DEFA14A

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

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

Date of Report (Date of Earliest Event Reported): August 9, 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)

þ   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))

INFORMATION TO BE INCLUDED IN THE REPORT

          GLG PARTNERS, INC. (“GLG”) HAS FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION (THE “SEC”) A PRELIMINARY PROXY STATEMENT AND INTENDS TO MAIL A DEFINITIVE PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS TO GLG STOCKHOLDERS IN CONNECTION WITH THE PROPOSED ACQUISITION OF GLG BY MAN GROUP PLC THROUGH TWO CONCURRENT TRANSACTIONS: THE MERGER OF A WHOLLY OWNED SUBSIDIARY OF MAN WITH AND INTO GLG (THE “MERGER”) AND A SHARE EXCHANGE TRANSACTION IN WHICH CERTAIN GLG STOCKHOLDERS WILL EXCHANGE THEIR GLG SHARES FOR MAN ORDINARY SHARES. GLG STOCKHOLDERS AND OTHER INTERESTED PERSONS ARE ADVISED TO READ GLG’S PRELIMINARY PROXY STATEMENT, AND WHEN AVAILABLE, AMENDMENTS THERETO AND THE DEFINITIVE PROXY STATEMENT IN CONNECTION WITH GLG’S SOLICITATION OF PROXIES FOR THE SPECIAL MEETING TO BE HELD TO APPROVE THE PROPOSED MERGER BECAUSE THE PRELIMINARY PROXY STATEMENT CONTAINS AND THE DEFINITIVE PROXY STATEMENT WILL CONTAIN IMPORTANT INFORMATION ABOUT GLG AND THE PROPOSED TRANSACTION. THE DEFINITIVE PROXY STATEMENT WILL BE MAILED TO STOCKHOLDERS AS OF A RECORD DATE TO BE ESTABLISHED FOR VOTING ON THE PROPOSED MERGER. STOCKHOLDERS MAY OBTAIN A FREE COPY OF THESE MATERIALS (WHEN THEY ARE AVAILABLE) AND OTHER DOCUMENTS FILED WITH THE SEC FROM THE SEC’S WEBSITE AT www.sec.gov. A FREE COPY OF THE PRELIMINARY PROXY STATEMENT AND, WHEN IT BECOMES AVAILABLE, THE DEFINITIVE PROXY STATEMENT ALSO MAY BE OBTAINED BY CONTACTING INVESTOR RELATIONS, GLG PARTNERS, INC., 399 PARK AVENUE, 38TH FLOOR, NEW YORK, NEW YORK 10022, TELEPHONE (212) 224-7200 AND THROUGH GLG’S WEBSITE AT www.glgpartners.com.

          GLG AND ITS DIRECTORS AND EXECUTIVE OFFICERS MAY BE DEEMED PARTICIPANTS IN THE SOLICITATION OF PROXIES FROM GLG’S STOCKHOLDERS. GLG’S STOCKHOLDERS MAY OBTAIN INFORMATION ABOUT GLG’S DIRECTORS AND EXECUTIVE OFFICERS, THEIR OWNERSHIP OF GLG SHARES AND THEIR INTERESTS IN THE PROPOSED TRANSACTION BY READING GLG’S PRELIMINARY PROXY STATEMENT AND, WHEN IT BECOMES AVAILABLE, DEFINITIVE PROXY STATEMENT FOR THE SPECIAL MEETING. A FREE COPY OF THESE DOCUMENTS (WHEN THEY ARE AVAILABLE) MAY BE OBTAINED FROM THE SEC WEBSITE OR BY CONTACTING GLG AS INDICATED ABOVE.

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Item 2.02. Results of Operations and Financial Condition.

     On August 9, 2010, GLG Partners, Inc. (the “Company”) released its earnings for the second fiscal quarter of 2010 and is filing a copy of the earnings release to the Securities and Exchange Commission as Exhibit 99.1 to this Current Report on Form 8-K.

     Attached as Exhibit 99.2 to this Current Report on Form 8-K and incorporated herein by reference is the Company’s investor presentation which, together with the press release, is posted on the Investor Relations section of the Company’s website at www.glgpartners.com. The information contained in Exhibit 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 8.01. Other Events.

     The Company’s earnings release attached as Exhibit 99.1 to this Current Report on Form 8-K is incorporated herein by reference.

     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 August 9, 2010.
99.2	Investor Presentation dated August 9, 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/ Jeffrey M. Rojek
	Jeffrey M. Rojek
	Chief Financial Officer

Date: August 9, 2010

EXHIBIT INDEX

Exhibit
Number	Description
99.1	Press Release of the Company dated August 9, 2010.
99.2	Investor Presentation dated August 9, 2010.

EX-99.1

Exhibit 99.1

GLG PARTNERS REPORTS Q2 2010 EARNINGS

Highlights

• First half 2010 dollar-weighted average returns⁽¹⁾ of 3.8% for the alternative strategies, 2.1% for the 130/30 strategies and (4.2%) for the long only strategies, versus MSCI World Index return of (7.1%) and S&P 500 Index return of (6.9%) for the same period

• Net inflows of approximately $1.5 billion and $2.5 billion for Q2 2010 and the six months ended June 30, 2010, respectively

• Previously announced agreement to merge with Man Group plc — on track to close near the end of the third quarter 2010

• Non-GAAP adjusted net loss of $3.0 million, or $0.01 per non-GAAP weighted average fully diluted share, for Q2 2010 — reflects $12.0 million, or $0.04 per non-GAAP weighted average fully diluted share⁽²⁾, of expenses related to the proposed merger with Man Group plc

• GAAP net loss attributable to common stockholders of $74.6 million, or $0.32 per fully diluted share, for Q2 2010

New York, August 9, 2010 — GLG Partners, Inc. (“GLG”) (NYSE: GLG) today reported a GAAP net loss attributable to common stockholders for the quarter ended June 30, 2010 of $74.6 million, or $0.32 per fully diluted share. Non-GAAP adjusted net loss was $3.0 million, or $0.01 per non-GAAP weighted average fully diluted share, for the three months ended June 30, 2010, inclusive of $12.0 million, or $0.04 per non-GAAP weighted average fully diluted share⁽²⁾, of expenses related to the proposed merger with Man Group plc.

“We continued to deliver for our investing clients in the first half of 2010 with our alternative strategies up 3.8% and many of our long only strategies well ahead of the leading market benchmarks,” said Noam Gottesman, GLG Chairman and Co-Chief Executive. “Given our strong track record and platform, we are well positioned to benefit as the capital allocation cycle gains momentum. Our net AUM inflows have risen each quarter over the past year, culminating in net inflows of $1.0 billion in Q1 2010 and $1.5 billion in Q2 2010.”

“It is our industry leading investment team and our established track record of delivering long-term performance across our broad platform of investment products which allows us to continue to attract investors,” added Emmanuel Roman, Co-CEO of GLG. “Looking ahead, we expect to be positioned strongly with increased scale, broader distribution and an unwavering focus on investment performance for our clients.”

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 See “Non-GAAP Financial Measures” for further detail.

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

	Q2 2010			Q2 2009			YoY Δ			H1 2010			H1 2009			YoY Δ
Closing net assets under management (AUM)		22,956			19,094			20	%		22,956			19,094			20	%
Net revenues		77.2			86.1			(10	%)		130.9			137.9			(5	%)
GAAP net (loss) attributable to common stockholders		(74.6	)		(24.4	)		—			(135.4	)		(144.6	)		(6	%)
GAAP fully diluted EPS		(0.32	)		(0.11	)		—			(0.59	)		(0.67	)		(12	%)
Non-GAAP adjusted net (loss) / income		(3.0	)		85.3			(104	%)		(6.1	)		90.6			(107	%)
Non-GAAP adjusted net (loss) / income per non-GAAP weighted average fully diluted share(3)		(0.01	)		0.26			(104	%)		(0.02	)		0.29			(107	%)

³ Shares associated with the convertible notes have been excluded from the non-GAAP weighted average fully diluted share count for Q2 2010 and H1 2010 due to their anti-dilutive impact and no convertible note interest was added back to non-GAAP adjusted net loss for the periods. In Q2 2009 and H1 2009, however, the shares associated with the convertible notes have been included in the non-GAAP weighted average fully diluted share counts due to their dilutive impact and convertible note interest in the amount of $1.6 million was added back to non-GAAP adjusted net income for the periods.

