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): November 10, 2008

GLG Partners, Inc.

(Exact name of registrant as specified in its charter)

Delaware	001-33217	20-5009693
(State or other jurisdiction	(Commission	(I.R.S. Employer
of incorporation)	File Number)	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 November 10, 2008, GLG Partners (the “Company”) released its earnings for the third fiscal quarter of 2008 and is furnishing a copy of the earnings release to the Securities and Exchange Commission as Exhibit 99.1 to this Current Report on Form 8-K. In addition, the Company will discuss its financial results during a webcast and teleconference call on Monday, November 10, 2008 at 8:30 a.m. (ET). The webcast and teleconference call may be accessed through the Company’s website at www.glgpartners.com.

     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. The information contained in Exhibits 99.1 and 99.2 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

     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.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

      99.1      Press Release of the Company dated November 10, 2008.

      99.2     Investor Presentation dated November 10, 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: November 10, 2008

EXHIBIT INDEX

Exhibit
Number	Description
99.1	Press Release of the Company dated November 10, 2008.
99.2	Investor Presentation dated November 10, 2008.

EX-99.1

Exhibit 99.1

GLG PARTNERS REPORTS Q3 2008 EARNINGS

• Net AUM of $17.3 billion as of September 30, 2008, down 16% from September 30, 2007

• Net revenues of $102.1 million for Q3 2008 vs. $102.6 million for Q3 2007

• Non GAAP adjusted net income for Q3 2008 of $21.8 million vs. $29.0 million for Q3 2007 ($0.07 vs. $0.09 per non GAAP weighted average fully diluted share) on a GAAP net (loss)/income attributable to common stockholders of ($167.1) million for Q3 2008 vs. $29.0 million for Q3 2007

• Initial $1.6 billion mandate with Banca Fideuram was funded in October 2008

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

New York, November 10, 2008 — GLG Partners, Inc. (NYSE: GLG), a leading alternative asset manager, today reported a GAAP net loss attributable to common stockholders of $167.1 million for the quarter ended September 30, 2008 and $487.0 million for the first nine months of fiscal 2008. GAAP diluted EPS was ($0.79) for the quarter ended September 30, 2008 and ($2.30) for the first nine months of fiscal 2008. As previously disclosed, under GAAP accounting GLG expects to recognize significant and largely non-cash compensation related expenses associated with GLG’s reverse acquisition transaction with Freedom Acquisition Holdings in November 2007. Accordingly, the third quarter 2008 GAAP net loss resulted primarily from the recognition of $188.0 million of these compensation related expenses. There will be Acquisition-related GAAP compensation expenses quarterly, ending in the fourth quarter of 2013. For further discussion of these largely non cash Acquisition-related charges see below under “Non GAAP Financial Measures”.

Non GAAP adjusted net income was $21.8 million, down 24.8% year-over-year, for the quarter ended September 30, 2008 and $99.9 million, down 40.4% year-over-year, for the first nine months of fiscal 2008. The ratio of non GAAP adjusted net income to non GAAP weighted average fully diluted shares was $0.07 for the quarter ended September 30, 2008, down 22.2% year-over-year, and $0.31 for the first nine months of fiscal 2008, down 38.0% year-over-year. Non GAAP adjusted net income and non GAAP weighted average fully diluted shares are financial measures not prepared under GAAP. A reconciliation of GAAP net income to non GAAP adjusted net income and average fully

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diluted shares under GAAP to non GAAP weighted average fully diluted shares is presented below under “Non GAAP Financial Measures”.

“The global financial markets’ performance during recent months represents truly historical tail events. We have seen record volatility levels, massive deleveraging, the failure of prominent financial institutions and substantial government intervention,” explained Noam Gottesman, Chairman and Co-CEO of GLG. “Our systems and control process have worked well in this environment. We have been de-levering our portfolios, reducing our risk exposures and building liquidity throughout this period. We are planning for the global markets to remain volatile and we believe we are well positioned to take advantage of the global investment and strategic opportunities that this environment is likely to present.”

GLG’s net assets under management (AUM) as of September 30, 2008 were $17.3 billion (net of assets invested from other GLG managed funds), down 15.6% from September 30, 2007 and down 27.0% from net AUM as of June 30, 2008. The decline in net AUM over the course of the three months ending September 30, 2008 was roughly half performance driven with the remaining portion, $3.3 billion, due to $1.3 billion of redemptions from the Emerging Market Funds, $0.9 billion of redemptions in other GLG Funds and $1.1 billion from the impact of the dollar strengthening (see Table 1 for a net AUM roll forward). GLG’s gross AUM (including assets invested from other GLG managed funds) were $21.2 billion at September 30, 2008, down 24.2% from June 30, 2008 and down 10.3% from September 30, 2007. Please note that an approximately $1.6 billion initial investment mandate awarded to GLG from the Asset Management Division of Banca Fideuram (Intesa Sanpaolo Group) was funded in October. The difference between the $1.6 billion and the $3.0 billion we had originally announced last May is entirely attributable to the effect of market depreciation and the strengthening of the dollar on the predecessor long only portfolios that were the source of the capital underlying the mandate.

