GLG INVESTMENTS VI PLC (An Investment Company with Variable Capital)

Annual Report and Audited Financial Statements for the year ended 31 December 2011

GLG INVESTMENTS VI PLC

Contents

Page

General Information 2

Investment Manager’s Report 3

Directors’ Report 11

Statement of Assets and Liabilities 19

Statement of Operations 27

Statement of Changes in Net Assets Attributable to Holders of Redeemable 30 Participating Shares

Notes to the Financial Statements 32

Independent Auditors’ Report 144

Statement of Custodian’s Responsibilities and Custodian Report 146

Portfolio Statements GLG European Alpha Alternative 147 GLG EM Diversified Alternative 155 GLG EM Equity Alternative 179 GLG Emerging Markets Equity II 185 GLG EM Currency & Fixed Income Alternative 188 GLG EM Credit Opportunity Alternative 194 GLG Alpha Select Alternative 196 GLG Atlas Macro Alternative 205 GLG North American Equity Alternative 213 GLG European Equity Alternative 225

Statements of Significant Purchases and Sales GLG European Alpha Alternative 251 GLG EM Diversified Alternative 253 GLG EM Equity Alternative 255 GLG Emerging Markets Equity II 257 GLG EM Currency & Fixed Income Alternative 259 GLG EM Credit Opportunity Alternative 261 GLG Alpha Select Alternative 263 GLG Atlas Macro Alternative 265 GLG North American Equity Alternative 267 GLG European Equity Alternative 269

GLG INVESTMENTS VI PLC

General Information

Directors: Aniello Bianco (American) Secretary and Matsack Trust Limited, Alun Davies (British) Registered 70 Sir John Rogerson’s Quay, Gerald O'Mahony (Irish) Office: Dublin 2, Michael Jackson (Irish) Ireland.

Manager: GLG Partners Asset Management Limited, Investment GLG Partners LP, 70 Sir John Rogerson’s Quay, Manager and One Curzon Street, Dublin 2, Distributor: London W1J 5HB, Ireland. England.

Custodian: BNY Mellon Trust Company (Ireland) Administrator: BNY Mellon Fund Services Limited, (Ireland) Limited, Guild House, Guild House, Guild Street, Guild Street, IFSC, IFSC, Dublin 1, Dublin 1, Ireland. Ireland.

Legal Advisers Matheson Ormsby Prentice, Independent Ernst & Young, as to matters of 70 Sir John Rogerson’s Quay, Auditors: Registered Auditors, Irish law: Dublin 2, Ernst & Young Building, Ireland. Harcourt Centre, Harcourt Street, Dublin 2, Ireland.

Sponsoring Irish Davy (from 26 May 2011), Service Provider: Morgan Stanley & Co. Stock Exchange Davy House, International Plc, Broker: 49 Dawson Street, 25 Cabot Square, Dublin 2, Canary Wharf, Ireland. London E14 4QA, England. Goodbody Stockbrokers (until 26 May 2011), Ballsbridge Park, Ballsbridge, Dublin 4, Ireland.

Any capitalized terms used but not defined herein shall have the meaning given to them in the prospectus of GLG Investments VI Plc dated 28 February 2012.

GLG INVESTMENTS VI PLC

Investment Manager’s Report

GLG European Alpha Alternative - Annual Report Commentary

For the most part of 2011, market participants have been focussed on macro factors in their capital allocation with a clear rush towards non-European exposure and strong balance sheets. This means that across sectors, companies perceived as best in class have significantly outperformed their peers. This extreme positioning should, at this stage, be favourable to our mean reversion strategy.

Looking ahead, 2012 promises to be another very volatile year. The binary outcome of what could happen to the Euro and Europe in general makes it almost impossible to put a high probably to either a bullish or rather pessimistic scenario. Any re-pricing of risk to the downside would have a very positive impact on the portfolio as valuation dispersion between perceived "high quality stocks" and more risky names has rarely been that high and our relative value approach would benefit. Even if we remain prudent for the year to come and don't intend to increase the directionality of the portfolio, we are optimistic on our capacity to generate some positive returns in this kind of environment.

GLG EM Diversified Alternative - Annual Report Commentary

2011 was disappointing for investors globally, as sovereign stress amidst European Governments and the struggle by politicians to find a consensus solution within the EU dominated headlines. This created so much uncertainty over global growth and the impact of a severe recession in Europe on the rest of the world, that positive data points indicating a strengthening US recovery in the 4th quarter were overshadowed. It was the downgrade in the US in early August which had triggered the contagion in financial markets.

Within the Emerging Market space, these fears were compounded by more local concerns largely revolving around rampant inflation, particularly in China. Their inflation levels remained above the central bank's target for much of the year, and economic data points towards year end fed fuel to fire the theory that the policy response had proved too aggressive and that the key country driving global growth was now set for a hard landing.

The market remained challenging during the latter part of the year with huge pressure on exchange rates in emerging markets, significant volatility in emerging markets equities and significant technical price moves in local bond markets. Only during December did we start to see correlations and contagion subside as we believe that the tail risk (a complete collapse of the European banks) was slowly taken out of the market by government actions.

Based on 2011, one of the most volatile years in history, it is tempting to extrapolate continuation of the same trends into 2012. Many of the underlying causes of the crisis of 2011 remain work in progress at best, or unresolved at worst. This would in our opinion be a mistake. We see the current environment as very similar to the end of 2008 and 2009, both fundamentally and from an investment perspective. The volatility is likely to continue, but the high correlations across asset classes and more importantly between Emerging and Developed markets should subside, making it easier to extract idiosyncratic return from the long and the short side. If 2009 is any guide, there is an enormous return opportunity for investors ahead, precisely because of the dislocations the Eurozone crisis has created and the mispricing that resulted; Pockets of absolute value abound, particularly in Emerging Markets, as it was yet again the recipient of unwarranted contagion from G10. Relative value opportunities are also in abundance with relationships sometimes multiple standard deviations out of whack. As ever stamina, patience, and tolerance for volatility will be required to extract these returns, but the reward per unit of risk has seldom been higher in our opinion.

GLG INVESTMENTS VI PLC

Investment Manager’s Report (continued)

GLG EM Diversified Alternative - Annual Report Commentary (continued)

We expect 2012 to be a challenging environment from an overall market direction perspective. We expect EM indices to continue to fall until the size of the impending recession becomes more known, and more priced-in. Subsequently we expect passive indices to rally in anticipation of a policy led recovery. The timing of the inflection point will, as always, be very difficult to forecast. However, it is likely to be a fantastic environment to pick winners and losers. This will be as true in FX and interest rates as it will be in equity and credit. As we go through the cycle some EM corporate and banks will suffer and some may even go under. Holding the view that EM will fare better, does not mean, every company within it will do so. This is a very attractive environment for a long short strategy.

GLG EM Equity Alternative - Annual Report Commentary

The market remained challenging during the latter part of the year with huge pressure on exchange rates in emerging markets and significant volatility in emerging markets equities. Only during December did we start to see correlations and contagion subside as we believe that the tail risk (a complete collapse of the European banks) was slowly taken out of the market by government actions.

We expect 2012 to be a challenging environment from an overall market direction perspective. We expect EM indices to continue to fall until the size of the impending recession becomes more known, and more priced-in. Subsequently we expect passive indices to rally in anticipation of a policy led recovery. The timing of the inflection point will, as always, be very difficult to forecast. However, it is likely to be a fantastic environment to pick winners and losers. This will be as true in FX as it will be in equities. As we go through the cycle some EM corporate and banks will suffer and some may even go under. Holding the view that EM will fare better, does not mean, every company within it will do so. This is a very attractive environment for a long short strategy.

GLG INVESTMENTS VI PLC

Investment Manager’s Report (continued)

GLG Emerging Markets Equity II - Annual Report Commentary

GLG EM Currency & Fixed Income Alternative - Annual Report Commentary

GLG INVESTMENTS VI PLC

Investment Manager’s Report (continued)

GLG EM Currency & Fixed Income Alternative - Annual Report Commentary (continued) Within the Emerging Market space, these fears were compounded by more local concerns largely revolving around rampant inflation, particularly in China. Their inflation levels remained above the central bank's target for much of the year, and economic data points towards year end fed fuel to fire the theory that the policy response had proved too aggressive and that the key country driving global growth was now set for a hard landing.

The market remained challenging during the latter part of the year with huge pressure on exchange rates in emerging markets and significant technical price moves in local bond markets. Only during December did we start to see correlations and contagion subside as we believe that the tail risk (a complete collapse of the European banks) was slowly taken out of the market by government actions.

We expect 2012 to be a challenging environment from an overall market direction perspective. We expect EM indices to continue to fall until the size of the impending recession becomes more known, and more priced-in. Subsequently we expect passive indices to rally in anticipation of a policy led recovery. The timing of the inflection point will, as always, be very difficult to forecast. However, it is likely to be a fantastic environment to pick winners and losers. This will be as true in FX as it will be in interest rates. This is a very attractive environment for a long short strategy.

GLG EM Credit Opportunity Alternative - Annual Report Commentary

The market remained challenging during the latter part of the year with huge pressure on exchange rates in emerging markets, significant volatility in emerging markets credit Indices and significant technical price moves in local bond markets. Only during December did we start to see correlations and contagion subside as we believe that the tail risk (a complete collapse of the European banks) was slowly taken out of the market by government actions.

GLG INVESTMENTS VI PLC

Investment Manager’s Report (continued)

GLG EM Credit Opportunity Alternative - Annual Report Commentary (continued) Based on 2011, one of the most volatile years in history, it is tempting to extrapolate continuation of the same trends into 2012. Many of the underlying causes of the crisis of 2011 remain work in progress at best, or unresolved at worst. This would in our opinion be a mistake. We see the current environment as very similar to the end of 2008 and 2009, both fundamentally and from an investment perspective. The volatility is likely to continue, but the high correlations across asset classes and more importantly between Emerging and Developed markets should subside, making it easier to extract idiosyncratic return from the long and the short side. If 2009 is any guide, there is an enormous return opportunity for investors ahead, precisely because of the dislocations the Eurozone crisis has created and the mispricing that resulted; Pockets of absolute value abound, particularly in Emerging Markets, as it was yet again the recipient of unwarranted contagion from G10. Relative value opportunities are also in abundance with relationships sometimes multiple standard deviations out of whack. As ever stamina, patience, and tolerance for volatility will be required to extract these returns, but the reward per unit of risk has seldom been higher in our opinion.

We expect 2012 to be a challenging environment from an overall market direction perspective. We expect EM indices to continue to fall until the size of the impending recession becomes more known, and more priced-in. Subsequently we expect passive indices to rally in anticipation of a policy led recovery. The timing of the inflection point will, as always, be very difficult to forecast. However, it is likely to be a fantastic environment to pick winners and losers. This will be as true in Credit and FX as it will be in local bond markets. As we go through the cycle some EM corporate and banks will suffer and some may even go under. Holding the view that EM will fare better, does not mean, every company within it will do so. This is a very attractive environment for a long short strategy.

