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): February 18, 2010

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 February 18, 2010, GLG Partners, Inc. (the “Company”) released its earnings for the fourth fiscal quarter of 2009 and fiscal year ended 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 February 18, 2010 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), 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 February 18, 2010.
99.2	Investor Presentation dated February 18, 2010.

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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: February 18, 2010

EXHIBIT INDEX

Exhibit
Number	Description
99.1	Press Release of the Company dated February 18, 2010.
99.2	Investor Presentation dated February 18, 2010.

EX-99.1

Exhibit 99.1

GLG PARTNERS REPORTS Q4 AND FULL-YEAR 2009 EARNINGS

New York, February 18, 2010 – GLG Partners, Inc. (“GLG”) (NYSE: GLG) today reported a GAAP net loss attributable to common stockholders for the fourth quarter and full year ended December 31, 2009 of $75.3 million, or $0.33 per fully diluted share, and $319.0 million, or $1.45 per fully diluted share, respectively.

Highlights

• 2009 dollar-weighted average returns¹ of 28.1% for the alternative strategies, 33.6% for the 130/30 strategies and 29.6% for the long only strategies

• Net inflows of $723 million for Q4 2009; net AUM of $22.2 billion as of December 31, 2009, up 2.5% sequentially in Q4 2009 and 47.4% year over year

• Non-GAAP adjusted net income of ($4.3) million for Q4 2009 and $81.2 million for the full year 2009 (($0.01) and $0.26 per non-GAAP weighted average fully diluted share, respectively)

“We delivered strong performance for our investing clients, achieving dollar-weighted average returns of 28 percent across our alternative strategies while our long only assets returned more than 29 percent, significantly ahead of the relevant benchmarks,” said Noam Gottesman, Chairman and Co-CEO of GLG. “We strengthened our extensive multi-strategy platform in terms of product breadth and distribution and not only retained but also added to our base of key investment professionals despite 2009 being a transitional year for the industry. Encouragingly, AUM flows at GLG have turned definitively positive over the past six months and looking forward, I am confident that GLG remains well-positioned to be a leading beneficiary as industry flows expand.”

“We have an outstanding team of investment professionals underpinned by a rigorous approach to investment analysis and risk management,” commented Emmanuel Roman, Co-CEO. “Together with a robust infrastructure and a high level of transparency, we are well placed to accommodate the growing client interest in GLG and enjoy the benefits of operational leverage. It is confidence in our longer-term outlook that was the basis for our investments in our people and infrastructure throughout 2009. I am pleased we are already seeing positive results from these investments.”

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)

	Q4 2009			Q4 2008			YoYD			2009			2008			YoYD
Closing net assets under management (AUM)		22,175			15,039			47	%		22,175			15,039			47	%
Net revenues		114.8			72.7			58	%		300.9			495.0			(39	%)
GAAP net (loss) attributable to common stockholders		(75.3	)		(144.0	)		(48	%)		(319.0	)		(631.0	)		(49	%)
GAAP fully diluted EPS		(0.33	)		(0.67	)		(51	%)		(1.45	)		(2.97	)		(51	%)
Non-GAAP adjusted net income		(4.3	)		26.9			(116	%)		81.2			126.7			(36	%)
Non-GAAP adjusted net income per non-GAAP weighted average fully diluted share(2)		(0.01	)		0.09			(116	%)		0.26			0.41			(37	%)

² Shares associated with the convertible notes have been included in the non-GAAP weighted average fully diluted share count for the full year 2009 due to their dilutive impact and convertible note interest in the amount of $7.8 million has been added back to non-GAAP adjusted net income for the period for purposes of these calculations. In Q4 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.

GLG’s GAAP results include certain significant and largely non-cash expenses associated with its reverse acquisition transaction with Freedom Acquisition Holdings in November 2007. GLG’s management assesses the underlying performance of its business based on certain non-GAAP metrics which exclude expenses associated with the Freedom acquisition. These metrics are discussed in detail under “Non-GAAP Financial Measures”.

Additionally, results for the full year 2009 reflected the following significant items associated with GLG’s debt repurchase and acquisition of Société Générale Asset Management UK (“SGAM UK”):

• $84.8 million gain on the extinguishment of debt in the second quarter of 2009 (reducing GAAP net loss by $84.8 million and increasing non-GAAP adjusted net income by $75.0 million),

• $21.1 million net of tax gain related to the negative goodwill generated from the SGAM UK acquisition in the second quarter of 2009 (impact was excluded from the calculation of non-GAAP adjusted net income),

• $4.1 million of related acquisition and restructuring costs associated with the acquisition of SGAM UK in the second quarter of 2009 (increasing GAAP net loss by $4.1 million and reducing non-GAAP adjusted net income by $3.2 million), and

• $2.0 million operating loss from SGAM UK in the second quarter of 2009 (increasing GAAP net loss by $2.0 million and reducing non-GAAP adjusted net income by $2.0 million).

Assets Under Management Summary

GLG’s total net assets under management (“AUM”) as of December 31, 2009 were approximately $22.2 billion (net of assets invested from other GLG managed funds), up 2.5% from September 30, 2009 and up 47.4% from December 31, 2008.

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The increase in net AUM during the three months ended December 31, 2009 was due to net inflows of $723 million, mostly reflecting interest in GLG’s alternative strategy managed accounts and modest performance gains across the GLG franchise of $18 million. The effect of currency translation decreased net AUM by $194 million in the quarter ended December 31, 2009. (See Table 2 for a net AUM roll forward and Table 3 for investment performance by strategy.)

Net inflows for the full year 2009 were positive at $3.2 billion, capturing $2.6 billion of incremental net AUM acquired with SGAM UK during the second quarter of 2009 and net inflows into GLG’s long only strategies. Investment performance for the full year 2009 was robust, reflecting broad based contributions from across the GLG franchise and increasing net AUM by $2.9 billion. The effect of currency translation increased AUM by $1.0 billion in 2009. (See Table 2 for a net AUM roll forward and Table 3 for investment performance by strategy.)

GLG’s total gross AUM (including assets invested from other GLG managed funds) was $24.4 billion as of December 31, 2009, up 1.6% from September 30, 2009 and up 47.3% from December 31, 2008.

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

	As of December 31,
	2009			2008
Alternative strategies3	$	11,501		$	12,518
Long only strategies4		12,864			4,026
Gross AUM	$	24,365		$	16,544
YoY % Change		47.3	%		(43.1	%)
Less: alternative strategy investments in GLG Funds	$	(1,088	)	$	(1,503	)
Less: long only strategy investments in GLG Funds		(1,103	)		(2	)
Net AUM	$	22,175		$	15,039
YoY % Change		47.4	%		(38.9	%)
Quarterly average net AUM5	$	21,901		$	16,160

	Three Months Ended						Year Ended
	December 31,						December 31,
	2009			2008			2009			2008
Opening Net AUM	$	21,628		$	17,280		$	15,039		$	24,612
Inflows (net of redemptions)6		723			771			3,214			(1,273	)
Performance (gains net of losses and fees)		18			(2,649	)		2,891			(7,605	)
Currency translation impact (non-US$ AUM expressed in US$)		(194	)		(364	)		1,030			(695	)
Closing Net AUM	$	22,175		$	15,039		$	22,175		$	15,039
% of Opening Net AUM
Net inflows (net of redemptions)		3.3	%		4.5	%		21.4	%		(5.2	%)
Net performance (gains net of losses and fees)7		0.1	%		(15.3	%)		19.2	%		(30.9	%)
Net currency translation impact (non-US$ expressed in US$)		(0.9	%)		(2.1	%)		6.8	%		(2.8	%)

Note: Managed accounts amounted to $11.2 billion in net AUM at December 31, 2009 and $6.1 billion in net AUM at December 31, 2008.

