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): August 6, 2009

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 August 6, 2009, GLG Partners, Inc. (the “Company”) released its earnings for the second fiscal quarter of 2009 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 August 6, 2009 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. The non-GAAP financial measures the Company presents may be different from non-GAAP financial measures used by other companies.

     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 August 6, 2009.
99.2	Investor Presentation dated August 6, 2009.

2

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 & Corporate Secretary

     Date: August 6, 2009

EXHIBIT INDEX

Exhibit
Number		Description
	99.1	Press Release of the Company dated August 6, 2009.
	99.2	Investor Presentation dated August 6, 2009.

EX-99.1

Exhibit 99.1

GLG PARTNERS REPORTS Q2 2009 EARNINGS

• First half 2009 returns¹ of 13.3% for the alternative strategies and 16.2% for the long only strategies

• Non-GAAP adjusted net income of $85.3 million for Q2 2009 vs. $44.2 million for Q2 2008 (0.26 vs. 0.14 per non-GAAP weighted average fully diluted share) on a GAAP net loss attributable to common stockholders of $24.4 million for Q2 2009 vs. a GAAP net loss of $93.6 million for Q2 2008

• Stabilizing net AUM flow trends continue from Q1 2009, with net AUM of $19.1 billion as of June 30, 2009, up 36% on the quarter reflecting positive performance, the SGAM UK purchase and currency translation effects

New York, August 6, 2009 – GLG Partners, Inc. (“GLG”) (NYSE: GLG), the U.S.-listed asset manager, today reported a GAAP net loss attributable to common stockholders of $24.4 million for the quarter ended June 30, 2009 and a net loss of $144.6 million for the first half of fiscal 2009. GAAP diluted EPS was a loss of $0.11 for the quarter ended June 30, 2009 and a loss of $0.67 for the first half of 2009. These GAAP metrics reflect improvements when compared to the GAAP net loss attributable to common stockholders of $93.6 million for the quarter ended June 30, 2008 and $319.9 million for the first half of fiscal 2008, and the GAAP diluted EPS loss of $0.44 for the quarter ended June 30, 2008 and the GAAP diluted EPS loss of $1.51 for the first half of fiscal 2008.

Under GAAP, GLG expects to continue to recognize significant and largely non-cash expenses associated with GLG’s reverse acquisition transaction with Freedom Acquisition Holdings in November 2007. Accordingly, the second quarter and first half 2009 GAAP net losses resulted directly from the recognition of $128.9 million and $255.6 million, respectively, of Acquisition-related compensation expenses. Acquisition-related GAAP compensation expenses will be recognized quarterly through the fourth quarter of 2013. For further discussion of these largely non-cash Acquisition-related charges see below under “Non-GAAP Financial Measures”.

¹ GLG alternative strategies’ dollar-weighted average returns are calculated as the composite performance of all constituent funds excluding all managed accounts, fund of funds, the GLG Emerging Markets Special Situations Fund, the special asset funds and the Pendragon funds, weighted by the sum of month end fund AUM and fund net inflows on the subsequent dealing day. GLG long only strategies’ composite returns include managed accounts (other than those managed in accordance with a 130/30 or similar strategy) along with SGAM UK funds and managed accounts (excluding fund of funds or accounts invested solely in other funds and two managed accounts for which GLG does not exercise full control). Further, SGAM UK managed account data is before fees. GLG 130 / 30 strategies’ composite returns include all managed accounts and funds managed in accordance with a 130 / 30 or similar strategy. Performance is typically measured by the longest running share class in each fund.

1

Table 1: Financial Highlights
(US$ in millions except per share amounts)

	Q2 2009			Q2 2008			YoY D			H1 2009			H1 2008			YoY D
Closing net assets under management (AUM)		19,094			23,668			(19	%)		19,094			23,668			(19	%)
Net revenues		86.1			188.8			(54	%)		137.9			320.2			(57	%)
GAAP net loss attributable to common stockholders		(24.4	)		(93.6	)		74	%		(144.6	)		(319.9	)		55	%
GAAP fully diluted EPS		(0.11	)		(0.44	)		75	%		(0.67	)		(1.51	)		56	%
Non-GAAP adjusted net income		85.3			44.2			93	%		90.6			78.0			16	%
Non-GAAP adjusted net income divided by non-GAAP weighted average fully diluted shares2		0.26			0.14			83	%		0.29			0.24			18	%

² Includes the add back of interest on convertible notes in periods where including the shares associated with the notes is dilutive. The amount of convertible note interest added back in Q2 2009 and H1 2009 was $1.6 million.

Non-GAAP adjusted net income was $85.3 million, up 93% year-over-year, for the quarter ended June 30, 2009 and $90.6 million, up 16% year-over-year, for the first half of fiscal 2009. The ratio of non-GAAP adjusted net income to non-GAAP weighted average fully diluted shares was 0.26 for the quarter ended June 30, 2009, up 83% year-over-year, and 0.29 for the first half of fiscal 2009, up 18% year-over-year. The June 2009 quarter non-GAAP results reflected the following significant items: an $84.8 million gain on the extinguishment of debt (or approximately $75 million on an after-tax basis), $4.1 million of related acquisition and restructuring costs associated with the acquisition of Société Générale Asset Management UK (“SGAM UK”) ($3.2 million on an after-tax basis) and a $2.0 million operating loss on a pre and after-tax basis from SGAM UK. 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 diluted shares under GAAP to non-GAAP weighted average fully diluted shares is presented below under “Non-GAAP Financial Measures”.

“Our primary goal is to deliver strong, risk-adjusted investment returns for our clients and we are pleased to be reporting robust year-to-date investment performance across our platform,” said Noam Gottesman, Chairman and Co-CEO of GLG.

Mr. Gottesman continued: “We are encouraged by the stabilizing net AUM flow trends we have experienced over the past two quarters and the renewed interest we are seeing in GLG from both existing and new clients. The decisive steps we took over the past several months to broaden our long only strategies and enhance our financial flexibility have unequivocally strengthened the GLG franchise. Though we remain in an uncertain economic environment, we continue to see a rich range of opportunities both on the investing and strategic fronts.”

“We successfully rescaled our operations, achieving the expense run rates we targeted last fall and have completed virtually all stages of the SGAM UK integration,” said Emmanuel Roman, Co-CEO of GLG. “The investment teams are working well together,

2

as has been reflected in our investment performance this year, and we have begun to leverage our new retail distribution platform in the UK with the launch of a related fund earlier this week.”

Assets Under Management Summary

GLG’s total net assets under management (AUM) as of June 30, 2009 were approximately $19.1 billion (net of assets invested from other GLG managed funds), up 36% from March 31, 2009 and down 19% from June 30, 2008.

Investment performance across the GLG franchise was strong, increasing net AUM by $1.8 billion in the June 2009 quarter and $1.0 billion for the first half of 2009. Specifically, investment returns for the quarter ended June 30, 2009¹ for GLG’s alternative, long only and 130/30 strategies were 8.5%, 27.4% and 15.5%, respectively. The year-to-date returns through June 30, 2009¹ were 13.3% for the alternatives, 16.2% for the long only strategies and 12.0% for 130/30 strategies. The returns through July 31, 2009¹ were 16.3% for alternative, 23.7% for long only³ and 18.8% for 130/30 strategies. For the second quarter of 2009, first half 2009 and July 2009, the MSCI World Index was up 16.5%, 4.8% and 7.4%, respectively, and the S&P 500 Index was up 15.7%, 2.7% and 7.5%, respectively.

Net inflows for the quarter ended June 30, 2009 were positive at $2.2 billion reflecting the net addition of approximately $2.6 billion of long only net AUM from SGAM UK in April and $413 million of net outflows from the legacy GLG AUM (approximately $267 million from alternatives and $146 million from long only). SGAM UK had approximately $7 billion in net AUM when it was acquired on April 3, 2009, comprised of approximately $4 billion of incremental AUM and approximately $3 billion in assets that had been managed on an interim, sub-advisory basis by GLG pending the completion of the acquisition. For the first half of 2009, net inflows were $2.3 billion with $2.6 billion from SGAM UK and $363 million of net outflows from the legacy GLG.

The effect of currency translation increased net AUM by $1.0 billion in the quarter ended June 30, 2009 and $0.8 billion in the first half of 2009.

GLG’s total gross AUM (including assets invested from other GLG managed funds) was $21.6 billion as of June 30, 2009, up 40% from March 31, 2009 and down 23% from June 30, 2008.

³ July dollar-weighted average returns are calculated based on estimated July month-end NAVs. However for a number of SGAM UK managed accounts (constituting approximately 27% of GLG’s total long only AUM), estimated July pricing data is not yet available and are therefore excluded from the GLG long only composite returns for July and year-to-date through July 31, 2009.