GLG Alpha Select Alternative - Annual Report Commentary

In 2011, as a consequence of our more optimistic view of global economic recovery, our stock and sector selection suffered. The biggest culprit through the year was the banks sector; anticipating increases in private sector demand for credit, improvement in their position in the eyes of the regulators and the greatest sensitivity to an improving economic backdrop, we had a significant long in the UK banks sector; both on an absolute basis and on a relative basis to the universe of UK midcaps that are so dependent on bank credit, yet whose prices had run, fully anticipating a strong recovery. However, a combination of a weaker than expected macro environment, over-zealous and ill-timed regulation combined with funding concerns driven by the evolving European sovereign debt crisis provided an extremely unedifying top down mix for our banks position. At a micro level, was a much more material rebasing of profit expectations than expected by the new CEO of Lloyds, accounted for a material percentage of the fund’s losses throughout the year. On the other side of the trade, our choice of the FTSE Mid-250 index as a material part of our short book proved a good hedge, with the mid-250 underperforming the FTSE 100 index by 7% over 2011, as growth expectation we steadily downgraded. We continue to believe in the valuation argument for the banks sector looking forward, having revisited the subject from many angles, whilst cognisant of the fact that investors will need to believe in a bottoming out in sector earnings expectations before the rerating can really take hold. We remain of the view that this process will occur sooner than current consensus thinking. Outside of the banks sector as a whole winners and losers were more balanced. We lost money on Rio Tinto as global GDP downgrades combined with continued negative news and stubbornly high inflation out of China handcuffing monetary policy. Looking forward, that despite clearly signally the end of tightening and the peak in inflation, we think policy makers are keen not to over stimulate, and so a gradual easing of monetary policy, we think that there will be more attractive relative entry points to the mining sector. Our long position in Carnival proved costly due to the material spike in the oil price during the Arab Spring combined with the need to hastily reschedule a huge number of sailings at short notice in and around the North African region at material cost to the company. Our short in the property sector proved costly, gaining safe haven status, with prime central property yields initially being viewed by investors as relatively attractive versus the rapidly falling yields provided by UK gilts, albeit with concerns about the occupancy market finally overtaking in the latter part of the year. We also suffered from being short a number of the large mega-cap safe high yielding stocks, within some hedges short the FTSE100 index. 7

GLG INVESTMENTS VI PLC

Investment Manager’s Report (continued)

GLG Alpha Select Alternative - Annual Report Commentary (continued) As investors in all asset classes found safe yield ever scarcer through 2011 many of these stocks found increasing favour with investors looking for income. Indeed flows into income funds became an increasingly dominant feature, something which may well continue into 2012 and therefore our stock picking needs to be particularly precise in this segment of the market. On a more positive note a number of our long favoured growth stocks performed very well in 2011. Aggreko, Weir Group, Rolls-Royce and Shire all contributed positively to the fund. Likewise we made excellent returns in one of our favoured management turnaround stories Tate & Lyle which we bought early into the tenure of the current CEO. A number of these stocks were amongst the top 10 performing stocks in the FTSE 100 during 2011 which was pleasing with the caveat that the position sizes of these winners, partly for liquidity reasons, were not large enough to offset losses on bigger positions elsewhere in the portfolio.

GLG Atlas Macro Alternative - Annual Report Commentary

The Fund posted a small loss for the year 2011.

Our losses came largely from the following positions: • Long US dollar vs commodity linked currencies • Long Asian currencies vs G10 currencies • Short US Equities

And were mitigated by gains on: • Long Brazilian short rates • Long UK rates volatility • Short EUR vs USD • Long German Bonds vs other European Sovereign debt

• The year 2011 exhibited a challenging environment to trade our bearish outlook, particularly in the first half of the year where price actions and fundamentals were disconnected and extreme valuations got even more extreme. • In the first half of the year, a bullish sentiment prevailed in the market. Equities rallied, the USD weakened and the European crisis seemed to be self-contained. The important risk-off events that occurred over this period (e.g. Arab spring, war in Libya, Fukushima nuclear accident) were not sufficient to alter this positive tone. In this context, we were not successful in monetising profitably our fundamental views. We decided eventually to downsize the overall risk of the portfolio by focusing solely on our highest conviction trades. This was also done by constructing an asymmetric risk/reward profile for the portfolio that remained consistent with our views. • The second half of the year was marked by a rapid turn in sentiment following several negative macro events (e.g. EU summit failure, US downgrade). This period displayed a high level of volatility with extreme positioning and subsequent squeezes. Most of our core positions delivered significant returns to the notable exception of the equity markets. • In this new environment we had a heightened focus on risk management to account for increased gap risk. We aimed to keep a simple portfolio with a strong preference for either the most liquid expressions or option strategies with high gearing and downside protection.

GLG INVESTMENTS VI PLC

Investment Manager’s Report (continued)

GLG North American Equity Alternative - Annual Report Commentary

The year encompassed two distinct market environments: the first six months were a carryover from the recoveries seen in 2009-2010, with an optimistic outlook and positive bias to equities; the second six months were a sharp reversal, sparked by the US government debt ceiling debate and US Treasury bond credit rating downgrade, but really a recognition that the nearly two and one half year cyclical bull market recovery was over and that the extraordinary fiscal and monetary stimuli had ceased to have an growing influence on rising earnings. This bifurcation, and the uncertainty created at mid-year led to a time of tremendous day to day volatility as company earnings power, bank solvency, sovereign creditworthiness, and governmental resolve for intervention were regularly questioned. European bank and sovereign struggles dominated the headlines, but for US stocks, there was a recognition that the upside expected or hoped for was less likely to materialize. Unlike the closes to year end 2009 and 2010, a wall of worry around the growth of the world economy and the security of many of the global banks and geopolitical alliances lead to the lowest levels of equity exposure seen in the post 2008 period. From a sector standpoint, the positive performance was dominated by lower volatility, dividend-paying names such as utilities, staples, healthcare, and REITs.

Positive contribution was widely dispersed from an individual stock selection standpoint. Among our contributors were companies in the energy space, consumer durables, banks, telecommunications, specialty finance, and specialty and hard-line retailing subsectors. Our negative contributors included pharmaceuticals, media, and broadline retailing. The common denominator among the better holdings was positive risk adjusted return opportunities, as indicated by growth prospects, valuation, and margin of safety, often reflected in asset values (the inverse for shorts). Our less profitable holdings typically had reversals in earnings power that were unexpected, or corporate events such as regulatory actions that were inconsistent with our work and with longstanding historical precedent.

The Fund enters 2012 with the positives for equity market outperformance: 1) the very low levels of sentiment and exposure; 2) the bear case is largely comprised of international macro fears which are generally widely discussed; and 3) US economic fundamentals are perceived to compare favourably with those in other geographies. These sorts of broad, generalist themes imply an environment marked by on-going high correlation. Whether correlation remains high or falls back to more normalized levels, the Fund managers’ task remains the same: identify individual companies, industries, and themes, both long and short, which can potentially generate absolute returns. Stylistically, these sorts of ideas may include absolute growth names, companies who return capital to shareholders in excess of expectation, and/or reversion to the mean situations. In any case, the healing effects of time on an economy, offset by a debt deleveraging, ought to enable the same sort of environment demanding risk management and a willingness to trade positions within ranges bound by excess of optimism and pessimism. What seems increasingly likely is that Europe will experience a meaningful economic contraction in the first half of 2012, so our research will have some deference to the likelihood and reality of such a slowdown. Our trading overlay ought to serve us well in such an environment.

GLG European Equity Alternative - Annual Report Commentary

The Fund posted a gain in what was a rollercoaster of a year for equity markets. with MSCI World starting by rallying 6% in Q1, then treading water until the summer swoon, when they fell 20% and finally grinding higher into year-end to close the year down 5%. Two factors drove asset prices, in our opinion. First, the second round of quantitative easing in the US ended in June, and had been the principal support for risk to that point. After that, as liquidity dried up, the Eurozone’s sovereign crisis gathered momentum with Italian bond yields blowing out in July, and equities responding to renewed contagion fears. By year end, the fund’s return was dominated by positive stock selection with most books generating positive alpha. The biggest contributions to returns came from the Energy, Technology and Utilities, with Mining, Alpha Select, Consumer and Quantamental detracting.

GLG INVESTMENTS VI PLC

Investment Manager’s Report (continued)

GLG European Equity Alternative - Annual Report Commentary (continued)

In Technology, a theme of being long providers of tablets, smartphones and cloud computing vs incumbent Wintel companies performed very well, with stock selection winners coming from Apple, ARM and Autonomy amongst others. In Energy, being long small oil and gas exploration companies versus large cap oil and gas stocks saw performance coming from Det Norske, Lundin Petroleum and Vallourec. In Utilities, a strategy of being long regulated companies in Southern Europe versus the rest of Europe also proved to be successful.

At year end the Tech, Energy and UK strategies explain the majority of the risk usage. Industrials and Utilities have however been scaling up selective positions in advance of an anticipated pick-up in activity in the new year. Broad themes in the strategies remain unchanged from those above, although we remain mindful of the combination of potential macro news plus thin markets so continue to look for cost effective upside and downside protection against possible shocks from sudden sentiment changes as the market interprets a rapidly evolving macro and political picture.

GLG Partners LP, One Curzon Street, London, W1J 5HB, England.

April 2012

GLG INVESTMENTS VI PLC

Directors’ Report for the year ended 31 December 2011

The Directors of GLG Investments VI plc (the “Fund”) herewith submit their annual report together with the audited financial statements for the year ended 31 December 2011.

Principal activities and review of the development of the business

The Fund was incorporated as an investment company with variable and with segregated liability between sub- funds capital under the laws of Ireland as a public limited company on 28 November 2007 under registration number 449860. The Fund has been authorised by the Central Bank of Ireland (the “Financial Regulator”) as an Undertaking for Collective Investment in Transferable Securities (“UCITS”), pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2003 (as amended) (the “Regulations”). The Fund is structured as an umbrella fund with segregated liability between sub-funds (each a “Portfolio”), and to date fourteen Portfolios have been established: GLG Capital Appreciation (UCITS III) Fund, GLG Performance (UCITS III) Fund, GLG European Equity (UCITS III) Fund, GLG North American Equity Alternative, GLG EM Equity Alternative, GLG Environment Alternative (UCITS III) Fund, GLG European Alpha Alternative, GLG EM Credit Opportunity Alternative, GLG EM Currency & Fixed Income Alternative, GLG EM Equity Alternative, GLG Emerging Markets Equity II, GLG Alpha Select Alternative, GLG European Equity Alternative and GLG Atlas Macro Alternative. As at 31 December 2011 there were ten Portfolios in operation: GLG European Alpha Alternative, GLG EM Diversified Alternative, GLG EM Equity Alternative, GLG Emerging Markets Equity II, GLG EM Currency & Fixed Income Alternative, GLG EM Credit Opportunity Alternative, GLG Alpha Select Alternative, GLG Atlas Macro Alternative, GLG North American Equity Alternative and GLG European Equity Alternative.

Results for the year and state of affairs at 31 December 2011

For a detailed commentary on the results for the year and the state of affairs of the Fund at 31 December 2011 see the Investment Manager’s Report on pages 3 to 10, the Statements of Assets and Liabilities on pages 19 to 26, the Statements of Operations on pages 27 to 28 and the Portfolio Statements on pages 147 to 250. At the year end the Fund’s Net Assets Attributable to Holders of Redeemable Participating Shares (the “Shareholders”) amounted to US$Nil for GLG Performance (UCITS III) Fund (2010: US$Nil), €Nil for GLG European Equity (UCITS III) Fund (2010: €Nil), €592,496,291 for GLG European Alpha Alternative (2010: €363,163,469), €81,515,331 for GLG EM Diversified Alternative (2010: €219,305,985), US$68,064,628 for GLG EM Equity Alternative (2010: US$43,592,951), €2,920,192 for GLG Emerging Markets Equity II (2010: €6,636,019), €41,998,788 for GLG EM Currency & Fixed Income Alternative (2010: €66,464,174), €9,898,236 for GLG EM Credit Opportunity Alternative (2010: €28,462,816), £162,654,135 for GLG Alpha Select Alternative (2010: £375,704,147), US$91,970,489 for GLG Atlas Macro Alternative (2010: US$88,012,910), US$79,246,997 for GLG North American Equity Alternative (2010: n/a) and €116,548,243 GLG European Equity Alternative (2010: n/a). All Classes of Redeemable Participating Shares are together referred to as the “Shares”.