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

	As of September 30,
	2008			2007
Gross Fund-Based AUM	$	19,048		$	21,524
Managed Accounts AUM		1,843			1,905
Cash and Other Securities		261			164
Gross AUM		21,152			23,593
YoY % Change		(10.3	%)		48.1	%
Net AUM		17,280			20,466
YoY % Change		(15.6	%)		49.2	%

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2008			2007			2008			2007
Opening Net AUM	$	23,668		$	18,585		$	24,612		$	15,154
Inflows (net of redemptions)*		(2,182	)		1,633			(2,044	)		3,151
Performance (gains net of losses and fees)		(3,139	)		(297	)		(4,956	)		1,397
Currency translation impact (non-US$ AUM expressed in US$)		(1,068	)		545			(332	)		764
Closing Net AUM	$	17,280		$	20,466		$	17,280		$	20,466

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2008			2007			2008			2007
% of Opening Net AUM
Net Fund-based inflows (net of redemptions)*		(9.2	%)		8.8	%		(8.3	%)		20.8	%
Net Fund-based performance (gains net of losses and fees)		(13.3	%)		(1.6	%)		(20.1	%)		9.2	%
Net Fund-based currency translation impact (non-US$ expressed in US$)		(4.5	%)		2.9	%		(1.3	%)		5.0	%

*	Inflows (net of redemptions) for the three months and nine months ended September 30, 2008 are inclusive of $1.3 billion and $1.6 billion, respectively, in redemptions associated with our Emerging Market Funds.
Note:	Performance as a percentage of opening net AUM is based on both opening AUM and inflows and outflows during the period and can be influenced by heavy inflows or outflows.

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Financial and Operational Summary

For the quarter ended September 30, 2008, net revenues and other income were roughly flat at $102.1 million compared to $102.6 million for the same quarter in 2007, reflecting slightly higher average net AUM levels offset by the impact of the U.S. dollar strengthening on fees and cash balances. Net revenues and other income for the first nine months of 2008 decreased by 28.9%, year-over-year, to $422.3 million, largely on lower levels of performance fees.

Performance fees were modest at $6.8 million in the quarter ended September 30, 2008, reflecting crystallization on certain managed accounts. It is our practice to recognize performance fees when they crystallize, generally on June 30 and December 31 of each year. Accordingly, the fourth quarter’s performance fees will largely reflect crystallized performance for the second half of the year. For the first nine months of 2008, performance fees declined 73.9% year over year to $89.8 million.

Management and administration fees totalled $98.1 million, or 1.9% of average net AUM, for the quarter ended September 30, 2008, an increase of 3.4% and decrease of 3 bps, respectively, compared to the quarter ended September 30, 2007. For the first nine months of 2008, management and administration fees totalled $330.1 million, or 2.0% of average net AUM, increases of 36.5% and 12 bps, respectively, compared to the first nine months of 2007. Other income, which primarily reflects the currency translation impact on cash held on our balance sheet, decreased by $9.7 million from the year ago third quarter resulting in a loss of $2.8 million for the three months ended September 30, 2008. For the first nine months of 2008, other income was a positive $2.4 million, down $5.5 million from the same period last year.

The total level of non GAAP compensation, benefits and profit share (“CBP”) when expressed as a percentage of revenues dropped 623 bps to 38.6% in the quarter ended September 30, 2008 from the same period last year. In dollar terms, CBP decreased in the quarter ended September 30, 2008 by 14.3% from the year ago period to $39.4 million. For the first nine months of 2008, CBP was $188.6 million, down 40.7% year over year. Relative to revenues, CBP dropped 891 bps to 44.7% for the first nine months of 2008 versus the same period last year. 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”. GAAP compensation, benefits and profit share for the quarter ended September 30, 2008 increased to $227.4 million compared to $46.0 million in the same quarter last year. For the first nine months of 2008, GAAP compensation, benefits and profit share increased to $777.1 million relative to $318.0 million in the same period a year ago. The increase largely reflected the impact of recognizing Acquisition-related compensation expenses during the period for which there was no corresponding charge in the prior period, offset by lower discretionary bonus accruals and limited partner profit share due to performance declines. Please note that compensation, benefits and profit share is mostly discretionary and is finalized based primarily on full year performance as at December 31.

General, administrative, and other expenses for the quarter ended September 30, 2008

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increased 17.0% from the year ago period to $30.3 million, and increased 14% year over year for the first nine months of 2008 to $90.8 million. The increase reflects additional public company costs as well as growth in the scale of our operations. Net interest expense was $4.0 million and $12.1 million during the three and nine months ended September 30, 2008, respectively. Net interest expense largely reflects the cost of borrowings under our term loan and revolving credit facilities.

“While this has been a challenging quarter for our business, we continue to plan for the medium to long term and build the strength of our franchise,” said Emmanuel Roman, Co-CEO and Managing Director of GLG. “Our focus during the quarter has been threefold - an absolute focus on managing the portfolios to the best of our ability in these unprecedented market conditions; continued focus on driving through cost efficiencies and delivering improvements in client service; and investing in our team of talented professionals.”

Capital and Dividends

As of September 30, 2008, there were 245.8 million common shares, 58.9 million FA Sub 2 Limited Exchangeable Shares, and 54.5 million warrants outstanding. No warrants were repurchased or exercised during the third quarter of 2008. During the first nine months of 2008, GLG repurchased 7.0 million warrants for $37.4 million and 0.3 million shares for $4.0 million and 2.1 million warrants were exercised at $7.50 per share for aggregate proceeds of $16.1 million. Since November 2, 2007 (through November 6, 2008), GLG has repurchased 14.3 million warrants for $82.9 million and 0.3 million shares for $4.0 million and 5.5 million warrants have been exercised at $7.50 per share generating aggregate proceeds of $41.4 million.

Approximately $117.0 million remains available under the Company’s stock and warrant repurchase program through February 4, 2009.

GLG paid a regular quarterly dividend of $0.025 per share on October 21, 2008 to holders of record as of October 10, 2008.