3	Alternative strategy gross AUM includes all alternative strategy funds, all 130/30 strategy funds and all 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, and all SGAM UK net AUM acquired by GLG on April 3, 2009.
5	Quarterly average net AUM for a given period is calculated as a 2 point (quarter open and close) average.
6	Inflows for the full year 2009 include approximately $2.6 billion of incremental net AUM acquired with 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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Table 3: Investment Performance

										January
	Q4 2009			H2 2009			2009			20107
GLG dollar-weighted average returns7:
Alternative strategies		2.8	%		13.4	%		28.1	%		1.7	%
Long only strategies		(1.0	%)		11.6	%		29.6	%		(0.5	%)
130/30 strategies		5.3	%		20.4	%		33.6	%		(1.9	%)
MSCI World Index		4.5	%		20.0	%		25.7	%		(3.6	%)
S&P 500 Index		5.9	%		22.2	%		25.6	%		(3.6	%)

Financial and Operational Summary

Fourth Quarter 2009

REVENUES

Net revenues and other income were $114.8 million, up 57.9% year-over-year, for the quarter ended December 31, 2009. Higher performance fees generated during the second half of 2009 versus the second half of 2008 offset lower management fees and drove the increase.

Performance fees were $63.9 million, up $46.1 million from the year ago period. These fees largely reflect second half performance in keeping with GLG’s policy to recognize performance fees when they crystallize, generally on June 30 and December 31 of each year. Investment performance across the GLG franchise was strong in the second half of 2009 although investment performance in prior periods limited the level of AUM that was in position to generate performance fees thereby limiting the amount of performance fees generated during the second half of 2009.

Management fees and administration, service and distribution fees totalled $50.4 million for the quarter ended December 31, 2009, down 11.3% year over year. The annualized yield on management, administration, service and distribution fees was 0.92% of average net AUM⁸, steady relative to the third quarter of 2009 and a decline of 65 basis points (“bps”) compared to the annualized yield in the fourth quarter of 2008. Greater representation in net AUM from long only funds and managed accounts which have lower management and administration fees than GLG’s alternative strategy funds drove the decline compared to the year ago period.

Other income increased by $2.4 million from the fourth quarter of 2008 to $0.5 million for the three months ended December 31, 2009 reflecting changes in the currency translation impact of a weaker U.S. dollar on non-dollar denominated cash held on GLG’s balance sheet and brokerage fees generated by the operations we acquired with the purchase of SGAM UK.

EXPENSES

GAAP compensation, benefits and profit share for the quarter ended December 31, 2009 increased to $182.8 million compared to $175.8 million in the same quarter last year. Non-GAAP compensation,

7	January dollar-weighted average returns are calculated based on estimated January month-end net asset values (NAVs). See the Appendix for a description of how dollar-weighted average returns are calculated.
8	Average net AUM for the full year 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 with SGAM UK on April 3, 2009 as if the AUM were acquired on April 1, 2009.

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benefits and profit share (“non-GAAP CBP”) increased in the quarter ended December 31, 2009 by $93.2 million from the year ago period to $100.9 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”. Please note that GLG’s compensation, benefits and profit share and non- GAAP CBP have large discretionary components and are finalized based primarily on full year performance as at December 31 of each year.

The total level of non-GAAP CBP when expressed as a percentage of revenues and other income rose 77 percentage points to 87.9% in the quarter ended December 31, 2009 from the same period last year. The higher non-GAAP CBP to revenue ratio in the quarter when compared to the 2008 fourth quarter is driven by full year results and reflects 2009’s 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.

General, administrative, and other expenses for the quarter ended December 31, 2009 decreased 39.6% from the year ago period to $19.5 million. The decrease is mainly the result of targeted cost cutting initiatives established in the fourth quarter of 2008 and the reversal of a $2.5 million litigation reserve, partially offset by the addition of expenses from the operations acquired with SGAM UK.

Net interest expense was $2.7 million during the quarter ended December 31, 2009. Net interest expense 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 losses on available-for-sale investments were $1.7 million in the fourth quarter of 2009 which relates to investments made in GLG funds on behalf of participants in GLG’s equity participation plan. These investments are consolidated on GLG’s balance sheet under GAAP but gains and losses on them 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.

Full Year 2009

REVENUES

Net revenues and other income for the full year 2009 decreased 39.2% from the full year 2008 to $300.9 million. The greater proportion of net AUM from long only funds and managed accounts which have lower management and administration fees than GLG’s alternative strategy funds was the primary driver of the decline compared to the prior year.

Performance fees for the full year 2009 were $114.6 million versus $107.5 million for 2008 despite generally much stronger investment performance across the GLG franchise in 2009. A lower level of AUM with performance fee features and investment performance in prior periods, principally 2008, limited the level of AUM that was in position to generate performance fees in 2009 and thereby limited the performance fees generated in 2009.

For the full year 2009, management fees and administration, service and distribution fees totaled $178.2 million, down 53.9% from 2008. The yield on management, administration, service and distribution fees was 0.96% of average net AUM⁸, a decline of 94 bps compared to the yield in 2008. The reduction reflects a greater representation in net AUM from long only funds and managed accounts which have lower management and administration fees than GLG’s alternative strategy funds.

For the full year 2009, other income rose by $7.5 million from 2008 to $8.1 million. Other income benefited from the currency translation impact of a weaker U.S. dollar on non-dollar denominated cash held on GLG’s balance sheet and brokerage fees acquired with the purchase of SGAM UK.

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EXPENSES

For the full year 2009, GAAP compensation, benefits and profit share decreased to $638.0 million compared to $952.9 million in 2008 on lower levels of Acquisition-related compensation expense, a function of GLG’s lower share price and vesting schedules.

Full year 2009 non-GAAP CBP decreased by 3.0% from 2008 to $190.4 million reflecting a balance between the discretionary compensation tied to the strong investment performance generated for GLG’s clients and the discipline required with lower overall revenues. The total level of non-GAAP CBP when expressed as a percentage of revenues and other income rose 24 percentage points to 63.3% in the full year 2009 when compared to 2008 and increased 6 percentage points when compared with the average for 2007 and 2006. Restructuring costs tied to the acquisition of SGAM UK added $3.3 million (1.1% when expressed as a percentage of revenues and other income) to GAAP compensation, benefits and profit share and non-GAAP CBP for the full year 2009.