The returns of the classes of each sub-fund for the year end are disclosed in the tables below:

2011 2010 GLG European Alpha Alternative (previously known as GLG European Alpha Alternative UCITS) Class IN H USD Shares 1.11% 3.40% Class DN H USD Shares 0.46% 2.69% Class IN EUR Shares 1.51% 3.11% Class DN EUR Shares 0.79% 2.47% Class IN H GBP Shares 1.44% 3.41% Class DN H GBP Shares 1.03% 2.59%

GLG INVESTMENTS VI PLC

Directors’ Report for the year ended 31 December 2011 (continued)

Results for the year and state of affairs at 31 December 2011 (continued)

EM EM Diversified Alternative (previously known as GLG Emerging Markets (UCITS III) Fund) Class IL H USD Shares - 5.45% Class DN H USD Shares (15.99%) 1.74% Class IN EUR Shares (15.45%) 5.07% Class DN EUR Shares (16.10%) 4.25% Class IN H GBP Shares (15.37%) 5.04% ClassDN H GBP Shares (15.97%) 3.67% Class IN H USD Shares (15.34%) 4.84% Class DN H SEK Shares 1.04% n/a

EM Equity Alternative (previously known as GLG Emerging Markets Equity (UCITS III) Fund)

Class IL USD Shares 3.02% 6.72%

Class DN USD Shares 1.54% 1.76%

Class IN H EUR Shares 2.30% 4.68%

Class DL H EUR Shares 2.19% 4.89%

Class DL H GBP Shares 2.38% 5.55%

Class IN USD Shares 2.28% 5.53%

Class DN H EUR Shares 1.58% 3.81%

ClassDN H GBP Shares (8.04%) (4.50%)

GLG Emerging Markets Equity II (previously known as GLG Emerging Markets Equity II (UCITS III) Fund) Class IN USD Shares (21.90%) 22.95% Class DN USD Shares (21.34%) n/a Class IN EUR Shares (19.40%) 13.61% Class DN GBP Shares (21.51%) n/a

GLG EM Currency & Fixed Income Alternative (previously know as GLG Emerging Markets Fixed Income and Currency (UCITS III) Fund) Class IL H USD Shares - 8.15% Class DL H USD Shares (1.80%) 7.27% Class IN EUR Shares (1.32%) 8.12% Class DL EUR Shares (1.40%) 7.30% Class IN H GBP Shares (1.27%) 7.21% Class DL H GBP Shares (1.47%) 7.59% Class IN H USD Shares (1.59%) 8.64% Class DN H USD Shares (2.33%) 2.92% Class DN EUR Shares (1.90%) 6.57% Class DN H GBP Shares (1.92%) 7.92%

GLG INVESTMENTS VI PLC

Directors’ Report for the year ended 31 December 2011 (continued)

Results for the year and state of affairs at 31 December 2011 (continued)

2011 2010 GLG EM Credit Opportunity Alternative (previously known as GLG Emerging Markets Credit Opportunity (UCITS III) Fund Class IL H USD Shares - 11.88% Class DN H USD Shares 5.74% n/a Class IN EUR Shares 5.08% 2.07% Class IN H GBP Shares 5.17% n/a Class DL H GBP Shares - 11.74% Class IN H USD Shares 4.67% 5.93% Class DN H GBP Shares - (0.09%)

GLG Alpha Select Alternative (previously known as GLG Alpha Select (UCITS III) Fund) Class IN H USD Shares (11.33%) 3.45% Class DN H USD Shares (12.05%) 2.93% Class IN H EUR Shares (11.07%) 3.30% Class DN H EUR Shares (11.76%) 2.84% Class IN GBP Shares (10.89%) 3.69% Class DN GBP Shares (11.56%) 3.10% Class IN H JPY Shares (11.47%) (0.14%)

GLG Atlas Macro Alternative (previously known as GLG Atlas Macro Alternative UCITS Class IN USD Shares (4.06%) (3.52%) Class DN USD Shares (5.81%) (4.11%) Class IN H EUR Shares (2.90%) (3.47%) Class DN H EUR Shares (3.51%) (5.04%) Class IN H GBP Shares (3.31%) (4.96%) Class DN H GBP Shares (4.08%) (4.12%)

GLG North American Equity Alternative (previously known as GLG North American Equity UCITS) Class IN USD Shares (9.95%) n/a Class DN USD Shares (8.64%) n/a Class IN H EUR Shares (12.38%) n/a

GLG European Equity Alternative (previously known as GLG Global Equity Alternative UCITS) Class IN H USD Shares 1.68% n/a Class DN H USD Shares 1.70% n/a Class IN EUR Shares 1.87% n/a Class DN EUR Shares 1.33% n/a Class IN H GBP Shares 1.68% n/a Class DN H GBP Shares (0.91%) n/a Class DN H CHF Shares (1.13%) n/a Class DN H NOK Shares 2.26% n/a Class DN H SEK Shares 2.23% n/a

Dividends

The Directors do not propose to pay a dividend at this time (2010: US$Nil).

Future developments

The Fund will continue to pursue the Portfolios’ investment objectives as outlined in note 1 on pages 32 to 38.

GLG INVESTMENTS VI PLC

Directors’ Report for the year ended 31 December 2011 (continued)

Significant events during the year

Change in Sponsoring Irish Stockbroker With effect from 26 May 2011 Davy replaced Goodbody Stockbrokers as sponsoring Irish stockbroker of the Fund.

New Portfolios The new Portfolio GLG North American Equity Alternative has been launched and commenced operations on 5 January 2011.

The new Portfolio GLG European Equity Alternative has been launched and commenced operations on 26 July 2011.

Share Classes The following new Share Class has been launched in GLG EM Diversified Alternative: Class DN H SEK Shares on 11 October 2011.

The following new Share Class has been launched in GLG Emerging Markets Equity II: Class DN USD Shares on 16 June 2011 and Class DN GBP Shares on 18 January 2011 respectively.

The following new Share Classes have been launched in GLG EM Credit Opportunity Alternative: Class DN H USD Shares on 14 June 2011 and Class IN H GBP Shares on 13 January 2011 respectively.

The following new Share Classes have been launched in GLG North American Equity Alternative: Class X USD on 5 January 2011, Class IN USD on 25 January 2011, Class DN USD Shares on 14 June 2011, Class IN H EUR Shares on 28 April 2011 and Class DN H EUR Shares on 12 January 2011 respectively.

Class X USD of GLG North American Equity Alternative was fully redeemed on 25 January 2011.

The following new Share Classes have been launched in GLG European Equity Alternative: Class IN H USD Shares on 22 August 2011, Class DN H USD Shares, Class IN EUR Shares and Class DN EUR Shares on 26 July 2011, Class IN H GBP Shares on 7 October 2011, Class DN H GBP on 3 November 2011, Class DN H CHF Shares on 8 December 2011, Class DN H NOK Shares and Class DN H SEK Shares on 30 September 2011 respectively.

Change of name of Portfolios GLG European Alpha Alternative UCITS, GLG Emerging Markets (UCITS III) Fund, GLG Emerging Markets Equity (UCITS III) Fund, GLG Emerging Markets Equity II (UCITS III) Fund, GLG Emerging Markets Fixed Income and Currency (UCITS III) Fund, GLG Emerging Markets Credit Opportunity (UCITS III) Fund, GLG Alpha Select (UCITS III) Fund, GLG Atlas Macro Alternative UCITS, GLG North American Equity Alternative UCITS and GLG Global Equity Alternative UCITS changed their names to GLG European Alpha Alternative, GLG EM Diversified Alternative, GLG EM Equity Alternative, GLG Emerging Markets Equity II, GLG EM Currency & Fixed Income Alternative, GLG EM Credit Opportunity Alternative, GLG Alpha Select Alternative, GLG Atlas Macro Alternative, GLG North American Equity Alternative and GLG European Equity Alternative respectively with effect from 28 June 2011.

Change of name of Classes Class A, Class B, Class C, Class D, Class E and Class F of GLG Performance (UCITS III) Fund changed their names to Class IL USD, Class DL USD, Class IL H EUR, Class DL H EUR, Class IL H GBP and Class DL H GBP respectively with effect from 28 June 2011. Class A, Class B, Class C, Class D, Class E and Class F of GLG European Equity (UCITS III) Fund changed their names to Class IL H USD, Class DL H USD, Class IL EUR, Class DL EUR, Class IL H GBP and Class DL H GBP respectively with effect from 28 June 2011.

GLG INVESTMENTS VI PLC

Directors’ Report for the year ended 31 December 2011 (continued)

Significant events during the year (continued)

Change of name of Classes (continued) Class A, Class B, Class C, Class D, Class E and Class F of GLG European Alpha Alternative changed their names to Class IN H USD, Class DN H USD, Class IN EUR, Class DN EUR, Class IN H GBP and Class DN H GBP respectively with effect from 28 June 2011. Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class I of GLG EM Diversified Alternative changed their names to Class IL H USD, Class DN H USD, Class IN EUR, Class DN EUR, Class IN H GBP, Class DN H GBP, Class IN H JPY, Class DN H JPY and Class IN H USD respectively with effect from 28 June 2011. Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class I, Class L and Class N of GLG EM Equity Alternative changed their names to Class IL USD, Class DN USD, Class IN H EUR, Class DL H EUR, Class IN H GBP, Class DL H GBP, Class IN H JPY, Class DN H JPY, Class IN USD, Class DN H EUR, and Class DN H GBP respectively with effect from 28 June 2011. Class A, Class B, Class C, Class D, Class E, Class F, Class G and Class H of GLG Emerging Markets Equity II changed their names to Class IN USD, Class DN USD, Class IN EUR, Class DN EUR, Class IN GBP, Class DN GBP, Class IN JPY and Class DN JPY respectively with effect from 28 June 2011. Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class I, Class J, Class L and Class N of GLG EM Currency & Fixed Income Alternative changed their names to Class IL H USD, Class DL H USD, Class IN EUR, Class DL EUR, Class IN H GBP, Class DL H GBP, Class IN H JPY, Class DN H JPY, Class IN H USD, Class DN H USD, Class DN EUR and Class DN H GBP respectively with effect from 28 June 2011. Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class I and Class N of GLG EM Credit Opportunity Alternative changed their names to Class IL H USD, Class DN H USD, Class IN EUR, Class DN EUR, Class IN H GBP, Class DL H GBP, Class IN H JPY, Class DN H JPY, Class IN H USD and Class DN H GBP respectively with effect from 28 June 2011. Class A, Class B, Class C, Class D, Class E, Class F, Class G and Class H of GLG Alpha Select Alternative changed their names to Class IN H USD, Class DN H USD, Class IN H EUR, Class DN H EUR, Class IN GBP, Class DN GBP, Class IN H JPY and Class DN H JPY respectively with effect from 28 June 2011. Class A, Class B, Class C, Class D, Class E, Class F, Class X(€), Class X(£) and Class X($) of GLG Atlas Macro Alternative changed their names to Class IN USD, Class DN USD, Class IN H EUR, Class DN H EUR, Class IN H GBP, Class DN H GBP, Class X H EUR, Class X H GBP and Class X USD respectively with effect from 28 June 2011. Class A, Class B, Class C, Class D, Class E, Class F, Class X(€), Class X(£) and Class X($) of GLG North American Equity Alternative changed their names to Class IN USD, Class DN USD, Class IN H EUR, Class DN H EUR, Class IN H GBP, Class DN H GBP, Class X H EUR, Class X H GBP and Class X USD respectively with effect from 28 June 2011. Class A, Class B, Class C, Class D, Class E, Class F, Class X(€), Class X(£) and Class X($) of GLG European Equity Alternative changed their names to Class IN H USD, Class DN H USD, Class IN EUR, Class DN EUR, Class IN H GBP, Class DN H GBP, Class X EUR, Class X H GBP and Class X H USD respectively with effect from 28 June 2011.

Important events since the year end

A new prospectus was issued on 28 February 2012 which includes details of 2 new portfolios namely Man Commodities Fund and GLG Financials Alternative.

Investment objectives

The Fund’s investment objectives are as stated in note 1. Investment in the Fund carries with it a degree of risk including but not limited to the risks referred to in note 11 of these financial statements.

Directors

The names of the persons who are Directors of the Fund at the date of this report are listed on page 2.

GLG INVESTMENTS VI PLC

Directors’ Report for the year ended 31 December 2011 (continued)

Directors’ interests

Neither the Directors, nor their families, nor the Investment Manager had any interests in the Shares of the Fund at 31 December 2011.

Michael Jackson is a director of the Manager and is a partner in Matheson Ormsby Prentice, Legal Advisers to the Fund. Alun Davies is a director of the Manager of the Fund.

Directors’ responsibilities

The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable Irish law and Accounting Standards issued by the Accounting Standards Board and promulgated by the Institute of Chartered Accountants in Ireland (Generally Accepted Accounting Practice in Ireland, “GAAP”).

Irish company law requires the Directors to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Fund and of the profit or loss of the Fund for that period. In preparing those financial statements, the Directors are required to:

• select suitable accounting policies and then apply them consistently; • make judgments and estimates that are reasonable and prudent; and • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Fund will continue in business.

The Directors are responsible for keeping proper books of account which disclose with reasonable accuracy at any time the financial position of the Fund and which enable them to ensure that the financial statements comply with the provisions of the Companies Acts, 1963 to 2009 (together the “Companies Acts”), and the Regulations. They are also responsible for safeguarding the assets of the Fund and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Independent Auditors

The Independent Auditors, Ernst & Young, Chartered Accountants, will continue in office in accordance with Section 160 (2) of the Companies Act, 1963.