Investor/Analyst Conference Call and Webcast

GLG will hold a conference call for investors and analysts on Monday, November 10, 2008 at 8:30 a.m. EST / 1:30 p.m. GMT hosted by Chairman of the Board and Co-Chief Executive Officer, Noam Gottesman, and Chief Financial Officer, Jeffrey Rojek. To participate by telephone, the domestic dial-in number is +1 888 713 4199 and the international dial-in number is +1 617 213 4861. The access code is 28455171. For the replay, which will be available until December 10, 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 44907158. 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:

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https://www.theconferencingservice.com/prereg/key.process?key=PCTP367GD

(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 December 10, 2008.

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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 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 September 30, 2008, GLG managed net AUM of over $17 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: the volatility in the financial markets; 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, including counterparty 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
	Director of Public Markets
	+1 212 224 7223
	michael.hodes@glgpartners.com

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Media:
Finsbury:	Rupert Younger / Talia Druker
	+44 (0)20 7251 3801
	glg@finsbury.com
	Andy Merrill / Stephanie Linehan
	+ 1 212 303 7600
	glg@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.

Non GAAP compensation, benefits and profit share: 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.

Non GAAP Adjusted Net Income: GLG’s management assesses the underlying performance of its business based on the measure “adjusted net income,” which adjusts GAAP net (loss)/income before minority interest for (1) the Acquisition-related compensation expense, (2) to the extent that GLG records a tax benefit related to Acquisition-related compensation that is tax deductible for GAAP purposes, the impact of that tax benefit in calculating non GAAP adjusted net income, and (3) 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.

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

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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 GLG uses internally to measure the number of shares on which it expects 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.
Consolidated Balance Sheets
(US$ in thousands; US GAAP)

	As of September 30,			As of December 31,
	2008			2007
Assets
Current Assets
Cash and cash equivalents	$	387,687		$	429,422
Restricted cash		24,363			24,066
Fees receivable		41,429			389,777
Prepaid expenses and other assets		41,005			35,685
Total Current Assets		494,484			878,950
Non-Current Assets
Investments (at fair value)		82,558			96,108
Goodwill		587			—
Property, plant and equipment, net		14,151			9,079
Total Non-Current Assets		97,296			105,187
Total Assets		591,780			984,137
Liabilities and Stockholders’ Equity
Current Liabilities
Rebates and sub-administration fees payable	$	25,408		$	25,543
Accrued compensation, benefits and profit share		185,244			467,887
Income taxes payable		20,829			37,464
Distribution payable		60,017			78,093
Accounts payable and other accruals		43,778			33,288
Other liabilities		30,580			16,092
Total Current Liabilities		365,856			658,367
Minority Interests		—			1,911
Loans Payable		570,000			570,000
Total Non-Current Liabilities		570,000			571,911
Total Liabilities		935,856			1,230,278
Commitments and Contingencies		—			—
Stockholders’ equity
Common Stock, $.0001 par value; 1 ,000,000,000 authorized, 245,794,397 issued and outstanding (2007: 244,730,988 issued and outstanding)	$	25		$	24
Additional Paid in Capital		1,111,159			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 (2007: 58,904,993 issued and outstanding)		6			6
Accumulated deficit		(1,098,967	)		(477,497	)
Accumulated other comprehensive income		(8,559	)		3,477
Total stockholders’ equity		(344,076	)		(246,141	)
Total liabilities and stockholders’ equity		591,780			984,137

¹ Represents stock held by GLG subsidiaries to be delivered in respect of future service obligations of equity participation plan participants and included in common stock issued and outstanding.

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

	Three months Ended
	September 30,
	2008			2007			% Change
Net revenues and other income
Management fees, net	$	80,307		$	78,558			2.2	%
Performance fees, net		6,833			803			750.9	%
Administration fees, net		17,751			16,306			8.9	%
Other		(2,796	)		6,905			(140.5	%)
Total net revenues and other income		102,095			102,572			(0.5	%)
Expenses
Employee compensation and benefits		(206,433	)		(28,959	)		612.8	%
Limited partner profit share		(20,954	)		(17,000	)		23.3	%
Compensation, benefits and profit share		(227,387	)		(45,959	)
General, administrative and other		(30,283	)		(25,891	)		17.0	%
Total expenses		(257,670	)		(71,850	)		258.6	%
(Loss)/income from operations		(155,575	)		30,722			(606.4	%)
Interest income, net		(3,985	)		3,048			(230.7	%)
(Loss)/income before income taxes		(159,560	)		33,770			(572.5	%)
Income taxes		(3,160	)		(4,735	)		(33.3	%)
GAAP net (loss)/income	$	(162,720	)	$	29,035			(660.4	%)
Minority interests
Exchangeable shares dividends		(1,472	)		—
Cumulative dividends		(2,896	)		—
Share of income		—			(73	)
GAAP net (loss)/income attributable to common stockholders	$	(167,088	)		28,962			(676.9	%)
Weighted average shares outstanding, basic		211,417			135,712
Net (loss)/income per common share, basic	$	(0.79	)	$	0.21			(476.2	%)
Net (loss)/income attributable to common stockholders, diluted	$	(167,088	)	$	28,962
Weighted average shares outstanding, diluted		211,417			194,617
Net (loss)/income per share, diluted	$	(0.79	)	$	0.15			(626.7	%)

