8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

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

Date of Report (Date of Earliest Event Reported): November 5, 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 November 5, 2009, GLG Partners, Inc. (the “Company”) released its earnings for the third 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 November 5, 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 non-GAAP adjusted net income, non-GAAP compensation, benefits and profit share (CBP), non-GAAP weighted average fully diluted shares, and adjusted non-GAAP adjusted net income, 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 November 5, 2009.
99.2	Investor Presentation dated November 5, 2009.

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SIGNATURES

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

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

Date: November 5, 2009

EXHIBIT INDEX

Exhibit
Number	Description
99.1	Press Release of the Company dated November 5, 2009.
99.2	Investor Presentation dated November 5, 2009.

EX-99.1

Exhibit 99.1

GLG PARTNERS REPORTS Q3 2009 EARNINGS

• YTD returns¹ through September 30, 2009 of 24.6% for the alternative strategies, 25.8% for the 130 /30 strategies and 31.0% for the long only strategies

• Net AUM of $21.6 billion as of September 30, 2009, up 13% sequentially in Q3 2009 reflecting net inflows of $216 million, $1.9 billion of performance gains and $435 million of currency translation impact

• Non-GAAP adjusted net income of ($5.1) million for Q3 2009 and $85.5 million for the first nine months of 2009 ((0.02) and 0.27 per non-GAAP weighted average fully diluted share, respectively) on a GAAP net loss attributable to common stockholders of $99.0 million for Q3 2009 and $243.7 million for the first nine months of 2009 (GAAP diluted EPS loss of $0.45 and $1.12, respectively)

New York, November 5, 2009 — GLG Partners, Inc. (“GLG”) (NYSE: GLG), the U.S.-listed asset manager, today reported a GAAP net loss attributable to common stockholders of $99.0 million for the quarter ended September 30, 2009 and a net loss of $243.7 million for the first nine months of fiscal 2009. GAAP diluted EPS was a loss of $0.45 for the quarter ended September 30, 2009 and a loss of $1.12 for the first nine months of 2009. These GAAP metrics compare to a GAAP net loss attributable to common stockholders of $167.1 million and diluted EPS loss of $0.79 for the quarter ended September 30, 2008 and a net loss of $487.0 million and diluted EPS loss of $2.30 for the first nine months 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, GAAP net losses for the third quarter and first nine months of 2009 resulted directly from the recognition of $110.1 million and $365.7 million, respectively, of Acquisition-related compensation expenses as compared to $188.0 million and $588.5 million for the third quarter and first nine months of 2008, respectively. Acquisition-related GAAP compensation expenses will be recognized quarterly through to the fourth quarter of 2013. For further discussion of these largely non-cash Acquisition-related charges see below under “Non-GAAP Financial Measures”.

¹ Performance is typically measured by the longest running share class in each fund. See the Appendix for a description of how dollar-weighted average returns are calculated.

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

										YTD to			YTD to
	Q3 2009			Q3 2008			YoYD			9/30/09			9/30/08			YoYD
Closing net assets under management (AUM)		21,628			17,280			25	%		21,628			17,280			25	%
Net revenues		48.2			102.1			(53	%)		186.1			422.3			(56	%)
GAAP net loss attributable to common stockholders		(99.0	)		(167.1	)		(41	%)		(243.7	)		(487.0	)		(50	%)
GAAP fully diluted EPS		(0.45	)		(0.79	)		43	%		(1.12	)		(2.30	)		51	%
Non-GAAP adjusted net (loss) / income		(5.1	)		21.8			(123	%)		85.5			99.9			(14	%)
Non-GAAP adjusted net (loss) / income divided by non-GAAP weighted average fully diluted shares		(0.02	)		0.07			(123	%)		0.27			0.31			(14	%)

Non-GAAP adjusted net loss was $5.1 million for the quarter ended September 30, 2009 as compared to non-GAAP adjusted net income of $21.8 million for the same period in 2008. Non-GAAP adjusted net income was $85.5 million for the first nine months of fiscal 2009 as compared to $99.9 million for the year ago period. The ratio of non-GAAP adjusted net (loss) / income to non-GAAP weighted average fully diluted shares was (0.02) for the quarter ended September 30, 2009, as compared to 0.07 for the same period in 2008, and 0.27 for the first nine months of fiscal 2009, as compared to 0.31 for the same period in 2008. Non-GAAP results for the first nine months of 2009 reflected the following significant items: an $84.8 million gain on the extinguishment of debt (or $75.0 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”.

“GLG delivered solid investment returns across the franchise and built momentum in the business throughout the quarter,” said Noam Gottesman, Chairman and Co-CEO of GLG. “We won mandates from a large sovereign wealth fund and a Fortune 100 corporate pension fund, received ‘buy’ rankings from two prominent institutional consulting firms for our global and international equity products, and successfully launched a UK retail-oriented offering leveraging the platform we acquired with the second quarter 2009 purchase of SGAM UK. Additionally, we continued to build out our UCITS III offerings, a growing segment for investors that is well suited for many of our strategies. Our net AUM flows turned positive in the third quarter and we generated strong investment returns across the franchise. Going forward, our primary focus remains the delivery of superior investment performance for our investors. We are excited about the broad range of investment and strategic opportunities that we see on the horizon.”

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“With the markets righting themselves and inflows returning to the industry, GLG is well-positioned for growth: we continue to invest in our talented pool of professionals, rewarding strong performance and making selective hires,” said Emmanuel Roman, Co-CEO of GLG. “We have streamlined our operations over the past year, our net inflows have turned positive with redemption trends normalizing and we continue to believe that our broad, internationally-focused, multi-strategy platform will benefit significantly as industry flows continue to gather momentum.”

Assets Under Management Summary

GLG’s total net assets under management (“AUM”) as of September 30, 2009 were approximately $21.6 billion (net of assets invested from other GLG managed funds), up 13% from June 30, 2009 and up 25% from September 30, 2008.

Investment performance across the GLG franchise was strong, increasing net AUM by $1.9 billion in the third quarter of 2009 and $2.9 billion for the first nine months of 2009. Specifically, investment returns¹ for the quarter ended September 30, 2009 for GLG’s alternative, long only and 130/30 strategies were 10.2%, 12.8% and 12.3%, respectively. The year-to-date returns¹ through September 30, 2009 were 24.6% for the alternative strategies, 31.0% for the long only strategies and 25.8% for the 130/30 strategies. The returns through October 2009² were 25.2% for alternative, 28.0% for long only and 24.5% for 130/30 strategies. For the third quarter of 2009, first nine months of 2009 and the month of October, the MSCI World Index was up 14.8%, up 20.3% and down 2.2%, respectively, and the S&P 500 Index was up 15.4%, up 18.6% and down 1.9%, respectively.

Net inflows for the quarter ended September 30, 2009 were $216 million, largely reflecting interest in GLG’s managed account capabilities, its Japan and convertible debt offerings and the new UK retail distribution platform which launched in August, offset by anticipated outflows from the lifting of suspensions on redemptions from the GLG Market Neutral Fund. For the first nine months of 2009, net inflows were $2.5 billion primarily from approximately $2.6 billion of incremental net AUM acquired from SGAM UK during the second quarter of 2009.

The effect of currency translation increased net AUM by $435 million in the quarter ended September 30, 2009 and $1.2 billion in the first nine months of 2009.

GLG’s total gross AUM (including assets invested from other GLG managed funds) was $24.0 billion as of September 30, 2009, up 11% from June 30, 2009 and up 13% from September 30, 2008.

² October dollar-weighted average returns are calculated based on estimated October month-end net asset values (NAVs). See the Appendix for a description of how dollar-weighted average returns are calculated.