Books of account

The Directors are responsible for ensuring that proper books and accounting records as outlined in Section 202 of the Companies Act, 1990 are kept by the Fund. To achieve this, the Directors have appointed an experienced third party fund administrator to ensure that the requirements of Section 202 of the Companies Act, 1990 are complied with. The books and accounting records are maintained at the Administrator’s office at Guild House, Guild Street, IFSC, Dublin 1, Ireland.

Corporate governance

The European Communities (Directive 2006/46/EC) Regulations (S.I. 450 of 2009 and S.I. 83 of 2010) (the “Regulations”) requires the inclusion of a corporate governance statement in the Directors’ Report.

Although there is no specific statutory corporate governance code applicable to Irish collective investment schemes whose shares are admitted to trading on the Irish Stock Exchange, the Fund is subject to corporate governance practices imposed by: i) The Irish Companies Acts, 1963-2009 which are available for inspection at the registered office of the Fund;

GLG INVESTMENTS VI PLC

Directors’ Report for the year ended 31 December 2011 (continued)

Corporate governance (continued) ii) The Articles of Association of the Fund which are available for inspection at the registered office of the Fund; iii) The Central Bank of Ireland in their UCITS Notices and Guidance Notes which can be obtained from the Central Bank of Ireland website at: http://www.financialregulator.ie/industry- sectors/funds/Pages/default.aspx and are available for inspection at the registered office of the Fund; and iv) The Irish Stock Exchange (“ISE”) through the ISE Code of Listing Requirements and Procedures which can be obtained from the ISE’s website at:- http://www.ise.ie/index.asp?locID=7&docID=-1.

The Irish Funds Industry Association (“IFIA”) has published a corporate governance code (“IFIA Code”) that may be adopted on a voluntary basis by Irish authorized collective investment schemes. It should be noted that the IFIA Code reflects existing corporate governance practices imposed on Irish authorized collective investment schemes, as noted above.

If the IFIA Code is adopted on a voluntary basis, it can be referred to in the disclosures made in the Directors’ Report in compliance with the provisions of the European Communities (Directive 2006/46/EC) Regulations (i.e. S.I. 450 of 2009 and S.I. 83 of 2010).

On 19 January 2011, the Board of Directors voluntarily adopted the Corporate Governance Code for Irish Domiciled Collective Investment Schemes as published by the Irish Funds Industry Association, as the Fund’s corporate governance code. The Board of Directors has assessed the measures included in the IFIA Code as being consistent with its corporate governance practices and procedures for the financial year.

The Board of Directors is responsible for establishing and maintaining adequate internal control and risk management systems of the Fund in relation to the financial reporting process. Such systems are designed to manage rather than eliminate the risk of error or fraud in achieving the Fund’s financial reporting objectives and can only provide reasonable and not absolute assurance against material misstatement or loss.

The Board of Directors has procedures in place to ensure all relevant books of account are properly maintained and are readily available, including production of annual financial statements. The annual financial statements of the Fund are required to be approved by the Board of Directors of the Fund and the annual financial statements of the Fund are required to be filed with the Central Bank of Ireland and the Irish Stock Exchange. The statutory financial statements are required to be audited by independent auditors who report annually to the board on their findings.

The board evaluates and discusses significant accounting and reporting issues as the need arises.

The convening and conduct of shareholders’ meetings are governed by the Articles of Association of the Fund and the Companies Acts. Although the Directors may convene an extraordinary general meeting of the Fund at any time, the Directors are required to convene an annual general meeting of the Fund within twelve months of the date of the previous annual general meeting. Shareholders representing not less than ninety five per cent of the paid up share capital of the Fund may also request the directors to convene a shareholders’ meeting.

Not less than twenty one days notice of every annual general meeting and any meeting convened for the passing of a special resolution must be given to shareholders and fourteen days’ notice must be given in the case of any other general meeting unless the auditors of the Fund and all the shareholders of the Fund entitled to attend and vote agree to shorter notice.

Two members present either in person or by proxy constitute a quorum at a general meeting.

The Fund may from time to time by ordinary resolution increase the share capital by such amount and/or number as the resolution may prescribe.

GLG INVESTMENTS VI PLC

Directors’ Report for the year ended 31 December 2011 (continued)

Corporate governance (continued)

The Fund may also by ordinary resolution: 1) consolidate all or any of its share capital into Shares of larger amount; 2) subject to the provision of the Companies Acts subdivide its Shares, or any of them, into Shares of smaller amount or value and provide for any of such Shares resulting from such sub-division to have, as compared with the others, any such preferred, deferred or other rights or be subject to any such restrictions as the Fund has power to attach to unissued or new Shares; 3) cancel any Shares which, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person and reduce the amount of its authorised share capital by the amount of the Shares so cancelled; or 4) re-denominate the currency of any class of Shares.

Every holder of participating shares or non-participating shares present in person or by proxy who votes on a show of hands is entitled to one vote. On a poll, every holder of participating shares present in person or by proxy is entitled to one vote in respect of each share held by him and every holder of non-participating shares is entitled to one vote in respect of all non-participating shares held by him.

Shareholders may resolve to sanction an ordinary resolution or special resolution at a shareholders’ meeting. An ordinary resolution of the Fund requires a simple majority of the votes cast by the shareholders voting in person or by proxy at the meeting at which the resolution is proposed. A special resolution of the Fund requires a majority of not less than seventy five per cent of the shareholders present in person or by proxy and voting in general meeting in order to pass a special resolution including a resolution to amend the Articles of Association.

Unless otherwise determined by an ordinary resolution of the Fund in general meeting, the number of Directors may not be less than one nor more than ten. Currently the Board of Directors of the Fund is composed of four directors, being those listed in the directory in these financial statements.

The business of the Fund is managed by the Directors, who exercise all such powers of the Fund as are not by the Companies Acts or by the Articles of Association of the Fund required to be exercised by the Fund in general meeting.

A Director may, and the company secretary of the Fund on the requisition of a Director will, at any time summon a meeting of the Directors. Questions arising at any meeting of the Directors are determined by a majority of votes. In the case of an equality of votes, the chairman shall not have a casting vote and the resolution shall fail. The quorum necessary for the transaction of business at a meeting of the directors is two.

On behalf of the Board

Gerald A. O’Mahony Michael Jackson Director Director

Date: 25 April 2012

18 GLG INVESTMENTS VI PLC

Statement of Assets and Liabilities as at 31 December 2011

GLG *GLG European EM *GLG # *GLG GLG Equity *GLG *GLG *GLG *GLG Currency EM *GLG *GLG North # *GLG Performance (UCITS European EM EM Emerging & Fixed Credit Alpha Atlas America European (UCITS III) III) Alpha Diversified Equity Markets Income Opportunity Select Macro Equity Equity Combined Fund Fund Alternative Alternative Alternative Equity II Alternative Alternative Alternative Alternative Alternative Alternative Fund Notes US$ € € € US$ € € € £ US$ US$ € US$ Assets Financial assets held at fair value through profit and loss: Equities and managed funds 3,4 - - 123,308,541 4,939,253 5,207,283 1,048,561 - - 6,827,274 885,751 18,174,598 17,276,846 225,153,782 Interest bearing securities 3,4 - - - 34,120,718 - - - - 1,938,064 745,170 - 1,843,011 50,443,898 Derivatives 3,4,8 - - 7,194,106 16,192,293 1,679,364 13,483 3,466,842 197,990 14,241,851 16,895,559 4,104,239 10,821,713 93,995,453 Cash 12 976 10,134 367,360,175 42,737,151 50,879,446 1,722,750 36,437,756 9,628,805 149,848,134 74,289,662 53,296,047 85,774,904 1,117,122,261 Due from brokers 12 47,642 42,459 111,535,699 23,280,691 13,353,667 227,197 5,513,957 276,496 7,414,275 15,898,726 8,918,321 10,242,564 245,918,041 Accrued income - - 135,746 705,509 13,644 8 378 11,026 44,623 2,623 2,206 15,751 1,215,170 Other receivables 6 - - - 5,585 1,371 224 2,410 953 388,558 680,367 73,629 57,868 1,446,262 Total Assets 48,618 52,593 609,534,267 121,981,200 71,134,775 3,012,223 45,421,343 10,115,270 180,702,779 109,397,858 84,569,040 126,032,657 1,735,294,867

Liabilities Financial liabilities held at fair value through profit and loss: Equities and managed funds 3,4 ------829,456 1,076,768 Interest bearing securities 3,4 ------333,788 433,311 Derivatives 3,4,8 - - 16,005,516 19,587,496 2,781,116 42,927 3,016,703 6,986 8,112,605 16,536,828 4,374,765 6,221,578 94,563,757 Due to brokers 12 17 19,743 23,112 662,983 65,395 17,101 3,978 437 3,703,248 776 694,017 1,298,904 9,145,916 Securities sold under agreement to repurchase - - - 19,366,914 ------25,141,388 Accrued expenses 5 48,601 32,850 1,009,348 266,400 214,785 32,003 164,531 209,611 745,540 592,480 251,357 782,276 5,507,418 Other payables 7 - - - 582,076 8,851 - 237,343 - 5,487,251 297,285 1,904 18,412 9,923,539 Liabilities (excluding Net Assets Attributable to Holders of Redeemable Participating Shares) 48,618 52,593 17,037,976 40,465,869 3,070,147 92,031 3,422,555 217,034 18,048,644 17,427,369 5,322,043 9,484,414 145,792,097

Net Assets Attributable to Holders of Redeemable Participating Shares - - 592,496,291 81,515,331 68,064,628 2,920,192 41,998,788 9,898,236 162,654,135 91,970,489 79,246,997 116,548,243 1,589,502,770

The accompanying notes form an integral part of these financial statements.

19 GLG INVESTMENTS VI PLC

Statement of Assets and Liabilities as at 31 December 2011 (continued)

*GLG GLG EM *GLG # *GLG GLG European *GLG *GLG *GLG Currency EM *GLG *GLG North # *GLG Performance Equity European EM *GLG Emerging & Fixed Credit Alpha Atlas America European (UCITS III) (UCITS III) Alpha Diversified EM Equity Markets Income Opportunity Select Macro Equity Equity Net Asset Value per Redeemable Participating Share Fund Fund Alternative Alternative Alternative Equity II Alternative Alternative Alternative Alternative Alternative Alternative

Notes Number of Class IL H USD Redeemable Participating Shares in Issue 9 ------Net Asset Value per Class IL H USD Redeemable Participating Share ------

Number of Class IL USD Redeemable Participating Shares in Issue 9 - - - - 190,000 ------Net Asset Value per Class IL USD Redeemable Participating Share - - - - US$116.71 ------

Number of Class IN H USD Redeemable Participating Shares in Issue 9 - - 178,950 127,253 - - 243,406 8,842 92,111 - - 282,495 Net Asset Value per Class IN H USD Redeemable Participating Share - - US$110.62 US$88.76 - - US$106.91 US$110.87 US$91.73 - - US$101.68

Number of Class IN USD Redeemable Participating Shares in Issue 9 - - - - 115,690 18,035 - - - 74,340 383,080 - Net Asset Value per Class IN USD Redeemable Participating Share - - - - US$107.94 US$101.50 - - - US$92.57 US$90.05 -

Number of Class DL H USD Redeemable Participating Shares in Issue 9 ------2,134 - - - - - Net Asset Value per Class DL H USD Redeemable Participating Share ------US$106.92 - - - - -

Number of Class DL USD Redeemable Participating Shares in Issue 9 ------Net Asset Value per Class DL USD Redeemable Participating Share ------

Number of Class DN H USD Redeemable Participating Shares in Issue 9 - - 145,506 132,602 6,096 45,224 199,631 321,476

Net Asset Value per Class DN H USD Redeemable Participating Share - - US$108.16 US$85.47 - - US$100.52 US$105.74 US$90.53 - - US$101.70 S$ S$ S$ S$ S$ S$ S$ S$ Number of Class DN USD Redeemable Participating Shares in Issue 9 - - - - 107,383 200 - - - 179,502 179,517 - Net Asset Value per Class DN USD Redeemable Participating Share - - - - US$103.33 US$78.66 - - - US$90.32 US$91.36 -

Number of Class IL EUR Redeemable Participating Shares in Issue 9 ------Net Asset Value per Class IL EUR Redeemable Participating Share ------

Number of Class IL H EUR Redeemable Participating Shares in Issue 9 ------Net Asset Value per Class IL H EUR Redeemable Participating Share ------S$ S$ S$ S$ S$ S$ S$ S$ S$ S$ S$ Number of Class IN EUR Redeemable Participating Shares in Issue 9 - - 4,611636 324,792 - 15,700 114,055 33,414 - - - 578,770 Net Asset Value per Class IN EUR Redeemable Participating Share - - €110.06 €89.23 - €91.57 €106.69 €107.26 - - - €101.87

The accompanying notes form an integral part of these financial statements.