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

	Nine Months ended
	September 30,
	2008			2007			% Change
Net revenues and other income
Management fees, net	$	269,663		$	198,892			35.6	%
Performance fees, net		89,762			343,835			(73.9	%)
Administration fees, net		60,448			42,986			40.6	%
Other		2,412			7,875			(69.4	%)
Total net revenues and other income		422,285			593,588			(28.9	%)
Expenses
Employee compensation and benefits		(674,945	)		(110,526	)		510.7	%
Limited partner profit share		(102,185	)		(207,500	)		(50.8	%)
Compensation, benefits and profit share		(777,130	)		(318,026	)
General, administrative and other		(90,816	)		(79,634	)		14.0	%
		(867,946	)		(397,660	)		118.3	%
(Loss)/income from operations		(445,661	)		195,928			(327.5	%)
Interest income, net		(12,110	)		4,694			(358.0	%)
(Loss)/income before Income taxes		(457,771	)		200,622			(328.2	%)
Income taxes		(12,656	)		(33,020	)		(61.7	%)
GAAP net (loss)/income	$	(470,427	)	$	167,602			(380.7	%)
Minority interests
Exchangeable shares dividends		(4,418	)		—
Cumulative dividends		(12,194	)		—
Share of income		—			(479	)
GAAP net (loss)/income attributable to common stockholders	$	(487,039	)	$	167,123			(391.4	%)
Weighted average shares outstanding, basic		211,357			135,712
Net (loss)/income per common share, basic	$	(2.30	)	$	1.23			(287.0	%)
Net (loss)/income attributable to common stockholders, diluted	$	(487,039	)	$	167,123
Weighted average shares outstanding, diluted		211,357			194,617
Net (loss)/income per share, diluted	$	(2.30	)	$	0.86			(367.4	%)

13

GLG Partners, Inc.
Combined and Consolidated Statements of Cash Flows
(US$ in thousands; US GAAP)

	Nine Months Ended September 30,
	2008			2007
Cash flows from operating activities
Net cash provided by operating activities	$	136,202		$	376,046
Net cash used in investing activities		(9,888	)		(4,367	)
Cash flows from financing activities
Net cash used in financing activities		(167,790	)		(253,844	)
Net decrease in cash and cash equivalents		(41,476	)		117,835
Effect of foreign currency translation		(259	)		749
Cash and cash equivalents at beginning of year		429,422			273,148
Cash and cash equivalents at end of year	$	387,687		$	391,732

14

GLG Partners, Inc.
Non GAAP Adjusted Net Income for Three and Nine Months Ended September 30, 2008 and September 30, 2007
(US$ in thousands)

	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2008			2007		% Change			2008			2007		% Change
Derivation of non GAAP adjusted net income
GAAP net (loss)/income	$	(162,720	)	$	29,035		(660.4	%)	$	(470,427	)	$	167,602		(380.7	%)
Add: acquisition related compensation expense		188,005			—					588,508			—
Less: tax effect of acquisition related compensation expense		(553	)		—					(6,010	)		—
Less: cumulative dividends		(2,896	)		—					(12,194	)		—
Non GAAP adjusted net income	$	21,836		$	29,035		(24.8	%)	$	99,877		$	167,602		(40.4	%)
Non GAAP adjusted net income per non GAAP weighted average fully diluted share		0.07			0.09		(22.2	%)		0.31			0.50		(38.0	%)
Non GAAP weighted average fully diluted shares		309,630			333,893					318,500			333,893

GLG Partners, Inc.
Non GAAP Expenses for Three and Nine Months Ended September 30, 2008 and September 30, 2007
(US$ in thousands)

	Three Months Ended									Nine Months Ended
	September 30,									September 30,
	2008			2007			% Change			2008			2007			% Change
Non GAAP expenses
Compensation, benefits and profit share	$	(227,387	)	$	(45,959	)		394.8	%	$	(777,130	)	$	(318,026	)		144.4	%
Add: acquisition related compensation expense		188,005			—						588,508			—
Non GAAP compensation, benefits and profit share (CBP)	$	(39,382	)	$	(45,959	)		(14.3	%)	$	(188,622	)	$	(318,026	)		(40.7	%)
GAAP general, administrative and other		(30,283	)		(25,891	)		17.0	%		(90,816	)		(79,634	)		14.0	%
Non GAAP total expenses	$	(69,665	)	$	(71,850	)		(3.0	%)	$	(279,438	)	$	(397,660	)		(29.7	%)

15

GLG Partners, Inc.
Financial Supplement

										First Nine Months						TTM
(US$ in millions except per share data)	Q3 2008			Q2 2008			Q3 2007			2008			2007			to 9/30/08
Opening Net AUM	$	23,668		$	24,646		$	18,585		$	24,612		$	15,154		$	20,466
Inflows (net of redemptions)		(2,182	)		(629	)		1,633			(2,044	)		3,151			882
Performance (gains net of losses and fees)		(3,139	)		(269	)		(297	)		(4,956	)		1,397			(3,969	)
Currency translation impact (non-US$ AUM expressed in US$)		(1,068	)		(80	)		545			(332	)		764			(100	)
Closing Net AUM		17,230			23,668			20,466			17,280			20,466			17,280
Average net AUM		20,474			24,157			19,526			22,551			17,573			22,552
Management fees	$	80.3		$	90.6		$	78.6		$	269.7		$	198.9		$	357.9
Performance fees		6.8			78.2			0.8			89.8			343.8			424.6
Administration fees		17.8			20.4			16.3			60.4			43.0			81.7
Other (loss)/income		(2.8	)		(0.4	)		6.9			2.4			7.9			4.6
Total net revenues and other income	$	102.1		$	188.8		$	102.6		$	422.3		$	593.6		$	868.8
Compensation, benefits and profit share		(227.4	)		(236.7	)		(46.0	)		(777.1	)		(318.0	)		(1,670.3	)
General, administrative and other		(30.3	)		(30.2	)		(25.9	)		(90.8	)		(79.6	)		(120.1	)
Net interest income		(4.0	)		(4.1	)		3.0			(12.1	)		4.7			(14.5	)
Income tax expense		(3.2	)		(3.3	)		(4.7	)		(12.7	)		(33.0	)		(43.6	)
GAAP net income before minority interests	$	(162.7	)	$	(85.5	)	$	29.0		$	(470.4	)	$	167.6		$	(979.7	)
Add: Acquisition-related compensation expense		188.0			140.3			0.0			588.5			0.0			1,227.6
Less: Tax effect of Acquisition-related compensation expense		(0.6	)		(5.5	)		0.0			(6.0	)		0.0			(6.0	)
Deduct: Cumulative dividends		(2.9	)		(5.2	)		0.0			(12.2	)		0.0			(14.9	)
Non GAAP adjusted net income(1)	$	21.9		$	44.2		$	29.0		$	99.9		$	167.6		$	227.0
Non GAAP weighted average fully diluted shares		309.6			314.6			333.9			318.5			333.9			318.5
Non GAAP adjusted net income divided by non GAAP weighted average fully diluted shares		0.07			0.14			0.09			0.31			0.50			0.71