3

Table 2: Assets Under Management
(US$ in millions)

	As of June 30,
	2009			2008
Alternative strategies4	$	10,441		$	22,457
Long only strategies5		11,131			5,438
Gross AUM	$	21,572		$	27,895
YoY % Change		(22.7	%)		29.6	%
Less: alternative strategy investments in GLG Funds	$	(1,457	)	$	(4,222	)
Less: long only strategy investments in GLG Funds		(1,022	)		(5	)
Net AUM	$	19,094		$	23,668
YoY % Change		(19.3	%)		27.4	%
Quarterly average net AUM6	$	18,840		$	24,157

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2009			2008			2009			2008
Opening Net AUM	$	14,031		$	24,646		$	15,039		$	24,612
Inflows (net of redemptions)7		2,226			(629	)		2,276			138
Performance (gains net of losses and fees)		1,797			(269	)		990			(1,818	)
Currency translation impact (non-US$ AUM expressed in US$)		1,040			(80	)		789			736
Closing Net AUM	$	19,094		$	23,668		$	19,094		$	23,668
% of Opening Net AUM
Net inflows (net of redemptions)		15.9	%		(2.6	%)		15.1	%		0.6	%
Net performance (gains net of losses and fees)8		12.8	%		(1.1	%)		6.6	%		(7.4	%)
Net currency translation impact (non-US$ expressed in US$)		7.4	%		(0.3	%)		5.2	%		3.0	%

Note:	Managed accounts amounted to $8.6 billion in net AUM at June 30, 2009 and $2.1 billion in net AUM at June 30, 2008.
4	Alternative strategy gross AUM includes alternative funds / managed accounts and 130 / 30 funds.
5	Long only strategy gross AUM includes long only funds / managed accounts and all SGAM UK net AUM acquired by GLG on April 3, 2009.
6	Quarterly average net AUM for a given period is calculated as a 2 point (quarter open and close) average and Q2 2009 average net AUM excludes the approximately $3 billion mandate pursuant to the sub-advisory arrangement with SGAM UK which terminated upon the completion of its acquisition on April 3, 2009 and includes net AUM of approximately $7 billion acquired from SGAM UK on April 3, 2009 as if the assets were acquired at the opening of Q2 2009.
7	Inflows for the second quarter and first half of 2009 include SGAM UK net inflows of approximately $2.6 billion.

4

⁸ 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.

Financial and Operational Summary

REVENUES

Net revenues and other income were $86.1 million, down 54% year-over-year, for the quarter ended June 30, 2009. The decline reflects lower average net AUM, lower levels of AUM in position to earn performance fees, and greater representation in net AUM from long only funds and managed accounts which have lower management and administrative fees than GLG’s alternative strategies. First half 2009 net revenues and other income decreased by 57% over the first half of 2008 to $137.9 million.

Second quarter 2009 performance fees decreased $40.3 million from the year ago period to $37.9 million. It is GLG’s policy to recognize performance fees when they crystallize, generally on June 30 and December 31 of each year. Accordingly, the second quarter’s performance fees largely reflect first half performance. First half 2009 performance fees declined 41% over the first half of 2008 to $48.8 million. Although first half 2009 performance was generally stronger to significantly stronger than the same period a year ago, less of GLG’s AUM were above their respective high water marks and able to earn performance fees.

Management fees and administration, service and distribution fees totalled $42.0 million for the quarter ended June 30, 2009, down 62% from the same period last year on lower net AUM and a greater representation in net AUM from long only funds and managed accounts which have lower management and administrative fees than GLG’s alternative strategies. The addition in April 2009 of SGAM UK’s net AUM with an average management, administration, service and distribution fee yield of 0.40% was a large factor in the shift of net AUM mix during the quarter. The annualized yield on management, administration, service and distribution fees was 0.89% of average net AUM, a decline of 95 basis points (bps) compared to the yield in the second quarter of 2008. For the first half of 2009, management fees and administration, service and distribution fees totaled $81.9 million, down 65% from the same period last year. The annualized yield on management, administration, service and distribution fees was 1.08% of average net AUM, a decline of 82 bps compared to the yield in the first half of 2008 (adjusted to exclude assets managed on an interim, sub-advisory basis by GLG for SGAM UK pending the completion of the acquisition).

Other income, which largely reflects the currency translation impact on non-dollar denominated cash held on GLG’s balance sheet and currency hedging, increased by $6.7 million from the second quarter of 2008 to $6.2 million for the three months ended June 30, 2009 due to the weakening of the U.S. dollar during the period. For the first half of 2009, other income rose by $2.0 million from the same period a year ago to $7.2 million.

EXPENSES

GAAP compensation, benefits and profit share for the quarter ended June 30, 2009 decreased to $171.9 million compared to $236.7 million in the same quarter last year.

5

For the first half of 2009, GAAP compensation, benefits and profit share decreased to $318.6 million compared to $549.7 million in the first half of 2008. In dollar terms, non-GAAP compensation, benefits and profit share (“CBP”) decreased in the quarter ended June 30, 2009 by 55% from the year ago period to $43.1 million. For the first half of 2009, CBP decreased by 58% from the year ago period to $63.0 million.

The total level of CBP when expressed as a percentage of revenues and other income fell 1 percentage point to 50.0% in the quarter ended June 30, 2009 from the same period last year, and fell 90 bps to 45.7% in the first half of 2009 when compared to the first half of 2008. Restructuring costs tied to the acquisition of SGAM UK added $3.3 million to GAAP compensation, benefits and profit share and non-GAAP CBP for the second quarter and first half of 2009. These restructuring compensation costs, when expressed as a percentage of revenues and other income, were 3.8% in the quarter ended June 30, 2009 and 2.4% in the first half of 2009. The lower non-GAAP CBP to revenue ratios in 2009 are a result of lower discretionary bonus accruals and profit share which is consistent with the decrease in revenue and the change in revenue mix. Non-GAAP 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”. Please note that GLG’s compensation, benefits and profit share can have large discretionary components and is finalized based primarily on full year performance as at December 31 of each year.

General, administrative, and other expenses for the quarter ended June 30, 2009 decreased 16% from the year ago period to $25.4 million, and decreased 21% year-over-year for the first half of 2009 to $47.7 million. The decrease is mainly the result of targeted cost cutting initiatives established in the fourth quarter of 2008 partially offset by the addition of expenses from the operations acquired from SGAM UK. Non-compensation related acquisition and restructuring costs tied to SGAM UK added $0.8 million to general, administrative, and other expenses for the second quarter and first half of 2009.

Net interest expense was $3.3 million during the quarter ended June 30, 2009 and $5.9 million during the first half of 2009. Net interest expense largely reflects the cost of borrowings under GLG’s term loan, revolving credit facilities and convertible notes, offset by interest income on cash balances.

A net gain of approximately $75 million was recognized on the extinguishment of debt for the quarter ended June 30, 2009 as $284.5 million in debt was repurchased in the period for $170.7 million (the difference between the $113.8 million discount paid to face value on the repurchase and the recorded gain in the statement of operations of $84.8 million will be amortized as a reduction of interest expense over the next forty months). There was also a gain in the quarter ended June 30, 2009 of $21.1 million reflecting negative goodwill from the acquisition of SGAM UK (intangibles of $33.3 million associated with the acquisition are being amortized over the next ten years). The negative goodwill gain, related amortization and associated tax benefit are excluded from the calculation of non-GAAP adjusted net income as these items are not factored into management’s assessment of the underlying performance of GLG’s business. Realized losses on available-for-sale investments were $0 in the second quarter of

6

2009 and $21.2 million during the first half of 2009. The realized loss on available-for- sale investments relates to investments made in GLG funds on behalf of participants in the equity participation plan. These investments are consolidated on GLG’s balance sheet under GAAP but are excluded from the calculation of non-GAAP adjusted net income, as the gains or losses on these investments ultimately flow to the participants in the plan.

Capital

On May 15, 2009, GLG completed a private offering of $214 million aggregate principal amount of its dollar denominated convertible subordinated notes due 2014. On June 8, 2009, GLG completed the sale of an additional $14.5 million aggregate principal amount of notes, increasing the total aggregate amount sold to $228.5 million. A portion of the net proceeds from the offering were used to repurchase $284.5 million of $570 million principal amount of loans outstanding under GLG’s credit agreement at 60% of par value.

As of June 30, 2009, there were 250.3 million common shares, 58.9 million FA Sub 2 Limited Exchangeable Shares and 54.5 million warrants outstanding (246.5 million, 58.9 million and 54.5 million, respectively, at March 31, 2009 and 245.8 million, 58.9 million and 54.5 million, respectively, at December 31, 2008). Approximately 41,000 shares were repurchased and no warrants were repurchased or exercised during the second quarter of 2009. During the first half of 2009, no warrants were repurchased or exercised and 28.4 million shares were repurchased for $64.5 million.