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

	As of September 30,
	2009			2008
Alternative strategies3	$	10,924		$	16,740
Long only strategies4		13,069			4,412
Gross AUM	$	23,993		$	21,152
YoY % Change		13.4	%		(10.3	%)
Less: alternative strategy investments in GLG Funds	$	(1,266	)	$	(3,867	)
Less: long only strategy investments in GLG Funds		(1,099	)		(5	)
Net AUM	$	21,628		$	17,280
YoY % Change		25.2	%		(15.6	%)
Quarterly average net AUM5	$	20,361		$	20,474

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2009			2008			2009			2008
Opening Net AUM	$	19,094		$	23,668		$	15,039		$	24,612
Inflows (net of redemptions)6		216			(2,182	)		2,492			(2,044	)
Performance (gains net of losses and fees)		1,883			(3,139	)		2,873			(4,956	)
Currency translation impact (non-US$ AUM expressed in US$)		435			(1,068	)		1,224			(332	)
Closing Net AUM	$	21,628		$	17,280		$	21,628		$	17,280
% of Opening Net AUM
Net inflows (net of redemptions)		1.1	%		(9.2	%)		16.6	%		(8.3	%)
Net performance (gains net of losses and fees)7		9.9	%		(13.3	%)		19.1	%		(20.1	%)
Net currency translation impact (non-US$ expressed in US$)		2.3	%		(4.5	%)		8.1	%		(1.3	%)

Note: Managed accounts amounted to $10.4 billion in net AUM at September 30, 2009 and $1.8 billion in net AUM at September 30, 2008.

3	Alternative strategy gross AUM includes all alternative strategy funds, all 130/30 strategy funds and managed accounts managed in accordance with alternative and 130/30 strategies.
4	Long only strategy gross AUM includes all long only funds and managed accounts managed in accordance with a long only strategy.
5	Quarterly average net AUM for a given period is calculated as a 2 point (quarter open and close) average.
6	Inflows for the first nine months of 2009 include approximately $2.6 billion of incremental net AUM acquired from SGAM UK during Q2 2009.
7	Performance as a percentage of opening net AUM is based on both opening AUM and inflows and outflows during the period and can be influenced by heavy inflows or outflows.

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Financial and Operational Summary

REVENUES

Net revenues and other income were $48.2 million, down 53% year-over-year, for the quarter ended September 30, 2009. The decline largely reflects the greater representation in net AUM from long only funds and managed accounts which have lower management and administrative fees than GLG’s alternative strategy funds. Net revenues and other income for the first nine months of 2009 decreased 56% from the first nine months of 2008 to $186.1 million.

Third quarter 2009 performance fees were $1.9 million, down $4.9 million from the year ago period. It is GLG’s policy to recognize performance fees when they crystallize, generally on June 30 and December 31 of each year. Sustained performance from the third quarter on AUM in a position to generate performance fees will generally be recognized in the fourth quarter when the fees crystallize on December 31. Accordingly, the fourth quarter’s performance fees will largely reflect second half performance. Performance fees for the first nine months of 2009 were $50.7 million versus $89.8 million in the year ago period due to generally stronger investment performance offset by lower levels of AUM in position to generate performance fees.

Management fees and administration, service and distribution fees totalled $46.0 million for the quarter ended September 30, 2009, down 53% from the same period last year due to a greater representation in net AUM from long only funds and managed accounts which have lower management and administration fees than GLG’s alternative strategies. The annualized yield on management, administration, service and distribution fees was 0.90% of average net AUM, a decline of 102 basis points (“bps”) compared to the yield in the third quarter of 2008 but steady relative to the second quarter of 2009. For the first nine months of 2009, management fees and administration, service and distribution fees totaled $127.8 million, down 61% from the same period last year. The annualized yield on management, administration, service and distribution fees was 0.96% of average net AUM⁸, a decline of 99 bps compared to the yield in the first nine months of 2008.

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 $3.1 million from the third quarter of 2008 to $0.3 million for the three months ended September 30, 2009 due to the weakening of the U.S. dollar during the period. For the first nine months of 2009, other income rose by $5.1 million from the same period a year ago to $7.6 million.

⁸ Average net AUM for the first nine months of 2009 excludes as of January 1, 2009 approximately $3 billion of AUM mandated in December 2008 pursuant to a sub-advisory arrangement with SGAM UK which terminated upon the acquisition of SGAM UK on April 3, 2009 and includes net AUM of approximately $7 billion acquired from SGAM UK on April 3, 2009 as if the AUM were acquired on April 1, 2009.

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EXPENSES

GAAP compensation, benefits and profit share for the quarter ended September 30, 2009 decreased to $136.6 million compared to $227.4 million in the same quarter last year. For the first nine months of 2009, GAAP compensation, benefits and profit share decreased to $455.2 million compared to $777.1 million in the first nine months of 2008. Non-GAAP compensation, benefits and profit share (“non-GAAP CBP”) decreased in the quarter ended September 30, 2009 by 33% from the year ago period to $26.5 million. For the first nine months of 2009, CBP decreased by 53% from the year ago period to $89.5 million. 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”.

The total level of non-GAAP CBP when expressed as a percentage of revenues and other income rose 16 percentage points to 55% in the quarter ended September 30, 2009 from the same period last year, and rose 3 percentage points to 48% in the first nine months of 2009 when compared to the first nine months 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 first nine months of 2009. These restructuring compensation costs, when expressed as a percentage of revenues and other income, were 1.8% in the first nine months of 2009. The higher non-GAAP CBP to revenue ratios in 2009 when compared to 2008 reflect stronger investment performance broadly, a lower percentage of total net AUM in a position to generate performance fees and lower management and administration fee yields. Please note that GLG’s compensation, benefits and profit share has 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 September 30, 2009 decreased 22% from the year ago period to $23.7 million, and decreased 21% year-over-year for the first nine months of 2009 to $71.5 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 $0.1 million and $0.9 million to general, administrative, and other expenses for the third quarter and first nine months of 2009, respectively.

Net interest expense was $2.9 million during the quarter ended September 30, 2009 and $8.8 million during the first nine months of 2009. Net interest expense largely reflects the cost of borrowings under GLG’s term loan, revolving credit facilities and convertible notes, offset by the amortization of the deferred portion of the gain on debt restructuring and interest income on cash balances.

Realized gains on available-for-sale investments were $1.0 million in the third quarter of 2009 and a loss of $20.2 million during the first nine months of 2009. The realized gain or loss on available-for-sale investments relates to investments made in GLG funds on

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behalf of participants in GLG’s 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 flow to the participants in the plan. A net gain of approximately $75 million was recognized on the extinguishment of debt for the nine months ended September 30, 2009 resulting from $284.5 million principal amount of debt repurchased in the second quarter of 2009 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 is being amortized as a reduction of interest expense). 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 (intangible assets 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 for the first nine months of 2009 as these items are not factored into management’s assessment of the underlying performance of GLG’s business.

Capital

As of September 30, 2009, there were 249.6 million common shares, 58.9 million FA Sub 2 Limited Exchangeable Shares and 54.5 million warrants outstanding (250.3 million, 58.9 million and 54.5 million, respectively, at June 30, 2009 and 245.8 million, 58.9 million and 54.5 million, respectively, at March 31, 2009). Approximately 0.6 million shares were repurchased and no warrants were repurchased or exercised during the third quarter of 2009. During the first nine months of 2009, no warrants were repurchased or exercised and 29.0 million shares were repurchased for $67.0 million.

Investor/Analyst Conference Call and Webcast

GLG will hold a conference call for investors and analysts on Thursday, November 5, 2009 at 8:30 a.m. EST / 1:30 p.m. GMT hosted by Chairman of the Board and Co-Chief Executive Officer, Noam Gottesman, and Chief Financial Officer, Jeffrey Rojek. To participate by telephone, the domestic dial-in number is +1 888 713 4211 and the international dial-in number is +1 617 213 4864. The access code is 12622431.

