) Global Convertible ML Global 300 Convertible Index MSCI World Index $0.5bn Aug 1997 164.7% 70% 30% 6.1% 6.5% 2.8% (6.1%) (6.4%) (12%) Long-only Strategies Long-only Strategies Long-only Strategies Long-only Strategies Long-only Strategies Long-only Strategies European Equity MSCI Europe Index $1.5bn Feb 1999 134.0% 6.0% 11.6% 0.1% (12.3%) (16%) Global Convertible UCITS ML Global 300 Convertible Index MSCI World Index $0.9bn Mar 1999 97.0% 53% 5.8% 6.9% 6.5% 2.8% (6.2%) (6.4%) (12%) Performance MSCI World Index $0.6bn Jan 1997 235.1% 58% 19.7% 2.8% (13.3%) (12%)

FINANCIAL SUMMARY 9 ($ MM) 1Q 2008 4Q 2007 1Q 2007 YoY ^ Trailing 12 months to Mar. 31, 2008 TTM YoY ^ Opening Net AUM 24,612 20,466 15,154 16,085 Inflows (net of redemptions) 767 2,927 9 6,836 Performance (gains/(losses) net of losses/gains and fees) (1,549) 986 845 (11) Currency translation impact (non US$ AUM expressed in US$) 816 232 77 1,736 Closing Net AUM 24,646 24,612 16,085 53.2% 24,646 53.2% Average net AUM(1) 24,629 22,539 15,620 57.7% 20,879 48.6% Management fees 98.8 88.3 57.3 72.2% 328.6 59.3% Performance fees 4.7 334.8 2.5 87.8% 680.9 72.8% Administration fees 22.2 21.2 12.6 75.9% 73.8 84.4% Other 5.6 2.2 0.5 1032.7% 15.2 350.0% Total net revenues and other income 131.3 446.5 73.0 80.0% 1,098.5 70.6% Compensation, benefits and profit share (313.0) (893.2) (31.5) 893.7% (1,492.8) 297.8% General, administrative and other (30.3) (29.3) (25.8) 17.6% (113.5) 37.2% Net interest (expense) income (4.0) (2.3) 1.5 (374.1%) (3.2) (170.5%) Income tax (expense) (6.2) (31.0) (3.3) 90.5% (66.9) 116.1% GAAP net income (loss) before minority interests (222.2) (509.3) 13.9 (1691.5%) (577.8) (462.8%) Add: Acquisition-related compensation expense(2) 260.1 639.1 899.2 Deduct: Cumulative dividends (4.1) (2.7) (6.9) Non-GAAP adjusted net income(2) 33.8 127.1 13.9 142.2% 314.5 97.6% Non GAAP weighted average fully diluted shares Non GAAP adjusted net income divided by non GAAP weighted average fully diluted shares 328,483 0.10 331,263 0.38 333,737 0.04 150.0% 330,787 0.95 99.3% Notes: 1. Calculated as a 2 point average for the quarter and 5 point average for the year. 2. See the appendix for a description of this non-GAAP financial measure.

KEY PERFORMANCE RATIOS 10 1Q 2008 4Q 2007 1Q 2007 Trailing 12-months to Mar 31, 2008 Management fees and Administration fees / Avg. net AUM(1) 2.0% 1.9% 1.8% 1.9% Total net revenues and other income / Avg. net AUM(2) 2.1% 7.9% 1.9% 5.3% Compensation, benefits and profit share less Acquisition-related compensation expense(3) / Total net revenues and other income 40.3% 56.9% 43.1% 54.0% General, administrative and other expenses / Total net revenues and other income 23.1% 6.6% 35.3% 10.3% Non GAAP adjusted net income(3) / Total net revenues and other income 25.7% 28.5% 19.1% 28.6% "Effective" tax rate (income taxes plus cumulative dividends / sum of adjusted net income, income taxes and cumulative dividends) 23.4% 21.0% 18.9% 19.0% Note: 1. Ratios annualized for quarterly periods. Average net AUM for a given period is calculated as a 2 point average for the quarters and 5 point average for the years. 2. Since performance fees are only recognized when they crystallize, typically on June 30th and December 31st, total net revenues and other income captures first half performance fees in 2Q and second half performance fees in 4Q. 3. See the appendix for a description of this non-GAAP financial measure.

COMPOSITION OF ASSETS UNDER MANAGEMENT 11 Note: Inflows over a period can distort performance figures when expressed as a percentage of opening net AUM.