General, administrative, and other expenses decreased 26.1% year-over-year for the full year 2009 to $90.9 million reflecting cost cutting initiatives implemented in late 2008, partially offset by additional expenses added with the operations acquired in the purchase of SGAM UK. Non-compensation related acquisition and restructuring costs tied to SGAM UK added $0.9 million (0.3% when expressed as a percentage of revenues and other income) to general, administrative, and other expenses for the full year 2009.

Net interest expense was $11.5 million for the full year 2009. Net interest expense captures 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 losses on available-for-sale investments were $21.9 million during the full year 2009 which relates to investments made in GLG funds on behalf of participants in GLG’s equity participation plan. These investments are consolidated on GLG’s balance sheet under GAAP but gains and losses on them 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 full year 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 full year 2009 as these items are not factored into management’s assessment of the underlying performance of GLG’s business.

Capital

As of December 31, 2009, there were 252.4 million common shares, 58.9 million FA Sub 2 Limited Exchangeable Shares, convertible notes convertible into 61.4 million common shares, and 54.5 million warrants outstanding (249.6 million common shares, 58.9 million Exchangeable Shares, convertible notes convertible into 61.4 million common shares and 54.5 million warrants, respectively, at September 30, 2009 and 245.8 million common shares, 58.9 million Exchangeable Shares, no convertible notes and 54.5 million warrants, respectively, at December 31, 2008). Approximately 0.2 million shares were repurchased and no warrants were repurchased or exercised during the fourth quarter of 2009. During the full year 2009, convertible notes convertible into 61.4 million common shares were issued, no warrants were repurchased or exercised and 29.2 million shares were repurchased for $67.4 million.

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Investor/Analyst Conference Call and Webcast

GLG will hold a conference call for investors and analysts on Thursday, February 18, 2010 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 +1 888 680 0860 and the international dial-in number is +1 617 213 4852. The access code is 42993557.

Participants may pre-register for the call at:

https://www.theconferencingservice.com/prereg/key.process?key=PRCUU44FQ

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.

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 March 18, 2010. A copy of this earnings release and the fourth quarter update investor presentation will also be available online.

To access the audio replay, which will be available until March 18, 2010, 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 56495847.

About GLG

GLG Partners, Inc. is a global asset management company offering its clients a wide range of performance-oriented investment products and managed account services. Founded in 1995 and listed on the New York Stock Exchange in 2007 under the ticker symbol “GLG”, GLG is dedicated to achieving consistent, superior investment returns through traditional, alternative and hybrid investment strategies. The performance GLG generates for its clients is driven by the proven expertise of its team of investment professionals underpinned by a rigorous approach to investment analysis and a strong focus on risk management. GLG managed net AUM of $22.2 billion as of December 31, 2009.

GLG maintains an Investor Relations website at www.glgpartners.com and routinely posts important information on its website for investors. Additionally, GLG uses the 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 are included on GLG’s website under the section “Investor Relations – Overview”. 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

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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.

Contacts

Investors / Analysts:

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

Shirley Chan
Associate of Public Markets
+1 212 224 7257
shirley.chan@glgpartners.com

Media:

David Waller
Director of Communications
+44 207 016 7015
david.waller@glgpartners.com

Ryan O’Keeffe
Finsbury
+1 212 303 7600
glg@finsbury

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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 in November 2007. A reconciliation of non-GAAP CBP to GAAP compensation, benefits and profit share is provided in the following pages.

Acquisition-related compensation expense reflects GAAP accounting for two primary items: (1) the Agreement Among the Principals and Trustees, which is a retention-driven agreement that requires GLG’s three principals and their related trusts to forfeit a formula-based percentage of their ownership interests in GLG to the remaining principals and their related trusts if one of them were to leave GLG prior to the fifth anniversary of the acquisition (i.e. November 2012); and (2) the broadening of key personnel and employee ownership in GLG with respect to: (i) 15% of the total consideration paid for the GLG business in the acquisition (i.e. $150 million in cash and 33 million shares) which was awarded to fully consolidated partnerships (Sage Summit LP and Lavender Heights Capital LP) whose limited partners are key personnel of GLG; (ii) ten million shares issued in the acquisition which were allocated to awards for the benefit of employees, service providers and certain key personnel under the Restricted Stock Plan; and (iii) approximately 250,000 shares which were allocated for the benefit of employees and certain key personnel under the 2007 Long-Term Incentive Plan at the closing of the acquisition.

The expenses associated with the Agreement Among the Principals and Trustees are non-cash, have been the largest component of the Acquisition-related compensation expense and will end in 2012. Any forfeited shares will not return to nor benefit GLG.

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 “non-GAAP adjusted net income,” which adjusts GAAP net loss 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 for the benefit of 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 of 2009 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. A reconciliation of non-GAAP adjusted net income to GAAP net loss before non-controlling interests is provided in the following pages.

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 for purposes of the non-GAAP adjusted net income per non-GAAP weighted average fully diluted share calculation.

10

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 loss 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 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.

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 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 and funds that have closed, 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 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 EMERGING MARKETS OPPORTUNITIES 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 EQUITY TACTICAL FUND
GLG GLOBAL MINING FUND
GLG GLOBAL UTILITIES FUND
GLG MARKET NEUTRAL FUND
GLG NORTH AMERICAN OPPORTUNITY FUND
GLG PENDRAGON EVENT DRIVEN FUND
GLG SELECT OPPORTUNITIES FUND
GLG TECHNOLOGY FUND

For the month of January 2010, dollar-weighted average returns are based on estimated month-end NAVs of the funds listed above as at January 29, 2010.

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 and funds that have closed, in addition to managed accounts managed in accordance with a long only strategy (except those over which GLG does not exercise full control), weighted by the sum of month-end AUM and net inflows on the subsequent dealing day:

GLG AMERICAN GROWTH FUND
GLG ASIA-PACIFIC FUND
GLG BALANCED FUND
GLG CAPITAL APPRECIATION (DIST) FUND
GLG CAPITAL APPRECIATION FUND
GLG CONTINENTAL EUROPE FUND
GLG EAFE (INST) II FUND
GLG ENVIRONMENT FUND
GLG EUROPEAN EQUITY 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) II FUND
GLG PERFORMANCE FUND
GLG TECHNOLOGY EQUITY FUND
GLG UK GROWTH FUND
GLG UK INCOME FUND
GLG UK SELECT EQUITY FUND
GLG UK SELECT FUND
GLG US RELATIVE VALUE FUND
OCEAN EQUITY EASTERN EUROPE FUND
OCEAN EQUITY MENA OPPORTUNITIES FUND
OCEAN EQUITY GCC OPPORTUNITIES FUND
SGAM EQUITY CONCENTRATED EUROLAND FUND
SGAM EQUITY CONCENTRATED EUROPE FUND
SGAM EQUITY EMERGING EUROPE FUND
SGAM EQUITY EUROLAND FUND
SGAM EQUITY GLOBAL EMERGING FUND
SGAM EQUITY JAPAN CORE ALPHA FUND
SGAM EQUITY MENA FUND
SGAM INVEST EURO ACTION FUND
SGAM INVEST EUROPE ACTION FUND
SGAM INVEST GLOBAL TECHNOLOGY FUND
SGAM OASIS MENA FUND

For the month of January 2010, dollar-weighted average returns are based on final and estimated month-end NAVs of the funds listed above as at January 29, 2010.