The June 2010 quarter and first half 2010 results include $12.0 million (pre and after-tax), or $0.04 per non-GAAP weighted average fully diluted share⁽²⁾, of expenses related to the proposed merger with Man Group plc.

The June 2009 quarter and first half 2009 results reflected the following significant items: an $84.8 million gain on the extinguishment of debt (or approximately $75 million on an after-tax basis), $4.1 million of acquisition and restructuring costs associated with the acquisition of Société Générale Asset Management UK (“SGAM UK”) ($3.2 million on an after-tax basis) and a $2.0 million operating loss on a pre and after-tax basis from SGAM UK.

GAAP net loss attributable to common stockholders for the first half of 2010 was $135.4 million, or $0.59 per fully diluted share. Non-GAAP adjusted net loss was $6.1 million, or $0.02 per non-GAAP weighted average fully diluted share, for the six months ended June 30, 2010.

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 (“Acquisition-related compensation expense”). GLG’s management assesses the underlying performance of its business based on certain non-GAAP metrics which exclude Acquisition-related compensation expense. These metrics are discussed in detail under “Non-GAAP Financial Measures”.

Merger with Man Group plc

GLG announced on May 17, 2010 that it had agreed to be acquired by Man Group plc (“Man”). The proposed acquisition will be made through two concurrent transactions: a cash merger under a merger agreement entered into among GLG, Man and a Man merger subsidiary; and a share exchange under an agreement entered into among Man and GLG’s principals (Noam Gottesman, Pierre Lagrange and Emmanuel Roman, together with their related trusts and affiliated entities) and two limited partnerships that held shares for the benefit of key personnel who are participants in GLG’s equity participation plan or permitted transferees of the partnerships.

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The transaction is subject to closing conditions, including approval by both Man and GLG shareholders. The closing of the transaction is expected to take place near the end of the third quarter of 2010.

Transaction costs associated with the proposed merger with Man of $12.0 million (pre and after-tax), or $0.04 per non-GAAP weighted average fully diluted share⁽²⁾, have been recognized during the second quarter of 2010 within the statement of operations.

Assets under Management Summary

GLG’s total net assets under management (“AUM”) as of June 30, 2010 were approximately $23.0 billion (net of assets invested from other GLG managed funds), down 3.0% from March 31, 2010, up 3.5% from December 31, 2009, and up 20.2% from June 30, 2009.

Positive net inflows of approximately $1.5 billion for the three months ended June 30, 2010 ($0.5 billion of which came from alternative strategies and $1.0 billion of which came from long only strategies) were offset by performance driven reductions in AUM during a period in which broad stock market indices such as the MSCI World and S&P 500 registered declines of 11.2% and 11.6%, respectively. The effect of currency translation related to the decline of the Euro and British Pound Sterling relative to the U.S. Dollar decreased net AUM by $725 million in the quarter ended June 30, 2010. (See Table 2 for a net AUM roll forward and Table 3 for investment performance by strategy.)

Positive net inflows of approximately $2.5 billion for the six months ended June 30, 2010 ($1.3 billion of which came from alternative strategies and $1.2 billion of which came from long only strategies) were partially offset by the effect of currency translation which decreased net AUM by roughly $1.5 billion in the first half of 2010. Performance reduced net AUM by approximately $0.2 billion for the six months ended June 30, 2010, a period in which broad stock market indices such as the MSCI World and S&P 500 registered declines of 7.1% and 6.9%, respectively. (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 $24.9 billion as of June 30, 2010, down 3.6% from March 31, 2010, up 2.2% from December 31, 2009, and up 15.5% from June 30, 2009.

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

	As of June 30,
	2010			2009
Alternative strategies4	$	12,088		$	10,441
Long only strategies5		12,820			11,131
Gross AUM	$	24,908		$	21,572
YoY % Change		15.5	%		(22.7	%)
Less: alternative strategy investments in GLG Funds	$	(956	)	$	(1,456	)
Less: long only strategy investments in GLG Funds		(996	)		(1,022	)
Net AUM	$	22,956		$	19,094
YoY % Change		20.2	%		(19.3	%)
Quarterly average net AUM6	$	23,312		$	18,840

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2010			2009			2010			2009
Opening Net AUM	$	23,668		$	14,031		$	22,175		$	15,039
Inflows (net of redemptions)7		1,537			2,226			2,491			2,276
Performance (gains net of losses and fees)		(1,524	)		1,797			(232	)		990
Currency translation impact (non-US$ AUM expressed in US$)		(725	)		1,040			(1,477	)		789
Closing Net AUM	$	22,956		$	19,094		$	22,956		$	19,094
% of Opening Net AUM
Net inflows (net of redemptions)		6.5	%		15.9	%		11.2	%		15.1	%
Net performance (gains net of losses and fees)8		(6.4	%)		12.8	%		(1.0	%)		6.6	%
Net currency translation impact (non-US$ expressed in US$)		(3.1	%)		7.4	%		(6.7	%)		5.2	%

Note: Managed accounts amounted to $11.6 billion in net AUM at June 30, 2010 and $8.6 billion in net AUM at June 30, 2009.

⁴ Alternative strategy gross AUM includes all alternative strategy funds, all 130/30 strategy funds, all managed accounts managed in accordance with alternative and 130/30 strategies, and cash and other holdings.

⁵ Long only strategy gross AUM includes all long only funds and managed accounts managed in accordance with a long only strategy.

⁶ Quarterly average net AUM for a given period is calculated as a 2 point (quarter open and close) average. Average net AUM for Q2 2009 excludes the approximately $3 billion mandate pursuant to the sub-advisory arrangement with SGAM UK which terminated upon the completion of its acquisition on April 3, 2009 and includes net AUM of approximately $7 billion acquired from SGAM UK on April 3, 2009 as if the assets were acquired on April 1, 2009.

⁷ Inflows for the second quarter and first half of 2009 include SGAM UK net inflows of approximately $2.6 billion.

⁸ Performance as a percentage of opening net AUM is based on both opening AUM and inflows and outflows during the period and can be influenced by significant inflows or outflows.

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Table 3: Investment Performance

										YTD through July
							July 20109			20109
	Q2 2010			H1 2010			(Estimated)			(Estimated)
GLG dollar-weighted average returns:
Alternative strategies		(1.4	%)		3.8	%		1.7	%		5.6	%
130/30 strategies		(3.9	%)		2.1	%		2.7	%		4.8	%
Long only strategies		(9.6	%)		(4.2	%)		6.1	%		1.6	%
MSCI World Index		(11.2	%)		(7.1	%)		6.1	%		(1.4	%)
S&P 500 Index		(11.6	%)		(6.9	%)		7.0	%		(0.5	%)

⁹ July dollar-weighted average returns are calculated based on estimated July month-end net asset values (NAVs). See the Appendix for a description of how dollar-weighted average returns are calculated.

Financial and Operational Summary

Second Quarter 2010

REVENUES

Net revenues and other income were $77.2 million for the quarter ended June 30, 2010, down 10.4% from the year ago period. Higher management fees and administration, service and distribution fees on strong net AUM growth were more than offset by lower performance fees and lower other income generated during the second quarter of 2010.

Second quarter 2010 performance fees were $22.4 million, down $15.6 million from the same period last year. These fees largely reflect first 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. The amount of performance fees generated during the first half of 2010 was limited by the complexion of GLG’s first half 2010 investment returns and the level of AUM in position to earn performance fees entering 2010.

Management fees and administration, service and distribution fees totalled $54.5 million for the quarter ended June 30, 2010, up 30.0% year over year. The annualized yield on management fees and administration, service and distribution fees was 0.94% of average net AUM⁶, up 7 basis points (“bps”) from the first quarter of 2010 and up 5 bps compared to the annualized yield in the second quarter of 2009. The combination of inflows and performance over the past year has generated higher net AUM and modestly higher yields on GLG’s net AUM.

Other income decreased by $5.9 million from the second quarter of 2009 to $0.3 million for the three months ended June 30, 2010 reflecting lower foreign exchange gains on non-dollar denominated cash held on GLG’s balance sheet due to the strengthening of the U.S. Dollar during the period.

EXPENSES

GAAP compensation, benefits and profit share for the quarter ended June 30, 2010 decreased to $121.6 million compared to $171.9 million in the same quarter last year on significantly lower Acquisition-related compensation expense, primarily a function of shares vesting under the Agreement Among Principals and Trustees (see “Non-GAAP Financial Measures” for further detail) and share awards vesting in the fourth quarter of 2009.