Investor/Analyst Conference Call and Webcast

GLG will hold a conference call for investors and analysts on Thursday, August 6, 2009 at 8:30 a.m. EDT / 1:30 p.m. BST 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 +1 888 680 0892 and the international dial-in number is +1 617 213 4858. The access code is 82065433. For the replay, which will be available until September 6, 2009, 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 25216612. 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=P4YWENMER

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 September 6, 2009.

7

About GLG

GLG is a U.S.-listed asset management company offering its base of long-standing prestigious clients a diverse range of alternative and traditional 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 with a growing presence in the traditional long-only investment product market. As of June 30, 2009, GLG managed net AUM of over $19 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. Words such as “will” and other statements that are not statements of historical fact are intended to identify 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; GLG’s financial performance; 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 impact of net inflows on GLG’s mix of assets under management and the associated impacts on revenues; 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, investment in derivatives, availability of credit, 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.

Nothing in this press release should be construed as or is intended to be a solicitation for or an offer to provide investment advisory services.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities or loans, nor shall there be any offer or sale of securities or loans in any jurisdiction in which such offer, solicitation or sale would be unlawful.

8

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
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

9

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 expense is the result of the accounting for an agreement among GLG’s principals and trustees concurrent with the Acquisition. Although there were no additional equity shares issued to the principals and trustees 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 GLG’s ongoing core business operations and compensation expense and excludes such amounts for assessing GLG’s ongoing core business performance.

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 non-controlling interests for (1) the Acquisition-related compensation expense, (2) to the extent that GLG records a tax benefit in connection with Acquisition-related compensation that is tax deductible for GAAP purposes, the impact of that tax benefit in calculating non-GAAP adjusted net income, (3) any gains or losses realized from investments in GLG Funds held by equity participation plan participants in connection with the Acquisition, (4) the cumulative dividends payable to the holders of exchangeable shares of GLG’s 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, (5) the gain on business combination arising from the purchase of SGAM UK, and (6) amortization of the intangible assets recognized in relation to the acquired management contracts of SGAM UK and its associated tax effect. The definition of adjusted net income has been modified this quarter to reflect certain additional adjustments arising from the SGAM UK acquisition, as these items are not factored into management’s assessment of the underlying performance of GLG’s business. 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.

10

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,” which adjusts average fully diluted shares outstanding under GAAP for (1) the unvested shares issued pursuant to GLG’s equity participation plan, which are recorded under GAAP as treasury shares, but upon which it will pay dividends to the extent it pays them on vested shares; (2) unvested shares awarded under GLG’s 2007 Restricted Stock Plan and Long-Term Incentive Plan upon which it will pay dividends to the extent it pays them on vested shares; (3) the exchange of the FA Sub 2 Exchangeable Shares; (4) the conversion of the convertible notes, if the conversion is dilutive and (5) the number of shares issuable upon exercise of the warrants under the treasury stock method.

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 economic income than does GAAP net (loss)/income primarily because of the adjustments described under “Non-GAAP Adjusted Net Income” above. In addition, GLG uses these non-GAAP financial measures in its evaluation of its core results of operations and trends between fiscal periods and believes these measures are an important component of its internal performance measurement process. GLG also prepares forecasts for future periods on a basis consistent with these non-GAAP financial measures.

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.

11

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

	As of June 30,			As of December 31,
	2009			2008
Assets
Current Assets
Cash and cash equivalents	$	258,289		$	316,195
Restricted cash		13,376			13,315
Fees receivable		74,896			42,106
Prepaid expenses and other assets		59,605			32,751
Total Current Assets		406,166			404,367
Non-Current Assets
Investments (at fair value)		32,773			65,484
Intangible assets		32,505			—
Goodwill		587			587
Other non-current assets		9,466			3,868
Property, plant and equipment, net		13,232			14,076
Total Non-Current Assets		88,563			84,015
Total Assets	$	494,729		$	488,382
Liabilities and Stockholders’ Equity
Current Liabilities
Rebates and sub-administration fees payable	$	27,215		$	26,234
Accrued compensation, benefits and profit share		71,309			148,531
Income taxes payable		19,027			15,633
Distribution payable		6,624			7,592
Accounts payable and other accruals		66,229			47,176
Revolving credit facility		12,281			40,000
Other liabilities		36,920			50,765
Total Current Liabilities		239,605			335,931
Non-Current Liabilities
Loans Payable		298,139			530,000
Convertible notes		228,500			—
Total Non-Current Liabilities		526,639			530,000
Total Liabilities	$	766,244		$	865,931
Stockholders’ equity
Common stock; 1,000,000,000 authorized, 250,254,800 issued and outstanding (2008: 245,794,397 issued and outstanding)	$	24		$	24
Additional Paid in Capital		1,384,396			1,176,054
Treasury Stock, 21,418,568 (2008: 21,418,568) shares of common stock(1)		(293,434	)		(293,434	)
Series A voting preferred stock; 150,000,000 authorized, 58,904,993 issued and outstanding (2008: 58,904,993 issued and outstanding)		6			6
Accumulated deficit		(1,387,693	)		(1,243,058	)
Accumulated other comprehensive income		7,285			(17,141	)
Non-controlling Interests		17,901			—
Total stockholders’ equity		(271,515	)		(377,549	)
Total liabilities and stockholders’ equity	$	494,729		$	488,382

(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.

12

GLG Partners, Inc.
Consolidated Statement of Operations
(US$ in thousands, except per share amounts; US GAAP)

	Three months Ended
	June 30,
	2009			2008			% Change
Net revenues and other income
Management fees, net	$	36,031		$	90,600			(60.2	%)
Performance fees, net		37,942			78,194			(51.5	%)
Administration, service and distribution fees, net		5,937			20,449			(71.0	%)
Other		6,232			(433	)		(1539.3	%)
Total net revenues and other income		86,142			188,810			(54.4	%)
Expenses
Compensation, benefits and profit share		(171,930	)		(236,703	)		(27.4	%)
General, administrative and other		(25,426	)		(30,230	)		(15.9	%)
Third party distribution, service and advisory		(665	)		—
Amortization of intangible assets		(833	)		—
Total expenses		(198,854	)		(266,933	)		(25.5	%)
Loss from operations		(112,712	)		(78,123	)		44.3	%
Gain on business combination — negative goodwill		21,122			—
Gain on extinguishment of debt		84,821			—
Interest income, net		(3,328	)		(4,082	)		(18.5	%)
Loss before income taxes		(10,097	)		(82,205	)		(87.7	%)
Income taxes		(1,934	)		(3,296	)		(41.3	%)
Net loss	$	(12,031	)	$	(85,501	)		(85.9	%)
Less non-controlling interests:
Cumulative dividends		(10,552	)		(5,169	)		104.1	%
Share of income		(1,794	)		—			—
Exchangeable shares dividends		—			(2,945	)
Net loss attributable to common stockholders	$	(24,377	)	$	(93,615	)		(74.0	%)
Weighted average shares outstanding, basic and diluted		216,814			211,454
Net loss per common share, basic and diluted	$	(0.11	)	$	(0.44	)		(75.0	%)

13

GLG Partners, Inc.
Consolidated Statement of Operations
(US$ in thousands, except per share amounts; US GAAP)

	Six Months ended
	June 30,
	2009			2008			% Change
Net revenues and other income
Management fees, net	$	70,458		$	189,356			(62.8	%)
Performance fees, net		48,759			82,929			(41.2	%)
Administration, service and distribution fees, net		11,410			42,697			(73.3	%)
Other		7,229			5,208			38.8	%
Total net revenues and other income		137,856			320,190			(56.9	%)
Expenses
Compensation, benefits and profit share		(318,586	)		(549,742	)		(42.0	%)
General, administrative and other		(47,743	)		(60,533	)		(21.1	%)
Third party distribution, service and advisory		(665	)		—
Amortization of intangible assets		(833	)		—
Total expenses		(367,827	)		(610,275	)		(39.7	%)
Loss from operations		(229,971	)		(290,085	)		(20.7	%)
Realized loss on available-for-sale investments		(21,217	)		—
Gain on business combination — negative goodwill		21,122			—
Gain on extinguishment of debt		84,821			—
Interest income, net		(5,918	)		(8,125	)		(27.2	%)
Loss before income taxes		(151,163	)		(298,210	)		(49.3	%)
Income taxes		(2,552	)		(9,496	)		(73.1	%)
Net loss	$	(153,715	)	$	(307,706	)		(50.0	%)
Less non-controlling interests:
Cumulative dividends		(11,147	)		(9,298	)		19.9	%
Share of loss		20,227			—
Exchangeable shares dividends		—			(2,945	)
Net loss attributable to common stockholders	$	(144,635	)	$	(319,949	)		(54.8	%)
Weighted average shares outstanding, basic and diluted		216,789			211,327
Net loss per common share, basic and diluted	$	(0.67	)	$	(1.51	)		(55.6	%)