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 (UCITS III) FUND
GLG EMERGING MARKETS EQUITY (UCITS III) FUND
GLG EMERGING MARKETS EQUITY II (UCITS III) FUND
GLG EMERGING MARKETS CREDIT OPPORTUNITY (UCITS III) FUND
GLG EMERGING MARKETS (UCITS III) FUND
GLG PURE ALPHA (UCITS III) FUND

For the month of January 2010, dollar-weighted average returns are based on final month-end NAVs of the funds listed above as at January 29, 2010.

SOURCE:      GLG Partners, Inc.

14

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

	As of December 31,			As of December 31,
	2009			2008
Assets
Current Assets
Cash and cash equivalents	$	263,782		$	316,195
Restricted cash		5,746			13,315
Fees receivable		104,541			42,106
Prepaid expenses and other assets		45,840			32,751
Total Current Assets		419,909			404,367
Non-Current Assets
Investments (at fair value)		22,048			65,484
Intangible assets		34,153			—
Goodwill		587			587
Other non-current assets		11,228			3,868
Property, plant and equipment, net		12,856			14,076
Total Non-Current Assets		80,872			84,015
Total Assets	$	500,781		$	488,382
Liabilities and Stockholders’ Equity
Current Liabilities
Rebates and sub-administration fees payable	$	19,717		$	26,234
Accrued compensation, benefits and profit share		138,686			148,531
Income taxes payable		9,095			15,633
Distribution payable		6,840			7,592
Accounts payable and other accruals		52,006			47,176
Revolving credit facility		12,281			40,000
Other liabilities		13,886			50,765
Total Current Liabilities	$	252,511		$	335,931
Non-Current Liabilities
Deferred Tax Liability		10,448			—
Loans Payable		292,891			530,000
Convertible notes		228,500			—
Total Non-Current Liabilities		531,839			530,000
Total Liabilities	$	784,350		$	865,931
Stockholders’ equity
Common stock, $.0001 par value; 1,000,000,000 authorized, 252,358,619 issued and outstanding (2008: 245,784,390 issued and outstanding)	$	24		$	24
Additional Paid in Capital		1,450,151			1,176,054
Treasury Stock, 14,101,424 (2008: 21,418,568) shares of common stock(1)		(193,189	)		(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		(1,562,009	)		(1,243,058	)
Accumulated other comprehensive income		7,250			(17,141	)
Non-controlling Interests		14,198			—
Total stockholders’ equity		(283,569	)		(377,549	)
Total liabilities and stockholders’ equity	$	500,781		$	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
	December 31,
	2009			2008			% Change
Net revenues and other income
Management fees, net	$	42,527		$	48,124			(11.6	%)
Performance fees, net		63,901			17,755			—
Administration, service and distribution fees, net		7,868			8,697			(9.5	%)
Other		501			(1,870	)		—
Total net revenues and other income		114,797			72,706			57.9	%
Expenses
Compensation, benefits and profit share		182,778			175,787			4.0	%
General, administrative and other		19,455			32,233			(39.6	%)
Amortization of intangible assets		934			—			—
Third party distribution, administration and service fees		1,676			—			—
Total expenses		204,843			208,020			(1.5	%)
Loss from operations		(90,046	)		(135,314	)		(33.5	%)
Realized loss on available-for-sale investments		(1,667	)		—			—
Interest expense, net		(2,730	)		(4,503	)		(39.4	%)
Loss before income taxes		(94,443	)		(139,817	)		(32.5	%)
Income tax benefit/(expense)		3,354			(1,575	)		—
Net loss	$	(91,089	)	$	(141,392	)		(35.6	%)
Less non-controlling interests:
Share of loss		14,117			—			—
Cumulative dividends on exchangeable shares		1,674			(2,567	)		(165.2	%)
Net loss attributable to common stockholders	$	(75,298	)	$	(143,959	)		(47.7	%)
Weighted average shares outstanding, basic and diluted (in thousands)		225,498			214,809
Net loss per common share, basic and diluted	$	(0.33	)	$	(0.67	)		(50.7	%)

16

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

	Twelve Months Ended
	December 31,
	2009			2008			% Change
Net revenues and other income
Management fees, net	$	152,528		$	317,787			(52.0	%)
Performance fees, net		114,605			107,517			6.6	%
Administration, service and distribution fees, net		25,685			69,145			(62.9	%)
Other		8,056			542			—
Total net revenues and other income		300,874			494,991			(39.2	%)
Expenses
Compensation, benefits and profit share		637,995			952,916			(33.0	%)
General, administrative and other		90,907			123,049			(26.1	%)
Amortization of intangible assets		2,768			—			—
Third party distribution, administration and service fees		3,276			—			—
Total expenses		734,946			1,075,965			(31.7	%)
Loss from operations		(434,072	)		(580,974	)		(25.3	%)
Realized loss on available-for-sale investments		(21,855	)		—			—
Gain on debt extinguishment		84,821			—			—
Gain on business combination-negative goodwill		21,122			—			—
Interest expense, net		(11,503	)		(16,613	)		(30.8	%)
Loss before income taxes		(361,487	)		(597,587	)		(39.5	%)
Income tax benefit/(expense)		2,102			(14,231	)		(114.8	%)
Net loss	$	(359,385	)	$	(611,818	)		(41.3	%)
Less non-controlling interests:
Share of loss		49,978			—			—
Cumulative dividends on exchangeable shares		(9,544	)		(14,761	)		(35.3	%)
Exchangeable shares dividend		—			(4,418	)		(100.0	%)
Net loss attributable to common stockholders	$	(318,951	)	$	(630,997	)		(49.5	%)
Weighted average shares outstanding, basic and diluted (in thousands)		219,953			212,225
Net loss per common share, basic and diluted	$	(1.45	)	$	(2.97	)		(51.2	%)

17

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

	Twelve Months Ended December 31,
	2009			2008
Net cash (used in) / provided by operating activities	$	(91,232	)	$	77,279
Net cash provided by investing activities		57,981			7,549
Net cash used in financing activities		(23,602	)		(177,406	)
Net decrease in cash and cash equivalents		(56,853	)		(92,578	)
Effect of foreign currency translation on cash		4,440			(20,649	)
Cash and cash equivalents at beginning of period		316,195			429,422
Cash and cash equivalents at end of period	$	263,782		$	316,195

18

GLG Partners, Inc.
Non-GAAP Adjusted Net Income for Three Months ended December 31, 2009 and December 31, 2008
(US$ in thousands)