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Non-GAAP compensation, benefits and profit share (“non-GAAP CBP”) decreased in the quarter ended June 30, 2010 by $1.9 million from the year ago period to $41.1 million. GAAP compensation, benefits and profit share and non-GAAP CBP for the second quarter of 2010 include $2.2 million of share-based compensation attributable to the change in the share price between the date the proposed merger with Man was announced and June 30, 2010, with respect to those share awards accounted for on a variable basis. Non-GAAP CBP is a financial measure not prepared under GAAP, and includes compensation, benefits and profit share but excludes Acquisition-related compensation expense described below under “Non-GAAP Financial Measures”.

The total level of non-GAAP CBP when expressed as a percentage of revenues and other income rose 3 percentage points to 53.3% in the quarter ended June 30, 2010 from the same period last year. Share-based compensation associated with the proposed merger with Man (as described above), when expressed as a percentage of revenues and other income, was 2.8% for the three months ended June 30, 2010. Absent the expenses related to the proposed merger with Man, the second quarter 2010 non-GAAP CBP ratio was flat year over year. The non-GAAP CBP to revenue ratio in the second quarter of 2010 reflects the expenses related to the proposed merger with Man, reduced payroll liabilities (as a result of the positive conclusion of a statutory audit) and a relatively low level of performance fees.

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.

General, administrative, and other expenses for the quarter ended June 30, 2010 increased $6.9 million from the year ago period to $32.3 million and includes $9.8 million of expenses related to the proposed merger with Man. These merger-related expenses drove the increase versus the year ago period, and were partially offset by ongoing expense reduction measures and foreign exchange effects.

Net interest expense was $2.5 million during the quarter ended June 30, 2010 versus $3.3 million in the same period a year ago. 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 $1.0 million in the second quarter of 2010 and $0 in the same period a year ago. The realized loss on available-for sale investments relates to investments made in GLG funds on behalf of participants in the equity participation plan. These investments are consolidated on GLG’s balance sheet under GAAP but are excluded from the calculation of non-GAAP adjusted net income, as the gains or losses on these investments ultimately flow to the participants in the plan.

In the second quarter of 2009, a net gain of approximately $75.0 million was recognized on the extinguishment of debt as $284.5 million in debt was repurchased in the period for $170.7 million (the difference between the $113.8 million discount paid to face value on the repurchase and the recorded gain in the statement of operations of $84.8 million is being amortized as a reduction of interest expense over 28 months). There was also a gain in the quarter ended June 30, 2009 of $21.1 million reflecting negative goodwill from the acquisition of SGAM UK (intangibles of $33.3 million associated with the acquisition are being amortized over 9 years). The negative goodwill gain, related amortization and associated tax benefit are excluded from the calculation of non-GAAP adjusted net income as these items are not factored into management’s assessment of the underlying performance of GLG’s business.

TAXES

GAAP income tax expense decreased by $0.6 million from the year ago period to $1.3 million as a result of the increase in GAAP net loss in the second quarter of 2010.

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First Half 2010

REVENUES

Net revenues and other income for the first half of 2010 were $130.9 million, down 5.0% from the year ago period. Higher management fees and administration, service and distribution fees on strong net AUM growth were more than offset by lower performance fees and other income.

First half 2010 performance fees were $25.1 million, down $23.7 million from the same period last year. These fees largely reflect first 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. The amount of performance fees generated during the first half of 2010 was limited by the complexion of GLG’s first half 2010 investment returns and the level of AUM in position to earn performance fees entering 2010.

Management fees and administration, service and distribution fees totalled $104.6 million for the six months ended June 30, 2010, up 27.7% year over year. The annualized yield on management, administration, service and distribution fees was 0.91% of average net AUM¹⁰, down 17 bps compared to the annualized yield in the first half of 2009. The decrease in the annualized yield compared to the first half of 2009 reflects the addition of lower yielding SGAM UK long only net AUM in April 2009 partially offset by significant performance and inflow-related increases of net AUM and the resultant modest rise in the yield of GLG’s net AUM since June 30, 2009.

Other income decreased by $5.9 million from the first half of 2009 to $1.3 million for the six months ended June 30, 2010 reflecting lower foreign exchange gains on non-dollar denominated cash held on GLG’s balance sheet due to the strengthening of the U.S. Dollar during the period.

EXPENSES

GAAP compensation, benefits and profit share for the six months ended June 30, 2010 decreased to $223.0 million compared to $318.6 million for the same period last year on significantly lower Acquisition-related compensation expense, primarily a function of shares vesting under the Agreement Among Principals and Trustees (see “Non-GAAP Financial Measures” for further detail) and share awards vesting in the fourth quarter of 2009.

Non-GAAP CBP increased in the first half of 2010 by $13.1 million from the year ago period to $76.1 million. GAAP compensation, benefits and profit share and non-GAAP CBP for the first half of 2010 include $2.2 million of share-based compensation attributable to the change in the share price between the date the proposed merger with Man was announced and June 30, 2010, with respect to those share awards accounted for on a variable basis.

The total level of non-GAAP CBP when expressed as a percentage of revenues and other income rose 12.4 percentage points to 58.1% in the six months ended June 30, 2010 from the same period last year. Share-based compensation associated with the proposed merger with Man (as described above), when expressed as a percentage of revenues and other income, was 1.6% for the six months ended June 30, 2010. The non-GAAP CBP to revenue ratio in the first half of 2010 reflects expenses related to the proposed merger with Man, reduced payroll liabilities (as a result of the positive conclusion of a statutory audit) and first half performance fee levels.

General, administrative, and other expenses for the six months ended June 30, 2010 increased $11.3 million from the year ago period to $59.1 million and includes $9.8 million of expenses related to the proposed merger with Man. These merger-related expenses, as well as the $4.1 million one-time charge on losses related to a sublease rental in London, drove the increase versus the year ago period.

¹⁰ Average net AUM for a given period is calculated as a 3 point average for a half. Average net AUM for H1 2009 excludes the approximately $3 billion mandate pursuant to the sub-advisory arrangement with SGAM UK which terminated upon the completion of its acquisition on April 3, 2009 and includes net AUM of approximately $7 billion acquired from SGAM UK on April 3, 2009 as if the assets were acquired on April 1, 2009.

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Excluding these costs, general administrative and other expenses decreased when compared to the same period last year, primarily due to ongoing expense reduction measures and foreign exchange effects.

Net interest expense was $5.6 million during the six months ended June 30, 2010 versus $5.9 million in the same period a year ago. 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 $0.9 million in the first half of 2010 versus $21.2 million in the year ago period. The realized loss on available-for sale investments relates to investments made in GLG funds on behalf of participants in the equity participation plan. These investments are consolidated on GLG’s balance sheet under GAAP but are excluded from the calculation of non-GAAP adjusted net income, as the gains or losses on these investments ultimately flow to the participants in the plan.

During the first half of 2009, a net gain of approximately $75.0 million was recognized on the extinguishment of debt as $284.5 million in debt was repurchased in the period for $170.7 million (the difference between the $113.8 million discount paid to face value on the repurchase and the recorded gain in the statement of operations of $84.8 million is being amortized as a reduction of interest expense over 28 months). There was also a gain in the six months ended June 30, 2009 of $21.1 million reflecting negative goodwill from the acquisition of SGAM UK (intangibles of $33.3 million associated with the acquisition are being amortized over 9 years). The negative goodwill gain, related amortization and associated tax benefit are excluded from the calculation of non-GAAP adjusted net income as these items are not factored into management’s assessment of the underlying performance of GLG’s business.

TAXES

GAAP income tax expense decreased by $10.5 million from the year ago period to reflect a credit of $8.0 million. The decrease in income tax expense was mainly due to a one-time tax credit of $7.3 million recognized in the first half of 2010.

Capital

As of June 30, 2010, there were 262.8 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 (251.1 million common shares, 58.9 million Exchangeable Shares, convertible notes convertible into 61.4 million common shares and 54.5 million warrants, respectively, at March 31, 2010 and 250.3 million common shares, 58.9 million Exchangeable Shares, convertible notes convertible into 61.4 million common shares and 54.5 million warrants, respectively, at June 30, 2009). Approximately 40,000 shares were repurchased and no warrants were repurchased or exercised during the second quarter of 2010.