14

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

	Six Months Ended June 30,
	2009			2008
Net cash (used in) / provided by operating activities	$	(89,010	)	$	43,212
Net cash provided by / (used in) investing activities		42,053			(6,674	)
Net cash used in financing activities		(18,105	)		(181,748	)
Net decrease in cash and cash equivalents		(65,062	)		(145,210	)
Effect of foreign currency translation		7,156			1,237
Cash and cash equivalents at beginning of period		316,195			429,422
Cash and cash equivalents at end of period	$	258,289		$	285,449

15

GLG Partners, Inc.
Non-GAAP Adjusted Net Income for Three Months ended June 30, 2009 and June 30, 2008
(US$ in thousands)

	Three Months ended
	June 30,
	2009			2008			% Change
Derivation of non GAAP adjusted net income
GAAP net loss	$	(12,031	)		(85,501	)		(85.9	%)
Less: cumulative dividend		(10,552	)		(5,169	)		104.1	%
Add: Acquisition-related compensation expense		128,851			140,348			(8.2	%)
Less: tax effect of Acquisition-related compensation expense		(441	)		(5,457	)		(91.9	%)
Less: gain on business combination — negative goodwill		(21,122	)		—
Add: amortization of intangible assets		833			—
Less: tax effect of amortization of intangible assets		(233	)		—
Non-GAAP adjusted net income	$	85,305		$	44,221			92.9	%
Non-GAAP adjusted net income divided by non-GAAP weighted average fully diluted share(1)		0.26			0.14			85.7	%
Non-GAAP weighted average fully diluted shares		338,426			314,613

GLG Partners, Inc.
Non-GAAP Expenses for Three Months June 30, 2009 and June 30, 2008
(US$ in thousands)

	Three Months ended
	June 30,
	2009			2008			% Change
Non-GAAP expenses
Compensation, benefits and profit share	$	(171,930	)	$	(236,703	)		(27.4	%)
Add: Acquisition-related compensation expense		128,851			140,348			(8.2	%)
Non-GAAP compensation, benefits and profit share (CBP)	$	(43,079	)	$	(96,355	)		(55.3	%)
Third party distribution, service and advisory		(665	)		—			0.0	%
GAAP general, administrative and other		(25,426	)		(30,230	)		(15.9	%)
Non-GAAP total expenses	$	(69,170	)	$	(126,585	)		(45.4	%)

(1) Includes the add back of interest on convertible notes in periods where including the shares associated with the notes is dilutive. The amount of convertible note interest added back in Q2 2009 was $1.6 million.

16

GLG Partners, Inc.
Non-GAAP Adjusted Net Income for Six Months ended June 30, 2009 and June 30, 2008
(US$ in thousands)

	Six Months ended
	June 30,
	2009			2008			% Change
Derivation of non-GAAP adjusted net income
GAAP net loss	$	(153,715	)	$	(307,706	)		(50.0	%)
Less: cumulative dividend		(11,147	)		(9,298	)		19.9	%
Add: realized loss on available-for-sale investments		21,217			—
Add: Acquisition-related compensation expense		255,588			400,503			(36.2	%)
Less: tax effect of Acquisition-related compensation expense		(796	)		(5,457	)		(85.4	%)
Less: gain on business combination — negative goodwill		(21,122	)		—
Add: amortization of intangible assets		833			—
Less: tax effect of amortization of intangible assets		(233	)		—
Non-GAAP adjusted net income	$	90,624		$	78,042			16.1	%
Non-GAAP adjusted net income divided by non-GAAP weighted average fully diluted share(1)		0.29			0.24			17.8	%
Non-GAAP weighted average fully diluted shares		323,399			322,239

GLG Partners, Inc.
Non-GAAP Expenses for Six Months June 30, 2009 and June 30, 2008
(US$ in thousands)

	Six Months ended
	June 30,
	2009			2008			% Change
Non-GAAP expenses
Compensation, benefits and profit share	$	(318,586	)	$	(549,742	)		(42.0	%)
Add: Acquisition-related compensation expense		255,588			400,503			(36.2	%)
Non-GAAP compensation, benefits and profit share (CBP)	$	(62,999	)	$	(149,239	)		(57.8	%)
Third party distribution, service and advisory		(665	)		—			0.0	%
GAAP general, administrative and other		(47,743	)		(60,533	)		(21.1	%)
Non-GAAP total expenses	$	(111,407	)	$	(209,772	)		(46.9	%)

(1) Includes the add back of interest on convertible notes in periods where including the shares associated with the notes is dilutive. The amount of convertible note interest added back in H1 2009 was $1.6 million.

17

GLG Partners, Inc.
Financial Supplement

(USD in millions)	H1 2009			H1 2008			Q2 2009			Q1 2009			Q2 2008
Opening Net AUM	$	15,039		$	24,612		$	14,031		$	15,039		$	24,646
Inflows (net of redemptions)(1)		2,276			138			2,226			50			(629	)
Performance (gains net of losses and fees)(2)		990			(1,818	)		1,797			(807	)		(269	)
Currency translation impact (non-US$ AUM expressed in US$)		789			736			1,040			(251	)		(80	)
Closing Net AUM		19,094			23,668			19,094			14,031			23,668
Closing Gross AUM		21,572			27,895			21,572			15,419			27,895
Average net AUM(3)		15,179			24,309			18,840			11,519			24,157
(USD in thousands except per share amounts)
Management fees		70,458			189,356			36,031			34,427			90,600
Performance fees		48,759			82,929			37,942			10,817			78,194
Administration, service and distribution fees, net		11,410			42,697			5,937			5,473			20,449
Other		7,229			5,208			6,232			997			(433	)
Total net revenues and other income		137,856			320,190			86,142			51,714			188,810
Compensation, benefits and profit share		(318,587	)		(549,742	)		(171,930	)		(146,657	)		(236,703	)
General, administrative and other		(47,743	)		(60,533	)		(25,426	)		(22,317	)		(30,230	)
Third party distribution, service and advisory		(665	)		—			(665	)		—			—
Amortization of intangible assets		(833	)		—			(833	)
Net interest income		(5,918	)		(8,125	)		(3,328	)		(2,590	)		(4,082	)
Realized loss on available-for-sale investments		(21,217	)		—			—			(21,217	)		—
Gain on business combination — negative goodwill		21,122			—			21,122			—			—
Gain on extinguishment of debt		84,821			—			84,821			—			—
Income tax expense		(2,552	)		(9,496	)		(1,934	)		(618	)		(3,296	)
GAAP net income before non-controlling interests		(153,716	)		(307,706	)		(12,031	)		(141,685	)		(85,501	)
Add: Realized loss on available-for-sale investments		21,217			—			—			21,217			—
Add: Acquisition-related compensation expense(4)		255,588			400,503			128,851			126,737			140,348
Less: Cumulative dividends		(11,147	)		(9,298	)		(10,552	)		(595	)		(5,169	)
Less: Tax effect of Acquisition-related compensation expense		(796	)		(5,457	)		(441	)		(355	)		(5,457	)
Less: Gain on business combination — negative goodwill		(21,122	)		—			(21,122	)		—			—
Add: Amortization of intangible assets		833			—			833			—			—
Less: Tax effect of amortization of intangible assets		(233	)					(233	)
Non GAAP adjusted net income(4)		90,624			78,042			85,305			5,319			44,221
Non GAAP weighted average fully diluted shares		323,399			322,239			338,426			308,213			314,613
Non GAAP adjusted net income divided by non GAAP weighted average fully diluted shares(5)		0.29			0.24			0.26			0.02			0.14
Management fees and Administration fees/ Average net AUM(6)		1.08	%		1.90	%		0.89	%		1.39	%		1.84	%
Total net revenues and other income / Average net AUM(6)		1.82	%		2.60	%		1.83	%		1.80	%		3.13	%
Compensation, benefits and profit share less acquisition-related compensation expense (“CBP”)(4)/ Total net revenues and other income		45.7	%		46.6	%		50.0	%		38.5	%		51.0	%
General, administrative and other expenses / Average net AUM(6)		0.6	%		0.5	%		0.5	%		0.8	%		0.5	%
Non GAAP adjusted net income(4)/ Total net revenues and other income		65.7	%		24.4	%		99.0	%		10.3	%		23.4	%
“Effective” tax rate (sum of income taxes, cumulative dividends and tax effect of Acquisition-related compensation expense and amortization of intangible assets / sum of adjusted net income, income taxes, cumulative dividends and tax effect of Acquisition-related compensation expense and amortization of intangible assets)		14.0	%		23.7	%		13.4	%		22.8	%		23.9	%