	Three Months Ended
	December 31,
	2009			2008			% Change
Derivation of non-GAAP adjusted net income
GAAP net loss	$	(91,089	)	$	(141,392	)		(35.6	%)
Add/(Deduct): Cumulative dividends		1,674			(2,567	)		(165.2	%)
Add: Acquisition-related compensation expense		81,907			168,138			(51.3	%)
Add/(Deduct): Tax effect of Acquisition-related compensation expense		847			2,676			(68.4	%)
Add: Amortization of intangible assets		934			—			—
Add: Realized loss on available-for-sale investments		1,667			—			—
Deduct: Tax effect of amortization of intangible assets		(261	)		—			—
Non-GAAP adjusted net income	$	(4,321	)	$	26,855			(116.1	%)
Non-GAAP adjusted net income per non-GAAP weighted average fully diluted share(1)		(0.01	)		0.09			(115.9	%)
Non-GAAP weighted average fully diluted shares(1)		310,111			306,168

GLG Partners, Inc.
Non-GAAP Expenses for Three Months ended December 31, 2009 and December 31, 2008
(US$ in thousands)

	Three Months Ended
	December 31,
	2009			2008			% Change
Non-GAAP expenses
Compensation, benefits and profit share	$	182,778		$	175,787			4.0	%
Less: Acquisition-related compensation expense		(81,907	)		(168,138	)		(51.3	%)
Non-GAAP compensation, benefits and profit share (CBP)	$	100,871		$	7,649			—
Third party distribution, service and advisory		1,676			—			—
GAAP general, administrative and other		19,455			32,233			(39.6	%)
Non-GAAP total expenses	$	122,002		$	39,882			205.9	%

(1) For Q4 2009, shares associated with the convertible notes have been excluded from the non-GAAP weighted average fully diluted share count and no convertible note interest was added back to non-GAAP adjusted net loss for the period for purposes of these calculations.

19

GLG Partners, Inc.

Non-GAAP Adjusted Net Income for Twelve Months ended December 31, 2009 and December 31, 2008

(US$ in thousands, except per share amounts)

	Twelve Months Ended
	December 31,
	2009			2008			% Change
Derivation of non-GAAP adjusted net income
GAAP net loss	$	(359,385	)	$	(611,818	)		(41.3	%)
Deduct: Cumulative dividends		(9,544	)		(14,761	)		(35.3	%)
Add: Realized loss on available-for-sale investments		21,855			—			—
Add: Acquisition-related compensation expense		447,610			756,646			(40.8	%)
Deduct: Tax effect of Acquisition-related compensation expense		(209	)		(3,334	)		(93.7	%)
Deduct: Gain on business combination — negative goodwill		(21,122	)		—			—
Add: Amortization of intangible assets		2,768			—			—
Deduct: Tax effect of amortization of intangible assets		(775	)		—			—
Non-GAAP adjusted net income	$	81,198		$	126,733			(35.9	%)
Non-GAAP adjusted net income per non-GAAP weighted average fully diluted share	$	0.26		$	0.41			(37.4	%)
Non-GAAP weighted average fully diluted shares(1)		346,463			308,796

GLG Partners, Inc.
Non-GAAP Expenses for Twelve Months ended December 31, 2009 and December 31, 2008
(US$ in thousands)

	Twelve Months Ended
	December 31,
	2009			2008			% Change
Non-GAAP expenses
Compensation, benefits and profit share	$	637,995		$	952,916			(33.0	%)
Add: Acquisition-related compensation expense		(447,610	)		(756,646	)		(40.8	%)
Non-GAAP compensation, benefits and profit share (CBP)	$	190,385		$	196,270			(3.0	%)
Third party distribution, service and advisory		3,276			—			—
GAAP general, administrative and other		90,907			123,049			(26.1	%)
Non-GAAP total expenses	$	284,568		$	319,319			(10.9	%)

(1) Since inclusion of the shares associated with the convertible notes have a dilutive impact for the full year of 2009, the shares are included in the non-GAAP weighted average fully diluted share count and $7.8m of convertible note interest is added back to the non-GAAP adjusted net income for the period for purposes of these calculations. 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

(US$ in millions)	2009			2008			Q4 2009			Q4 2008
Opening Net AUM	$	15,039		$	24,612		$	21,628		$	17,280
Inflows (net of redemptions)		3,214			(1,273	)		723			771
Performance (gains net of losses and fees)		2,891			(7,605	)		18			(2,649	)
Currency translation impact (non-US$ AUM expressed in US$)		1,030			(695	)		(194	)		(364	)
Closing Net AUM		22,175			15,039			22,175			15,039
Closing Gross AUM		24,365			16,544			24,365			16,544
Average net AUM(1)		18,643			21,049			21,901			16,160
(USD in thousands, except per share amounts)
Management fees, net	$	152,528		$	317,787		$	42,527		$	48,124
Performance fees, net		114,605			107,517			63,901			17,755
Administration, service and distribution fees, net		25,685			69,145			7,868			8,697
Other		8,056			542			501			(1,870	)
Total net revenues and other income	$	300,874		$	494,991		$	114,797		$	72,706
Compensation, benefits and profit share		637,995			952,916			182,778			175,787
General, administrative and other		90,907			123,049			19,455			32,233
Amortization of intangible assets		2,768			—			934			—
Third party distribution, service and advisory		3,276			—			1,676			—
Interest expense, net		11,503			16,613			2,730			4,503
Realized loss on available-for-sale investments		21,855			—			1,667			—
Gain on debt extinguishment		(84,821	)		—			—			—
Gain on business combination — negative goodwill		(21,122	)		—			—			—
Income tax expense / (benefit)		(2,102	)		14,231			(3,354	)		1,575
GAAP net income before non-controlling interests	$	(359,385	)	$	(611,818	)	$	(91,089	)	$	(141,392	)
Add: Realized loss on available-for-sale investments		21,855			—			1,667			—
Add: Acquisition-related compensation expense		447,610			756,646			81,907			168,138
Less: Cumulative dividends		(9,544	)		(14,761	)		1,674			(2,567	)
Less: Tax effect of Acquisition-related compensation expense		(209	)		(3,334	)		847			2,676
Less: Gain on business combination — negative goodwill		(21,122	)		—			—			—
Add: Amortization of intangible assets		2,768			—			934			—
Less: Tax effect of amortization of intangible assets		(775	)		—			(261	)		—
Non-GAAP adjusted net income(2)	$	81,198		$	126,733		$	(4,321	)	$	26,855
Non-GAAP weighted average fully diluted shares(3)		346,463			308,796			310,111			306,168
Non-GAAP adjusted net income per non-GAAP weighted average fully diluted share(3)		0.26			0.41			(0.01	)		0.09
Management fees and Administration, service and distribution fees / Average net AUM(4)		0.96	%		1.90	%		0.92	%		1.57	%
Total net revenues and other income / Average net AUM(4)		1.61	%		2.43	%		2.10	%		2.00	%
Compensation, benefits and profit share less Acquisition-related compensation expense (“CBP”) / Total net revenues and other income		63.3	%		39.7	%		87.9	%		10.5	%
General, administrative and other expenses / Average net AUM(4)		0.5	%		0.6	%		0.4	%		0.8	%
Non-GAAP adjusted net income(2)/ Total net revenues and other income		27.0	%		25.6	%		(3.8	%)		36.9	%
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)		9.4	%		20.3	%		56.5	%		5.2	%