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 estimated net AUM of approximately $23.0 billion as of June 30, 2010. 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

8

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”. 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 and accounts; performance of GLG managed investment funds and accounts, 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; satisfaction of the conditions of the pending acquisition transaction with Man Group plc, including the approval of a majority of unaffiliated stockholders; the costs and expenses associated with the pending acquisition transaction; contractual restrictions on the conduct of GLG’s business included in the merger agreement; the potential loss of key personnel, disruption of its business and operations or any impact on GLG’s relationships with third parties as a result of the pending acquisition transaction; any delay in consummating the proposed acquisition transaction or the failure to consummate the transaction; and the outcome of, or expenses associated with, any litigation which may arise in connection with the pending acquisition transaction, including the purported class action civil suits filed in Delaware Chancery Court and New York Supreme Court; litigation and regulatory enforcement risks, including the diversion of management time and attention and the additional costs and demands on GLG’s resources; risks related to the use of leverage, investment in derivatives, availability of credit, interest rates and currency fluctuations; as well as other risks and uncertainties, including those set forth in GLG’s filings with the Securities and Exchange Commission. These forward-looking statements are made only as of the date hereof, and GLG undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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

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

Additional Information

GLG has filed with the SEC a preliminary proxy statement and intends to mail a definitive proxy statement and other relevant documents to GLG stockholders in connection with the proposed acquisition of GLG by Man Group plc through two concurrent transactions: the merger of a wholly owned subsidiary of Man with and into GLG and a share exchange transaction in which certain GLG stockholders will exchange their GLG shares for Man ordinary shares. GLG stockholders and other interested persons are advised to read GLG’s preliminary proxy statement, and when available, amendments thereto and the definitive proxy statement in connection with GLG’s solicitation of proxies for the special meeting to be held to approve the proposed merger because the preliminary proxy statement contains and the definitive proxy statement will contain important information about GLG and the proposed transaction. The definitive proxy statement will be mailed to stockholders as of a record date established for voting on the proposed merger. Stockholders may obtain a free copy of these materials (when they are available) and other documents filed with the SEC from the SEC’s website at www.sec.gov. A free copy of the preliminary proxy statement and, when it becomes available, the definitive proxy statement also may be obtained by contacting Investor Relations, GLG Partners, Inc., 399 Park Avenue, 38th floor, New York, New York

9

10022, telephone (212) 224-7200 and through GLG’s website at www.glgpartners.com. GLG and its directors and executive officers may be deemed participants in the solicitation of proxies from GLG’s stockholders. GLG’s stockholders may obtain information about GLG’s directors and executive officers, their ownership of GLG shares and their interests in the proposed transaction by reading GLG’s preliminary proxy statement and, when it becomes available, definitive proxy statement for the special meeting. A free copy of these documents (when they are available) may be obtained from the SEC website or by contacting GLG as indicated above.

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 Matthew Newton / Talia Druker Finsbury +44 207 251 3801 glg@finsbury.com Andy Merrill / Astrid Josephson Finsbury +1 212 303 7600 glg@finsbury.com

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Non-GAAP Financial Measures

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

Non-GAAP compensation, benefits and profit share: GLG’s management assesses its personnel-related expenses based on the measure non-GAAP compensation, benefits and profit share, or non-GAAP CBP. Non-GAAP CBP reflects GAAP compensation, benefits and profit share adjusted to exclude Acquisition-related compensation expense in connection with the acquisition by Freedom Acquisition Holdings Inc. (“Freedom”) of GLG Partners LP and associated entities in November 2007 (the “Acquisition”). 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 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 2007 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 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 expense 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; and (5) amortization of the intangible assets recognized in relation to the acquired management contracts of SGAM UK and its associated tax effect. The definition of non-GAAP 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.

11

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.

In addition, GLG’s management is presenting the non-GAAP weighted average fully diluted share impact of expenses related to the proposed merger with Man (the GAAP $12.0 million expense divided by the non-GAAP weighted average fully diluted share count presented in the attached Share Count Reconciliation) because GLG believes that it is important information for the reader of its financial statements to understand GLG’s core operating results excluding the expenses related to the proposed merger with Man.

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.

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APPENDIX

Alternative Strategy Dollar-Weighted Average Returns

GLG alternative strategy dollar-weighted average returns are calculated as the composite performance of the alternative strategy 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 SELECT OPPORTUNITIES FUND
GLG TECHNOLOGY FUND

For the month of July 2010, dollar-weighted average returns are based on estimated month-end NAVs of the funds listed above as at July 30, 2010. AUMs are estimated as at August 2, 2010.

13

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 strategy 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 EAFE (INST) II FUND
GLG ENVIRONMENT FUND
GLG ESPRIT CONTINENTAL EUROPE FUND
GLG EUROPEAN EQUITY FUND
GLG EUROPEAN EQUITY (INST) 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 EQUITY (DUBLIN) FUND
GLG JAPAN CORE ALPHA EQUITY 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 July 2010, dollar-weighted average returns are based on final and estimated month-end NAVs of the funds listed above as at July 30, 2010. AUMs are estimated as at August 2, 2010.

*Funds managed by a SGAM entity and sub-advised by GLG.

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130 / 30 or Similar Strategy Dollar-Weighted Average Returns

GLG 130 / 30 or similar strategy dollar-weighted average returns (including all UCITS III products) 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 ALPHA SELECT (UCITS III) FUND
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 July 2010, dollar-weighted average returns are based on estimated month-end NAVs of the funds listed above as at July 30, 2010. AUMs are estimated as at August 2, 2010.

SOURCE: GLG Partners, Inc.

15

GLG Partners, Inc.
Unaudited Consolidated Balance Sheets
(US$ in thousands, except per share amounts; US GAAP)

	As of June 30,			As of December 31,
	2010			2009
Assets
Current Assets
Cash and cash equivalents	$	201,338		$	263,782
Restricted cash		25			5,746
Fees receivable		68,073			104,541
Unsettled funds receivable		12,903			8,948
Prepaid expenses and other assets		35,113			36,892
Total Current Assets		317,452			419,909
Non-Current Assets
Investments (at fair value)		29,551			22,048
Intangible assets		29,931			34,153
Goodwill		587			587
Other non-current assets		9,595			11,228
Property, plant and equipment, net		12,901			12,856
Total Non-Current Assets		82,565			80,872
Total Assets	$	400,017		$	500,781
Liabilities and Stockholders’ Deficit
Current Liabilities
Rebates and sub-administration fees payable	$	15,813		$	19,717
Accrued compensation, benefits and profit share		44,982			138,686
Income taxes payable		3,399			9,095
Distribution payable		10,062			6,840
Unsettled funds payable		16,142			9,819
Accounts payable and other accruals		41,975			42,187
Revolving credit facility		12,281			12,281
Other liabilities		15,862			13,886
Total Current Liabilities	$	160,516		$	252,511
Non-Current Liabilities
Deferred Tax Liability		8,607			10,448
Loans Payable		288,027			292,891
Convertible notes		228,500			228,500
Total Non-Current Liabilities		525,134			531,839
Total Liabilities	$	685,650		$	784,350
Stockholders’ Deficit
Common stock, $.0001 par value; 1,000,000,000 authorized, 251,883,013 issued and outstanding (2009: 252,358,619 issued and outstanding)	$	24		$	24
Additional Paid in Capital		1,583,021			1,450,151
Treasury Stock, 14,101,424 (2009: 14,101,424) shares of common stock(1)		(193,189	)		(193,189	)
Series A voting preferred stock; 150,000,000 authorized, 58,904,993 issued and outstanding (2009: 58,904,993 issued and outstanding)		6			6
Accumulated deficit		(1,697,453	)		(1,562,009	)
Accumulated other comprehensive income		5,097			7,250
Total Controlling Stockholders’ Deficit		(302,494	)		(297,767	)
Non-controlling Interests		16,861			14,198
Total Stockholders’ Deficit		(285,633	)		(283,569	)
Total Liabilities and Stockholders’ Deficit	$	400,017		$	500,781

(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.