Participants may pre-register for the call at:

https://www.theconferencingservice.com/prereg/key.process?key=PXX9RJNW7

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

For the audio replay, which will be available until December 5, 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 72696678.

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A live audio webcast of the teleconference will be accessible via the Investor Relations section of GLG’s website at www.glgpartners.com. The audio webcast will be available for replay in the Calendar of Events section of the website until December 5, 2009. A copy of this earnings release and the third quarter update investor presentation will also be available online.

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 September 30, 2009, GLG managed net AUM of over $21 billion.

GLG maintains an Investor Relations website at www.glgpartners.com and routinely posts important information on its website for investors. Effective on or after February 1, 2010, GLG intends to use its website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD promulgated by the SEC. These disclosures will be included on GLG’s website under the section “Investor Relations — Overview — Recent News”. Accordingly, investors should monitor this portion of GLG’s website, in addition to following its press releases, SEC filings and public conference calls and webcasts.

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

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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.

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

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Non-GAAP Financial Measures

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

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

Acquisition-related compensation expense reflects share-based and other compensation recognized with respect to (a) the 15% of the total consideration of cash and capital stock received collectively by Sage Summit LP and Lavender Heights Capital LP in connection with the Acquisition (including with respect to the cash portion of the awards under the equity participation plan in the aggregate amounts of $91 million, $45 million, and $5 million for the three 12-month periods beginning with the consummation of the Acquisition), the 10,000,000 shares allocated for the benefit of employees, service providers and certain key personnel under the Restricted Stock Plan, and the agreement among the principals and trustees and (b) dividends paid on unvested shares that are ultimately not expected to vest. GLG subtracts any compensation expense related to dividends paid on unvested shares. Compensation expense is only booked in accordance with Accounting Standards Codification Topic 718 on dividends on unvested shares that are ultimately not expected to vest.

Management believes Acquisition-related 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.

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 was modified in the second quarter to

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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. A reconciliation of non-GAAP adjusted net (loss) / income to GAAP net loss before non-controlling interests is provided in the following pages.

Adjusted net income is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP net (loss)/income as an indicator of GLG’s operating performance or any other measures of performance derived in accordance with GAAP.

Non-GAAP Weighted Average Fully Diluted Shares: GLG’s management assesses business performance per share based on the measure “non-GAAP weighted average fully diluted shares,” 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.

Adjusted Non-GAAP Adjusted Net Income: For periods in which the conversion of the convertible notes would be dilutive and the underlying shares are included in the non-GAAP weighted average fully diluted share count, GLG’s management further adjusts the non-GAAP adjusted net income measure to add back the amount of the convertible note interest expense for the period.

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.

11

APPENDIX

Alternative Strategy Dollar-Weighted Average Returns

GLG alternative strategy dollar-weighted average returns are calculated as the composite performance of the alternative funds listed below, in addition to managed accounts managed in accordance with alternative strategies, weighted by the sum of month-end AUM and net inflows on the subsequent dealing day:

GLG ABSOLUTE RETURN BOND FUND
GLG ALPHA SELECT FUND
GLG ATLAS GLOBAL MACRO FUND
GLG ATLAS VALUE & RECOVERY FUND
GLG CONSUMER FUND
GLG CONVERTIBLE OPPORTUNITY FUND
GLG CREDIT FUND
GLG EMERGING CURRENCY AND FIXED INCOME FUND
GLG EMERGING EQUITY FUND
GLG EMERGING MARKETS CREDIT OPPORTUNITY FUND
GLG EMERGING MARKETS FUND
GLG ESPRIT FUND
GLG EUROPEAN DISTRESSED FUND
GLG EUROPEAN LONG-SHORT FUND
GLG EUROPEAN OPPORTUNITY FUND
GLG EVENT DRIVEN FUND
GLG FINANCIALS FUND
GLG GLOBAL CONVERTIBLE FUND
GLG GLOBAL FUTURES FUND
GLG GLOBAL MACRO FUND
GLG GLOBAL MINING FUND
GLG GLOBAL UTILITIES FUND
GLG JAPAN LONG-SHORT FUND
GLG LOAN FUND
GLG MANGOUSTA FUND
GLG MARKET NEUTRAL FUND
GLG NORTH AMERICAN LONG SHORT FUND
GLG NORTH AMERICAN OPPORTUNITY FUND
GLG STRATEGIC FIXED INCOME FUND
GLG TECHNOLOGY FUND

For the month of October 2009, dollar-weighted average returns are based on estimated month-end NAVs as at November 3, 2009.

12

Long Only Strategy Dollar-Weighted Average Returns

GLG long only strategy dollar-weighted average returns are calculated as the composite performance of the long only funds listed below, in addition to managed accounts managed in accordance with a long only strategy (except those for which GLG does not exercise full control), weighted by the sum of month-end AUM and net inflows on the subsequent dealing day:

GLG ACTIONS FUND
GLG ALPHA CAPTURE FUND
GLG AMERICAN GROWTH FUND
GLG ASIA-PACIFIC FUND
GLG BALANCED (DIST) FUND
GLG BALANCED FUND
GLG CAPITAL APPRECIATION (DIST) FUND
GLG CAPITAL APPRECIATION FUND
GLG CONTINENTAL EUROPE FUND
GLG EAFE (INST) FUND
GLG EAFE (INST) II FUND
GLG ENVIRONMENT FUND
GLG EUROPEAN EQUITY (DIST) FUND
GLG EUROPEAN EQUITY FUND
GLG EUROPEAN EQUITY UCITS III FUND
GLG GLOBAL CONVERTIBLE UCITS (DIST) FUND
GLG GLOBAL CONVERTIBLE UCITS FUND
GLG GLOBAL EMERGING MARKET FUND
GLG INTERNATIONAL SMALL CAP FUND
GLG JAPAN CORE ALPHA FUND
GLG NORTH AMERICAN EQUITY FUND
GLG PERFORMANCE (DIST) FUND
GLG PERFORMANCE (INST) FUND
GLG PERFORMANCE (INST) II FUND
GLG PERFORMANCE FUND
GLG PERFORMANCE UCITS III FUND
GLG TECHNOLOGY EQUITY FUND
GLG UK ACTIVE 350 FUND
GLG UK GROWTH FUND
GLG UK INCOME FUND
GLG UK SELECT EQUITY (DIST) FUND
GLG UK SELECT EQUITY FUND
GLG UK SMALL COMPANIES FUND
GLG UK SPECIAL OPPORTUNITIES FUND
GLG US RELATIVE VALUE FUND
GLG SGAM EQUITY CONCENTRATED EUROLAND FUND
GLG SGAM EQUITY CONCENTRATED EUROPE FUND
GLG SGAM EQUITY EMERGING EUROPE FUND
GLG SGAM EQUITY EUROLAND FUND
GLG SGAM EQUITY EUROPE GROWTH FUND
GLG SGAM EQUITY GLOBAL EMERGING FUND
GLG SGAM EQUITY JAPAN CORE ALPHA FUND
GLG SGAM EQUITY MENA FUND
GLG SGAM INVEST EURO ACTION FUND
GLG SGAM INVEST EUROPE ACTION FUND
GLG SGAM INVEST GLOBAL TECHNOLOGY FUND
GLG SGAM OASIS MENA FUND

For the month of October 2009, dollar-weighted average returns are based on final and estimated month-end NAVs as at November 3, 2009; however estimated October pricing data is unavailable for approximately 30% of GLG’s total long only AUM, which have therefore been excluded from the long only composite returns for October and year-to-date through October 2009.