Management fees and Administration fees/Avg. net AUM2	1.92	%	1.84	%	1.94	%	1.95	%	1.84	%	1.95	%
Total net revenues and other income /Avg.net AUM2	1.99	%	3.13	%	2.10	%	2.50	%	4.50	%	3.85	%
Compensation, benefits and profit share less Acquisition-related compensation expense / Total net revenues and other income	38.6	%	51.0	%	44.8	%	44.7	%	53.6	%	51.0	%
General, administrative and other expenses / Total net revenues and other income	29.7	%	16.0	%	25.2	%	21.5	%	13.4	%	13.8	%
Non GAAP adjusted net income / Total net revenues and other income	21.4	%	23.4	%	28.3	%	23.7	%	28.2	%	26.1	%
“Effective” tax rate (sum of income taxes, cumulative dividends and tax effect of Acquisition-related compensation expense /sum of adjusted net income, income taxes, cumulative dividends and tax effect of Acquisition-related compensation expense)	23.2	%	23.9	%	14.0	%	23.6	%	16.5	%	22.1	%

(1)	See “Non GAAP Financial Measures” for further detail.
(2)	Ratios annualized for quarterly and 9-month periods.

16

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)

	First Nine Months
	2008		2007		3Q 2008		2Q 2008		3Q 2007
Outstanding
Common stock (including Treasury Stock) (1)		236,799		161,095		236,799		236,799		161,095
Unvested shares		8,995		10,468		8,995		8,882		10,468
Total issued and outstanding common stock		245,794		171,563		245,794		245,681		171,563
FA Sub 2 Limited Exchangeable Shares		58,905		58,905		58,905		58,905		58,905
Warrants		54,485		—		54,485		54,485		—
Weighted Average Shares Outstanding
Common stock (excluding Treasury Stock)		211,357		135,712		211,417		211,454		135,712
Unvested shares		9,558		10,468		8,995		9,068		10,468
FA Sub 2 Limited Exchangeable Shares		58,905		58,905		58,905		58,905		58,905
Warrants		55,031		—		54,485		54,485		—
GAAP Weighted Average Fully Diluted Share Count
Common stock		211,357		135,712		211,417		211,454		135,712
Unvested shares		—		—		—		—		—
FA Sub 2 Limited Exchangeable Shares		—		58,905		—		—		58,905
Warrants		—		—		—		—		—
Total		211,357		194,617		211,417		211,454		194,617
Non GAAP adjustments to weighted average fully diluted share count
Common stock:
GAAP weighted average fully diluted share count		211,357		135,712		211,417		211,454		135,712
add: unvested shares issued pursuant to our equity participation plan, Restricted Stock Plan and LTIP on which dividends will be paid.		35,888		35,851		35,839		36,085		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.		—		69,800		—		—		69,800
Non GAAP weighted average fully diluted share count		247,245		241,363		247,256		247,539		241,363
FA Sub 2 Limited Exchangeable Shares:
GAAP weighted average fully diluted share count		—		58,905		—		—		58,905
inclusion of Exchangeable Shares as dilutive under non GAAP		58,905		—		58,905		58,905		—
Non GAAP weighted average fully diluted share count		58,905		58,905		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)		12,350		33,625		3,469		8,169		33,625
Non GAAP weighted average fully diluted share count outstanding		12,350		33,625		3,469		8,169		33,625
Non GAAP. Weighted Average Fullv Diluted Share Count (2) (3)
Common stock		247,245		241,363		247,256		247,539		241,363
FA Sub 2 Limited Exchangeable Shares		58,905		58,905		58,905		58,905		58,905
Warrants		12,350		33,625		3,469		8,169		33,625
Total		318,500		333,893		309,630		314,613		333,893
Equity Market Capitalization (USD in Thousands)
Common equity market capitalization (4)		1,651,469		—		1,651,469		2,375,771		—
Warrant market capitalization		39,229		—		39,229		108,425		—
Total equity capitalization (4)		1,690,698		—		1,690,698		2,484,196		—

(1)	Represents stock held by GLG subsidiaries to be delivered in respect of future service obligations of equity participation plan participants.
(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

17

GLG
Composition of Assets Under Management and Net Flows Supplement
($ in millions)