GLG IS A WORLD-CLASS FRANCHISE Leading Alternative Investment Manager GLG Team and Culture Multi-Strategy Approach Including Long-Only Products Strong and Sustained Investment Performance World-Class Client Base Rigorous Risk Management and Controls Management Depth, Experience and Commitment 12

APPENDIX

HISTORY OF GLG GLG was founded by Noam Gottesman, Pierre Lagrange and Jonathan Green in 1995 as a division of Lehman Brothers Founders had worked together at Goldman Sachs Private Client Services since late 1980s GLG began to offer fund products in early 1997 Became an independent business in 2000, with Lehman Brothers initially holding a 20% minority interest (currently 11%) Since 2000, GLG has made considerable investments developing a cohesive investment management team and robust platform Headcount growth from 55 in 2000 to over 350 today GLG accessed the public markets through a reverse acquisition transaction with Freedom in November 2007 13

TWO IMPORTANT STRATEGIC INVESTORS: ISTITHMAR AND SAL. OPPENHEIM Istithmar and Sal. Oppenheim each own approximately 2% equity stakes purchased from a former GLG principal in August 2007. Both are investors in GLG managed funds Istithmar Government of Dubai-owned private equity and alternative investment firm Headquartered in Dubai, UAE with offices in New York and Shanghai Intend to focus relationship on broadening GLG's Middle Eastern distribution, product development and investment opportunities Sal. Oppenheim Europe's largest independent private bank Headquartered in Cologne, Germany and family owned since its foundation in 1789 Focus on asset management and investment banking Intend to focus relationship on product development tailored for the German market 14

EMERGING MARKETS TRANSITION Interests of fund investors have and will remain paramount Greg Coffey, a senior portfolio manager, resigned from GLG. He will remain with GLG until October 2008 and continue to manage the Emerging Markets funds he previously managed until his departure GLG Emerging Markets Special Situations Fund carries a three-year lock-up and has approximately $1.0 billion in gross AUM as of March 31, 2008 Cross investments from other GLG Funds and discretionary high net worth monies represent $0.9 billion out of the $6.0 billion in gross AUM in the Emerging Markets, Emerging Currency and Fixed Income, and Emerging Equity funds as of March 31, 2008 Succession process has been initiated and Greg Coffey will assist Greg Coffey's unvested shares and cash have been forfeited. Q2 GAAP net income will reflect reversal of prior accruals for compensation expense related to those awards. 15

TAXES GLG will not be impacted by proposed US tax legislation regarding the taxation of publicly- held private equity firms and hedge funds structured as partnerships. As a US corporation, GLG pays and will pay US corporate taxes GLG will not be impacted by possible US tax legislation regarding the tax rates imposed on "carried interest" earnings. GLG earns fee income and does not receive a "carried interest" GLG expects its "effective" tax rate (taxes plus certain cumulative dividends(1) divided sum of non GAAP adjusted net income plus taxes and certain cumulative dividends) to be in the range of 17% to 23% over the next three years, but the "effective" tax rate will depend on a number of factors: Jurisdictions in which GLG does business and the income taxes in those jurisdictions Relative growth rates in earnings in the jurisdictions in which GLG does business GLG's low expected "effective" tax rate going forward is largely the result of the asset basis step-up and associated 15-year goodwill amortization deduction for US tax purposes as a result of the reverse acquisition transaction (approximately $216 million per year) 16 Note: 1. Cumulative dividends are distributions payable to the holders of exchangeable shares of FA Sub 2 Limited, a subsidiary of GLG Partners, Inc, in respect of our estimate of the net taxable income of FA Sub 2 Limited allocable to such holders multiplied by an assumed tax rate.

SUMMARY OF GLG WARRANTS (NYSE: GLG/WS) Public Offering Warrants Founders' Warrants Sponsors' Warrants Co-Investment Warrants Outstanding(1) 32,984,674 12,000,003 4,500,000 5,000,000 Exercise Price $7.50 $7.50 $7.50 $7.50 Exercise Period(2) December 21, 2007 until December 28, 2011 Closing price > $14.25 for 20 trading days within a 30 trading day period beginning 90 days after a Business Combination Same as Public Offering Warrants Same as Public Offering Warrants Redemption Conditions All outstanding warrants are redeemed Closing price >$14.25 on each of 20 trading days within any 30 trading day period ending on the third business day prior to the date the redemption notice is given N/A as long as held by founders or their permitted transferees N/A as long as held by founders or their permitted transferees Same as Public Offering Warrants Redemption Notice No less than 30 days prior to redemption N/A N/A Same as Public Offering Warrants Redemption Price $0.01 per warrant N/A N/A Same as Public Offering Warrants "Cashless Exercise" Only applicable to warrants exercised in a redemption period If Public Offering Warrants become exercisable and are called for redemption, founders and sponsors will agree to amend to provide for cashless exercise Same as Founders' Warrants Same as Public Offering Warrants 17 Notes: 1. As of May 5, 2008. 2. All warrants will expire on December 28, 2011.