20 GLG INVESTMENTS VI PLC

Statement of Assets and Liabilities as at 31 December 2011 (continued)

*GLG GLG EM *GLG # *GLG GLG European *GLG *GLG *GLG *GLG Currency EM *GLG *GLG North # *GLG Performance Equity European EM EM Emerging & Fixed Credit Alpha Atlas America European (UCITS III) (UCITS III) Alpha Diversified Equity Markets Income Opportunity Select Macro Equity Equity Net Asset Value per Redeemable Participating Share Fund Fund Alternative AlternativeAlternative Equity II Alternative Alternative Alternative Alternative Alternative Alternative

Notes Number of Class IN H EUR Redeemable Participating Shares in Issue 9 - - - - 119,647 - - - 366,112 227,781 249,244 - Net Asset Value per Class IN H EUR Redeemable Participating Share - - - - €110.32 - - - €91.86 €93.73 €87.62 -

Number of Class DL EUR Redeemable Participating Shares in Issue 9 ------4,254 - - - - - Net Asset Value per Class DL EUR Redeemable Participating Share ------€107.16 - - - - -

Number of Class DL H EUR Redeemable Participating Shares in Issue 9 - - - - 5,873 ------Net Asset Value per Class DL H EUR Redeemable Participating Share - - - - €112.70 ------

Number of Class DN EUR Redeemable Participating Shares in Issue 9 - - 482,343 115,850 - - 27,798 - - - - 69,414 Net Asset Value per Class DN EUR Redeemable Participating Share - - €108.16 €88.45 - - €105.06 - - - - €101.33

Number of Class DN H EUR Redeemable Participating Shares in Issue 9 - - - - 30,171 - - - 47,476 9,332 - - Net Asset Value per Class DN H EUR Redeemable Participating Share - - - - €105.76 - - - €90.75 €91.63 - -

Number of Class IL H GBP Redeemable Participating Shares in Issue 9 ------Net Asset Value per Class IL H GBP Redeemable Participating Share ------

Number of Class IN GBP Redeemable Participating Shares in Issue 9 ------1,206,378 - - - Net Asset Value per Class IN GBP Redeemable Participating Share ------£92.40 - - -

Number of Class IN H GBP Redeemable Participating Shares in Issue 9 - - 21,055 208,589 - - 45,029 14,898 - 199,010 - 13,108 Net Asset Value per Class IN H GBP Redeemable Participating Share - - £105.60 £89.86 - - £105.85 £105.17 - £91.90 - £101.68

Number of Class DL H GBP Redeemable Participating Shares in Issue 9 - - - - 225 - 224 - - - - Net Asset Value per Class DL H GBP Redeemable Participating Share - - - - £114.47 - £107.44 - - - - -

Number of Class DN GBP Redeemable Participating Shares in Issue 9 - - - - - 643 - - 12,278 - - - Net Asset Value per Class DN GBP Redeemable Participating Share - - - - - £78.49 - - £91.18 - - -

Number of Class DN H GBP Redeemable Participating Shares in Issue 9 - - 20,838 23,000 949 - 207 - - 81,364 - 1,677 Net Asset Value per Class DN H GBP Redeemable Participating Share - - £109.24 £87.11 £87.82 - £105.85 - - £91.96 - £99.09

The accompanying notes form an integral part of these financial statements

21 GLG INVESTMENTS VI PLC

Statement of Assets and Liabilities as at 31 December 2011 (continued)

*GLG GLG EM *GLG # *GLG GLG European *GLG *GLG *GLG Currency EM *GLG *GLG North #*GLG Performance Equity European EM *GLG Emerging & Fixed Credit Alpha Atlas America European (UCITS III) (UCITS III) Alpha Diversified EM Equity Markets Income Opportunity Select Macro Equity Equity Net Asset Value per Redeemable Participating Share Fund Fund Alternative Alternative Alternative Equity II Alternative Alternative Alternative Alternative Alternative Alternative

Notes Number of Class IN H JPY Redeemable Participating Shares in Issue 9 ------17,738 - - - Net Asset Value per Class IN H JPY Redeemable Participating Share ------JPY8,841 - - -

Number of Class DN H CHF Redeemable Participating Shares in Issue 9 ------8,210 Net Asset Value per Class DN H CHF Redeemable Participating Share ------CHF 98.87

Number of Class DN H NOK Redeemable Participating Shares in Issue 9 ------29,250 Net Asset Value per Class DN H NOK Redeemable Participating Share ------NOK102.26

Number of Class DN H SEK Redeemable Participating Shares in Issue 9 - - - 1,489 ------34,500 Net Asset Value per Class DN H SEK Redeemable Participating Share - - - SEK101.04 ------SEK102.23

# GLG North American Equity Alternative commenced operations on 5 January 2011and GLG European Equity Alternative commenced operations on 26 July 2011 and as such there are no comparatives presented for 31 December 2010.

* GLG European Alpha Alternative UCITS, GLG Emerging Markets (UCITS III) Fund, GLG Emerging Markets Equity (UCITS III) Fund, GLG Emerging Markets Equity II (UCITS III) Fund, GLG Emerging Markets Fixed Income and Currency (UCITS III) Fund, GLG Emerging Markets Credit Opportunity (UCITS III) Fund, GLG Alpha Select (UCITS III) Fund, GLG Atlas Macro Alternative UCITS, GLG North American Equity Alternative UCITS and GLG Global Equity Alternative changed UCTIS changed their names to GLG European Alpha Alternative, GLG EM Diversified Alternative, GLG EM Equity Alternative, GLG Emerging Markets Equity II, GLG EM Currency & Fixed Income Alternative, GLG EM Credit Opportunity Alternative, GLG Alpha Select Alternative, GLG Atlas Macro Alternative, GLG North American Equity Alternative and GLG European Equity Alternative respectively with effect from 28 June 2011.

Class A, Class B, Class C, Class D, Class E and Class F of GLG Performance (UCITS III) Fund changed their names to Class IL USD, Class DL USD, Class IL H EUR, Class DL H EUR, Class IL H GBP and Class DL H GBP respectively with effect from 28 June 2011. Class A, Class B, Class C, Class D, Class E and Class F of GLG European Equity (UCITS III) Fund changed their names to Class IL H USD, Class DL H USD, Class IL EUR, Class DL EUR, Class IL H GBP and Class DL H GBP respectively with effect from 28 June 2011. Class A, Class B, Class C, Class D, Class E and Class F of GLG European Alpha Alternative changed their names to Class IN H USD, Class DN H USD, Class IN EUR, Class DN EUR, Class IN H GBP and Class DN H GBP respectively with effect from 28 June 2011. Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class I of GLG EM Diversified Alternative changed their names to Class IL H USD, Class DN H USD, Class IN EUR, Class DN EUR, Class IN H GBP, Class DN H GBP, Class IN H JPY, Class DN H JPY and Class IN H USD respectively with effect from 28 June 2011. Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class I, Class L and Class N of GLG EM Equity Alternative changed their names to Class IL USD, Class DN USD, Class IN H EUR, Class DL H EUR, Class IN H GBP, Class DL H GBP, Class IN H JPY, Class DN H JPY, Class IN USD, Class DN H EUR, and Class DN H GBP respectively with effect from 28 June 2011. Class A, Class B, Class C, Class D, Class E, Class F, Class G and Class H of GLG Emerging Markets Equity II changed their names to Class IN USD, Class DN USD, Class IN EUR, Class DN EUR, Class IN GBP, Class DN GBP, Class IN JPY and Class DN JPY respectively with effect from 28 June 2011. Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class I, Class J, Class L and Class N of GLG EM Currency & Fixed Income Alternative changed their names to Class IL H USD, Class DL H USD, Class IN EUR, Class DL EUR, Class IN H GBP, Class DL H GBP, Class IN H JPY, Class DN H JPY, Class IN H USD, Class DN H USD, Class DN EUR and Class DN H GBP respectively with effect from 28 June 2011.

The accompanying notes form an integral part of these financial statements.

22 GLG INVESTMENTS VI PLC

Statement of Assets and Liabilities as at 31 December 2011 (continued)

Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class I and Class N of GLG EM Credit Opportunity Alternative changed their names to Class IL H USD, Class DN H USD, Class IN EUR, Class DN EUR, Class IN H GBP, Class DL H GBP, Class IN H JPY, Class DN H JPY, Class IN H USD and Class DN H GBP respectively with effect from 28 June 2011. Class A, Class B, Class C, Class D, Class E, Class F, Class G and Class H of GLG Alpha Select Alternative changed their names to Class IN H USD, Class DN H USD, Class IN H EUR, Class DN H EUR, Class IN GBP, Class DN GBP, Class IN H JPY and Class DN H JPY respectively with effect from 28 June 2011. Class A, Class B, Class C, Class D, Class E, Class F, Class X(€), Class X(£) and Class X($) of GLG Atlas Macro Alternative changed their names to Class IN USD, Class DN USD, Class IN H EUR, Class DN H EUR, Class IN H GBP, Class DN H GBP, Class X H EUR, Class X H GBP and Class X USD respectively with effect from 28 June 2011. Class A, Class B, Class C, Class D, Class E, Class F, Class X(€), Class X(£) and Class X($) of GLG North American Equity Alternative changed their names to Class IN USD, Class DN USD, Class IN H EUR, Class DN H EUR, Class IN H GBP, Class DN H GBP, Class X H EUR, Class X H GBP and Class X USD respectively with effect from 28 June 2011. Class A, Class B, Class C, Class D, Class E, Class F, Class X(€), Class X(£) and Class X($) of GLG European Equity Alternative changed their names to Class IN H USD, Class DN H USD, Class IN EUR, Class DN EUR, Class IN H GBP, Class DN H GBP, Class X EUR, Class X H GBP and Class X H USD respectively with effect from 28 June 2011.

On behalf of the Board

Gerald A. O’Mahony Michael Jackson Director Director

Date: 25 April 2012

The accompanying notes form an integral part of these financial statements.

23 GLG INVESTMENTS VI PLC

Statement of Assets and Liabilities as at 31 December 2010

* GLG * GLG * GLG * GLG Emerging Emerging GLG # *GLG * GLG Emerging Emerging Markets Fixed Markets * GLG ** GLG GLG European European Emerging Markets Markets Income & Credit Alpha Atlas Performance Equity Alpha Markets Equity Equity II Currency Opportunity Select Macro (UCITS III) (UCITS III) Alternative (UCITS III) (UCITS III) (UCITS III) (UCITS III) (UCITS III) (UCITS III) Alternative Combined Fund Fund UCITS Fund Fund Fund Fund Fund Fund UCITS Fund Notes US$ € € € US$ € € € £ US$ US$ Assets Financial assets held at fair value through profit and loss: Equities and managed funds 3,4 - - 207,063,345 9,380,332 4,311,536 1,605,045 - - 23,890,678 - 334,237,976 Interest bearing securities 3,4 - - - 8,118,812 - - - 1,177,993 2,323,191 - 16,109,386 Derivatives 3,4,8 - - 1,547,279 29,061,165 2,700,002 361,063 1,695,630 2,757,310 35,536,235 7,068,136 112,926,407 Cash 12 990 10,104 233,507,324 175,309,681 32,203,756 4,417,513 63,061,749 26,463,466 311,040,648 76,358,273 1,270,033,253 Due from brokers 12 93,026 62,127 91,615,907 30,075,849 7,251,789 357,143 4,843,817 1,297,834 37,826,355 7,959,512 246,583,934 Accrued income - - 1,686 126,103 20,162 19 1,012 16,493 48,067 56,211 346,573 Other receivables 6 - - 29,060 101,792 28,238 21 142,245 - - 198 394,836 Total Assets 94,016 72,231 533,764,601 252,173,734 46,515,483 6,740,804 69,744,453 31,713,096 410,665,174 91,442,330 1,980,632,365

Liabilities Financial liabilities held at fair value through profit and loss: Equities and managed funds 3,4 - - 135,044,562 ------181,168,165 Derivatives 3,4,8 - - 1,660,712 26,992,826 2,149,249 45,830 2,747,834 3,054,445 32,043,463 3,159,953 101,763,698 Due to brokers 12 25,194 33,277 31,711,653 4,765,641 423 205 82,383 32,472 42,016 21,658 49,247,938 Accrued expenses 5 68,822 38,954 2,184,205 1,109,255 772,851 58,437 412,413 163,363 2,873,709 247,809 10,910,124 Other payables 7 - - - 27 9 313 37,649 - 1,839 - 53,852 Liabilities (excluding Net Assets Attributable to Holders of Redeemable Participating Shares) 94,016 72,231 170,601,132 32,867,749 2,922,532 104,785 3,280,279 3,250,280 34,961,027 3,429,420 343,143,777

Net Assets Attributable to Holders of Redeemable Participating Shares - - 363,163,469 219,305,985 43,592,951 6,636,019 66,464,174 28,462,816 375,704,147 88,012,910 1,637,488,588

The accompanying notes form an integral part of these financial statements.