16

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

	Three Months Ended
	June 30,
	2010			2009			% Change
Net revenues and other income
Management fees, net	$	46,868		$	36,031			30.1	%
Performance fees, net		22,371			37,942			(41.0	%)
Administration, service and distribution fees, net		7,672			5,937			29.2	%
Other		308			6,232			(95.1	%)
Total net revenues and other income		77,219			86,142			(10.4	%)
Expenses
Compensation, benefits and profit share		121,612			171,930			(29.3	%)
General, administrative and other		32,302			25,426			27.0	%
Amortization of intangible assets		853			833			2.4	%
Third party distribution, administration and service fees		811			665			22.0	%
Total expenses		155,578			198,854			(21.8	%)
Loss from operations		(78,359	)		(112,712	)		(30.5	%)
Gain on debt extinguishment		—			84,821			—
Gain on business combination — negative goodwill		—			21,122			—
Realized loss on available-for-sale investments		(955	)		—			—
Fair value movements in trading securities		(455	)		—			—
Interest expense, net		(2,535	)		(3,328	)		(23.8	%)
Loss before income taxes		(82,304	)		(10,097	)		715.1	%
Income tax benefit / (expense)		(1,315	)		(1,934	)		(32.0	%)
Net loss	$	(83,619	)	$	(12,031	)		595.0	%
Less non-controlling interests:
Share of loss		10,079			(1,794	)		—
Cumulative dividends on exchangeable shares		(1,057	)		(10,552	)		—
Net loss attributable to common stockholders	$	(74,597	)	$	(24,377	)		206.0	%
Weighted average shares outstanding, basic and diluted (in thousands)		230,675			216,814
Net loss per common share, basic and diluted	$	(0.32	)	$	(0.11	)		190.9	%

17

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

	Six Months Ended
	June 30,
	2010			2009			% Change
Net revenues and other income
Management fees, net	$	89,545		$	70,458			27.1	%
Performance fees, net		25,088			48,759			(48.5	%)
Administration, service and distribution fees, net		15,016			11,410			31.6	%
Other		1,290			7,229			(82.2	%)
Total net revenues and other income		130,939			137,856			(5.0	%)
Expenses
Compensation, benefits and profit share		222,952			318,586			(30.0	%)
General, administrative and other		59,050			47,743			23.7	%
Amortization of intangible assets		1,737			833			108.5	%
Third party distribution, administration and service fees		2,142			665			—
Total expenses		285,881			367,827			(22.3	%)
Loss from operations		(154,942	)		(229,971	)		(32.6	%)
Realized loss on available-for-sale investments		(917	)		(21,217	)		—
Gain on debt extinguishment		—			84,821			—
Gain on business combination-negative goodwill		—			21,122			—
Fair value movements in trading securities		22			—			—
Interest expense, net		(5,581	)		(5,918	)		(5.7	%)
Loss before income taxes		(161,418	)		(151,163	)		6.8	%
Income tax benefit/(expense)		7,964			(2,552	)		—
Net loss	$	(153,454	)	$	(153,715	)		(0.2	%)
Less non-controlling interests:
Share of loss		19,067			20,227			(5.7	%)
Cumulative dividends on exchangeable shares		(1,057	)		(11,147	)		(90.5	%)
Net loss attributable to common stockholders	$	(135,444	)	$	(144,635	)		(6.4	%)
Weighted average shares outstanding, basic and diluted (in thousands)		230,006			216,789
Net loss per common share, basic and diluted	$	(0.59	)	$	(0.67	)		(11.9	%)

18

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

	Six Months Ended June 30,
	2010			2009
Net cash used in operating activities	$	(47,943	)	$	(89,010	)
Net cash (used in) / provided by investing activities		(6,806	)		42,053
Net cash used in financing activities		(1,688	)		(18,105	)
Net decrease in cash and cash equivalents		(56,437	)		(65,062	)
Effect of foreign currency translation on cash		(6,007	)		7,156
Cash and cash equivalents at beginning of period		263,782			316,195
Cash and cash equivalents at end of period	$	201,338		$	258,289

19

GLG Partners, Inc.
Non-GAAP Adjusted Net Income for Three Months ended June 30, 2010 and June 30, 2009
(US$ in thousands)

	Three Months Ended
	June 30,
	2010			2009			% Change
Derivation of non-GAAP adjusted net income
GAAP net loss	$	(83,619	)	$	(12,031	)		—
Less: Cumulative dividends		(1,057	)		(10,552	)		(90.0	%)
Add: Acquisition-related compensation expense		80,466			128,851			(37.6	%)
Less: Tax effect of Acquisition-related compensation expense		(403	)		(441	)		(8.6	%)
Less: Gain on business combination — negative goodwill		—			(21,122	)		—
Add: Amortization of intangible assets		853			833			2.4	%
Add: Realized loss on available-for-sale investments		955			—			—
Less: Tax effect of amortization of intangible assets		(238	)		(233	)		2.1	%
Non-GAAP adjusted net (loss) / income	$	(3,043	)	$	85,305			(103.6	%)
Non-GAAP weighted average fully diluted shares (in thousands)		306,312			338,426
Non-GAAP adjusted net income
per non-GAAP weighted average fully diluted share(1)		(0.01	)		0.26			(103.8	%)

GLG Partners, Inc.
Non-GAAP Expenses for Three Months ended June 30, 2010 and June 30, 2009
(US$ in thousands)

	Three Months Ended
	June 30,
	2010			2009			% Change
Non-GAAP expenses
Compensation, benefits and profit share	$	121,612		$	171,930			(29.3	%)
Less: Acquisition-related compensation expense		(80,466	)		(128,851	)		(37.6	%)
Non-GAAP compensation, benefits and profit share (CBP)	$	41,146		$	43,079			(4.5	%)
Third party distribution, service and advisory		811			665			22.0	%
GAAP general, administrative and other		32,302			25,426			27.0	%
Non-GAAP total expenses	$	74,259		$	69,170			7.4	%

(1) For Q2 2010, 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. In Q2 2009, however, the shares associated with the convertible notes have been included in the non-GAAP weighted average fully diluted share count due to their dilutive impact and convertible note interest in the amount of $1.6 million was added back to non-GAAP adjusted net income for the period.

20

GLG Partners, Inc.
Non-GAAP Adjusted Net Income for Six Months ended June 30, 2010 and June 30, 2009
(US$ in thousands, except per share amounts)

	Six Months Ended
	June 30,
	2010			2009			% Change
Derivation of non-GAAP adjusted net income
GAAP net loss	$	(153,454	)	$	(153,715	)		(0.2	%)
Less: Cumulative dividends		(1,057	)		(11,147	)		(90.5	%)
Add: Realized loss on available-for-sale investments		917			21,217			(95.7	%)
Add: Acquisition-related compensation expense		146,873			255,588			(42.5	%)
Less: Tax effect of Acquisition-related compensation expense		(627	)		(796	)		(21.2	%)
Less: Gain on business combination — negative goodwill		—			(21,122	)		—
Add: Amortization of intangible assets		1,737			833			108.5	%
Less: Tax effect of amortization of intangible assets		(486	)		(233	)		108.6	%
Non-GAAP adjusted net income	$	(6,097	)	$	90,624			(106.7	%)
Non-GAAP weighted average fully diluted shares (in thousands)		305,628			323,399
Non-GAAP adjusted net income
per non-GAAP weighted average fully diluted share(1)	$	(0.02	)	$	0.29			(106.9	%)

GLG Partners, Inc.
Non-GAAP Expenses for Six Months ended June 30, 2010 and June 30, 2009
(US$ in thousands)

	Six Months Ended
	June 30,
	2010			2009			% Change
Non-GAAP expenses
Compensation, benefits and profit share	$	222,952		$	318,586			(30.0	%)
Add: Acquisition-related compensation expense		(146,873	)		(255,588	)		(42.5	%)
Non-GAAP compensation, benefits and profit share (CBP)	$	76,079		$	62,999			20.8	%
Third party distribution, service and advisory		2,142			665			222.1	%
GAAP general, administrative and other		59,050			47,743			23.7	%
Non-GAAP total expenses	$	137,271		$	111,407			23.2	%

(1) For H1 2010, 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. In H1 2009, however, the shares associated with the convertible notes have been included in the non-GAAP weighted average fully diluted share count due to their dilutive impact and convertible note interest in the amount of $1.6 million was added back to non-GAAP adjusted net income for the period.