(1)	Inflows for Q2 2009 and H1 2009 include SGAM UK net inflows of approximately $2.6 billion.
(2)	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.
(3)	Average net AUM for a given period is calculated as a 2 point (quarter open and close) average for the quarters and 3 point (first quarter open and close and second quarter close) average for the halves; Q1 2009 and Q2 2009 average net AUM exclude the approximately $3 billion mandate pursuant to the sub-advisory arrangement with SGAM UK which terminated upon the completion of its acquisition on April 3, 2009 and Q2 2009 average net AUM includes net AUM of approximately $7 billion acquired from SGAM UK on April 3, 2009 as if the assets were acquired at the opening of Q2 2009; H1 2009 average net AUM is calculated as the average of Q1 and Q2 2009 average net AUM.
(4)	See “Non-GAAP Financial Measures” for further detail.
(5)	Includes the add back of interest on convertible notes in periods where including the shares associated with the notes is dilutive. The amount of convertible note interest added back in H1 2009 was $1.6 million.
(6)	Ratios are annualized for quarterly and half year periods and average net AUM for a given period is calculated as a 2 point (quarter open and close) average for the quarters and 3 point (first quarter open and close and second quarter close) average for the halves; ratios calculated using Q1 2009 and Q2 2009 average net AUM exclude the approximately $3 billion mandate pursuant to the sub-advisory arrangement with SGAM UK which terminated upon the completion of its acquisition on April 3, 2009 and ratios calculated using Q2 2009 average net AUM include net AUM of approximately $7 billion acquired from SGAM UK on April 3, 2009 as if the assets were acquired at the opening of Q2 2009.

18

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)

	H1 2009		H2 2008		Q2 2009		Q1 2009		Q2 2008
Outstanding
Common stock (including Treasury Stock)(1)		238,262		236,799		238,262		238,201		236,799
Unvested shares		11,993		8,882		11,993		8,303		8,882
Total issued and outstanding common stock		250,255		245,681		250,255		246,504		245,681
FA Sub 2 Limited Exchangeable Shares		58,905		58,905		58,905		58,905		58,905
Warrants		54,485		54,485		54,485		54,485		54,485
Convertible Notes		61,425		—		61,425		—		—
Weighted Average Outstanding
Common stock (excluding Treasury Stock)		216,789		211,327		216,814		216,764		211,454
Unvested shares		8,345		9,843		8,342		11,125		9,068
FA Sub 2 Limited Exchangeable Shares		58,905		58,905		58,905		58,905		58,905
Warrants		54,485		55,307		54,485		54,485		54,485
Convertible Notes		15,093		—		30,021		—		—
GAAP Weighted Average Fully Diluted Share Count
Common stock		216,789		211,327		216,814		216,764		211,454
Unvested shares		—		—		—		—		—
FA Sub 2 Limited Exchangeable Shares		—		—		—		—		—
Warrants		—		—		—		—		—
Total		216,789		211,327		216,814		216,764		211,454
Non GAAP adjustments to weighted average fully diluted share count
Common stock:
GAAP weighted average fully diluted share count		216,789		211,327		216,814		216,764		211,454
add: unvested shares issued pursuant to our equity participation plan, Restricted Stock Plan and LTIP on which dividends will be paid, to the extent we pay them on vested shares		32,612		36,048		32,686		32,544		36,085
Non-GAAP weighted average fully diluted share count		249,401		247,375		249,500		249,308		247,539
FA Sub 2 Limited Exchangeable Shares:
GAAP weighted average fully diluted share count		—		—		—		—		—
add: inclusion of Exchangeable Shares as dilutive under non-GAAP		58,905		58,905		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(1)(2)		—		15,959		—		—		8,169
Non-GAAP weighted average fully diluted share count		—		15,959		—		—		8,169
Convertible Notes:
GAAP weighted average fully diluted share count		—		—		—		—		—
add: inclusion of weighted average convertible notes as dilutive under non-GAAP		15,093		—		30,021		—		—
Non-GAAP weighted average fully diluted share count		15,093		—		30,021		—		—
Non-GAAP, Weighted Average Fully Diluted Share Count(1)
Common stock		249,401		247,375		249,500		249,308		247,539
FA Sub 2 Limited Exchangeable Shares		58,905		58,905		58,905		58,905		58,905
Warrants		—		15,959		—		—		8,169
Convertible Notes		15,093		—		30,021		—		—
Total		323,399		322,239		338,426		308,213		314,613
Equity Market Capitalization (USD in Thousands)
Common equity market capitalization(2)		1,264,464		2,375,771		1,264,464		867,362		2,375,771
Warrant market capitalization		19,615		108,425		19,615		8,173		108,425
Total equity capitalization(2)		1,284,079		2,484,196		1,284,079		875,535		2,484,196

(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)	Assumes conversion of FA Sub 2 Limited Exchangeable Shares

19

GLG Partners, Inc.
Composition of Assets Under Management
(US$ millions)

	As of			As of			As of			As of			As of
	June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008
Alternative strategies(1)		10,441			9,843			12,518			16,740			22,457
Long only strategies(2)		11,131			5,576			4,026			4,412			5,438
Gross AUM	$	21,572		$	15,419		$	16,544		$	21,152		$	27,895
Less: alternative strategy investments in GLG Funds		(1,457	)		(1,388	)		(1,503	)		(3,867	)		(4,222	)
Less: long only strategy investments in GLG Funds		(1,022	)					(2	)		(5	)		(5	)
Net AUM	$	19,094		$	14,031		$	15,039		$	17,280		$	23,668
Quarterly average gross AUM	$	18,495		$	15,982		$	18,848		$	24,524		$	28,516
Quarterly average net AUM(3)	$	18,840		$	11,519		$	16,160		$	20,474		$	24,157

	Three months		Three months			Three months			Three months			Three months
	ended		ended			ended			ended			ended
	June 30, 2009		March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008
Opening net AUM	$	14,031	$	15,039		$	17,280		$	23,668		$	24,646
Inflows (net of redemptions)(4)		2,226		50			771			(2,182	)		(629	)
Performance (gains net of losses and fees)(5)		1,797		(807	)		(2,649	)		(3,139	)		(269	)
Currency translation impact (non-US$ AUM expressed in US$)		1,040		(251	)		(363	)		(1,068	)		(80	)
Closing net AUM	$	19,094	$	14,031		$	15,039		$	17,280		$	23,668

(1)	Alternative strategy gross AUM includes alternative funds / managed accounts and 130 / 30 strategies.
(2)	Long only strategy gross AUM includes long only funds / managed accounts and all SGAM UK net AUM acquired by GLG on April 3, 2009.
(3)	Quarterly average net AUM for a given period is calculated as a 2 point (quarter open and close) average and Q2 2009 average net AUM excludes the approximately $3 billion mandate pursuant to the sub-advisory arrangement with SGAM UK which terminated upon the completion of its acquisition on April 3, 2009 and includes net AUM of approximately $7 billion acquired from SGAM UK on April 3, 2009 as if the assets were acquired at the opening of Q2 2009.
(4)	Inflows for Q2 2009 and H1 2009 include SGAM UK net inflows of approximately $2.6 billion.
(5)	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.

20

EX-99.2

GLG Partners, Inc. SECOND QUARTER 2009 UPDATE August 6, 2009 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: the volatility in the financial markets; market conditions for the investment funds GLG manages ("GLG Funds"); performance of GLG Funds, the related performance fees and the associated impacts on revenues, net income, cash flows and fund inflows/outflows; the impact of net inflows on GLG's mix of assets under management and the associated impacts on revenues; 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 associated with the use of leverage, investment in derivatives, availability of credit, 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. Nothing in this presentation should be construed as or is intended to be a solicitation for or an offer to provide investment advisory services.