	As of September 30,						YOY			Qtr on Qtr % Change						As of June 30,						YOY			As of Dec 31,						YOY
	2008			2007			% Change			Q3 2008			Q3 2007			2008			2007			% Change			2007			2006			% Change
Alternative strategy	$	13,692		$	14,713			(6.9	%)		(23.0	%)		14.7	%	$	17,772		$	12,826			38.6	%	$	18,833		$	10,410			80.9	%
Long-only		3,079			4,561			(32.5	%)		(34.3	%)		2.9	%		4,684			4,432			5.7	%		4,774			3,815			25.1	%
Internal FoHF		1,690			1,651			2.3	%		(22.9	%)		1.5	%		2,191			1,627			34.5	%		2,318			1,261			83.9	%
External FoHF		587			598			(1.9	%)		(15.0	%)		(0.1	%)		691			599			15.3	%		598			568			5.4	%
Gross Fund-Based AUM		19,048			21,524			(11.5	%)		(24.8	%)		10.5	%		25,337			19,484			30.0	%		26,523			16,053			65.2	%
Managed accounts		1,843			1,905			(3.3	%)		(12.7	%)		3.4	%		2,110			1,843			14.5	%		2,357			1,233			91.2	%
Cash		261			164			59.1	%		(41.7	%)		(15.5	%)		448			194			130.9	%		206			310			(33.5	%)
Total Gross AUM		21,152			23,593			(10.3	%)		(24.2	%)		9.6	%		27,895			21,522			29.6	%		29,086			17,596			65.3	%
Less: internal FoHF investments in GLG funds		(2,161	)		(1,653	)		30.7	%		5.6	%		0.7	%		(2,047	)		(1,642	)		24.7	%		(2,331	)		(1,268	)		83.9	%
Less: external FoHF investments in GLG funds		(32	)		(55	)		(41.8	%)		(36.0	%)		(1.8	%)		(50	)		(56	)		(10.7	%)		(53	)		(49	)		8.9	%
Less: alternatives fund-in-fund investments		(1,674	)		(1,419	)		18.0	%		(21.2	%)		14.5	%		(2,125	)		(1,239	)		71.6	%		(2,090	)		(1,125	)		85.8	%
Less: long-only fund-in-fund investments		(5	)		—			—			—			—			(5	)		—			—			—			—			—
Net AUM	$	17,280		$	20,466			(15.6	%)		(27.0	%)		10.1	%	$	23,668		$	18,585			27.4	%	$	24,612		$	15,154			62.4	%

	Three Months Ended September 30,						Trailing 12 Months Ended Sept 30,						Three Months Ended June 30,						Nine Months to Sept 30,
	2008			2007			2008			2007			2008			2007			2008			2007
Opening Net AUM	$	23,668		$	18,585		$	20,466		$	13,718		$	24,646		$	16,085		$	24,612		$	15,154
Inflows (net of redemptions)*		(2,182	)		1,633			882			3,253			(629	)		1,509			(2,044	)		3,151
Performance (gains net of losses and fees)		(3,139	)		(297	)		(3,969	)		2,430			(269	)		848			(4,956	)		1,397
Currency translation impact (non-US$ AUM expressed in US$)		(1,068	)		545			(100	)		1,065			(80	)		143			(332	)		764
Closing Net AUM	$	17,280		$	20,466		$	17,280		$	20,466		$	23,668		$	18,585		$	17,280		$	20,466
% of Opening Net AUM
Net Fund-based inflows (net of redemptions)*		(9.2	%)		8.8	%		4.3	%		23.7	%		(2.6	%)		9.4	%		(8.3	%)		20.8	%
Net Fund-based performance (gains net of losses and fees)		(13.3	%)		(1.6	%)		(19.4	%)		17.7	%		(1.1	%)		5.3	%		(20.1	%)		9.2	%
Net Fund-based currency translation impact (non-US$ AUM expressed in US$)		(4.5	%)		2.9	%		(0.5	%)		7.8	%		(0.3	%)		0.9	%		(1.3	%)		5.0	%

*	Inflows (net of redemptions) for the three months and nine months ended September 30, 2008 are inclusive of $1.3 billion and $1.6 billion, respectively, in redemptions associated with our Emerging Market Funds.
	Note: Performance as a percentage of opening net AUM is based on both opening AUM and inflows and outflows during the period and can be influenced by heavy inflows or outflows.

18

EX-99.2

Exhibit 99.2

GLG Partners, Inc. THIRD QUARTER 2008 UPDATE NOVEMBER 10, 2008

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: the volatility in the financial markets; 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, including counterparty 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 $17 billion in net assets under management ("AUM")(1) as of September 30, 2008 Strong and sustained investment performance with approximately 14% net annual returns in alternative strategies since 1997 30% CAGR in net AUM since 2002; 21% since 2005 Deep and talented team of investment professionals GLG is trading on the NYSE under the symbol "GLG" Equity market capitalization is approximately $1.0 billion(2) The common equity public float is roughly $184 million(2) Management, directors, officers, key personnel and employees beneficially own approximately 63% 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 $3.22 as of November 3, 2008, and shares outstanding as at November 3, 2008. 1

GLG IS A LEADING ALTERNATIVE ASSET MANAGER GLG is a multi-strategy alternative asset manager based in London with over $17 billion in net AUM as of September 30, 2008(1) One of the largest independent alternative asset managers in the world Focus on equity, emerging markets, macro, and 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 365 people(2), including 140 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 including: GLG Partners LP Winner 2006 and 2007 No. 1 Hedge Fund (Based on All Votes) GLG Partners LP Winner 2006 Best Hedge Fund Manager Notes: 1. See "Description of Gross and Net Assets Under Management" in Appendix for definition. 2. 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 Partners LP Winner 2008 No. 1 Pan-European Hedge Fund