24 GLG INVESTMENTS VI PLC

Statement of Assets and Liabilities as at 31 December 2010 (continued) * GLG * GLG * GLG * GLG Emerging Emerging GLG # * GLG * GLG Emerging Emerging Markets Fixed Markets * GLG **GLG GLG European European Emerging Markets Markets Income & Credit Alpha Atlas Performance Equity Alpha Markets Equity Equity II Currency Opportunity Select Macro (UCITS III) (UCITS III) Alternative (UCITS III) (UCITS III) (UCITS III) (UCITS III) (UCITS III) (UCITS III) Alternative Net Asset Value per Redeemable Participating Share Fund Fund UCITS Fund Fund Fund Fund Fund Fund UCITS

Notes Number of Class A Redeemable Participating Shares in Issue 9 - - 148,818 5,570 206,850 50,088 70,001 103,315 755,671 172,720 Net Asset Value per Class A Redeemable Participating Share - - US$109.41 US$106.47 US$113.29 US$129.96 US$110.26 US$116.78 US$103.45 US$96.48

Number of Class B Redeemable Participating Shares in Issue 9 - - 32,465 163,842 351 - 8,010 - 54,915 7,334 Net Asset Value per Class B Redeemable Participating Share - - US$107.66 US$101.74 US$101.76 - US$108.88 - US$102.93 US$95.89

Number of Class C Redeemable Participating Shares in Issue 9 - - 2,852,647 842,354 27,064 15,700 225,113 10,914 1,382,980 150,920 Net Asset Value per Class C Redeemable Participating Share - - €108.43 €105.54 €107.84 €113.61 €108.12 €102.07 €103.30 €96.53

Number of Class D Redeemable Participating Shares in Issue 9 - - 314,024 223,719 5,873 - 4,254 - 221,871 23,816 Net Asset Value per Class D Redeemable Participating Share - - €107.31 €105.42 €110.28 - €108.68 - €102.84 €94.96

Number of Class E Redeemable Participating Shares in Issue 9 - - 17,163 548,691 - - 42,950 - 1,688,663 254,492 Net Asset Value per Class E Redeemable Participating Share - - £104.10 £106.18 - - £107.21 - £103.69 £95.04

Number of Class F Redeemable Participating Shares in Issue 9 - - 26,264 35,981 306 - 230 90 11,376 67,945 Net Asset Value per Class F Redeemable Participating Share - - £108.12 £103.67 £111.81 - £109.04 £116.21 £103.10 £95.88

Number of Class G Redeemable Participating Shares in Issue 9 ------50,034 - Net Asset Value per Class G Redeemable Participating Share ------JPY9,986 -

Number of Class I Redeemable Participating Shares in Issue 9 - - - 276,513 136,967 - 280,290 232,233 - - Net Asset Value per Class I Redeemable Participating Share - - - US$104.84 US$105.53 - US$108.64 US$105.93 - -

Number of Class J Redeemable Participating Shares in Issue 9 ------12,446 - - - Net Asset Value per Class J Redeemable Participating Share ------US$102.92 - - -

Number of Class L Redeemable Participating Shares in Issue 9 - - - - 5,945 - 48,013 - - - Net Asset Value per Class L Redeemable Participating Share - - - - €104.11 - €107.10 - - -

The accompanying notes form an integral part of these financial statements.

25 GLG INVESTMENTS VI PLC

Statement of Assets and Liabilities as at 31 December 2010 (continued) * GLG * GLG * GLG * GLG Emerging Emerging GLG # *GLG * GLG Emerging Emerging Markets Fixed Markets * GLG **GLG GLG European European Emerging Markets Markets Income & Credit Alpha Atlas Performance Equity Alpha Markets Equity Equity II Currency Opportunity Select Macro (UCITS III) (UCITS III) Alternative (UCITS III) (UCITS III) (UCITS III) (UCITS III) (UCITS III) (UCITS III) Alternative Net Asset Value per Redeemable Participating Share Fund Fund UCITS Fund Fund Fund Fund Fund Fund UCITS

Notes Number of Class N Redeemable Participating Shares in Issue 9 ------8,419 51 - - Net Asset Value per Class N Redeemable Participating Share ------£107.92 £99.91 - -

# GLG Pure Alpha (UCITS III) Fund changed its name to the GLG European Alpha Alternative UCITS with effect from 26 October 2010.

* GLG European Alpha Alternative UCITS Fund, GLG Emerging Markets (UCITS III) Fund, GLG Emerging Markets Equity (UCITS III) Fund, GLG Emerging Markets Equity II (UCITS III) Fund, GLG Emerging Markets Fixed Income and Currency (UCITS III) Fund, GLG Emerging Markets Credit Opportunity (UCITS III) Fund, GLG Alpha Select (UCITS III) Fund and GLG Atlas Macro Alternative UCITS changed its name to GLG European Alpha Alternative, GLG EM Diversified Alternative, GLG EM Equity Alternative, GLG Emerging Markets Equity II, GLG EM Currency & Fixed Income Alternative, GLG EM Credit Opportunity Alternative, GLG Alpha Select Alternative and GLG Atlas Macro Alternative respectively with effect from 28 June 2011.

**GLG Atlas Macro Alternative UCITS commenced operations on 1 October 2010.

The accompanying notes form an integral part of these financial statements.

26 GLG INVESTMENTS VI PLC

Statement of Operations for the year ended 31 December 2011

Less expenses Management fees 5 - - 7,761,270 3,655,203 1,127,786 41,038 1,148,936 305,313 5,919,163 2,052,104 1,527,626 809,639 33,282,503 Performance fees 5 - - 3,577,926 55,536 1,315,437 16,941 35,461 148,262 87,893 351,160 10,801 377,257 7,674,754 Administration fees 5 - - 1,746,950 504,202 187,511 28,360 167,608 48,607 892,884 287,960 223,371 109,945 5,754,430 Custody fees 5 - - 186,310 109,534 81,964 18,027 37,062 31,249 86,053 111,423 84,687 15,292 968,827 Legal fees - - 104,918 65,445 96,529 65,034 57,140 65,917 65,629 94,581 29,588 15,055 845,367 Other expenses 73,611 57,487 41,061 81,343 94,783 26,716 53,894 78,870 16,278 15,308 48,001 13,851 749,005 Audit fees - - 31,012 25,491 37,205 19,891 14,586 18,606 5,518 27,530 29,588 4,087 261,248 Directors' fees - - 3,347 6,381 5,460 4,732 6,381 6,381 (4,010) 6,490 2,664 1,291 47,833 Formation expenses - - 198 ------11,337 16,041 Total expenses 73,611 57,487 13,452,992 4,503,135 2,946,675 220,739 1,521,068 703,205 7,069,408 2,946,556 1,956,326 1,357,754 49,600,008 ( Decrease)/Increase in Net Assets Attributable to Holders of Redeemable Participating Shares from Operations - - (3,800,171) (30,581,304) (2,693,113) (630,624) (825,335) (680,460) (38,108,434) (4,646,802) (14,129,102) 5,328,750 (120,832,671)

All recognised gains and losses for the year arose solely from continuing operations.

# GLG North American Equity Alternative commenced operations on 5 January 2011 and GLG European Equity Alternative commenced operations on 26 July 2011 and as such there are no comparatives presented for 31 December 2010.

* GLG European Alpha Alternative UCITS, GLG Emerging Markets (UCITS III) Fund, GLG Emerging Markets Equity (UCITS III) Fund, GLG Emerging Markets Equity II (UCITS III) Fund, GLG Emerging Markets Fixed Income and Currency (UCITS III) Fund, GLG Emerging Markets Credit Opportunity (UCITS III) Fund, GLG Alpha Select (UCITS III) Fund, GLG Atlas Macro Alternative UCITS, GLG North American Equity Alternative UCITS and GLG Global Equity Alternative changed UCTIS changed its name to GLG European Alpha Alternative, GLG EM Diversified Alternative, GLG EM Equity Alternative, GLG Emerging Markets Equity II, GLG EM Currency & Fixed Income Alternative, GLG EM Credit Opportunity Alternative, GLG Alpha Select Alternative, GLG Atlas Macro Alternative, GLG North American Equity Alternative and GLG European Equity Alternative respectively with effect from 28 June 2011.

The accompanying notes form an integral part of these financial statements.

27 GLG INVESTMENTS VI PLC

Statement of Operations for the year ended 31 December 2010

GLG * GLG European EM * GLG GLG Equity * GLG * GLG * GLG * GLG Currency EM * GLG * GLG Performance (UCITS European EM EM Emerging & Fixed Credit Alpha Atlas (UCITS III) III) Alpha Diversified Equity Markets Income Opportunity Select Macro Combined Fund Fund Alternative Alternative Alternative Equity II Alternative Alternative Alternative Alternative Fund Notes US$ € € € US$ € € € £ US$ US$ Income Net gain/(loss) on financial assets and liabilities at fair value through profit or loss 15 38,262 30,749 14,904,782 7,740,856 3,930,462 1,651,972 3,539,955 3,685,517 12,627,367 (2,067,099) 62,559,717

Less expenses Management fees 5 16,386 - 3,911,124 3,303,852 535,228 54,720 718,789 279,202 3,887,508 274,388 17,804,617 Performance fees 5 - - 1,870,286 958,789 708,952 33,169 476,956 452,481 1,767,941 - 8,472,521 Administration fees 5 - - 880,595 472,951 104,924 50,001 124,439 71,034 575,330 40,914 3,156,752 Custody fees 5 21,876 30,749 417,149 73,894 60,997 39,997 30,274 47,859 63,671 10,583 1,040,961 Other expenses - - 42,154 107,807 73,576 29,902 41,031 80,306 41,399 15,016 552,232 Legal fees - - 70,208 41,999 32,995 41,380 51,999 31,870 22,295 5,000 387,528 Formation expenses - - 49,050 33,196 13,085 15,945 23,205 14,566 41,504 50,000 307,637 Audit fees - - 15,897 8,991 3,500 8,930 2,398 9,313 14,199 19,392 105,249 Directors' fees - - (3,283) 3,239 (709) 3,713 (1,478) 2,152 12,007 6,500 30,111 Total expenses 38,262 30,749 7,253,180 5,004,718 1,532,548 277,757 1,467,613 988,783 6,425,854 421,793 31,857,608

Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares from Operations - - 7,651,602 2,736,138 2,397,914 1,374,215 2,072,342 2,696,734 6,201,513 (2,488,892) 30,702,109

All recognised gains and losses for the year arose solely from continuing operations.

# GLG Pure Alpha (UCITS III) Fund changed its name to the GLG European Alpha Alternative UCITS with effect from 26 October 2010.

* GLG European Alpha Alternative UCITS, GLG Emerging Markets (UCITS III) Fund, GLG Emerging Markets Equity (UCITS III) Fund, GLG Emerging Markets Equity II (UCITS III) Fund, GLG Emerging Markets Fixed Income and Currency (UCITS III) Fund, GLG Emerging Markets Credit Opportunity (UCITS III) Fund, GLG Alpha Select (UCITS III) Fund and GLG Atlas Macro Alternative UCITS changed its name to GLG European Alpha Alternative, GLG EM Diversified Alternative, GLG EM Equity Alternative, GLG Emerging Markets Equity II, GLG EM Currency & Fixed Income Alternative, GLG EM Credit Opportunity Alternative, GLG Alpha Select Alternative and GLG Atlas Macro Alternative respectively with effect from 28 June 2011.