13

130 / 30 or Similar Strategy Dollar-Weighted Average Returns

GLG 130 / 30 or similar strategy’ dollar-weighted average returns are calculated as the composite performance of the funds listed below, in addition to managed accounts managed in accordance with a 130 / 30 or similar strategy, weighted by the sum of month-end AUM and net inflows on the subsequent dealing day:

GLG EMERGING MARKETS FIXED INCOME & CURRENCY FUND (UCITS III)
GLG EMERGING MARKETS EQUITY FUND (UCITS III)
GLG EMERGING MARKETS CREDIT OPPORTUNITY FUND (UCITS III)
GLG EMERGING MARKETS FUND (UCITS III)
GLG PURE ALPHA FUND (UCITS III)

For the month of October 2009, dollar-weighted average returns are based on estimated month-end NAVs as at October 31, 2009.

SOURCE: GLG Partners, Inc.

14

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

	As of September 30,			As of December 31,
	2009			2008
Assets
Current Assets
Cash and cash equivalents	$	274,431		$	316,195
Restricted cash		13,395			13,315
Fees receivable		39,224			42,106
Prepaid expenses and other assets		60,987			32,751
Total Current Assets		388,037			404,367
Non-Current Assets
Investments (at fair value)		21,834			65,484
Intangible assets		34,739			—
Goodwill		587			587
Other non-current assets		8,821			3,868
Property, plant and equipment, net		12,562			14,076
Total Non-Current Assets		78,543			84,015
Total Assets	$	466,580		$	488,382
Liabilities and Stockholders’ Equity
Current Liabilities
Rebates and sub-administration fees payable	$	22,864		$	26,234
Accrued compensation, benefits and profit share		65,801			148,531
Income taxes payable		17,353			15,633
Distribution payable		9,679			7,592
Accounts payable and other accruals		67,973			47,176
Revolving credit facility		12,281			40,000
Other liabilities		23,759			50,765
Total Current Liabilities	$	219,710		$	335,931
Non-Current Liabilities
Loans Payable (including unamortized gain on modification of $22,287 and $0, respectively		295,506			530,000
Convertible notes		228,500			—
Total Non-Current Liabilities		524,006			530,000
Total Liabilities	$	743,716		$	865,931
Stockholders’ equity
Common stock; 1,000,000,000 authorized, 249,625,633 issued and outstanding (2008: 245,784,390 issued and outstanding)	$	24		$	24
Additional Paid in Capital		1,423,300			1,176,054
Treasury Stock, 17,433,220 (2008:21,418,568) shares of common stock(1)		(238,834	)		(293,434	)
Series A voting preferred stock; 150,000,000 authorized,		6			6
58,904,993 issued and outstanding (2008: 58,904,993 issued and outstanding)		—			—
Accumulated deficit		(1,486,711	)		(1,243,058	)
Accumulated other comprehensive income		7,413			(17,141	)
Non-controlling Interests		17,666			—
Total stockholders’ equity		(277,136	)		(377,549	)
Total liabilities and stockholders’ equity	$	466,580		$	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.

15

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

	Three months Ended
	September 30,
	2009			2008			% Change
Net revenues and other income
Management fees, net	$	39,543		$	80,307			(50.8	%)
Performance fees, net		1,945			6,833			(71.5	%)
Administration, service and distribution fees, net		6,407			17,751			(63.9	%)
Other		326			(2,796	)		—
Total net revenues and other income		48,221			102,095			(52.8	%)
Expenses
Compensation, benefits and profit share		(136,631	)		(227,387	)		(39.9	%)
General, administrative and other		(23,709	)		(30,283	)		(21.7	%)
Amortization of intangible assets		(1,001	)		—			—
Third party distribution, administration and service fees		(935	)		—			—
Total expenses		(162,276	)		(257,670	)		(37.0	%)
Loss from operations		(114,055	)		(155,575	)		(26.7	%)
Realized gain on available-for-sale investments		1,029			—			—
Interest expense, net		(2,855	)		(3,985	)		(28.4	%)
Loss before income taxes		(115,881	)		(159,560	)		(27.4	%)
Income taxes		1,300			(3,160	)		—
Net loss	$	(114,581	)	$	(162,720	)		(29.6	%)
Less non-controlling interests:
Share of loss		15,634			—			—
Cumulative dividends on exchangeable shares		(71	)		(2,896	)		(97.5	%)
Exchangeable shares dividend		—			(1,472	)		—
Net loss attributable to common stockholders	$	(99,018	)	$	(167,088	)		(40.7	%)
Weighted average shares outstanding, basic and diluted (in thousands)		220,614			211,417
Net loss per common share, basic and diluted	$	(0.45	)	$	(0.79	)		(43.0	%)

16

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

	Nine Months Ended
	September 30,
	2009			2008			% Change
Net revenues and other income
Management fees, net	$	110,001		$	269,663			(59.2	%)
Performance fees, net		50,704			89,762			(43.5	%)
Administration, service and distribution fees, net		17,817			60,448			(70.5	%)
Other		7,555			2,412			—
Total net revenues and other income		186,077			422,285			(55.9	%)
Expenses
Compensation, benefits and profit share		(455,217	)		(777,130	)		(41.4	%)
General, administrative and other		(71,452	)		(90,816	)		(21.3	%)
Amortization of intangible assets		(1,834	)		—			—
Third party distribution, administration and service fees		(1,600	)		—			—
Total expenses		(530,103	)		(867,946	)		(38.9	%)
Loss from operations		(344,026	)		(445,661	)		(22.8	%)
Realized loss on available-for-sale investments		(20,188	)		—			—
Gain on debt extinguishment		84,821			—			—
Gain on business combination - negative goodwill		21,122			—			—
Interest expense, net		(8,773	)		(12,110	)		(27.6	%)
Loss before income taxes		(267,044	)		(457,771	)		(41.7	%)
Income taxes		(1,252	)		(12,656	)		(90.1	%)
Net loss	$	(268,296	)	$	(470,427	)		(43.0	%)
Less non-controlling interests:
Share of loss		35,861			—			—
Cumulative dividends on exchangeable shares		(11,218	)		(12,194	)		(8.0	%)
Exchangeable shares dividend		—			(4,418	)		—
Net loss attributable to common stockholders	$	(243,653	)	$	(487,039	)		(50.0	%)
Weighted average shares outstanding, basic and diluted (in thousands)		218,078			211,357
Net loss per common share, basic and diluted	$	(1.12	)	$	(2.30	)		(51.3	%)

17

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

	Nine Months Ended September 30,
	2009			2008
Net cash (used in) / provided by operating activities	$	(77,749	)	$	146,910
Net cash provided by / (used in) investing activities		53,355			(9,888	)
Net cash used in financing activities		(21,785	)		(167,790	)
Net decrease in cash and cash equivalents		(46,179	)		(30,768	)
Effect of foreign currency translation on cash		4,415			(10,967	)
Cash and cash equivalents at beginning of period		316,195			429,422
Cash and cash equivalents at end of period	$	274,431		$	387,687

18

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

	Three Months Ended
	September 30,
	2009			2008			% Change
Derivation of non-GAAP adjusted net income
GAAP net loss	$	(114,581	)	$	(162,720	)		(29.6	%)
Less: Cumulative dividends		(71	)		(2,896	)		(97.5	%)
Add:
Acquisition-related compensation expense		110,115			188,005			(41.4	%)
Less: Tax effect of Acquisition-related compensation expense		(260	)		(553	)		(53.0	%)
Add: Amortization of intangible assets		1,001			—			—
Less: Tax effect of amortization of intangible assets		(281	)		—			—
Less: Realized gain on available-for-sale investments		(1,029	)		—			—
Non-GAAP adjusted net income	$	(5,106	)	$	21,836			(123.4	%)
Non-GAAP adjusted net income divided by non-GAAP weighted average fully diluted shares		(0.02	)		0.07			(123.4	%)
Non-GAAP weighted average fully diluted shares(1)		309,354			309,630

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

	Three Months Ended
	September 30,
	2009			2008			% Change
Non-GAAP expenses
Compensation, benefits and profit share	$	(136,631	)	$	(227,387	)		(39.9	%)
Add: Acquisition-related compensation expense		110,115			188,005			(41.4	%)
Non-GAAP compensation, benefits and profit share (CBP)	$	(26,516	)	$	(39,382	)		(32.7	%)
Third party distribution, service and advisory		(935	)		—			—
GAAP general, administrative and other		(23,709	)		(30,283	)		(21.7	%)
Non-GAAP total expenses	$	(51,160	)	$	(69,665	)		(26.6	%)

¹ Since inclusion of the shares associated with the convertible notes would have an anti-dilutive impact in Q3 2009, the shares are excluded from the non-GAAP weighted average fully diluted share count and no convertible interest expense is added back to non-GAAP adjusted net loss for the period. See the Share Count Reconciliation: GAAP Weighted Average Fully Diluted Shares to Non-GAAP Weighted Average Fully Diluted Share Count in the following pages.