A DIFFERENTIATED INVESTMENT APPROACH Heavy emphasis on fundamental research, tactical trading and a vast network of industry and street contacts. The scale of GLG drives significant access. Investment professionals work on large open research / trading floors. Investment strategies have dedicated investment and risk professionals though culture, compensation and physical layout are designed to facilitate real time information flow and collaboration. Risk and controls infrastructure is tailored at the fund level (limits for net and gross exposure, position concentrations, VAR), monitored by distinct risk managers and reviewed at the firm level by the Risk Committee, David Benjamin (Head of Risk) and Emmanuel Roman, Co-CEO. 3

Macro Fund (1) 20% Single Manager Alternative Strategy Funds (21) 65% Note: Data as at September 30, 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) 3% Managed Accounts 9% Internal FoHFs (3) 8% Long-Only Funds (18) 15% Mixed Asset Long-Short Funds (3) 12% Multi-Strategy Arbitrage Fund (1) 11% Convertible Bond Fund (1) 2% Credit Long-Short Funds (2) 2% Equity Long-Short Funds (13) 53% Single Manager Alternative Strategy Funds (21) 65% 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 Performance (Institutional) Fund GLG Emerging Markets (Special Assets) Fund GLG EAFE (Institutional) Fund GLG International Small Cap Fund MULTI-STRATEGY MODEL 4

INVESTMENT RETURNS

STRONG AND SUSTAINED TRACK RECORD OF INVESTMENT PERFORMANCE Since the first fund launched in 1997, GLG has achieved 14.2% net-of-fees annualized dollar-weighted return on its alternative strategies through September 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 September 30, 2008. Annualized returns calculated on basis of monthly pricing data. 5 Ann. Return YTD 2008 3Q 2008 2007 2006 2005 2004 Alternative (%) Total (%) YTD 2008 (16.5) (18.2) 3Q 2008 (12.8) (13.6) 2007 19.3 16.6 2006 19.5 17.1 2005 10.4 12.5 2004 8.2 8.8

2008 PERFORMANCE 6 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.

ASSET FLOWS

SIGNIFICANT AUM GROWTH GLG's net AUM(1) have grown at a CAGR of 30% since December 2002 With $17.3 billion in net AUM as of September 30, 2008, 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. 7 Net AUM CAGR: 30% Net AUM (in billions)

RECORD OF ORGANIC GROWTH Dedicated team of experienced marketing professionals Registered GLG Inc. with SEC as investment adviser in January 2008 permitting GLG to accept US clients Strategic investments from Istithmar and Sal. Oppenheim $1.6 billion Banca Fideuram mandate was funded in October 2008 Emerging Markets leadership transition has been completed with new teams now fully staffed and ready to raise capital: Of total outflows in Q3, more than half (approximately $1.3 billion) reflect redemptions from our Emerging Markets Funds and another $2.4 billion will be redeemed during Q4, which brings the total Emerging Markets redemptions in 2008 to approximately $4 billion as had been previously anticipated. 8 2004 NET INFLOWS 2.3 BN (1.4) BN 2.6 BN 6.1 BN 0.8 BN (0.6) BN (2.2) BN * Quarterly data has not been annualized 2005 2006 2007 Q1 08* Q2 08* Q3 08*

Q2 08 * FOREIGN CURRENCY IMPACT ON AUM GLG typically offers multi currency share classes to its investors in each of its Funds As of September 30, 2008, the AUM split was approximately 40% Euro 55% Dollar- denominated with a de minimis amount of other currencies 9 FX IMPACT in $ 0.4bn (0.7)bn 0.7bn 1.0bn 0.8bn (0.08)bn (1.1)bn * Quarterly data has not been annualized Q1 08 * 2004 2005 2006 2007 Q3 08 *

FINANCIAL SUMMARY ($ MM except per share amounts) 3Q 2008 3Q 2007 % Change in Quarters YTD to 9/30/08 YTD to 9/30/07 % Change in 9-month Periods Opening Net AUM 23,668 18,585 24,612 15,154 Inflows (net of redemptions) (2,182) 1,633 (2,044) 3,151 Performance (gains net of losses and fees) (3,139) (297) (4,956) 1,397 Currency translation impact (non US$ AUM expressed in US$) (1,068) 545 (332) 764 Closing Net AUM 17,280 20,466 (15.6%) 17,280 20,466 (15.6%) Average net AUM(1) 20,474 19,526 4.9% 22,551 17,573 (28.3%) Management fees 80.3 78.6 2.2% 269.7 198.9 35.6% Performance fees 6.8 0.8 750.9% 89.8 343.8 (73.9%) Administration fees 17.8 16.3 8.9% 60.4 43.0 40.6% Other (loss)/income (2.8) 6.9 (140.5%) 2.4 7.9 (69.4%) Total net revenues and other income 102.1 102.6 (0.5%) 422.3 593.6 (28.9%) Compensation, benefits and profit share (227.4) (46.0) 394.8% (777.1) (318.0) 144.4% General, administrative and other (30.3) (25.9) 17.0% (90.8) (79.6) 14.0% Net interest (expense) income (4.0) 3.0 (230.7%) (12.1) 4.7 (358.0%) Income tax (expense) (3.2) (4.7) (33.3%) (12.7) (33.0) (61.7%) GAAP net income (loss) before minority interests (162.7) 29.0 (660.4%) (470.4) 167.6 (380.7%) Add: Acquisition-related compensation expense(2) 188.0 - 588.5 - Deduct: Tax effect of Acquisition-related compensation expense (0.6) - (6.0) - Deduct: Cumulative dividends (2.9) - (12.2) - Non-GAAP adjusted net income(2) 21.8 29.0 (24.8%) 99.9 167.6 (40.4%) Non GAAP weighted average fully diluted shares Non GAAP adjusted net income divided by non GAAP weighted average fully diluted shares 309.6 0.07 333.9 0.09 (22.2%) 318.5 0.31 333.9 0.50 (38.0%) Notes: 1. Calculated as a 2 point average for the quarters and 4 point average for the 9-month periods. 2. See the Appendix for a description of this non-GAAP financial measure. 10