28 GLG INVESTMENTS VI PLC

Statement of Operations for the year ended 31 December 2010

**GLG Atlas Macro Alternative UCITS commenced operations on 1 October 2010.

On behalf of the Board

Gerald A. O’Mahony Michael Jackson Director Director

Date: 25 April 2012

The accompanying notes form an integral part of these financial statements.

29 GLG INVESTMENTS VI PLC

Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the year ended 31 December 2011

* GLG GLG EM * GLG # *GLG GLG European * GLG * GLG * GLG * GLG Currency EM * GLG * GLG North # *GLG Performance Equity European EM EM Emerging & Fixed Credit Alpha Atlas America European (UCITS III) (UCITS III) Alpha Diversified Equity Markets Income Opportunity Select Macro Equity Equity Combined Fund Fund Alternative Alternative Alternative Equity II Alternative Alternative Alternative Alternative Alternative Alternative Fund US$ € € € US$ € € € £ US$ US$ € US$

Note Net Assets Attributable to Holders of Redeemable Participating Shares at beginning of year - - 363,163,469 219,305,985 43,592,951 6,636,019 66,464,174 28,462,816 375,704,147 88,012,910 - - 1,637,488,588

(Decrease)/Increase in Net Assets Attributable to Holders of Redeemable Participating Shares from Operations - - (3,800,171) (30,581,304) (2,693,113) (630,624) (825,335) (680,460) (38,108,434) (4,646,802) (14,129,102) 5,328,750 (120,832,671)

Subscriptions 9 - - 593,239,097 112,438,585 63,636,074 5,879,206 38,808,727 8,227,868 29,305,377 74,446,092 153,172,989 114,513,233 1,507,678,096

Redemptions 9 - - (360,106,104) (219,647,935) (36,471,284) (8,964,409) (62,449,318) (26,111,988) (204,246,955) (65,841,711) (59,796,890) (3,293,740) (1,434,831,243)

Net Assets Attributable to Holders of Redeemable Participating Shares at end of year - - 592,496,291 81,515,331 68,064,628 2,920,192 41,998,788 9,898,236 162,654,135 91,970,489 79,246,997 116,548,243 1,589,502,770

# GLG North American Equity Alternative UCITS commenced operations on 5 January 2011and GLG European Equity Alternative commenced operations on 26 July 2011 and as such there are no comparatives presented for 31 December 2010.

* GLG European Alpha Alternative UCITS, GLG Emerging Markets (UCITS III) Fund, GLG Emerging Markets Equity (UCITS III) Fund, GLG Emerging Markets Equity II (UCITS III) Fund, GLG Emerging Markets Fixed Income and Currency (UCITS III) Fund, GLG Emerging Markets Credit Opportunity (UCITS III) Fund, GLG Alpha Select (UCITS III) Fund, GLG Atlas Macro Alternative UCITS, GLG North American Equity Alternative UCITS and GLG Global Equity Alternative changed UCTIS changed its name to GLG European Alpha Alternative, GLG EM Diversified Alternative, GLG EM Equity Alternative, GLG Emerging Markets Equity II, GLG EM Currency & Fixed Income Alternative, GLG EM Credit Opportunity Alternative, GLG Alpha Select Alternative, GLG Atlas Macro Alternative, GLG North American Equity Alternative and GLG European Equity Alternative respectively with effect from 28 June 2011.

The accompanying notes form an integral part of these financial statements.

30 GLG INVESTMENTS VI PLC

Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the year ended 31 December 2010

* GLG Emerging * GLG * GLG * GLG Markets Emerging GLG # *GLG * GLG Emerging Emerging Fixed Markets * GLG ** GLG GLG European European Emerging Markets Markets Income & Credit Alpha Atlas Performance Equity Alpha Markets Equity Equity II Currency Opportunity Select Macro AlternativeAlternative Alternative Alternative Alternative Alternative Alternative Alternative Alternative Alternative Combined UCITS UCITS UCITS UCITS UCITS UCITS UCITS UCITS UCITS UCITS Fund US$ € € € US$ € € € £ US$ US$

Note Net Assets Attributable to Holders of Redeemable Participating Shares at beginning of year - - 128,412,444 17,665,773 23,786,602 3,683,514 6,073,976 13,839,309 - - 267,229,766

Subscriptions 9 - - 390,492,228 278,642,027 29,276,011 1,578,290 64,739,106 19,469,542 415,501,163 90,501,802 1,763,651,145

Redemptions 9 - - (163,392,805) (79,737,953) (11,867,576) - (6,421,250) (7,542,769) (45,998,529) - (424,094,432)

Net Assets Attributable to Holders of Redeemable Participating Shares at end of year - - 363,163,469 219,305,985 43,592,951 6,636,019 66,464,174 28,462,816 375,704,147 88,012,910 1,637,488,588

# GLG Pure Alpha (UCITS III) Fund changed its name to the GLG European Alpha Alternative UCITS with effect from 26 October 2010.

* GLG European Alpha Alternative UCITS, GLG Emerging Markets (UCITS III) Fund, GLG Emerging Markets Equity (UCITS III) Fund, GLG Emerging Markets Equity II (UCITS III) Fund, GLG Emerging Markets Fixed Income and Currency (UCITS III) Fund, GLG Emerging Markets Credit Opportunity (UCITS III) Fund, GLG Alpha Select (UCITS III) Fund and GLG Atlas Macro Alternative UCITS changed its name to GLG European Alpha Alternative, GLG EM Diversified Alternative, GLG EM Equity Alternative, GLG Emerging Markets Equity II, GLG EM Currency & Fixed Income Alternative, GLG EM Credit Opportunity Alternative, GLG Alpha Select Alternative and GLG Atlas Macro Alternative respectively with effect from 28 June 2011.

**GLG Atlas Macro Alternative UCITS commenced operations on 1 October 2010.

The accompanying notes form an integral part of these financial statements.

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011

1. Establishment

GLG Investments VI plc (the “Fund”) was incorporated as an investment company with variable capital and segregated liability between sub-funds under the laws of Ireland as a public limited company on 28 November 2007 under registration number 449860. The Fund has been authorised by the Irish Financial Services Regulatory Authority (the “Financial Regulator”) as an Undertaking for Collective Investment in Transferable Securities (“UCITS”), pursuant to the European Communities (Undertaking for Collective Investment in Transferable Securities) Regulations 2003 (as amended) (the “Regulations”). The Fund’s investment manager is GLG Partners LP (the “Investment Manager”). The Fund’s registered office is at 70 Sir John Rogerson’s Quay, Dublin, Ireland. The Fund has no employees.

The Fund is structured as an umbrella fund with segregated liability between sub-funds (each a “Portfolio”) which means that different Portfolios may be created from time to time by the Directors with the approval of the Financial Regulator. Each Portfolio will be represented by a different series of Redeemable Participating Shares (the “Shares”) and will be invested in accordance with the investment objectives and policies applicable to such Portfolio. To date fourteen Portfolios have been established. The investment objectives and policies of each Portfolio are detailed below.

GLG European Alpha Alternative (previously known as GLG European Alpha Alternative UCITS Fund) The GLG European Alpha Alternative investment objective is to provide a positive absolute return for investors measured in US Dollars for those classes denominated in US Dollars (Class IN H USD and Class DN H USD Shares), in euro for those classes denominated in euro (Class IN EUR and Class DN EUR Shares), in Sterling for those classes denominated in Sterling (Class IN H GBP and Class DN H GBP Shares), in DKK for those classes denominated in DKK (Class IN H DKK and Class DN H DKK Shares), in NOK for those classes denominated in NOK (Class IN H NOK and Class DN H NOK Shares) and in SEK for those classes denominated in SEK (Class IN H SEK and Class DN H SEK Shares) while maintaining a low volatility, regardless of market conditions, through stock selection and the utilising of long/short strategies.

The Portfolio invests primarily in securities of issuers in Europe or of issuers which derive a substantial part of their revenues from activities in Europe. The Portfolio invests predominantly in common stocks and other equity and equity-linked instruments, including, without limitation, equity derivatives, and may also invest in transferable money market securities (including certificates of deposit, commercial paper and bankers acceptances). The Portfolio may also hold ancillary liquid assets such as time deposits.

On 31 December 2011, Classes Class IN H USD, Class DN H USD, Class IN EUR, Class DN EUR, Class IN H GBP and Class DN H GBP were in operation and were listed on the official list of the Irish Stock Exchange.

GLG EM Diversified Alternative (previously known as GLG Emerging Markets (UCITS III) Fund) The GLG EM Diversified Alternative investment objective is to provide positive returns of income and capital appreciation of investors’ capital measured in US Dollars for those classes denominated in US Dollars (Class IL H USD, Class DN H USD and Class IN H USD Shares), in euro for those classes denominated in euro (Class IN EUR and Class DN EUR Shares), in Sterling for those classes denominated in Sterling (Class IN H GBP and Class DN H GBP Shares), in Japanese Yen for those classes denominated in Japanese Yen (Class IN H JPY and Class DN H JPY Shares), in AUD for those classes denominated in AUD (Class IN H AUD and Class DN H AUD Shares), in CHF for those classes denominated in CHF (Class IN H CHF and Class DN H CHF Shares), in DKK for those classes denominated in DKK (Class IN H DKK and Class DN H DKK Shares), in NOK for those classes denominated in NOK (Class IN H NOK and Class DN H NOK Shares), in SEK for those classes denominated in SEK (Class IN H SEK and Class DN H SEK Shares), in SGD for those classes denominated in SGD (Class IN H SGD and Class DN H SGD Shares) and in TWD for those classes denominated in TWD (Class IN H TWD and Class DN H TWD Shares) through investments generally in global emerging markets.

The Portfolio seeks to achieve those returns through investments in short, medium and long term investment opportunities.

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

1. Establishment (continued)

GLG EM Diversified Alternative (previously known as GLG Emerging Markets (UCITS III) Fund) (continued) The investment policy of the Portfolio will be pursued through a strategy of both active trading and investment principally in common stock and other equity and equity linked instruments, which may include but are not limited to such instruments as stock options and equity swaps, fixed income securities such as investment and non-investment grade, high yield debts, sovereign debt or convertible debts, asset backed securities and debentures and bonds convertible into common stock. The Portfolio may hold ancillary liquid assets and may use currency, equity, bond, credit and interest rate derivatives (such as swaps, futures, forwards and options) to alter the exposure characteristics of the Portfolio. The Fund aims to deliver absolute returns in any market conditions on a rolling 12 month time frame.

On 31 December 2011, Classes Class DN H USD, Class IN EUR, Class DN EUR, Class IN H GBP, Class DN H GBP, Class IN H USD and Class DN H SEK were in operation and were listed on the official list of the Irish Stock Exchange except for Class DN H SEK.

GLG EM Equity Alternative (previously known as GLG Emerging Markets Equity (UCITS III) Fund) The GLG EM Equity Alternative investment objective is to provide a high total return for a suitable long term appreciation of the investor’s capital measured in US Dollars for those classes denominated in US Dollars (Class IL USD, Class DN USD and Class IN USD Shares), in euro for those classes denominated in euro (Class IN H EUR, Class DL H EUR and Class DN H EUR Shares), in Sterling for those classes denominated in Sterling (Class IN H GBP, Class DL H GBP and Class DN H GBP Shares) in Japanese Yen for those classes denominated in Japanese Yen (Class IN H JPY and Class DN H JPY Shares), in DKK for those classes denominated in DKK (Class IN H DKK and Class DN H DKK Shares), in NOK for those classes denominated in NOK (Class IN H NOK and Class DN H NOK Shares) and in SEK for those classes denominated in SEK (Class IN H SEK and Class DN H SEK Shares) through investments generally in global emerging markets.

On 31 December 2011, Classes Class IL USD, Class DN USD, Class IN H EUR, Class DL H EUR, Class IN H GBP, Class DL H GBP, Class IN USD, Class DN H EUR and Class DN H GBP and were in operation and were listed on the official list of the Irish Stock Exchange.