19

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

	Nine Months Ended
	September 30,
	2009			2008			% Change
Derivation of non-GAAP adjusted net income
GAAP net loss	$	(268,296	)	$	(470,427	)		(43.0	%)
Less: Cumulative dividends		(11,218	)		(12,194	)		(8.0	%)
Add:
Acquisition-related compensation expense		365,703			588,508			(37.9	%)
Less: Tax effect of Acquisition-related compensation expense		(1,056	)		(6,010	)		(82.4	%)
Less: Gain on business combination - negative goodwill		(21,122	)		—			—
Add: Amortization of intangible assets		1,834			—			—
Less: Tax effect of amortization of intangible assets		(514	)		—			—
Add: Realized loss on available-for-sale investments		20,188			—			—
Non-GAAP adjusted net income	$	85,519		$	99,877			(14.4	%)
Add: Convertible note interest expense		4,782			—			—
Adjusted non-GAAP adjusted net income(1)	$	90,301		$	99,877			(9.6	%)
Adjusted non-GAAP adjusted net income divided by non-GAAP weighted average fully diluted shares		0.27			0.31			(15.1	%)
Non-GAAP weighted average fully diluted shares(1)		339,366			318,500

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

	Nine Months Ended
	September 30,
	2009			2008			% Change
Non-GAAP expenses
Compensation, benefits and profit share	$	(455,217	)	$	(777,130	)		(41.4	%)
Add: Acquisition-related compensation expense		365,703			588,508			(37.9	%)
Non-GAAP compensation, benefits and profit share (CBP)	$	(89,514	)	$	(188,622	)		(52.5	%)
Third party distribution, service and advisory		(1,600	)		—			—
GAAP general, administrative and other		(71,452	)		(90,816	)		(21.3	%)
Non-GAAP total expenses	$	(162,566	)	$	(279,438	)		(41.8	%)

¹ Since inclusion of the shares associated with the convertible notes have a dilutive impact in the first nine months of 2009, the shares are included in the non-GAAP weighted average fully diluted share count and $4.8 million of convertible note interest is added back to non-GAAP adjusted net income for the period. See the Share Count Reconciliation: GAAP Weighted Average Fully Diluted Shares to Non-GAAP Weighted Average Fully Diluted Share Count in the following pages.

20

GLG Partners, Inc.
Financial Supplement

										First Nine Months						TTM to
($ in millions)	Q3 2009			Q2 2009			Q3 2008			2009			2008			9/30/09			9/30/08
Opening Net AUM	$	19,094		$	14,031		$	23,668		$	15,039		$	24,612		$	17,280		$	20,466
Inflows (net of redemptions)		216			2,226			(2,182	)		2,492			(2,044	)		3,264			882
Performance (gains net of losses and fees)(1)		1,883			1,797			(3,139	)		2,873			(4,956	)		224			(3,969	)
Currency translation impact (non-US$ AUM expressed in US$)		435			1,040			(1,068	)		1,224			(332	)		860			(100	)
Closing Net AUM		21,628			19,094			17,280			21,628			17,280			21,628			17,280
Closing Gross AUM		23,993			21,572			21,152			23,993			21,152			23,993			21,150
Average net AUM(2)		20,361			18,840			20,474			17,760			22,551			17,427			22,552
(US$ in thousands, except per share amounts)
Management fees, net	$	39,543		$	36,031		$	80,307		$	110,001		$	269,663		$	158,125		$	357,923
Performance fees, net		1,945			37,942			6,833			50,704			89,762			68,459			424,588
Administration, service and distribution fees, net		6,407			5,937			17,751			17,817			60,448			26,514			81,685
Other		326			6,232			(2,796	)		7,555			2,412			8,068			4,618
Total net revenues and other income	$	48,221		$	86,142		$	102,095		$	186,077		$	422,285		$	261,166		$	868,814
Compensation, benefits and profit share		(136,631	)		(171,930	)		(227,387	)		(455,217	)		(777,130	)		(631,004	)		(1,670,283	)
General, administrative and other		(23,709	)		(25,426	)		(30,283	)		(71,452	)		(90,816	)		(102,385	)		(120,107	)
Amortization of intangible assets		(1,001	)		(833	)		—			(1,834	)		—			(1,834	)		—
Third party distribution, service and advisory		(935	)		(665	)		—			(1,600	)		—			(1,600	)		—
Interest expense, net		(2,855	)		(3,328	)		(3,985	)		(8,773	)		(12,110	)		(13,276	)		(14,455	)
Realized gain / (loss) on available-for-sale investments		1,029			—			—			(20,188	)		—			(22,571	)		—
Gain on debt extinguishment		—			84,821			—			84,821			—			84,821			—
Gain on business combination — negative goodwill		—			21,122			—			21,122			—			21,122			—
Income tax expense		1,300			(1,934	)		(3,160	)		(1,252	)		(12,656	)		(2,827	)		(43,635	)
GAAP net income before non-controlling interests	$	(114,581	)	$	(12,031	)	$	(162,720	)	$	(268,296	)	$	(470,427	)	$	(408,388	)	$	(979,666	)
Less: Realized gain / Add: Realized loss on available-for-sale investments		(1,029	)		—			—			20,188			—			22,571			—
Add: Acquisition-related compensation expense(3)		110,115			128,851			188,005			365,703			588,508			531,458			1,227,585
Less: Cumulative dividends		(71	)		(10,552	)		(2,896	)		(11,218	)		(12,194	)		(13,785	)		(14,917	)
Less: Tax effect of Acquisition-related compensation expense		(260	)		(441	)		(553	)		(1,056	)		(6,010	)		1,620			(6,010	)
Less: Gain on business combination — negative goodwill		(281	)		(21,122	)		—			(514	)		—			(514	)		—
Add: Amortization of intangible assets		—			833			—			(21,122	)		—			(21,122	)		—
Less: Tax effect of amortization of intangible assets		1,001			(233	)		—			1,834			—			1,834			—
Non GAAP adjusted net income(3)	$	(5,106	)	$	85,305		$	21,836		$	85,519		$	99,877		$	113,674		$	226,992
Add: Convertible note interest expense		—			1,629			—			4,782			—			4,782			—
Adjusted non-GAAP adjusted net income(4)	$	(5,106	)	$	86,934		$	21,836		$	90,301		$	99,877		$	118,456		$	226,992
Non-GAAP weighted average fully diluted shares		309,354			338,426			309,630			339,366			318,500			330,133			318,500
Adjusted non-GAAP adjusted net income divided by non-GAAP weighted average fully diluted shares(4)		(0.02	)		0.26			0.07			0.27			0.31			0.36			0.71
Management fees and Administration, service and distribution fees / Average net AUM(2)(5)		0.90	%		0.89	%		1.92	%		0.96	%		1.95	%		1.06	%		1.95	%
Total net revenues and other income / Average net AUM(2)(5)		0.95	%		1.83	%		1.99	%		1.40	%		2.50	%		1.50	%		3.85	%
Compensation, benefits and profit share less Acquisition-related compensation expense (“CBP”)(3) / Total net revenues and other income		55.0	%		50.0	%		38.6	%		48.1	%		44.7	%		38.1	%		51.0	%
General, administrative and other expenses / Average net AUM(2)(5)		0.5	%		0.5	%		0.6	%		0.5	%		0.5	%		0.6	%		0.5	%
Non-GAAP adjusted net income(3)/ Total net revenues and other income		(10.6	%)		99.0	%		21.4	%		46.0	%		23.7	%		43.5	%		26.1	%
“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)		11.9	%		13.4	%		23.2	%		14.1	%		23.6	%		12.0	%		22.1	%