KEY PERFORMANCE RATIOS Notes: 1. Ratios annualized for quarterly and 9-month periods. Average net AUM for a given period is calculated as a 2 point average for the quarters, 4 point average for the 9-month periods and 5 point average for the year. 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. 3Q 2008 3Q 2007 YTD to 9/30/08 YTD to 9/30/07 TTM to 9/30/08 Management fees and Administration fees / Avg. net AUM (1) Management fees and Administration fees / Avg. net AUM (1) 1.92% 1.94% 1.95% 1.84% 1.95% Total net revenues and other income / Avg. net AUM (2) Total net revenues and other income / Avg. net AUM (2) 1.99% 2.10% 2.50% 4.50% 3.85% Compensation, benefits and profit share less Acquisition-related compensation expense ("CBP") (3) / Total net revenues and other income Compensation, benefits and profit share less Acquisition-related compensation expense ("CBP") (3) / Total net revenues and other income 38.6% 44.8% 44.7% 53.6% 51.0% General, administrative and other expenses / Total net revenues and other income General, administrative and other expenses / Total net revenues and other income 29.7% 25.2% 21.5% 13.4% 13.8% Non GAAP adjusted net income (3) / Total net revenues and other income Non GAAP adjusted net income (3) / Total net revenues and other income 21.4% 28.3% 23.7% 28.2% 26.1% "Effective" tax rate (sum of income taxes, cumulative dividends and tax effect of Acquisition-related compensation expense divided by pre-tax adjusted income) "Effective" tax rate (sum of income taxes, cumulative dividends and tax effect of Acquisition-related compensation expense divided by pre-tax adjusted income) 23.2% 14.0% 23.6% 16.5% 22.1% 11

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 Continued emphasis on innovation and responsiveness to market opportunities and client demands 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. 12

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 13

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 GLG accessed the public markets through a reverse acquisition transaction with Freedom in November 2007 14

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 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 (sum of income taxes, cumulative dividends(1) and tax effect of Acquisition-related compensation expense divided by sum of adjusted net income, income taxes, cumulative dividends and tax effect of Acquisition-related compensation expense) to be in the range of 20% to 25% 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 November 3, 2008. 2. All warrants will expire on December 28, 2011.

WARRANT / SHARE REPURCHASE PROGRAM(1) GLG has repurchased approximately 14.3 million warrants at a total cost of roughly $82.9 million, or an average cost of $5.80 per warrant. Repurchases represented approximately 19% of the warrants outstanding as of the closing of the reverse acquisition transaction. No warrants were repurchased during 3Q. 5.5 million warrants have been exercised at $7.50 per share for an aggregate exercise price of $41.4 million. During 3Q, no warrants were exercised. Giving effect to repurchases and warrant exercises, approximately one quarter of the warrants outstanding as of the closing of the reverse acquisition transaction have been retired or converted into common stock. GLG has repurchased 0.3 million shares of GLG common stock for an aggregate cost of $4.0 million. Approximately $117.0 million remains available under the existing stock and warrant repurchase program through February 4, 2009. 18 Note: 1. All repurchase and warrant exercise information is as of November 3, 2008.

MARKET CAPITALIZATION 3Q 2008 2Q 2008 3Q 2007 Outstanding (MM) Issued and outstanding common stock 247.3 245.7 171.6 FA Sub 2 Limited Exchangeable Shares 58.9 58.9 58.9 Total 306.2 304.6 230.5 Warrants 54.5 54.5 - Equity Market Capitalization at 9/30/2008 ($MM) Common equity market capitalization(1) 1,651 2,376 - Warrant market capitalization 39 108 - Total equity capitalization 1,690 2,484 - Notes: 1. Assumes conversion of FA Sub 2 Limited Exchangeable Shares. 19

COMPOSITION OF ASSETS UNDER MANAGEMENT 20 Note: Inflows over a period can distort performance figures when expressed as a percentage of opening net AUM. ($ MM)

GROSS AUM LEVELS OF ALL GLG FUNDS AS OF SEPTEMBER 30, 2008 21 Note: 1. "Other GLG funds" represent funds with a gross AUM of less than $100 million. See "Description of Gross and Net Assets Under Management" in Appendix for definition.

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; GLG's single-manager alternative fund products may invest some proportion of their assets in other GLG single-manager alternative fund products; and GLG's long-only fund products may invest some proportion of their assets in other GLG long-only fund products. Gross AUM presentation includes assets invested from other GLG Funds Net AUM presentation is net of assets invested from other GLG Funds 22

DESCRIPTION OF NON-GAAP WEIGHTED AVERAGE FULLY DILUTED SHARE COUNT 23 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 24 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. 3. Assumes conversion of FA Sub 2 Limited Exchangeable Shares

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 25

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 $72 million, $36 million and $5 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). shares allocated for the benefit of employees and certain key personnel under the 2007 LTIP. Related expenses will end in 2013(3). the agreement among the Principals and Trustees. Related expenses will end in 2012(4). 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. 26 Notes: 1. Vesting period lasting three years. 2. Vesting period lasting four years. 3. Vesting period lasting six years. 4. 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. 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. 27

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, (2) to the extent that GLG records a tax benefit related to Acquisition-related compensation that is tax deductible for GAAP purposes, the impact of that tax benefit in calculating non GAAP adjusted net income, and (3) 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. 28