GLG OVERVIEW Notes: 1. GLG alternative strategies' dollar-weighted average returns are calculated as the composite performance of all constituent funds excluding all managed accounts, fund of funds, the GLG Emerging Markets Special Situations Fund, the special asset funds and the Pendragon funds, weighted by the sum of month end fund AUM and fund net inflows on the subsequent dealing day. GLG long only strategies' composite returns include managed accounts (other than those managed in accordance with a 130/30 or similar strategy) along with SGAM UK funds and managed accounts (excluding fund of funds or accounts invested solely in other funds and two managed accounts for which GLG does not exercise full control). Further, SGAM UK managed account data is before fees. GLG 130/30 strategies' composite returns include all managed accounts and funds managed in accordance with a 130/30 or similar strategy. Performance is typically measured by the longest running share class in each fund. 2. Share price of $4.08 as of August 5, 2009, and non-GAAP fully diluted shares outstanding of 309.2 million as of June 30, 2009. Assumes conversion of FA Sub 2 Limited Exchangeable Shares. 3. Includes contractors and temporary personnel. 3 GLG is one of the world's leading investment managers Founded in 1995 with a long history of strong and sustained investment performance $19.1 billion in net assets under management ("AUM") as of June 30, 2009 with a broad range of funds and managed accounts comprising both alternative and long-only strategies Strong recent absolute and relative investment performance with net dollar-weighted returns(1) of approximately 13.3% for its alternative strategies and 16.2% for long only strategies year-to-date through June 30, 2009 Attractive foundation of institutional, retail and high net worth clients Accessed the public markets in November 2007, through a reverse merger transaction with Freedom Acquisition Holdings; GLG currently trades on the NYSE with a market capitalization of $1.27 billion(2) Over 395 people, including approximately 125 investment professionals(3)

LEADING INVESTMENT MANAGER No. 1 Research in Fundamentals Winner 2004 Thomson Extel Surveys Strong historical AUM growth Selected awards and rankings Historical Net AUM(1) ($ in billions) Net AUM CAGR 28% Notes: 1. See "Description of Gross and Net Assets Under Management" in Appendix for definition. 2. Represents the approximately $3 billion mandated in December 2008 pursuant to a sub-advisory arrangement. 4 Awards for Excellence Winner 2006 Euromoney No. 1 Hedge Fund (Based on All Votes) Winner 2007, 2006 Thomson Extel Surveys Leading Pan-European Hedge Fund Winner 2008 Thomson Extel Surveys Best Single Hedge Fund Manager for Multi-Strategy Hedge Fund Operators Winner 2008 Financial News Leading Pan-European Hedge Fund Winner 2009 Thomson Extel Surveys SGAM UK(2) S G A M U K

LONG-TERM TRACK RECORD OF STRONG INVESTMENT PERFORMANCE Since the first fund launched in 1997, GLG has achieved a 13.3% net-of-fees annualized dollar- weighted return on its alternative strategies(1) through June 2009 Rebased Index Value 5 Notes: Performance is typically measured by the longest running share 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 data points through to June 30, 2009. Annualized returns are calculated on basis of monthly pricing data. 1. GLG alternative strategies' dollar-weighted average returns are calculated as the composite performance of all constituent funds excluding all managed accounts, fund of funds, the GLG Emerging Markets Special Situations Fund, the special asset funds and the Pendragon funds, weighted by the sum of month end fund AUM and fund net inflows on the subsequent dealing day. 2. GLG long only strategies' dollar-weighted average returns include managed accounts (other than those managed in accordance with a 130/30 or similar strategy) along with SGAM UK funds and managed accounts (excluding fund of funds or accounts invested solely in other funds and two managed accounts for which GLG does not exercise full control). Further, SGAM UK managed account data is before fees. Jun 09 GLG alternative strategies' dollar-weighted composite return(1) (3) GLG long only strategies' dollar-weighted composite return(2) CSFB Hedge Fund Tremont Index MSCI World TR Index MSCI Europe TR Index S&P 500 TR Index

2009 INVESTMENT PERFORMANCE Absolute composite performance of GLG long only(1), 130 / 30(2) and alternative(3) strategies year- to-date compare favorably with equity indices through June 2009 Rebased Index Value 6 Notes: Performance is typically measured by the longest running share class in each fund. Indices are rebased to 100 as at January 1st, 2009 with monthly data points through to June 30, 2009. 1. GLG long only strategies' dollar-weighted average returns prior to January 1, 2009 exclude managed accounts. GLG long only strategies' composite returns after January 1, 2009 include SGAM UK funds and managed accounts (excluding fund of funds or accounts invested solely in other funds and two managed accounts for which GLG does not exercise full control). SGAM UK managed account data is gross of fees. 2. GLG 130 / 30 strategies' dollar-weighted average returns include all managed accounts and funds managed in accordance with a 130 / 30 or similar strategy. 3. GLG alternative strategies' dollar-weighted average returns are calculated as the composite performance of all constituent funds excluding all managed accounts, fund of funds, the GLG Emerging Markets Special Situations Fund, the special asset funds and the Pendragon funds, weighted by the sum of month end fund AUM and fund net inflows on the subsequent dealing day. (1) GLG 130 / 30 strategies' dollar-weighted composite return(2) GLG alternative strategies' dollar-weighted composite return(3) MSCI World TR Index S&P 500 TR Index GLG long only strategies' dollar-weighted composite return(1)

POSITIVE RECENT PERFORMANCE 7 Notes: GLG alternative strategies' dollar-weighted average returns are calculated as the composite performance of all constituent funds excluding all managed accounts, fund of funds, the GLG Emerging Markets Special Situations Fund, the special asset funds and the Pendragon funds, weighted by the sum of month end fund AUM and fund net inflows on the subsequent dealing day. GLG long only strategies' composite returns include managed accounts (other than those managed in accordance with a 130/30 or similar strategy) along with SGAM UK funds and managed accounts (excluding fund of funds or accounts invested solely in other funds and two managed accounts for which GLG does not exercise full control). Further, SGAM UK managed account data is before fees. GLG 130/30 strategies' composite returns include all managed accounts and funds managed in accordance with a 130/30 or similar strategy. Performance is typically measured by the longest running share class in each fund. Blended benchmark returns are calculated as the aggregate of the dollar-weighted returns for the relevant benchmarks for each fund / managed account. In the event there is no relevant benchmark, an appropriate performance comparator is used. 1. July dollar-weighted average returns are calculated based on estimated July month-end NAVs. However for a number of SGAM UK managed accounts (constituting approximately 27% of GLG's total long only AUM), estimated July pricing data is not yet available and are therefore excluded from the GLG long only composite returns for July and year-to-date through July 31, 2009. GLG Alternative Composite MSCI World TR Index S&P 500 TR Index GLG Long Only Composite Long Only Blended Benchmark GLG 130 / 30 Composite 130 / 30 Blended Benchmark DOLLAR-WEIGHTED COMPOSITE RETURNS DOLLAR-WEIGHTED COMPOSITE RETURNS DOLLAR-WEIGHTED COMPOSITE RETURNS DOLLAR-WEIGHTED COMPOSITE RETURNS DOLLAR-WEIGHTED COMPOSITE RETURNS DOLLAR-WEIGHTED COMPOSITE RETURNS DOLLAR-WEIGHTED COMPOSITE RETURNS DOLLAR-WEIGHTED COMPOSITE RETURNS YTD thru July 2009(1) 16.3% 12.5% 10.5% 23.7% 14.3% 18.8% 14.7% July 2009(1) 2.6% 7.4% 7.5% 6.4% 5.9% 6.1% 7.9% H1 2009 13.3% 4.8% 2.7% 16.2% 7.9% 12.0% 6.3% Q2 2009 8.5% 16.5% 15.7% 27.4% 22.1% 15.5% 14.5% Absolute composite performance of GLG alternative strategies year-to-date compares favorably with equity indices Relative outperformance of aggregate GLG long only and 130 / 30 composites % Long only AUM outperforming relevant benchmarks year-to-date (as at June 30, 2009): 73% % 130 / 30 AUM outperforming relevant benchmarks year-to-date (as at June 30, 2009): 81%

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. Culture, compensation and physical layout are designed to facilitate real time information flow and collaboration. Senior Management Advisory Group comprised of GLG professionals was created in October 2008 and advises the firm on strategic direction and the delivery of best of breed performance for its investors and operations. 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. Independent custodians, multiple prime brokers and first class customer statements complemented by regulatory oversight from the FSA and the SEC. 8

Long Only Strategies 53% Alternative Long Only 47 53 Equity L/S Credit Macro Convert Bond 130/30 Like Convert & Other Mixed Asset L/S Ext MMI Int MMI 34 1 1 2 18 10 13 4 10 FI Converts Equity Balanced MMI 3 3 84 8 2 Alternative Strategies 47% DIVERSIFIED MULTI-STRATEGY MODEL AUM breakdown by investment strategy Managed Accounts $8.6 B (45%) Notes: Data is based on AUM and GLG Funds as of June 30, 2009. See "Description of Gross and Net Assets Under Management" in Appendix for definition of "NET AUM". 1. Percentage breakdown of alternative strategies is provided on a gross AUM basis and includes cash and other holdings. Equity Long Short 34% Convertible and Other Arbitrage 10% Mixed Asset Long Short 13% Macro 1% Credit 1% Equity 84% 130 / 30 Type 18% NET AUM = $19.1 B NET AUM = $10.1 B NET AUM(1) = $9.0 B Balanced 8% Fixed Income 3% Convertible Bond 3% Internal Multi Manager 2% Internal Multi Manager 10% External Multi Manager 4% Long Only Alternative(1) Global 22% 38% Europe 25% 21% UK 10% 6% North America 2% 15% Emerging Markets 2% 16% Japan 32% - MENA 6% - EAFE 1% - 100% 100% Convertible Bond 2% 9 Funds $10.5 B (55%)