21

GLG Partners, Inc.
Financial Supplement

													TTM to
($ in millions)	H1 2010			H1 2009			Q2 2010			Q2 2009			6/30/10			6/30/09
Opening Net AUM	$	22,175		$	15,039		$	23,668		$	14,031		$	19,094		$	23,668
Inflows (net of redemptions)		2,491			2,276			1,537			2,226			3,429			865
Performance (gains net of losses and fees)		(232	)		990			(1,524	)		1,797			1,670			(4,797	)
Currency translation impact (non-US$ AUM expressed in US$)		(1,477	)		789			(725	)		1,040			(1,236	)		(642	)
Closing Net AUM		22,956			19,094			22,956			19,094			22,956			19,094
Closing Gross AUM		24,908			21,572			24,908			21,572			24,908			21,572
Average net AUM(1)		22,933			15,179			23,312			18,840			21,030			17,727
(US$ in thousands, except per share amounts)
Management fees, net	$	89,545		$	70,458		$	46,868		$	36,031		$	171,615		$	198,889
Performance fees, net		25,088			48,759			22,371			37,942			90,934			73,347
Administration, service and distribution fees, net		15,016			11,410			7,672			5,937			29,291			37,858
Other		1,290			7,229			308			6,232			2,117			2,563
Total net revenues and other income	$	130,939		$	137,856		$	77,219		$	86,142		$	293,957		$	312,657
Compensation, benefits and profit share(2)		222,952			318,586			121,612			171,930			592,678			721,761
General, administrative and other(3)		59,050			47,743			32,302			25,426			92,664			110,259
Third party distribution, service and advisory		2,142			665			811			665			4,753			665
Amortization of intangible assets		1,737			833			853			833			3,672			833
Total expenses	$	285,881		$	367,827		$	155,578		$	198,854		$	703,585		$	833,518
Loss from operations	$	(154,942	)	$	(229,971	)	$	(78,359	)	$	(112,712	)	$	(409,628	)	$	(520,861	)
Interest expense, net		(5,581	)		(5,918	)		(2,535	)		(3,328	)		(11,365	)		(14,406	)
Realized gain / (loss) on available-for-sale investments		(917	)		(21,217	)		(955	)		—			(1,555	)		(21,217	)
Fair value movements in trading securities		22			—			(455	)		—			22			—
Gain on debt extinguishment		—			84,821			—			84,821			—			84,821
Gain on business combination — negative goodwill		—			21,122			—			21,122			—			21,122
Income tax expense / (benefit)		7,964			(2,552	)		(1,315	)		(1,934	)		13,716			(7,287	)
GAAP net income before non-controlling interests	$	(153,454	)	$	(153,715	)	$	(83,619	)	$	(12,031	)	$	(408,810	)	$	(457,828	)
Less / Add: Realized (gain) / loss on available-for-sale investments		917			21,217			955			—			1,555			21,217
Add: Acquisition-related compensation expense		146,873			255,588			80,466			128,851			338,895			611,731
Less: Tax effect of Acquisition-related compensation expense		(627	)		(796	)		(403	)		(441	)		(40	)		1,327
Less: Cumulative dividends		(1,057	)		(11,147	)		(1,057	)		(10,552	)		1,173			(16,610	)
Less: Gain on business combination — negative goodwill		—			(21,122	)		—			(21,122	)		—			(21,122	)
Add: Amortization of intangible assets		1,737			833			853			833			3,672			833
Less: Tax effect of amortization of intangible assets		(486	)		(233	)		(238	)		(233	)		(1,028	)		(233	)
Non-GAAP adjusted net (loss) / income(4)	$	(6,097	)	$	90,624		$	(3,043	)	$	85,305		$	(64,583	)	$	139,315
Non-GAAP weighted average fully diluted shares (in thousands)		305,628			323,399			306,312			338,426			305,628			323,399
Non-GAAP adjusted net (loss) / income per non-GAAP weighted average fully diluted share(5)		(0.02	)		0.29			(0.01	)		0.26			(0.21	)		0.44
Management fees and Administration, service and distribution fees / Average net AUM(1)(6)		0.91%			1.08%			0.94%			0.89%			0.96%			1.34%
Total net revenues and other income / Average net AUM(1)(6)		1.14%			1.82%			1.32%			1.83%			1.40%			1.76%
Compensation, benefits and profit share less acquisition-related compensation expense (“CBP”) / Total net revenues and other income		58.1%			45.7%			53.3%			50.0%			86.3%			35.2%
General, administrative and other expenses / Average net AUM(1)(6)		0.5%			0.6%			0.6%			0.5%			0.4%			0.6%
Non-GAAP adjusted net income(4)/ Total net revenues and other income		(4.7%)			65.7%			(3.9%)			99.0%			(22.0%)			44.6%
Effective tax rate(7)		48.7%			14.0%			(10043.3%)			13.4%			(2.7%)			13.9%

(1)	Average net AUM for a given period is calculated as a 2 point average for the quarters, a 3 point average for the halves and a 5 point average for the 12-month periods. Q2 2009, H1 2009 and TTM to Q2 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 and include 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)	Includes $2.2 million of expenses related to the proposed merger with Man which were recognized during Q2 2010.
(3)	Includes $9.8 million of expenses related to the proposed merger with Man which were recognized during Q2 2010.
(4)	See “Non-GAAP Financial Measures” for further detail.
(5)	Shares associated with the convertible notes issued in May 2009 have been included in the non-GAAP weighted average fully diluted share count for the Q2 2009, H1 2009 and TTM to Q2 2010 periods due to their dilutive impact and convertible note interest in the amount of $1.6 million has been added back to non-GAAP adjusted net income for these periods. In Q2 2010, H1 2010 and TTM to Q2 2010, 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 periods.
(6)	Ratios are annualized for quarterly periods.
(7)	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. The Q2 2010 effective tax rate is impacted by non-deductible expenses related to the proposed merger with Man of $9.8 million recognized during Q2 2010. Excluding the impact of these non-deductible expenses, the effective tax rate for Q2 2010 would be 30.8%.

22

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

	H1 2010		H1 2009		Q2 2010		Q2 2009
Outstanding
Common stock (including Treasury Stock)		251,883		238,262		251,883		238,262
Unvested shares		10,929		11,993		10,929		11,993
Total issued and outstanding common stock		262,812		250,255		262,812		250,255
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		61,425		61,425
Weighted Average Outstanding
Common stock (excluding Treasury Stock)		230,006		216,789		230,675		216,764
Unvested shares		8,351		8,345		6,554		8,342
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		15,093		61,425		30,021
GAAP Weighted Average Fully Diluted Share Count
Common stock		230,006		216,789		230,675		216,814
Unvested shares		—		—		—		—
FA Sub 2 Limited Exchangeable Shares		—		—		—		—
Warrants		—		—		—		—
Total		230,006		216,789		230,675		216,814
Non-GAAP adjustments to weighted average fully diluted share count
Common stock:
GAAP weighted average fully diluted share count		230,006		216,789		230,675		216,814
add: unvested shares issued pursuant to our equity participation plan, Restricted Stock Plan and LTIP on which dividends will be paid to the extent we pay them on vested shares		16,717		32,612		16,732		32,686
Non-GAAP weighted average fully diluted share count		246,723		249,401		247,407		249,500
FA Sub 2 Limited Exchangeable Shares:
GAAP weighted average fully diluted share count		—		—		—		—
add: inclusion of Exchangeable shares as dilutive under non-GAAP		58,905		58,905		58,905		58,905
Non-GAAP weighted average fully diluted share count		58,905		58,905		58,905		58,905
Warrants:
GAAP weighted average fully diluted share count		—		—		—		—
Non-GAAP weighted average fully diluted share count outstanding		—		—		—		—
Convertible Notes
GAAP weighted average fully diluted share count		—		—		—		—
add: inclusion of weighted average convertible notes as dilutive under non-GAAP		—		15,093		—		30,021
Non-GAAP weighted average fully diluted share count outstanding		—		15,093		—		30,021
Non-GAAP Weighted Average Fully Diluted Share Count(1)
Common stock		246,723		249,401		247,407		249,500
FA Sub 2 Limited Exchangeable Shares		58,905		58,905		58,905		58,905
Warrants		—		—		—		—
Convertible Notes		—		15,093		—		30,021
Total		305,628		323,399		306,312		338,426
Equity Market Capitalization (US$ in Thousands)
Common equity market capitalization(2)	$	1,409,120	$	1,264,464	$	1,409,120	$	1,264,464
Warrant market capitalization		5,993		19,615		5,993		19,615
Total equity capitalization(2)	$	1,415,114	$	1,284,079	$	1,415,113	$	1,284,079

(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.