(1)	Average net AUM for a given period is calculated as a 2 point average for the quarters and a 5 point average for the years; Q4 2008, 2008 and 2009 average net AUMs exclude the 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; 2009 average net AUM includes net AUM of approximately $7 billion acquired with SGAM UK on April 3, 2009 as if the AUM were acquired on April 1, 2009.
(2)	See “Non-GAAP Financial Measures” for further detail.
(3)	Shares associated with the convertible notes have been included in the non-GAAP weighted average fully diluted share count for the full year 2009 due to their dilutive impact and convertible note interest in the amount of $7.8 million has been added back to non-GAAP adjusted net income for the period for purposes of these calculations. In Q4 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 for purposes of these calculations.
(4)	Ratios are annualized for quarterly 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)

	2009		2008		Q4 2009		Q4 2008
Outstanding
Common stock (including Treasury Stock)(1)		242,537		238,124		242,537		238,124
Unvested shares		9,822		7,660		9,822		7,660
Total issued and outstanding common stock		252,359		245,784		252,359		245,784
FA Sub 2 Limited Exchangeable Shares		58,905		58,905		58,905		58,905
Warrants		54,485		54,485		54,485		54,485
Convertible Notes		61,425		—		61,425		—
Weighted Average Outstanding
Common stock (excluding Treasury Stock)		219,953		212,225		225,498		214,809
Unvested shares		9,250		9,322		9,887		8,613
FA Sub 2 Limited Exchangeable Shares		58,905		58,905		58,905		58,905
Warrants		54,485		54,894		54,485		54,485
Convertible Notes		38,449		—		—		—
GAAP Weighted Average Fully Diluted Share Count
Common stock		219,953		212,225		225,498		214,809
Unvested shares		—		—		—		—
FA Sub 2 Limited Exchangeable Shares		—		—		—		—
Warrants		—		—		—		—
Total		219,953		212,225		225,498		214,809
Non-GAAP adjustments to weighted average fully diluted share count
Common stock:
GAAP weighted average fully diluted share count		219,953		212,225		225,498		214,809
add: unvested shares issued pursuant to equity participation plan, Restricted Stock Plan and LTIP on which dividends will be paid to the extent they are paid on vested shares		29,156		35,019		25,708		32,454
Non-GAAP weighted average fully diluted share count		249,109		247,244		251,206		247,263
FA Sub 2 Limited Exchangeable Shares:
GAAP weighted average fully diluted share count		—		—		—		—
add: inclusion of Exchangeable Shares as dilutive		58,905		58,905		58,905		58,905
Non-GAAP weighted average fully diluted share count		58,905		58,905		58,905		58,905
Warrants:
GAAP weighted average fully diluted share count(1)(2)		—		2,647		—		—
Non-GAAP weighted average fully diluted share count outstanding		—		2,647		—		—
Convertible Notes
GAAP weighted average fully diluted share count		—		—		—		—
add: inclusion of weighted average shares under convertible notes as dilutive		38,449		—		—		—
Non-GAAP weighted average fully diluted share count outstanding		38,449		—		—		—
Non-GAAP Weighted Average Fully Diluted Share Count(1)
Common stock		249,109		247,244		251,206		247,263
FA Sub 2 Limited Exchangeable Shares		58,905		58,905		58,905		58,905
Warrants		—		2,647		—		—
Convertible Notes		38,449		—		—		—
Total		346,463		308,796		310,111		306,168
Equity Market Capitalization (US$ in Thousands)
Common equity market capitalization(2)	$	1,002,270	$	693,505	$	1,002,270	$	693,505
Warrant market capitalization		9,262		2,724		9,262		2,724
Total equity capitalization(2)	$	1,011,533	$	696,229	$	1,011,533	$	696,229

(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
	December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008
Alternative strategies(1)		11,501			10,924			10,441			9,843			12,518
Long only strategies(2)		12,864			13,069			11,131			5,576			4,026
Gross AUM	$	24,365		$	23,993		$	21,572		$	15,419		$	16,544
Less: alternative strategy investments in GLG Funds		(1,088	)		(1,266	)		(1,456	)		(1,388	)		(1,503	)
Less: long only strategy investments in GLG Funds		(1,103	)		(1,099	)		(1,022	)					(2	)
Net AUM	$	22,175		$	21,628		$	19,094		$	14,031		$	15,039
Quarterly average gross AUM	$	24,179		$	22,782		$	18,495		$	15,982		$	18,848
Quarterly average net AUM(3)	$	21,901		$	20,361		$	18,840		$	11,519		$	16,160

	Three months ended			Three months ended		Three months ended		Three months ended			Three months ended
	December 31, 2009			September 30, 2009		June 30, 2009		March 31, 2009			December 31, 2008
Opening net AUM	$	21,628		$	19,094	$	14,031	$	15,039		$	17,280
Inflows (net of redemptions)(4)		723			216		2,226		50			771
Performance (gains net of losses and fees)		18			1,883		1,797		(807	)		(2,649	)
Currency translation impact (non-US$ AUM expressed in US$)		(194	)		435		1,040		(251	)		364
Closing net AUM	$	22,175		$	21,628	$	19,094	$	14,031		$	15,039

(1)	Alternative strategy gross AUM includes all alternative strategy funds, all 130/30 strategy funds and all 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, 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; Q4 2008, Q1 2009 and Q2 2009 average net AUMs exclude the approximately $3 billion mandated in December 2008 pursuant to a 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 the approximately $7 billion of net AUM acquired with SGAM UK as if the AUM were acquired at the opening of Q2 2009.
(4)	Inflows for Q2 2009 include SGAM UK net inflows of approximately $2.6 billion and inflows for Q4 2008 include the approximately $3 billion mandated in December 2008 pursuant to a sub-advisory arrangement with SGAM UK which terminated upon the completion of the acquisition of SGAM UK on April 3, 2009.

23

EX-99.2

Exhibit 99.2

GLG Partners, Inc. FOURTH QUARTER AND FULL YEAR 2009 UPDATE FEBRUARY 18, 2010 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; GLG's financial performance; 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 Information GLG maintains an Investor Relations website at www.glgpartners.com and routinely posts important information on its website for investors. GLG uses 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". 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 $2.85, as of February 17, 2009, and shares outstanding of 311.3 million as of December 31, 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 manager Founded in 1995 with a long history of strong and sustained investment performance $22.2 billion in net assets under management ("AUM") as of December 31, 2009 with a broad range of funds and managed accounts comprising alternative, long only and 130 / 30 or similar strategies Strong absolute and relative investment performance with net dollar-weighted returns(1) of 28.1% for its alternative strategies, 29.6% for long only strategies and 33.6% for 130 / 30 or similar strategies for the full year 2009 Attractive foundation of institutional and high net worth clients with a significant base of UK retail 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 $0.9 billion(2) 393 people, including 130 investment professionals(3)

DIVERSIFIED MULTI-STRATEGY MODEL AUM breakdown by investment strategy Managed Accounts $11.2 B (51%) Note: Data is based on AUM and GLG Funds as of December 31, 2009. 1 Alternative strategies include all 130/30 or similar strategy managed accounts and 130/30 or similar strategy funds. Cash and other holdings are included under alternative strategies as "Funds" and "Other". Long Only Alternative(1) Global 25% 37% Europe 23% 24% UK 10% 6% North America 2% 16% Emerging Markets 3% 17% Japan 32% - MENA 5% - 100% 100% 4 Funds $11.0 B (49%) Long Only Strategies 53% NET AUM = $11.8 B NET AUM = $22.2 B Alternative Strategies(1) 47% NET AUM = $10.4 B

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 reporting Significant number of clients invested in multiple GLG funds Significant portion 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 6

LONG-TERM TRACK RECORD OF STRONG INVESTMENT PERFORMANCE Since the first fund launched in 1997, GLG has achieved a 14.0% net-of-fees annualized dollar-weighted return on its alternative strategies through December 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 December 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 December 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 December 31, 2009. See the Appendix for a description of how dollar-weighted average returns are calculated.