1	Inflows for Q2 2009, the first nine months of 2009 and TTM to 9/30/09 include approximately $2.6 billion of incremental net AUM acquired from SGAM UK during Q2 2009; inflows for the TTM to 9/30/09 also include approximately $3 billion mandated in December 2008 pursuant to a sub-advisory arrangement with SGAM UK which terminated upon the acquisition of SGAM UK.
2	Average net AUM for a given period is calculated as a 2 point (quarter open and close) average for the quarters, 4 point (first and second quarter open and third quarter open and close) average for the nine month periods and 5 point (first, second and third quarter open and fourth quarter open and close) average for the twelve month periods; average net AUM for the first nine months of 2009 excludes as of January 1, 2009 approximately $3 billion of AUM mandated in December 2008 pursuant to a sub-advisory arrangement with SGAM UK which terminated upon the acquisition of SGAM UK on April 3, 2009 and includes net AUM of approximately $7 billion acquired from SGAM UK on April 3, 2009 as if the AUM were acquired on April 1, 2009.
3	See “Non-GAAP Financial Measures” for further detail.
4	Shares associated with the convertible notes have been included in the non-GAAP weighted average fully diluted share count for Q2 2009, the first nine months of 2009 and TTM to 9/30/09 due to their dilutive impact and convertible note interest in the amounts of $1.6 million, $4.8 million and $4.8 million have been added back to non-GAAP adjusted net income for those periods, respectively. In Q3 2009, however, the shares associated with the convertible notes have been excluded from the non-GAAP weighted average fully diluted share count due to their anti-dilutive impact and no convertible note interest was added back to non-GAAP adjusted net loss for the period.
5	Ratios are annualized for quarterly and nine month periods.

21

GLG Partners, Inc.
Share Count Reconciliation: GAAP Weighted Average Fully Diluted Shares to
Non-GAAP Weighted Average Fully Diluted Share Count
(Share count in thousands)

	First Nine Months
	2009		2008		Q3 2009		Q2 2009		Q3 2008
Outstanding
Common stock (including Treasury Stock)(1)		239,132		236,799		239,132		238,262		236,799
Unvested shares		10,493		8,995		10,493		11,993		8,995
Total issued and outstanding common stock		249,625		245,794		249,625		250,255		245,794
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		61,425		—
Weighted Average Outstanding
Common stock (excluding Treasury Stock)		218,078		211,357		220,614		216,814		211,417
Unvested shares		9,078		9,558		10,636		8,342		8,995
FA Sub 2 Limited Exchangeable Shares		58,905		58,905		58,905		58,905		58,905
Warrants		54,485		55,031		54,485		54,485		54,485
Convertible Notes		30,707		—		—		30,021		—
GAAP Weighted Average Fully Diluted Share Count
Common stock		218,078		211,357		220,614		216,814		211,417
Unvested shares		—		—		—		—		—
FA Sub 2 Limited Exchangeable Shares		—		—		—		—		—
Warrants		—		—		—		—		—
Total		218,078		211,357		220,614		216,814		211,417
Non-GAAP adjustments to weighted average fully diluted share count
Common stock:
GAAP weighted average fully diluted share count		218,078		211,357		220,614		216,814		211,417
add: unvested shares issued pursuant to our equity participation plan, Restricted Stock Plan and LTIP on which dividends will be paid to the extent paid on vested shares		31,676		35,888		29,835		32,686		35,839
Non-GAAP weighted average fully diluted share count		249,754		247,245		250,449		249,500		247,256
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)		—		12,350		—		—		3,469
Non-GAAP weighted average fully diluted share count outstanding		—		12,350		—		—		3,469
Convertible Notes
GAAP weighted average fully diluted share count		—		—		—		—		—
add: inclusion of weighted average convertible notes as dilutive under non-GAAP		30,707		—		—		30,021		—
Non-GAAP weighted average fully diluted share count outstanding		30,707		—		—		30,021		—
Non-GAAP Weighted Average Fully Diluted Share Count(1)
Common stock		249,754		247,245		250,449		249,500		247,256
FA Sub 2 Limited Exchangeable Shares		58,905		58,905		58,905		58,905		58,905
Warrants		—		12,350		—		—		3,469
Convertible Notes		30,707		—		—		30,021		—
Total		339,366		318,500		309,354		338,426		309,630
Equity Market Capitalization (US$ in Thousands)
Common equity market capitalization(2)	$	1,243,376	$	1,651,469	$	1,243,376	$	1,264,464	$	1,651,469
Warrant market capitalization		19,070		39,229		19,070		19,615		39,229
Total equity capitalization(2)	$	1,262,446	$	1,690,698	$	1,262,446	$	1,284,079	$	1,690,698

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

22

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

	As of			As of			As of			As of			As of
	September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008
Alternative strategies(1)		10,924			10,441			9,843			12,518			16,740
Long only strategies(2)		13,069			11,131			5,576			4,026			4,412
Gross AUM	$	23,993		$	21,572		$	15,419		$	16,544		$	21,152
Less: alternative strategy investments in GLG Funds		(1,266	)		(1,456	)		(1,388	)		(1,503	)		(3,867	)
Less: long only strategy investments in GLG Funds		(1,099	)		(1,022	)					(2	)		(5	)
Net AUM	$	21,628		$	19,094		$	14,031		$	15,039		$	17,280
Quarterly average gross AUM	$	22,782		$	18,495		$	15,982		$	18,848		$	24,524
Quarterly average net AUM(3)	$	20,361		$	18,840		$	11,519		$	16,160		$	20,474

	Three months ended		Three months ended		Three months ended			Three months ended			Three months ended
	September 30, 2009		June 30, 2009		March 31, 2009			December 31, 2008			September 30, 2008
Opening net AUM	$	19,094	$	14,031	$	15,039		$	17,280		$	23,668
Inflows (net of redemptions)(4)		216		2,226		50			771			(2,182	)
Performance (gains net of losses and fees)		1,883		1,797		(807	)		(2,649	)		(3,139	)
Currency translation impact (non-US$ AUM expressed in US$)		435		1,040		(251	)		(363	)		(1,068	)
Closing net AUM	$	21,628	$	19,094	$	14,031		$	15,039		$	17,280

1	Alternative strategy gross AUM includes all alternative strategy funds, all 130/30 strategy funds and managed accounts managed in accordance with alternative and 130/30 strategies.
2	Long only strategy gross AUM includes all long only funds and managed accounts managed in accordance with a long only strategy.
3	Quarterly average net AUM for a given period is calculated as a 2 point (quarter open and close) average; Q1 2009 and Q2 2009 average net AUM exclude as of January 1, 2009 approximately $3 billion of AUM mandated in December 2008 pursuant to a sub-advisory arrangement with SGAM UK which terminated upon the acquisition of SGAM UK 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 AUM were acquired on April 1, 2009.
4	Inflows for Q2 2009 include approximately $2.6 billion of incremental net AUM acquired from SGAM UK in April 2009 and inflows for Q4 2008 include approximately $3 billion mandated in December 2008 pursuant to a sub-advisory arrangement with SGAM UK which terminated upon the acquisition of SGAM UK.