23

GLG Partners, Inc.
Composition of Assets Under Management

	As of			As of			As of			As of			As of
	June 30, 2010			March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009
Alternative strategies(1)		12,088			12,504			11,501			10,924			10,441
Long only strategies(2)		12,820			13,340			12,864			13,069			11,131
Gross AUM	$	24,908		$	25,844		$	24,365		$	23,993		$	21,572
Less: alternative strategy investments in GLG Funds		(956	)		(1,078	)		(1,088	)		(1,266	)		(1,456	)
Less: long only strategy investments in GLG Funds		(996	)		(1,098	)		(1,103	)		(1,099	)		(1,022	)
Net AUM	$	22,956		$	23,668		$	22,175		$	21,628		$	19,094
Quarterly average gross AUM	$	25,376		$	25,104		$	24,179		$	22,782		$	18,495
Quarterly average net AUM(3)	$	23,312		$	22,921		$	21,901		$	20,361		$	18,840

	Three months ended			Three months ended			Three months ended			Three months ended		Three months ended
	June 30, 2010			March 31, 2010			December 31, 2009			September 30, 2009		June 30, 2009
Opening net AUM	$	23,668		$	22,175		$	21,628		$	19,094	$	14,031
Inflows (net of redemptions)(4)		1,537			954			723			216		2,226
Performance (gains net of losses and fees)		(1,524	)		1,292			18			1,883		1,797
Currency translation impact (non-US$ AUM expressed in US$)		(725	)		(753	)		(194	)		435		1,040
Closing net AUM	$	22,956		$	23,668		$	22,175		$	21,628	$	19,094

(1)	Alternative strategy gross AUM includes all alternative strategy funds, all 130/30 strategy funds, all managed accounts managed in accordance with alternative and 130/30 strategies and cash and other holdings.
(2)	Long only strategy gross AUM includes all long only funds and managed accounts managed in accordance with a long only strategy.
(3)	Quarterly average net AUM for a given period is calculated as a 2 point (quarter open and close) average; Q2 2009 average net AUM excludes 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 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.
(4)	Inflows for Q2 2009 include SGAM UK net inflows of approximately $2.6 billion.

24

EX-99.2

Exhibit 99.2

GLG Partners, Inc. SECOND QUARTER 2010 UPDATE August 9, 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 and accounts 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; satisfaction of the conditions of the pending acquisition transaction with Man Group plc, including the approval of a majority of unaffiliated stockholders; the costs and expenses associated with the pending acquisition transaction; contractual restrictions on the conduct of GLG's business included in the merger agreement; the potential loss of key personnel, disruption of its business and operations or any impact on GLG's relationships with third parties as a result of the pending acquisition transaction; any delay in consummating the proposed acquisition transaction or the failure to consummate the transaction; and the outcome of, or expenses associated with, any litigation which may arise in connection with the pending acquisition transaction, including the purported class action civil suits filed in Delaware Chancery Court and New York Supreme Court; 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. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. 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 GLG is a leading global multi-strategy investment manager • Founded in 1995 with a long history of strong and sustained investment performance • $23.0 billion in net assets under management (“AUM”) as of June 30, 2010 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 3.8% for its alternative strategies, (4.2%) for long only strategies and 2.1% for 130 / 30 or similar strategies year-to-date through June 2010 • 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 acquisition transaction with Freedom Acquisition Holdings; GLG trades on the NYSE with a market capitalization of $1.4 billion(2) • 415 people, including 133 investment professionals(3) • Announced agreement to merge with Man Group plc (“Man”) on May 17, 2010 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 Based on a share price of $4.38 as of June 30, 2010, shares outstanding of 321.7 million as of June 30, 2010, and assuming conversion of FA Sub 2 Limited Exchangeable Shares. 3 Includes contractors and temporary personnel as of June 30, 2010. 3

DIVERSIFIED MULTI-STRATEGY MODEL AUM breakdown by investment strategy Managed Accounts $11.6 B (51%) Note: Data is based on AUM and GLG Funds as of June 30, 2010. Totals may not add up due to rounding. 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 19% 32% Europe 16% 23% UK 9% 9% North America 1% 19% Emerging Markets 3% 17% Japan 44% - MENA 4% - EAFE 4% 100% 100% 4 Funds $11.4 B (49%) Long Only Strategies 51% NET AUM = $11.8 B NET AUM = $23.0 B Alternative Strategies(1) 49% NET AUM = $11.2 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 an 13.7% net-of-fees annualized dollar-weighted return on its alternative strategies through June 30, 2010 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 June 30, 2010. 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.

RECENT INVESTMENT PERFORMANCE Absolute composite performance of GLG long only, 130 / 30 and alternative strategies year-to-date compare favorably with equity indices through June 30, 2010 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 June 30, 2010. See the Appendix for a description of how dollar-weighted average returns are calculated.

POSITIVE RECENT PERFORMANCE • Absolute composite performance of GLG alternative strategies YTD through July 30, 2010(1) compares favorably with equity indices • Relative outperformance of aggregate GLG long only composite GLG MSCI GLG Long Only GLG 130 / 30 S&P 500 Alternative World TR Long Only Blended 130 / 30 Blended TR Index Composite Index Composite Benchmark Composite Benchmark DOLLAR-WEIGHTED COMPOSITE RETURNS YTD through July 2010(1) (Estimated) 5.6% (1.4%) (0.5%) 1.6% 0.3% 4.8% 5.0% July 2010(1) (Estimated) 1.7% 6.1% 7.0% 6.1% 5.8% 2.7% 1.4% H1 2010 3.8% (7.1%) (6.9%) (4.2%) (5.2%) 2.1% 3.5% Q2 2010 (1.4%) (11.2%) (11.6%) (9.6%) (9.6%) (3.9%) (2.5%) 2009 28.1% 25.7% 25.6% 29.6% 22.3% 33.6% 28.1% 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. 1 July 2010 dollar-weighted average returns are calculated based on estimated net asset values (NAVs) as at July 30, 2010 and exclude a number of Société Générale Asset Management UK (”SGAM UK”) accounts that cannot be priced until mid-August 2010. 9

GLG'S TOP ALTERNATIVE STRATEGY FUNDS Note: Performance is typically measured by the longest running share class in each fund. 1 Since inception in June 2009. 2 Since inception in September 2009. 3 Since inception in March 2009. 10 (US$ in billions)

AUM ABOVE HIGH WATER MARK As of June 30, 2010, approximately $8.9 billion was above or close to being above water (i.e., within 5% of the respective fund's high water mark) and in position to potentially generate performance fees in H2 2010, out of a potential $12.9 billion of total AUM in position to earn fees. 11

AUM AND FLOW TRENDS Historical Net AUM (US$ in billions) 25.0 20.0 15.0 10.0 5.0 0.0 2004 2005 2006 2007 2008(1) 2009(1) Q1 2010 Q2 2010 Net Flows $2.3 $ (1.4) $2.6 $6.1 $ (1.3) $3.2 $1.0 $1.5% of Opening AUM 27% (12%) 25% 40% (5%) 21% 4% 6% 1 Approximately $3 billion was mandated in December 2008 pursuant to the sub-advisory arrangement with SGAM UK, which terminated upon the acquisition of its approximately $7 billion in 12 assets on April 3, 2009. Without giving effect to the acquisition of SGAM UK, net outflows were approximately $4.3 billion in 2008 and net inflows were approximately $0.5 billion in 2009.

AUM SUMMARY Note: Totals may not add up due to rounding. 1 Inflows for Q2 2009 include SGAM UK net inflows of approximately $2.6 billion. 2 Average net AUM for a given period is calculated as a 2 point average for a quarter and as a 3 point average for a half. Average net AUM for Q2 2009 and H1 2009 exclude the approximately $3 billion mandate pursuant to the sub-advisory arrangement with SGAM UK which terminated upon the completion of its acquisition on April 3, 2009 and include net AUM of approximately $7 billion acquired from SGAM UK on April 3, 2009 as if the AUM were acquired on April 1, 2009. 13 (US$ in millions)

COMPOSITION OF ASSETS UNDER MANAGEMENT 14 Note: Totals may not add up due to rounding. 1 Alternative strategy gross AUM includes all alternative strategy funds, all 130/30 strategy funds, all managed accounts managed in accordance with alternative and 130/30 strategies, and cash and other holdings. 2 Long only strategy gross AUM includes all long only funds and managed accounts managed in accordance with a long only strategy. 3 Quarterly average net AUM for a given period is calculated as a 2 point (quarter open and close) average. Q2 2009 average net AUM excludes 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 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. 4 Inflows for Q2 2009 include SGAM UK net inflows of approximately $2.6 billion.