WARRANT / SHARE REPURCHASE PROGRAM GLG has repurchased approximately 14.3 million warrants(1) at a total cost of roughly $82.9 million, or an average cost of $5.80 per warrant. Repurchases represented roughly 19% of the warrants outstanding as of the closing of the reverse acquisition transaction. 5.5 million warrants have been exercised at $7.50 per share for an aggregate of $41.4 million Giving effect to repurchases and warrant exercises, approximately one-quarter of the warrants outstanding as of the closing of the reverse acquisition transaction closing date have been retired or converted into common stock. GLG has repurchased 0.3 million shares of GLG common stock for an aggregate cost of $3.5 million. There is presently $117.1 million remaining under our stock and warrant repurchase authorization. 18 November 2, 2007 May 5, 2008 Non-GAAP fully diluted shares outstanding(2): Assuming the March 31, 2008 price of $11.87 332.1 million 326.4 million Assuming the May 5, 2008 price of $8.82 315.9 million 314.5 million Note: 1. All repurchase and warrant exercise information is as of May 5, 2008. 2. See the appendix for a description of this non-GAAP financial measure and a reconciliation to GAAP fully diluted shares. Uses warrants and shares outstanding as of dates referenced.

NON GAAP WEIGHTED AVERAGE FULLY DILUTED SHARES AT DIFFERENT SHARE PRICES Notes: 1. See the appendix for a description of this non-GAAP financial measure and a reconciliation to GAAP fully diluted shares. Uses shares and warrants outstanding as of May 5, 2008. 2. At the May 5, 2008 GLG share price of $8.82, non GAAP weighted average fully diluted shares were 314.5 million. Share price Non GAAP fully diluted shares (1) $7.00 302.5 million $7.50 306.3 million $8.00 309.7 million $8.50 312.8 million $9.00 315.4 million $9.50 317.8 million $10.00 320.0 million $10.50 321.9 million $11.00 323.7 million $12.00 326.8 million $13.00 329.4 million $14.00 331.6 million $15.00 333.6 million 19

MARKET CAPITALIZATION 1Q 2008 4Q 2007 1Q 2007 Outstanding (MM) Issued and outstanding common stock 247.4 244.7 171.6 FA Sub 2 Limited Exchangeable Shares 58.9 58.9 58.9 Total 306.3 303.6 230.5 Warrants 54.5 63.6 - Equity Market Capitalization(1) ($MM) Common equity market capitalization(2) 3,636 4,129 - Warrant market capitalization 248 383 - Total equity capitalization 3,884 4,512 - Notes: 1. Based on quarter-ending prices. 2. Assumes conversion of FA Sub 2 Limited Exchangeable Shares. 20

DESCRIPTION OF NON-GAAP WEIGHTED AVERAGE FULLY DILUTED SHARE COUNT 21 Non GAAP weighted average fully diluted shares: GLG's management assesses business performance per share based on the measure "non GAAP weighted average fully diluted shares outstanding," which adjusts average fully diluted shares outstanding under GAAP for (1) the unvested shares issued pursuant to our equity participation plan, which are recorded under GAAP as treasury shares, but upon which we will pay dividends; (2) unvested shares awarded under our 2007 Restricted Stock Plan and our 2007 Long-Term Incentive Plan upon which we will pay dividends; (3) the impact on the weighted average fully diluted shares outstanding of including all of the 69 million outstanding shares of Freedom common stock immediately prior to the closing of the acquisition by Freedom from January 1, 2006 rather than from November 2, 2007; and (4) the impact of including all 74 million Freedom warrants outstanding immediately prior to the closing of the acquisition by Freedom of GLG Partners LP and associated entities as outstanding from January 1, 2006, rather than from November 2, 2007, in determining the weighted average number of warrants outstanding in each period, and applying the treasury stock method to determine the number of fully diluted shares outstanding under such warrants applying the stock price on November 2, 2007 for all dates prior to November 2, 2007. Non GAAP weighted average fully diluted shares is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP fully-diluted shares outstanding or in calculating GAAP earnings per share. Non GAAP weighted average fully diluted shares is a non GAAP financial measure that we use internally to measure the number of shares on which we expect to pay dividends plus the warrants outstanding under the treasury stock method.