23

EX-99.2

Exhibit 99.2

GLG Partners, Inc. THIRD QUARTER 2009 UPDATE NOVEMBER 5, 2009

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.Available InformationGLG maintains an Investor Relations website at www.glgpartners.com and routinely posts important information on its website for investors. Effective on or after February 1, 2010, GLG intends to use its website as a means of disclosing material non- public information and for complying with its disclosure obligations under Regulation FD promulgated by the SEC. These disclosures will be included on GLG's website under the section "Investor Relations ^ Overview ^ Recent News". Accordingly, investors should monitor this portion of GLG's website, in addition to following its press releases, SEC filings and public conference calls and webcasts.

GLG OVERVIEW 1 Performance is typically measured by the longest running share class in each fund. See the Appendix for a description of how dollar-weighted average returns are calculated.2 Share price of $2.74, as of November 2, 2009, and shares outstanding of 308.5 million as of September 30, 2009, assumes conversion of FA Sub 2 Limited Exchangeable Shares.3 Includes contractors and temporary personnel. 3 GLG is a leading global multi-strategy investment managerFounded in 1995 with a long history of strong and sustained investment performance$21.6 billion in net assets under management ("AUM") as of September 30, 2009 with a broad range of funds and managed accounts comprising alternative, long only and 130 / 30 or similar strategiesStrong recent absolute and relative investment performance with net dollar-weighted returns(1) of approximately 25.2% for its alternative strategies, 28.0% for long only strategies and 24.5% for 130 / 30 or similar strategies year-to-date through October 2009Attractive foundation of institutional and high net worth clients with a new base of UK retail clientsAccessed 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 $0.9 billion(2)Approximately 390 people, including 132 investment professionals(3)

DIVERSIFIED MULTI-STRATEGY MODEL AUM breakdown by investment strategy ManagedAccounts$10.4 B(48%) Note: Data is based on AUM and GLG Funds as of September 30, 2009. Long Only Alternative(1) Global 22% 37% Europe 23% 24% UK 10% 6% North America 2% 15% Emerging Markets 3% 18% Japan 35% - MENA 5% - 100% 100% 4 Funds$11.2 B(52%) Long Only Strategies 55%NET AUM = $12.0 B NET AUM = $21.6 B Alternative Strategies(1) 45%NET AUM = $9.6 B 1 Alternative strategies include all 130/30 or similar strategy managed accounts and funds. Cash and other holdings are included under alternative strategies as "Funds" and "Other".

DIFFERENTIATED INVESTMENT APPROACH AND INFRASTRUCTURE Heavy emphasis on fundamental research, tactical trading and a vast network of top industry analysts. 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 senior 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, Head of Risk and Co-CEO Emmanuel Roman.Independent administrators and custodians, multiple prime brokers and first class customer statements complemented by regulatory oversight from the FSA and the SEC. 5

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 reportingSignificant number of clients invested in multiple GLG fundsSignificant portion of AUM from long-standing clients:Significant number of high net worth private client AUM dates back to near inception of GLGMaterial institutional clients were introduced when first funds were launched in 1997 6

LONG-TERM TRACK RECORD OF STRONG INVESTMENT PERFORMANCE Since the first fund launched in 1997, GLG has achieved a 13.9% net-of-fees annualized dollar- weighted return on its alternative strategies through October 2009 7 Note: 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 October 31, 2009. Annualized returns are calculated on a basis of monthly pricing data. See the Appendix for a description of how dollar-weighted average returns are calculated.

2009 INVESTMENT PERFORMANCE Absolute composite performance of GLG long only, 130 / 30 and alternative strategies year-to- date compare favorably with equity indices through October 2009 8 Note: Performance is typically measured by the longest running share class in each fund. Indices are rebased to 100 as at January 1, 2009 with monthly data points through to October 31, 2009. See the Appendix for a description of how dollar-weighted average returns are calculated.

POSITIVE RECENT PERFORMANCE Note: 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. See the Appendix for a description of how dollar-weighted average returns are calculated. Absolute composite performance of GLG alternative strategies year-to-date compares favorably with equity indicesRelative outperformance of aggregate GLG long only and 130 / 30 composites% Long only AUM outperforming relevant benchmarks year-to-date through September 2009(1): 76%% 130 / 30 AUM outperforming relevant benchmarks year-to-date through October 2009: 74% 9 GLGAlternative 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 October 2009 (Estimated) 25.2% 17.6% 16.3% 28.0% 18.9% 24.5% 18.5% October 2009 (Estimated) 0.4% (2.2%) (1.9%) (2.3%) (2.1%) (1.1%) (2.1%) YTD thru Q3 2009 24.6% 20.3% 18.6% 31.0% 21.5% 25.8% 21.0% Q3 2009 10.2% 14.8% 15.4% 12.8% 12.7% 12.3% 13.8% H1 2009 13.1% 4.8% 2.7% 16.1% 7.9% 12.0% 6.3% 1 Estimated October pricing data is unavailable for approximately 30% of GLG's total long only AUM, hence figure is shown as at September 30, 2009.

Expand investment products and strategies COMMITTED TO TAKE ADVANTAGE OF ATTRACTIVE GROWTH OPPORTUNITIES Committed to recruiting, training and motivating top investment talentUnique 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 environmentWell 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 marketCreated GLG's first UK retail product in August 2009 leveraging the platform acquired with the purchase of SGAM UKLaunched two alternative strategy products focused on convertible debt and European distressed opportunities in September 2009Expanded UCITS III offerings which now include convertible, emerging markets and Pure Alpha strategiesVoted leading Pan-European Hedge Fund of the Year by Thomson Reuters Extel survey for second straight year and Best Single Hedge Fund Manager for Multi- Strategy Hedge Fund Operators by Financial News in 2009Received 'buy' ratings from two prominent institutional consulting firms for global and international equity productsWon several new mandates in Q3 2009 including from a Fortune 100 corporate pension fund and a large sovereign wealth fund 10 Extend strong investment track record Build on success in Europe and UK to penetrate other major markets

AUM AND FLOW TRENDS (in billions) 1 Approximately $3 billion of AUM was mandated in December 2008 pursuant to the sub-advisory arrangement with SGAM UK, which terminated upon the acquisition of SGAM UK on April 3, 2009. 2 Without giving effect to the December 2008 sub-advisory mandate from SGAM UK, net outflows were approximately $4.3 billion in 2008; without giving effect to the completion of the acquisition of SGAM UK on April 3, 2009, net outflows were approximately $0.4 billion in Q2 2009. 11 Net Flows $ 2.3 $ (1.4) $ 2.6 $ 6.1 $ (1.3)(2) $ 0.1 $ 2.3(2) $ 0.2 % of Opening AUM 27% (12%) 25% 40% (5%) 0.3% 16% 1% Historical Net AUM (1)

AUM SUMMARY Note: Totals may not add up due to rounding.1 Inflows for the first nine months of 2009 include approximately $2.6 billion of incremental net AUM acquired from SGAM UK during Q2 2009.2 Average net AUM for a given period is calculated as a 2 point (quarter open and close) average for a quarter and as a 4 point average for the nine month periods (first and second quarter open and third quarter open and close); average net AUM for the first nine months of 2009 excludes as of January 1, 2009 approximately $3 billion of AUM mandated in December 2008 pursuant to a sub-advisory arrangement with SGAM UK which terminated upon the acquisition of SGAM UK on April 3, 2009 and includes net AUM of approximately $7 billion acquired from SGAM UK on April 3, 2009 as if the AUM were acquired on April 1, 2009. 12 ($ MM)

FINANCIAL SUMMARY 13 1 Shares associated with the convertible notes have been included in the non-GAAP weighted average fully diluted share count for Q2 2009 and the first nine months of 2009 due to their dilutive impact and convertible note interest in the amounts of $1.6 million and $4.8 million have been added back to non-GAAP adjusted net income for those periods, respectively. In Q3 2009, however, the shares associated with the convertible notes have been excluded from the non-GAAP weighted average fully diluted share count due to their anti-dilutive impact and no convertible note interest was added back to non-GAAP adjusted net loss for the period. Note: Totals may not add up due to rounding.