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. Absolute composite performance of GLG alternative strategies in 2009 compares favorably with equity indices Relative outperformance of aggregate GLG long only and 130 / 30 composites % Long only AUM outperforming relevant benchmarks for year-ended December 31, 2009: 71% % 130 / 30 AUM outperforming relevant benchmarks for year-ended December 31, 2009: 92% 9 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 January 2010(1) 1.7% (3.6%) (3.6%) (0.5%) (1.4%) (1.9%) (1.7%) 2009 28.1% 25.7% 25.6% 29.6% 22.3% 33.6% 28.1% H2 2009 13.4% 20.0% 22.2% 11.6% 13.4% 20.4% 20.4% Q4 2009 2.8% 4.5% 5.9% (1.0%) 0.6% 5.3% 6.4% 1 January 2010 dollar-weighted average returns are calculated based on estimated net asset values (NAVs) as at January 29, 2010.

Expand investment products and strategies COMMITTED TO TAKE ADVANTAGE OF ATTRACTIVE GROWTH OPPORTUNITIES Committed to recruiting, training and motivating top investment talent Unique opportunities in the present environment with 2008's market disruption still weighing on a broad cross section of asset classes and a fragmented and less robust competitive environment 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 Created GLG's first UK retail product in August 2009 leveraging the platform acquired with the purchase of SGAM UK Launched two alternative strategy products focused on convertible debt and European distressed opportunities in September 2009 Expanded UCITS III offerings which now include convertible, emerging markets and Pure Alpha strategies Voted 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 2009 Received 'buy' ratings from two prominent institutional consulting firms for GLG's global and international equity products Recently opened an office in Geneva and offices in Hong Kong and Dubai imminent 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) $3.2 $0.1 $2.3(2) $0.2 $0.7 % of Opening 27% (12%) 25% 40% (5%) 21% 0.3% 16% 1% 3% AUM Historical Net AUM (1)

AUM SUMMARY Note: Totals may not add up due to rounding. 1 Full year 2009 net inflows include approximately $2.6 billion of AUM acquired upon the completion of the acquisition of SGAM UK in April 2009. 2 Q4 2008, 2008 and 2009 average net AUMs exclude the 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; 2009 average net AUM includes net AUM of approximately $7 billion acquired with SGAM UK on April 3, 2009 as if the AUM were acquired on April 1, 2009. 12 (in millions)

FINANCIAL SUMMARY 13 1 Shares associated with the convertible notes have been included in the non-GAAP weighted average fully diluted share count for the full year 2009 due to their dilutive impact and convertible note interest in the amount of $7.8 million has been added back to non-GAAP adjusted net income for the period for purposes of these calculations. In Q4 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 the non-GAAP adjusted net loss for the period for the purposes of these calculations. Note: Totals may not add up due to rounding.

KEY PERFORMANCE RATIOS 1 Ratios are annualized for quarterly periods and average net AUM for a given period is calculated as a 2 point average for a quarter and as a 5 point average for a full year; Q4 2008, 2008 and 2009 average net AUMs exclude the 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; 2009 average net AUM includes net AUM of approximately $7 billion acquired with SGAM UK on April 3, 2009 as if the AUM were acquired on April 1, 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. 14

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 Rigorous risk management and controls Differentiated investment approach and dedicated investment professionals Attractive platform for world class institutions Committed to take advantage of attractive growth opportunities Prudent acquisition strategy Management 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 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 17

GLG alternative strategy dollar-weighted average returns are calculated as the composite performance of the alternative funds listed below and funds that have closed, 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 January 2010, dollar-weighted average returns are based on estimated month-end NAVs of the funds listed above as at January 29, 2010. ALTERNATIVE STRATEGY DOLLAR-WEIGHTED AVERAGE RETURNS 18

LONG ONLY STRATEGY DOLLAR-WEIGHTED AVERAGE RETURNS 19 GLG long only strategy dollar-weighted average returns are calculated as the composite performance of the long only funds listed below and funds that have closed, in addition to managed accounts managed in accordance with a long only strategy (except those over 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 January 2010, dollar-weighted average returns are based on final and estimated month-end NAVs of the funds listed above as at January 29, 2010.

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 January 2010, dollar-weighted average returns are based on final month-end NAVs of the funds listed above as at January 29, 2010. 130 / 30 OR SIMILAR STRATEGY DOLLAR-WEIGHTED AVERAGE RETURNS 20

FOREIGN CURRENCY IMPACT ON AUM GLG typically offers multi-currency share classes to its investors in each of its Funds As of December 31, 2009, the AUM split by currency was as follows: 21 * Quarterly data has not been annualized FX Impact / Opening AUM USD EUR GBP JPY OTHER 30% 32% 20% 12% 6% (in billions) FX Impact $0.4 ($0.7) $0.7 $1.0 ($0.7) $1.0 ($0.3) $1.0 $0.4 ($0.2) in US$

TAXES GLG expects its non-GAAP 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 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". The Obama administration has made a number of proposals to change certain 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 these proposed changes, the form they will take if enacted, and their potential impact, is unclear. GLG is closely monitoring these proposals. 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) 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 23 1 As of February 17, 2010. 2 All warrants will expire on December 28, 2011.

SHARE / WARRANT REPURCHASE PROGRAM As of December 31, 2009, there were 252.4 million common shares, 58.9 million FA Sub 2 Limited Exchangeable Shares, convertible notes convertible into 61.4 million common shares, and 54.5 million warrants outstanding (249.6 million common shares, 58.9 million Exchangeable Shares, convertible notes convertible into 61.4 million common shares and 54.5 million warrants, respectively, at September 30, 2009 and 245.8 million common shares, 58.9 million Exchangeable Shares, no convertible notes and 54.5 million warrants, respectively, at December 31, 2008). Approximately 0.2 million shares were repurchased and no warrants were repurchased or exercised during the fourth quarter of 2009. During the full year 2009, convertible notes convertible into 61.4 million common shares were issued, no warrants were repurchased or exercised and 29.2 million shares were repurchased for $67.4 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 30.7 million shares for $75.1 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 strategy funds; GLG's external FoF products may invest a small proportion of their assets in other GLG external FoF products; GLG's single-manager alternative strategy funds may invest some proportion of their assets in other GLG single-manager alternative strategy funds; and GLG's long only strategy funds may invest some proportion of their assets in other GLG long only strategy funds. Gross AUM presentation includes assets invested from other GLG Funds Net 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 all 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, 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; Q4 2008, Q1 2009 and Q2 2009 average net AUMs exclude the approximately $3 billion mandated in December 2008 pursuant to a 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 the approximately $7 billion of net AUM acquired with SGAM UK as if the AUM were acquired at the opening of Q2 2009. 4 Inflows for Q2 2009 include SGAM UK net inflows of approximately $2.6 billion and inflows for Q4 2008 include the approximately $3 billion mandated in December 2008 pursuant to a sub-advisory arrangement with SGAM UK which terminated upon the completion of the acquisition of SGAM UK on April 3, 2009.