ATTRACTIVE PLATFORM FOR WORLD CLASS INSTITUTIONS Superior client focus through dedicated client services team with direct access to the investment management and risk teams and customized, real time client reporting Significant number of clients invested in multiple GLG funds Large proportion of AUM from long-standing clients: Significant number of high net worth private client AUM dates back to near inception of GLG Material institutional clients were introduced when first funds were launched in 1997 10

RIGOROUS RISK MANAGEMENT AND CONTROLS Real-time positions and exposures for risks are monitored for a number of risk limit categories such as Prospectus Limits, Regulatory Limits, Internal (Soft) Limits, Client Mandated Limits, Other (data integrity) Risk database provides framework for risk analysis, limits monitoring and performance analysis, with consistency of risk data across the firm Risk architecture is scalable and adaptable to new strategies, instruments, and asset classes Infrastructure: Ten member team with six independent risk managers and four risk analysts A strong and independent compliance function, with robust policies and procedures including conflicts, market abuse, KYC/AML Daily interaction with Portfolio Management Team to provide risk attribution and performance analyses Direct reporting to an Independent Risk Committee (IRC) on a daily basis, headed by Emmanuel Roman, Co-CEO, who has no money management responsibilities IRC meets monthly and considers firm-wide risk and advises on risk issuess, developments and enhancements 11

COMMITTED TO TAKE ADVANTAGE OF ATTRACTIVE GROWTH OPPORTUNITIES Committed to recruiting, training and motivating top investment talent Unique opportunities in the present environment with last year's market disruption still weighing on a broad cross section of asset classes and a fragmented and less robust competitive environment Extremely well positioned to deliver strong risk adjusted returns in the future given the depth of our investment team and our disciplined and focused approach to the market Extend strong investment track record Expand investment products and strategies Launched two strategies focused on unique opportunities in June 2009 Integration of SGAM UK long only funds and managed accounts, with AUM totaling approximately $6.8 billion as of June 30, 2009, expanding GLG's Japan and MENA offerings Begin to leverage new retail distribution platform in the UK with launch of the GLG UK Select Fund this month Build on success in Europe and UK to penetrate other major markets Voted leading Pan-European Hedge Fund of the Year by Thomson Reuters Extel survey for second straight year Chairman and Co-CEO, Noam Gottesman relocated to the U.S. to focus on building North American franchise 12

SOCIETE GENERALE ASSET MANAGEMENT UK ACQUISITION 13 On April 3, 2009, GLG completed its acquisition of Societe Generale Asset Management UK ("SGAM UK") for approximately $6.5 million in cash SGAM UK was Societe Generale's UK long only asset management business with assets under management of approximately $6.8 billion as of June 30, 2009 Integration process is now substantially complete: Systems transition was successfully accomplished with all funds running on GLG trading and risk systems Redundancy process has been conducted Some client attrition occurred in advance of and post closing, but broadly in line with expectations to date Have begun to leverage benefit of new retail distribution platform with launch of GLG UK Select Fund in August 2009 Acquisition expected to be earnings accretive post-exceptionals from Q4 2009 onwards

On May 11, 2009, GLG reached an agreement with its senior lenders to amend its credit agreement and eliminate any associated financial covenants. On May 15, GLG completed a private offering of $214 million aggregate principal amount of its dollar- denominated convertible subordinated notes due 2014. The notes bear interest at a rate of 5% per annum, rank junior in right of payment to all of GLG's existing and future senior indebtedness and are convertible into shares of GLG's common stock at an initial conversion price of approximately $3.72 per share. On June 8, 2009, GLG completed the sale of an additional $14.5 million aggregate principal amount of notes, increasing the total aggregate amount sold to $228.5 million. GLG used approximately $171 million of the net proceeds from the offering to acquire approximately $285 million out of a total of $570 million principal amount of loans outstanding under the credit facility. The balance of the net proceeds will be used by GLG for general corporate purposes to the extent permitted under the credit agreement. SUCCESSFUL DEBT RESTRUCTURING 14

AUM SUMMARY Q2 2009 Q2 2008 ^ YoY H1 2009 H1 2008 ^ HoH Opening Net AUM 14,031 24,646 15,039 24,612 Inflows (net of redemptions)(1) 2,226 (629) 2,276 138 Performance (gains net of losses and fees)(2) 1,797 (269) 990 (1,818) Currency translation impact (non-US$ AUM expressed in US$) 1,040 (80) 789 736 Closing Net AUM 19,094 23,668 (19%) 19,094 23,668 (19%) Closing Gross AUM 21,572 27,895 (23%) 21,572 27,895 (23%) Average Net AUM(3) 18,840 24,157 (22%) 15,179 24,309 (38%) Notes: Numbers may not add up due to rounding 1. Inflows for the second quarter and first half of 2009 include SGAM UK net inflows of approximately $2.6 billion. 2. 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. 3. Average net AUM for a given period is calculated as a 2 point (quarter open and close) average for the quarters and 3 point (first quarter open and close and second quarter close) average for the halves; Q1 2009 and Q2 2009 average net AUM exclude the approximately $3 billion mandate pursuant to the sub-advisory arrangement with SGAM UK which terminated upon the completion of its acquisition on April 3, 2009 and Q2 2009 average net AUM includes net AUM of approximately $7 billion acquired from SGAM UK on April 3, 2009 as if the assets were acquired at the opening of Q2 2009; H1 2009 average net AUM is calculated as the average of Q1 and Q2 2009 average net AUM. 15 ($ MM)

FINANCIAL SUMMARY Q2 2009 Q2 2008 ^ YoY H1 2009 H1 2008 ^ HoH Management fees 36.0 90.6 (60%) 70.5 189.4 (62%) Performance fees 37.9 78.2 (51%) 48.8 82.9 (41%) Administration fees 5.9 20.4 (71%) 11.4 42.7 (73%) Other 6.2 (0.4) (1539%) 7.2 5.2 39% Total net revenues and other income 86.1 188.8 (54%) 137.9 320.2 (57%) Compensation, benefits and profit share (171.9) (236.7) (27%) (318.6) (549.7) (42%) General, administrative and other (25.4) (30.2) (15%) (47.7) (60.5) (21%) Third party distribution, service and advisory (0.7) - - (0.7) - - Amortization of intangible assets (0.8) - - (0.8) - - Net interest expense (3.3) (4.1) (18%) (5.9) (8.1) (27%) Loss on redemption of available-for-sale investments - - - (21.2) - - Negative goodwill arising on business combination 21.1 - - 21.1 - - Gain on extinguishment of debt 84.8 - - 84.8 - - Income tax expense (1.9) (3.3) (41%) (2.6) (9.5) (73%) GAAP net (loss) before non-controlling interests (12.0) (85.5) (85%) (153.7) (307.7) (50%) Add: Acquisition-related investment earnings - - - 21.2 - - Add: Acquisition-related compensation expense 128.9 140.3 (8%) 255.6 400.5 (36%) Deduct: Tax effect of Acquisition-related compensation expense (0.4) (5.5) (91%) (0.8) (5.5) (85%) Deduct: Negative goodwill arising on business combination (21.1) - - (21.1) - - Add: Amortization of intangibles 0.8 - - 0.8 - - Deduct: Tax effect of Amortization of intangibles (0.2) - - (0.2) - - Deduct: Cumulative dividends (10.6) (5.2) 104% (11.1) (9.3) 20% Non-GAAP adjusted net income 85.3 44.2 93% 90.6 78.0 16% Non-GAAP weighted average fully diluted shares Non-GAAP adjusted net income divided by non-GAAP weighted average fully diluted shares(1) 338.4 0.26 314.6 0.14 83% 323.4 0.29 322.2 0.24 18% 16 ($ MM except per share amounts) Note: 1. Includes the add back of interest on convertible notes in periods where including the shares associated with the notes is dilutive. The amount of convertible note interest added back in Q2 2009 and H1 2009 was $1.6 million.