KEY PERFORMANCE RATIOS 1 Ratios are annualized for quarterly and nine month periods and average net AUM for a given period is calculated as a 2 point (quarter open and close) average for the quarters, 4 point (first and second quarter open and third quarter open and close) average for the nine month periods and 5 point (first, second and third quarter open and fourth quarter open and close) average for the twelve month periods; average net AUM for the first nine months of 2009 excludes as of January 1, 2009 approximately $3 billion of AUM mandated in December 2008 pursuant to a sub-advisory arrangement with SGAM UK which terminated upon the acquisition of SGAM UK on April 3, 2009 and includes net AUM of approximately $7 billion acquired from SGAM UK on April 3, 2009 as if the AUM were acquired on April 1, 2009.2 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. 14

INVESTMENT HIGHLIGHTS GLG is an attractive investment opportunityLeading investment managerDiversified multi-strategy business modelLong-term track record of strong and sustained investment performancePositive recent investment performanceRigorous risk management and controlsDifferentiated investment approach and dedicated investment professionalsAttractive platform for world class institutionsCommitted to take advantage of attractive growth opportunitiesPrudent acquisition strategyManagement depth, experience and commitment 15

APPENDIX

HISTORY OF GLG GLG was founded by Noam Gottesman, Pierre Lagrange and Jonathan Green in 1995 as a division of Lehman BrothersFounders had worked together at Goldman Sachs Private Client Services since late 1980sGLG began to offer fund products in early 1997Became 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 platformGLG accessed the public markets through a reverse acquisition transaction with Freedom in November 2007GLG acquired Societe Generale Asset Management UK, a UK-based long-only asset manager, in April 2009 17

ALTERNATIVE STRATEGY DOLLAR-WEIGHTED COMPOSITE RETURNS 18 GLG alternative strategy dollar-weighted average returns are calculated as the composite performance of the alternative funds listed below, in addition to managed accounts managed in accordance with alternative strategies, weighted by the sum of month-end AUM and net inflows on the subsequent dealing day:For the month of October 2009, dollar-weighted average returns are based on estimated month-end NAVs as at November 3, 2009.

LONG ONLY STRATEGY DOLLAR-WEIGHTED COMPOSITE RETURNS 19 GLG long only strategy dollar-weighted average returns are calculated as the composite performance of the long only funds listed below, in addition to managed accounts managed in accordance with a long only strategy (except those for which GLG does not exercise full control), weighted by the sum of month-end AUM and net inflows on the subsequent dealing day:For the month of October 2009, dollar-weighted average returns are based on final and estimated month-end NAVs as at November 3, 2009; however estimated October pricing data is unavailable for approximately 30% of GLG's total long only AUM, which have therefore been excluded from the long only composite returns for October and year-to-date through October 2009.

130 / 30 OR SIMILAR STRATEGY DOLLAR-WEIGHTED COMPOSITE RETURNS 20 GLG 130 / 30 or similar strategy dollar-weighted average returns are calculated as the composite performance of the funds listed below, in addition to managed accounts managed in accordance with a 130 / 30 or similar strategy, weighted by the sum of month-end AUM and net inflows on the subsequent dealing day:For the month of October 2009, dollar-weighted average returns are based on estimated month-end NAVs as at October 31, 2009.

FOREIGN CURRENCY IMPACT ON AUM GLG typically offers multi-currency share classes to its investors in each of its FundsAs of September 30, 2009, the AUM split by currency was as follows: 21 FX Impact $0.4 B $(0.7) B $0.7 B $1.0 B $(0.7) B $(0.3) B $1.0 B $0.4 Bin US$ * Quarterly data has not been annualized FX Impact / Opening AUM USD EUR GBP JPY OTHER 36% 25% 20% 14% 5%

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 jurisdictionsRelative growth rates in earnings in the jurisdictions in which GLG does businessGLG'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 GLG 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 proposal. 22 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 the 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) SUMMARY OF GLG WARRANTS (NYSE: GLG/WS) 23 1 As of November 4, 2009.2 All warrants will expire on December 28, 2011.

SHARE / WARRANT REPURCHASE PROGRAM As of September 30, 2009, there were 249.6 million common shares, 58.9 million FA Sub 2 Limited Exchangeable Shares and 54.5 million warrants outstanding (250.3 million, 58.9 million and 54.5 million, respectively, at June 30, 2009 and 246.5 million, 58.9 million and 54.5 million, respectively, at March 31, 2009). Approximately 0.6 million shares were repurchased and no warrants were repurchased or exercised during the third quarter of 2009. During the first nine months of 2009, no warrants were repurchased or exercised and 29.0 million shares were repurchased for $67.0 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. 24

MARKET CAPITALIZATION 1 Assumes conversion of FA Sub 2 Limited Exchangeable Shares. 25

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; andGLG'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 FundsNet AUM presentation is net of assets invested from other GLG Funds 26

COMPOSITION OF ASSETS UNDER MANAGEMENT 27 Note: Totals may not add up due to rounding.1 Alternative strategy gross AUM includes all alternative strategy funds, all 130/30 strategy funds and managed accounts managed in accordance with alternative and 130/30 strategies.2 Long only strategy gross AUM includes all long only funds and managed accounts managed in accordance with a long only strategy.3 Quarterly average net AUM for a given period is calculated as a 2 point (quarter open and close) average; Q1 2009 and Q2 2009 average net AUM exclude as of January 1, 2009 approximately $3 billion of AUM mandated in December 2008 pursuant to a sub-advisory arrangement with SGAM UK which terminated upon the acquisition of SGAM UK 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 AUM were acquired on April 1, 2009.4 Inflows for Q2 2009 include approximately $2.6 billion of incremental net AUM acquired from SGAM UK in April 2009 and inflows for Q4 2008 include approximately $3 billion mandated in December 2008 pursuant to a sub-advisory arrangement with SGAM UK which terminated upon the acquisition of SGAM UK.

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. 28

ACQUISITION-RELATED COMPENSATION EXPENSE Following the reverse acquisition transaction, 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, $45 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)(2).10,000,000 shares allocated for the benefit of employees, service providers and certain key personnel under the Restricted Stock Plan. Related expenses will end in 2011(2).shares allocated for the benefit of employees and certain key personnel under the 2007 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 Accounting Standards Codification Topic 718 on dividends on unvested shares that are ultimately not expected to vest. 29 1 Original vesting period lasting three years from November 2, 2007.2 Original vesting period lasting four years from November 2, 2007. 3 Original vesting period lasting six years from November 2, 2007. 4 Original vesting period lasting five years from November 2, 2007.

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. 30

RECONCILIATION OF NON-GAAP CBP AND NON-GAAP TOTAL EXPENSES 31

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 (loss) / income to GAAP net loss before non-controlling interests is provided in the Financial Summary on page 13. 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. 32

DESCRIPTION OF NON-GAAP WEIGHTED AVERAGE FULLY DILUTED SHARE COUNT 33 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 Plans 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.Adjusted Non-GAAP Adjusted Net Income: For periods in which the conversion of the convertible notes would be dilutive and the underlying shares are included in the non-GAAP weighted average fully diluted share count, GLG's management further adjusts the non-GAAP adjusted net income measure to add back the amount of the convertible note interest expense for the period.Adjusted non-GAAP 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.

RECONCILIATION OF NON-GAAP WEIGHTED AVERAGE FULLY DILUTED SHARES 34 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