ACQUISITION-RELATED COMPENSATION EXPENSE Prior to the reverse acquisition transaction with Freedom in November 2007 ("the Acquisition"), GLG's compensation, benefits and profit share expense reflected compensation for employees and profit share for key personnel. Following the Acquisition, an additional set of charges referred to as Acquisition-related compensation expense, which were based on certain service conditions being met, was added to compensation, benefits and profit share expense in order to comply with GAAP. Acquisition-related compensation expense reflects the GAAP accounting for two primary items: 1) the Agreement Among the Principals and Trustees: A retention-driven agreement that requires GLG's three principals and their related trusts to forfeit a formula-based percentage of their ownership interests in GLG to the remaining principals and their related trusts if one of them were to leave GLG during the five years following the Acquisition. 2) the broadening of key personnel and employee ownership in GLG: 15% of the total consideration paid for the GLG business in the Acquisition went to fully consolidated partnerships (Sage Summit LP and Lavender Heights Capital LP) (i.e. $150 million in cash and 33 million shares). The LPs of these entities are key personnel of GLG. Ten million shares issued in the Acquisition were allocated to awards for the benefit of employees, service providers and certain key personnel under the Restricted Stock Plan. Approximately 250,000 shares were allocated for the benefit of employees and certain key personnel under the 2007 Long-Term Incentive Plan at the closing of the Acquisition. 28

THE AGREEMENT AMONG THE PRINCIPALS AND TRUSTEES The Agreement Among the Principals and Trustees is a retention-driven agreement that requires GLG's three principals (Noam Gottesman, Pierre Lagrange and Emmanuel Roman) and their related trusts to forfeit a formula-based percentage of their ownership interests in GLG to the remaining principals and their related trusts if one of them were to leave GLG during the five years following the Acquisition. Although the principals and their related trusts have held their ownership interests since before the Acquisition and continue to own the shares in respect of the Acquisition, the agreement is accounted for under GAAP as if the principals gave all their interests back to GLG when the Acquisition took place in November 2007 and then earn the issued shares back (valued at the November 2, 2007 price of $13.70), subject to the following "vesting" schedule: 17.5% upon the consummation of the Acquisition, and 16.5% on each of the first through fifth anniversaries. The following schedule sets out the expenses for share amounts that have "vested" or will "vest" each year and are included in compensation, benefits and profit share expense: These expenses end in 2012(1) and are non-cash. Any forfeited shares will not return to nor benefit GLG. 29 1 Original vesting period lasting five years from November 2, 2007.

15% of the total consideration paid for the GLG business in the Acquisition went to fully consolidated subsidiaries, Sage Summit LP and Lavender Heights Capital LP (i.e. $150 million in cash and 33 million shares). The LPs of these entities are key personnel of GLG. Expenses are recognized when the equity and cash consideration from the Acquisition vest to the LPs and are recorded over the life of each vesting tranche (based on the vesting date price for the equity portion) using the accelerated accrual method under Accounting Standards Codification Topic 718. Related expenses will end in 2010 and 2011(1)(2). Unvested shares are recorded on the balance sheet as treasury stock at the Acquisition date fair value of $13.70 and are included in the non-GAAP weighted average fully diluted share count. There is an assumed forfeiture rate of 10% per annum reducing the expenses (which gets trued up to the actual vesting shares on the vesting date). Forfeited awards are not returned to GLG and are instead retained by Sage Summit LP and Lavender Heights Capital LP, and may be reallocated to current and future LPs without further dilution to existing shareholders. Of the original $150 million awarded in cash, $30 million was paid at the closing of the Acquisition, $96 million was invested in two GLG Funds and $24 million was awarded to certain LP members in the form of loan notes. Any gains or losses on these investments and interest earned on the loan notes are recognized as compensation expense to the same extent that compensation is recognized on the underlying cash award through the accelerated accrual method and are included in Acquisition-related compensation expense. (Note: realized gains or losses from investments in GLG Funds held by LP members are deducted or added back when calculating non-GAAP adjusted net income as they ultimately flow to the members and not GLG.) Ten million shares issued in the Acquisition were allocated for the benefit of employees, service providers and certain key personnel under the Restricted Stock Plan. Related expenses are recognized over the life of each vesting tranche based on the grant date price (or vesting date price if the recipient is a service provider, including members of Laurel Heights LLP) using the accelerated accrual method and will end in 2011(2). Unvested shares subject to outstanding awards are included in the non-GAAP weighted average fully diluted share count and, if forfeited, are returned to GLG and cancelled. Approximately 250,000 shares were allocated for the benefit of employees and certain key personnel under the 2007 Long-Term Incentive Plan at the closing of the Acquisition. Related expenses are recognized over the life of each vesting tranche based on the grant date price using the accelerated accrual method and will end in 2013(3). Unvested shares subject to outstanding awards are included in the non-GAAP weighted average fully diluted share count and, if forfeited, are returned to GLG and cancelled. ACQUISITION-RELATED COMPENSATION EXPENSE TIED TO THE BROADENING OF KEY PERSONNEL AND EMPLOYEE OWNERSHIP 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 between four and six years from November 2, 2007. 30

NON-GAAP COMPENSATION, BENEFITS AND PROFIT SHARE (NON-GAAP CBP) Non-GAAP CBP reflects GAAP compensation, benefits and profit share adjusted to exclude Acquisition-related compensation expense. GLG's management believes that the Acquisition-related charges do not reflect its ongoing core business operations and compensation expense and instead assesses its personnel-related expenses based on non-GAAP CBP. 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. 31 1 Includes payroll taxes accrued on unvested shares and paid on vested shares and dividends paid on unvested shares equaling no greater than $2.0 million in aggregate for each of the above periods.

RECONCILIATION OF NON-GAAP CBP AND NON-GAAP TOTAL EXPENSES 32

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 loss 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 13. 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 for purposes of the non-GAAP adjusted net income per non-GAAP weighted average fully diluted share calculation. Adjusted net income is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP net loss as an indicator of GLG's operating performance or any other measures of performance derived in accordance with GAAP. 33

DESCRIPTION OF NON-GAAP WEIGHTED AVERAGE FULLY DILUTED SHARE COUNT 34 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.

RECONCILIATION OF NON-GAAP WEIGHTED AVERAGE FULLY DILUTED SHARES 35 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