KEY PERFORMANCE RATIOS Notes: 1. Ratios are annualized for quarterly and half year periods and average net AUM for a given period is calculated as a 2 point (quarter open and close) average for the quarters and 3 point (first quarter open and close and second quarter close) average for the halves; ratios calculated using Q1 2009 and Q2 2009 average net AUM exclude the approximately $3 billion mandate pursuant to the sub-advisory arrangement with SGAM UK which terminated upon the completion of its acquisition on April 3, 2009 and ratios calculated using Q2 2009 average net AUM include net AUM of approximately $7 billion acquired from SGAM UK on April 3, 2009 as if the assets were acquired at the opening of Q2 2009. 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 Q2 and second half performance fees in Q4. 3. Equals the sum of income taxes, cumulative dividends and tax effect of Acquisition-related compensation expense and amortization of intangible assets divided by the sum of adjusted net income, income taxes, cumulative dividends and tax effect of Acquisition-related compensation expense and amortization of intangible assets. H1 2009 H1 2008 Q2 2009 Q2 2008 Q1 2009 Management fees and Administration fees / Average net AUM(1) Management fees and Administration fees / Average net AUM(1) 1.08% 1.90% 0.89% 1.84% 1.39% Total net revenues and other income(2) / Average net AUM(1) Total net revenues and other income(2) / Average net AUM(1) 1.82% 2.60% 1.83% 3.13% 1.80% Compensation, benefits and profit share less Acquisition-related compensation expense ("CBP") / Total net revenues and other income(2) Compensation, benefits and profit share less Acquisition-related compensation expense ("CBP") / Total net revenues and other income(2) 45.7% 46.6% 50.0% 51.0% 38.5% General, administrative and other expenses / Average net AUM(1) General, administrative and other expenses / Average net AUM(1) 0.6% 0.5% 0.5% 0.5% 0.8% Non GAAP adjusted net income / Total net revenues and other income(2) Non GAAP adjusted net income / Total net revenues and other income(2) 65.7% 24.4% 99.0% 23.4% 10.3% "Effective" tax rate(3) "Effective" tax rate(3) 14.0% 23.7% 13.4% 23.9% 22.8% 17

COMPOSITION OF ASSETS UNDER MANAGEMENT 18 Notes: 1. Alternative strategy gross AUM includes alternative funds/managed accounts and 130/30 strategies. 2. Long only strategy gross AUM includes long only funds/managed accounts and all SGAM UK net AUM acquired by GLG on April 3, 2009. 3. Quarterly average net AUM for a given period is calculated as a 2 point (quarter open and close) average and Q2 2009 average net AUM excludes the approximately $3 billion mandate pursuant to the sub-advisory arrangement with SGAM UK which terminated upon the completion of its acquisition on April 3, 2009 and includes net AUM of approximately $7 billion acquired from SGAM UK on April 3, 2009 as if the assets were acquired at the opening of Q2 2009. 4. Inflows for Q2 2009 and H1 2009 include SGAM UK net inflows of approximately $2.6 billion. 5. Performance as a percentage of opening net AUM is based on both opening AUM and inflows and outflows during the period and can be influenced by heavy inflows or outflows. ($ MM)

INVESTMENT HIGHLIGHTS GLG is an attractive investment opportunity Leading investment manager Diversified multi-strategy business model Long-term track record of strong and sustained investment performance Positive recent investment performance Differentiated investment approach and dedicated investment professionals Attractive platform for world class institutions Committed to take advantage of attractive growth opportunities Prudent acquisition strategy Commitment to reducing expenses Rigorous risk management and controls Management depth, experience and commitment 19

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 GLG acquired Societe Generale Asset Management UK, a UK-based long-only asset manager, in April 2009 21

FOREIGN CURRENCY IMPACT ON AUM GLG typically offers multi-currency share classes to its investors in each of its Funds As of June 30, 2009, the AUM split was as follows: 22 $0.4 B $(0.7) B $0.7 B $1.0 B $(0.7) B $(0.3) BN $1.0 B 1Q 09* 2004 2005 2006 2007 2008 FX Impact in $ * Quarterly data has not been annualized USD EUR GBP 34% 30% 24% *With a de minimis amount of other currencies 2Q 09*

TAXES GLG expects its "effective" tax rate(1) 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). Tax laws frequently change, sometimes with a retroactive effect. Until the legislation is finalized, it is often difficult to predict the impact of tax legislation on our financial results. No assurance can be given that tax law changes will not materially affect our financial position. GLG notes currently that: The UK legislation introducing a worldwide debt cap became law on July 21, 2009, effective January 1, 2010. This new legislation may restrict U.K. corporation tax deductions for financing costs based on the worldwide financing costs of the corporate group. The U.S. Congress is considering changes to U.S. income tax laws which would increase the U.S. income tax rate imposed on "carried interest" earnings and would subject to U.S. corporate income tax certain publicly held private equity firms and hedge funds structured as partnerships (for U.S. federal income tax purposes). These changes would not apply to us because the Company is already taxed in the United States as a U.S. corporation and earns fee income and does not receive a "carried interest". President Obama and the U.S. Treasury Department proposed, on May 5, 2009, changes in certain of the U.S. tax rules for U.S. corporations doing business outside the United States. The proposed changes would limit the ability of U.S. corporations to deduct expenses attributable to offshore earnings, modify the foreign tax credit rules and further restrict the ability of U.S. corporations to transfers fund between foreign subsidiaries without triggering U.S. income tax. The scope of this proposed change, the form it will take if enacted, and its potential impact, are unclear, and GLG is closely monitoring this. 23 Notes: 1. "Effective" tax rate is the sum of income taxes, cumulative dividends and tax effect of Acquisition-related compensation expense and amortization of intangible assets divided by sum of adjusted net income, income taxes, cumulative dividends and tax effect of Acquisition-related compensation expense and amortization of intangible assets. 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 24 Notes: 1. As of August 5, 2009. 2. All warrants will expire on December 28, 2011.

SHARE / WARRANT REPURCHASE PROGRAM As of June 30, 2009, there were 250.3 million common shares, 58.9 million FA Sub 2 Limited Exchangeable Shares and 54.5 million warrants outstanding (246.5, 58.9 and 54.5, respectively, at March 31, 2009 and 245.8, 58.9 and 54.5, respectively, at December 31, 2008). Approximately 41,000 shares were repurchased and no warrants were repurchased or exercised during the second quarter of 2009. During the first half of 2009, no warrants were repurchased or exercised and 28.4 million shares were repurchased for $64.5 million. Since the inception of GLG's repurchase program in November 2007, GLG has repurchased a total of 14.3 million warrants for $82.9 million and 30.5 million shares for $74.7 million and 5.5 million warrants have been exercised at $7.50 per share for aggregate proceeds of $41.4 million. 25

MARKET CAPITALIZATION As of As of As of June 30, 2009 March 31, 2009 June 30, 2008 Outstanding (MM) Issued and outstanding common stock 250.3 246.5 245.7 FA Sub 2 Limited Exchangeable Shares 58.9 58.9 58.9 Total 309.2 305.4 304.6 Warrants 54.5 54.5 54.5 Equity Market Capitalization Stock price: Warrant price: $4.09 $0.36 $2.84 $0.15 $7.80 $1.99 Common equity market capitalization(1) $1,264m $867m $2,376m Warrant market capitalization $20m $8m $108m Total equity capitalization $1,284m $875m $2,484m Note: 1. Assumes conversion of FA Sub 2 Limited Exchangeable Shares. 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 fund ("FoF") products invest substantially all of their assets in GLG's single-manager alternative or long only fund products; GLG's external FoF products may invest a small proportion of their assets in other GLG external FoF products; 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 27

DESCRIPTION OF NON-GAAP WEIGHTED AVERAGE FULLY DILUTED SHARE COUNT 28 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 GLG's equity participation plan, which are recorded under GAAP as treasury shares, but upon which it will pay dividends to the extent it pays them on vested shares; (2) unvested shares awarded under GLG's 2007 Restricted Stock Plan and Long-Term Incentive Plan upon which it will pay dividends to the extent it pays them on vested shares; (3) the exchange of the FA Sub 2 Limited Exchangeable Shares; (4) the conversion of the convertible notes, if the conversion is dilutive and (5) the number of shares issuable upon exercise of the warrants under the treasury stock method.

RECONCILIATION OF NON-GAAP WEIGHTED AVERAGE FULLY DILUTED SHARES 29 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. 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. Other key personnel have since joined these partnerships. 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. 30

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 $91 million, $47 million and $5 million for the three 12-month periods beginning with the consummation of the acquisition). Related expenses will end in 2010 and 2011(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 Long-Term Incentive Plan. Related expenses will end in 2013(3). the agreement among the Principals and Trustees. Related expenses will end in 2012(4). 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. 31 Notes: 1. Original vesting period lasting three years. 2. Original vesting period lasting four years. 3. Original vesting period lasting six years. 4. Original 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 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 compensation, benefits and profit share. 32

RECONCILIATION OF NON-GAAP CBP AND NON-GAAP TOTAL EXPENSES 33

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 non-controlling interests 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, (3) any gains or losses realized from investments in GLG Funds held by equity participation plan participants in connection with the Acquisition, (4) 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, (5) the gain on business combination arising from the purchase of SGAM UK, and (6) amortization of the intangible assets recognized in relation to the acquired management contracts of SGAM UK and its associated tax effect. A reconciliation of non-GAAP adjusted net income to GAAP net loss before non-controlling interests is provided in the Financial Summary on page 16. 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. 34