FINANCIAL SUMMARY (US$ in millions except per share amounts) Q2 2010 Q2 2009 YoY H1 2010 H1 2009 HoH Management fees 46.9 36.0 30% 89.5 70.5 27% Performance fees 22.4 37.9 (41%) 25.1 48.8 (49%) Administration fees 7.7 5.9 29% 15.0 11.4 32% Other 0.3 6.2 (95%) 1.3 7.2 (82%) Total net revenues and other income 77.2 86.1 (10%) 130.9 137.9 (5%) Compensation, benefits and profit share(1) 121.6 171.9 (29%) 223.0 318.6 (30%) General, administrative and other(2) 32.3 25.4 27% 59.1 47.7 24% Third party distribution, service and advisory 0.8 0.7 22% 2.1 0.7 -Amortization of intangible assets 0.9 0.8 2% 1.7 0.8 109% Total expenses 155.6 198.9 (22%) 285.9 367.8 (22%) Loss from operations (78.4) (112.7) (30%) (154.9) (230.0) (33%) Net interest / (expense) (2.5) (3.3) (24%) (5.6) (5.9) (6%) Realized loss on available-for-sale investments (1.0) — - (0.9) (21.2) (96%) Fair value movements in trading securities (0.5) — - — - -Gain on business combination — negative goodwill — 21.1 (100%) — 21.1 (100%) Gain on extinguishment of debt — 84.8 (100%) — 84.8 (100%) Income tax credit / (expense) (1.3) (1.9) (32%) 8.0 (2.6) -GAAP net loss before non-controlling interests (83.6) (12.0) 595% (153.5) (153.7) -Add: Realized loss on available-for-sale investments 1.0 — - 0.9 21.2 (96%) Add: Acquisition-related compensation expense 80.5 128.9 (38%) 146.9 255.6 (43%) Add / (Less): Tax effect of Acquisition-related compensation expense (0.4) (0.4) (9%) (0.6) (0.8) (21%) Add / (Less): Cumulative dividends (1.1) (10.6) (90%) (1.1) (11.1) (91%) Less: Tax effect of amortization of intangible assets (0.2) (0.2) 2% (0.5) (0.2) 109% Less: Gain on business combination — negative goodwill — (21.1) (100%) — (21.1) (100%) Add: Amortization of intangible assets 0.9 0.8 2% 1.7 0.8 109% Non-GAAP adjusted net (loss) / income (3.0) 85.3 (104%) (6.1) 90.6 (107%) Non-GAAP weighted average fully diluted shares (in millions) 306.3 338.4 305.6 323.4 Non-GAAP adjusted net (loss) / income per non-GAAP weighted average fully (0.01) 0.26 (0.02) 0.29 diluted share (3) Note: Totals may not add up due to rounding. 1 Includes $2.2 million of expenses related to the proposed merger with Man which were recognized during Q2 2010. 2 Includes $9.8 million of expenses related to the proposed merger with Man which were recognized during Q2 2010. 15 3 The shares associated with the convertible notes have been excluded from the non-GAAP weighted average fully diluted share count for Q2 2010 and H1 2010 due to their anti-dilutive impact and no convertible note interest was added back to non-GAAP adjusted net loss for the periods. In Q2 2009 and H1 2009, however, the shares associated with the convertible notes have been included in the non-GAAP weighted average fully diluted share counts due to their dilutive impact and convertible note interest in the amount of $1.6 million was added back to non-GAAP adjusted net income for the periods.

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 3 point average for a half. Average net AUM for Q2 2009 and H1 2009 exclude the approximately $3 billion mandate pursuant to the sub-advisory arrangement with SGAM UK which terminated upon the completion of its acquisition on April 3, 2009 and include net AUM of approximately $7 billion acquired from SGAM UK on April 3, 2009 as if the AUM were acquired on April 1, 2009. 2 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. The Q2 2010 effective tax rate is impacted by non-deductible expenses related to the proposed merger with Man of $9.8 million recognized during the Q2 2010. Excluding the impact of these non-deductible expenses, the effective tax rate for Q2 2010 would be 30.8%. 16

CONCLUSION 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 17

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 funds 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 19

GLG alternative strategy dollar-weighted average returns are calculated as the composite performance of the alternative strategy 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 July 2010, dollar-weighted average returns are based on estimated month-end NAVs of the funds listed above as at July 30, 2010. AUMs are estimated as at August 2, 2010. ALTERNATIVE STRATEGY DOLLAR-WEIGHTED AVERAGE RETURNS 20

LONG ONLY STRATEGY DOLLAR-WEIGHTED AVERAGE RETURNS 21 GLG long only strategy dollar-weighted average returns are calculated as the composite performance of the long only strategy 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 July 2010, dollar-weighted average returns are based on final and estimated month- end NAVs of the funds listed above as at July 30, 2010. AUMs are estimated as at August 2, 2010. * Funds managed by a SGAM entity and sub-advised by GLG.

GLG 130 / 30 or similar strategy dollar-weighted average returns (including all UCITS III products) 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 July 2010, dollar-weighted average returns are based on estimated month-end NAVs of the funds listed above as at July 30, 2010. AUMs are estimated as at August 2, 2010. 130 / 30 OR SIMILAR STRATEGY DOLLAR-WEIGHTED AVERAGE RETURNS 22

FOREIGN CURRENCY IMPACT ON AUM GLG typically offers multi-currency share classes to its investors in each of its Funds As of June 30, 2010, the AUM split by currency was as follows: 23 * Quarterly data has not been annualized FX Impact / Opening AUM USD EUR GBP JPY OTHER 29% 30% 20% 16% 5% (in billions) FX Impact $0.4 ($0.7) $0.7 $1.0 ($0.7) $1.0 ($0.8) ($0.7) in US$

TAXES • GLG expects its non-GAAP effective tax rate(1) (excluding one-time items) 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 generally attributable to the income tax rates in the jurisdictions in which its entities do business; the type and relative amount of income earned by its entities in these jurisdictions; the timing and amount of repatriation of profits back to the United States in the form of dividends; and the asset basis step-up and associated 15-year goodwill amortization deduction for U.S. tax purposes (approximately $216 million per year) as a result of the reverse acquisition transaction. • 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 Government has announced that the main UK corporation tax rate will be reduced from 28% to 24% by April 1, 2014. • The UK legislation introducing a worldwide debt cap became law on July 21, 2009, effective January 1, 2010. This new legislation may restrict UK 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. 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- 24 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. The Q2 2010 effective tax rate is impacted by non-deductible expenses related to the proposed merger with Man of $9.8 million recognized during Q2 2010. Excluding the impact of these non-deductible expenses, the effective tax rate for Q2 2010 would be 30.8%.

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 25 1 As of August 9, 2010. 2 All warrants will expire on December 28, 2011.

SHARE / WARRANT REPURCHASE PROGRAM As of June 30, 2010, there were 262.8 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 (251.1 million common shares, 58.9 million Exchangeable Shares, convertible notes convertible into 61.4 million common shares and 54.5 million warrants, respectively, at March 31, 2010 and 250.3 million common shares, 58.9 million Exchangeable Shares, convertible notes convertible into 61.4 million common shares and 54.5 million warrants, respectively, at June 30, 2009). Approximately 40,000 shares were repurchased and no warrants were repurchased or exercised during the second quarter of 2010. 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 31.3 million shares for $76.9 million and 5.5 million warrants have been exercised at $7.50 per share for aggregate proceeds of $41.4 million. 26

MARKET CAPITALIZATION 1 Assumes conversion of FA Sub 2 Limited Exchangeable Shares. 27

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 28

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 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. 29

THE AGREEMENT AMONG PRINCIPALS AND TRUSTEES The Agreement Among 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. 30 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. 31

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. 32 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 H1 2010 H1 2009 Q2 2010 Q2 2009 2009 2008 2007 GAAP compensation, benefits and profit share $222,952 $318,586 $121,612 $171,930 $ 637,995 $952,916 $1,211,212 Less: Acquisition-related compensation expense (146,873) (255,588) (80,466) (128,851) (447,610) (756,646) (639,077) Non-GAAP CBP $76,079 $62,999 $41,146 $ 43,079 $190,385 $196,270 $572,135 Third party distribution, service and advisory 2,142 665 811 665 3,276 — -GAAP general, administrative and other 59,050 47,743 32,302 25,426 90,907 123,049 108,926 Non-GAAP total expenses $137,271 $111,407 $74,259 $69,170 $284,568 $319,319 $ 681,061 33

ADJUSTED NET INCOME Non-GAAP Adjusted Net Income: GLG's management assesses the underlying performance of its business based on the measure "adjusted net income," which adjusts net 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; and (5) amortization of the intangible assets recognized in relation to the acquired management contracts of SGAM UK and its associated tax effect. The definition of non-GAAP 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 Financial Summary on page 15. 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. 34

DESCRIPTION OF NON-GAAP WEIGHTED AVERAGE FULLY DILUTED SHARE COUNT 35 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 36 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