RECONCILIATION OF NON-GAAP WEIGHTED AVERAGE FULLY DILUTED SHARES 22 Notes: 1. Reflects weighted average diluted shares outstanding eligible to receive common dividends or the equivalent plus diluted warrants outstanding under the treasury stock method. 2. Uses the November 2, 2007, the date the reverse acquisition transaction closed, price of $13.70 and share count of 230,467,891 for all prior periods.

LIMITED PARTNER PROFIT SHARE ARRANGEMENT Mid-2006, GLG entered into partnerships with a number of its key personnel These individuals: Ceased being employees and became holders of direct or indirect limited partnership interests in GLG entities and provide services to GLG directly or through two limited liability partnerships Are entitled to: Priority drawings paid as a partnership draw: a fixed base limited partner profit share and a variable limited partner profit share which is contractually linked to management fees and performance fees attributable to the individuals concerned. Discretionary limited partner profit share which is determined by management in its sole discretion 23

ACQUISITION-RELATED COMPENSATION EXPENSE Following the reverse acquisition transaction, and as required by SFAS 123(R), GLG's GAAP compensation, benefits and profit share expense reflects share-based and other compensation recognized in respect of: the equity participation plan (including with respect to the cash portion of the awards under the plan in the aggregate amounts of $104 million, $32 million and $13 million for the three 12-month periods beginning with the consummation of the Acquisition). Related expenses will end in 2010(1). 10,000,000 shares allocated for the benefit of employees, service providers and certain key personnel under the Restricted Stock Plan. Related expenses will end in 2011(2). the agreement among the Principals and Trustees. Related expenses will end in 2012(3). Additionally, GLG subtracts any compensation expense related to dividends paid on unvested shares. Compensation expense is only booked in accordance with SFA 123(R) on dividends on unvested shares that are ultimately not expected to vest. 24 Notes: 1. Vesting period lasting three years. 2. Vesting period lasting four years. 3. Vesting period lasting five years.

COMPENSATION, BENEFITS AND PROFIT SHARE Under GAAP, there is a charge to compensation expense for Acquisition-related compensation expense based on certain service conditions. However, GLG's management believes that this charge does not reflect its ongoing core business operations and compensation expense. Instead GLG's management assesses its personnel related expenses based on the measure non GAAP compensation, benefits and profit share, or non GAAP "CBP" (formally referred to as non GAAP comprehensive limited partner profit share, compensation and benefits, or non GAAP PSCB). Non GAAP CBP reflects GAAP compensation, benefits and partner profit share adjusted to exclude Acquisition-related compensation expense in connection with the acquisition by Freedom Acquisition Holdings, Inc. ("Freedom") of GLG Partners LP and associated entities. Non GAAP CBP is not a measure of financial performance under GAAP and should not be considered as an alternative to employee compensation and benefits. 25

ADJUSTED NET INCOME Non GAAP Adjusted Net Income: GLG's management assesses the underlying performance of its business based on the measure "adjusted net income," which adjusts net income before minority interest for (1) the Acquisition-related compensation expense and (2) the cumulative dividends payable to the holders of exchangeable shares of its FA Sub 2 Limited subsidiary in respect of its estimate of the net taxable income of FA Sub 2 Limited allocable to such holders multiplied by an assumed tax rate. Adjusted net income is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP net income as an indicator of GLG's operating performance or any other measures of performance derived in accordance with GAAP. 26

DESCRIPTION OF GROSS AND NET ASSETS UNDER MANAGEMENT GLG's funds make use of fund-in-fund reinvestment in the following ways: GLG's internal fund of hedge fund ("FoHF") products invest substantially all of their assets in GLG's single-manager alternative or long-only fund products; GLG's external FoHF products may invest a small proportion of their assets in GLG's single-manager alternative or long-only funds; and GLG's single-manager alternative fund products may invest some proportion of their assets in other GLG single-manager alternative fund products Gross AUM presentation includes assets invested from other GLG Funds Net AUM presentation is net of assets invested from other GLG Funds 27