Class DN H GBP was de-listed from the Irish Stock Exchange on 30 July 2010.

GLG Emerging Markets Equity II (previously known as GLG Emerging Markets Equity II (UCITS III) Fund) The GLG Emerging Markets Equity II investment objective is to provide a positive return of income and capital appreciation of investors’ capital in excess of the Morgan Stanley Capital International Emerging Markets Free Index (“MSCI EMF Index”) and measured in US Dollars for those classes denominated in US Dollars (Class IN USD and Class DN USD Shares), in euro for those classes denominated in euro (Class IN EUR and Class DN EUR Shares), in Sterling for those classes denominated in Sterling (Class IN GBP and Class DN GBP Shares) and in Japanese Yen for those classes denominated in Japanese Yen (Class IN JPY and Class DN JPY Shares), through investments generally in global emerging markets.

GLG Emerging Markets Equity II’s investment objective is to provide a positive return of income and capital appreciation of investors’ capital in excess of the Morgan Stanley Capital International Emerging Markets Free Index (“MSCI EMF Index”) through investments generally in global emerging markets.

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

1. Establishment (continued)

GLG Emerging Markets Equity II (previously known as GLG Emerging Markets Equity II (UCITS III) Fund) (continued) The MSCI EMF Index is a market capitalisation weighted index composed of companies representative of the market structure of 26 emerging market countries in Europe, Latin America, and the Pacific Basin. The MSCI EMF Index excludes closed markets and those shares in otherwise free markets that are not purchasable by foreigners.

The Portfolio invests primarily in common stock and other equity and equity-linked securities, which may include but are not limited to such instruments as stock options and equity swaps, but may also invest in money market instruments (including certificates of deposit, commercial paper and bankers acceptances), fixed and floating rate, investment grade and non investment grade, government or corporate bonds, bonds convertible into common stock, preferred shares, and other fixed income investments. The Portfolio may hold ancillary liquid assets and may use currency, equity, bond, credit and interest rate derivatives (such as swaps, futures, forwards and options) to alter the exposure characteristics of the Portfolio. The Investment Manager follows a formal investment process which rests on idea generation, portfolio construction and risk management. The idea generation exercise is driven by fundamentals, technicals, asset price modelling, and local factors. Risk management centres on two key elements, being diversification and liquidity.

On 31 December 2011, Classes Class IN USD, Class DN USD, Class IN EUR and Class DN GBP were listed on the official list of the Irish Stock Exchange.

GLG EM Currency & Fixed Income Alternative (previously know as (GLG Emerging Markets Fixed Income and Currency (UCITS III) Fund) The GLG EM Currency & Fixed Income Alternative investment objective is to provide a positive return of income and capital appreciation of investors’ capital measured in US Dollars for those classes denominated in US Dollars (Class IL H USD, Class DL H USD, Class IN H USD and Class DN H USD Shares), in euro for those classes denominated in euro (Class IN EUR, Class DL EUR and Class DN EUR Shares), in Sterling for those classes denominated in Sterling (Class IN H GBP, Class DL H GBP and Class DN H GBP Shares) in Japanese Yen for those classes denominated in Japanese Yen (Class IN H JPY and Class DN H JPY Shares), in CHF for those classes denominated in CHF (Class IN H CHF and Class DN H CHF Shares), in DKK for those classes denominated in DKK (Class IN H DKK and Class DN H DKK Shares), in NOK for those classes denominated in NOK (Class IN H NOK and Class DN H NOK Shares) and in SEK for those classes denominated in SEK (Class IN H SEK and Class DN H SEK Shares), through investments generally in global emerging markets.

The Portfolio invests primarily in fixed income securities such as government or corporate bonds, fixed and floating rate, investment grade and non-investment grade bonds and other fixed income securities, money market instruments (including certificates of deposit, commercial paper and bankers acceptances), standard and credit-linked currency forwards (being currency forward transactions which are linked to the credit of an underlying company) and non-deliverable forwards foreign currency and currency, bond, credit and interest rate derivatives. The Portfolio may hold ancillary liquid assets and may also use currency, bond, credit and interest rate derivatives (such as swaps, futures, forwards and options) to alter the exposure characteristics of the Portfolio. The Fund aims to deliver absolute returns in any market conditions on a rolling 12 month time frame.

On 31 December 2011, Classes Class DL H USD, Class IN EUR, Class DL EUR, Class IN H GBP, Class DL H GBP, Class IN H USD, Class DN H USD, Class DN EUR and Class DN H GBP were in operation and were listed on the official list of the Irish Stock Exchange.

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

1. Establishment (continued)

GLG EM Credit Opportunity Alternative (previously known as GLG Emerging Markets Credit Opportunity (UCITS III) Fund) The GLG EM Credit Opportunity Alternative investment objective is to provide an absolute return of income and capital appreciation of investors’ capital measured in US Dollars for those classes denominated in US Dollars (Class IL H USD, Class DN H USD and Class IN H USD Shares), in euro for those classes denominated in euro (Class IN EUR and Class DN EUR Shares), in Sterling for those classes denominated in Sterling (Class IN H GBP, Class DL H GBP and Class DN H GBP Shares) ,in Japanese Yen for those classes denominated in Japanese Yen (Class IN H JPY and Class DN H JPY Shares), in CHF for those classes denominated in CHF (Class IN H CHF and Class DN H CHF Shares), in DKK for those classes denominated in DKK (Class IN H DKK and Class DN H DKK Shares), in NOK for those classes denominated in NOK (Class IN H NOK and Class DN H NOK Shares) and in SEK for those classes denominated in SEK (Class IN H SEK and Class DN H SEK Shares), through investments generally in global emerging markets.

The Portfolio invests primarily in standard and credit-linked currency forwards (being currency forward transactions which are linked to the credit of an underlying company) and non-deliverable forwards, government or corporate bonds, fixed and floating rate, investment grade and non investment grade bonds, other fixed income securities and money market instruments (including certificates of deposit, commercial paper and bankers acceptances). The Portfolio may hold ancillary liquid assets and may use equity, currency, bond, credit and interest rate derivatives (such as swaps, futures, forwards and options) to alter the exposure characteristics of the Portfolio. The Fund aims to deliver absolute returns in any market conditions on a rolling 12 month time frame.

On 31 December 2011, Classes Class DN H USD, Class IN EUR, Class IN H GBP and Class IN H USD were listed on the official list of the Irish Stock Exchange.

GLG Alpha Select Alternative (previously known as GLG Alpha Select (UCITS III) Fund) The GLG Alpha Select Alternative investment objective is to provide investors with positive returns through investments primarily in the United Kingdom securities markets measured in US Dollars for those classes denominated in US Dollars (Class IN H USD, Class DN H USD and Class I Shares), in euro for those classes denominated in euro (Class IN H EUR and Class DN H EUR Shares), in Sterling for those classes denominated in Sterling (Class IN GBP and Class DN GBP Shares), in Japanese Yen for those classes denominated in Japanese Yen (Class IN H JPY and Class DN H JPY Shares), in DKK for those classes denominated in DKK (Class IN H DKK and Class DN H DKK Shares), in NOK for those classes denominated in NOK (Class IN H NOK and Class DN H NOK Shares) and in SEK for those classes denominated in SEK (Class IN H SEK and Class DN H SEK Shares).

The Portfolio invests primarily in common stock and other equity and equity-linked securities (which may include but are not limited to such instruments as options and swaps) of issuers in the United Kingdom or of issuers which derive a substantial part of their revenues from activities in the United Kingdom and may invest the remainder in equity and equity-linked securities of issuers and on markets located outside the United Kingdom. Although it is not intended to provide for any geographic or sectoral specialisation other than the above, it is anticipated that the Portfolio’s investments is primarily be in mid and large capitalisation companies including companies in the FTSE 100 Index. The Portfolio may also invest in global currencies, money market instruments (including certificates of deposit, commercial paper and bankers acceptances), fixed and floating rate, investment grade and non-investment grade, government or corporate bonds, bonds convertible into common stock, preferred shares and other fixed income investments. The Portfolio may hold ancillary liquid assets.

As at 31 December 2011, Classes Class IN H USD, Class DN H USD, Class IN H EUR, Class DN H EUR, Class IN GBP, Class DN GBP and Class IN H JPY were in operation and were listed on the official list of the Irish Stock Exchange.

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

1. Establishment (continued)

GLG Atlas Macro Alternative (previously known as GLG Atlas Macro Alternative UCITS) The GLG Atlas Macro Alternative investment objective is to provide investors with positive returns through investments in macroeconomic opportunities measured in US Dollars for those classes denominated in US Dollars (Class IN USD, Class DN USD and Class X USD), in euro for those classes denominated in euro (Class IN H EUR, Class DN H EUR and Class X H EUR), in AUD for those classes denominated in AUD (Class IN H AUD and Class DN H AUD Shares), in DKK for those classes denominated in DKK (Class IN H DKK and Class DN H DKK Shares), in NOK for those classes denominated in NOK (Class IN H NOK and Class DN H NOK Shares), in SEK for those classes denominated in SEK (Class IN H SEK and Class DN H SEK Shares) and in SGD for those classes denominated in SGD (Class IN H SGD and Class DN H SGD Shares) and in Sterling for those classes denominated in Sterling (Class IN H GBP, Class DN H GBP and Class X H GBP).

The Portfolio seek to select the best possible investments from a wide range of macroeconomic opportunities globally. The Investment Manager seek to utilise a top-down global approach which concentrates on forecasting how global macroeconomic and political events affect the valuations of financial instruments. The Investment Manager may rely on macroeconomic, discretionary models and/or research to invest across countries, markets, sectors and companies. Following identification of a macroeconomic theme, the Investment Manager seek to apply a rigorous and disciplined approach to identify which asset is best suited to express an identified theme. The Investment Manager seek to correctly anticipate price movements in global markets and uses any suitable investment approach to take advantage of extreme price valuations. The Investment Manager may use a focused approach or diversify across approaches. The Portfolio does not have a geographic, industrial, sectoral or investment grade focus. In selecting investments for the Portfolio, the Investment Manager may consider, without limitation, such macroeconomic and thematic factors as monetary policy, regulation, global trade and sectoral prospects, in addition to carrying out detailed analysis of the issuer of the securities in which it ultimately invests. The Fund aims to deliver absolute returns in any market conditions on a rolling 12 month time frame. The Portfolio may hold ancillary liquid assets.

As at 31 December 2011, Classes Class IN USD, Class DN USD, Class IN H EUR, Class DN H EUR, Class IN H GBP and Class DN H GBP were in operation and were listed on the official list of the Irish Stock Exchange.

GLG North American Equity Alternative (previously known as GLG North American Equity UCITS) The GLG North American Equity Alternative investment objective is to provide a positive return of income and capital appreciation of investors’ capital through investments generally in North American markets in US Dollars (Class IN USD, Class DN USD and Class X USD Shares), in euro for those classes denominated in euro (Class IN H EUR, Class DN H EUR and Class X H EUR Shares), in Sterling for those classes denominated in Sterling (Class IN H GBP, Class DN H GBP and Class X H GBP Shares), in NOK for those classes denominated in NOK (Class IN H NOK and Class DN H NOK Shares), in SEK for those classes denominated in SEK (Class IN H SEK and Class DN H SEK Shares) and in TWD for those classes denominated in TWD (Class IN H TWD and Class DN H TWD Shares).

The Portfolio’s policy is to achieve those returns through investments in short, medium and, to a lesser extent, long-term investment opportunities. This policy will be pursued through a strategy of active trading with the Portfolio primarily investing in listed and unlisted equities including, without limitation, common stock and other equity and equity-linked securities (which may include but are not limited to such instruments as options and swaps). The Portfolio may also invest in global currencies, money market instruments (including certificates of deposit, commercial paper and bankers acceptances), fixed and floating rate, investment grade and non-investment grade, government or corporate bonds, bonds convertible into common stock, preferred shares and other fixed income investments. The Portfolio may invest up to 20% of Net Asset Value in other collective investment schemes. The Portfolio may hold ancillary liquid assets. The Portfolio does not have any sectoral specialisation.

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

1. Establishment (continued)

GLG North American Equity Alternative (previously known as GLG North American Equity UCITS) (continued) As at 31 December 2011, Classes Class IN USD, Class DN USD and Class IN H EUR were in operation and were listed on the official list of the Irish Stock Exchange.

GLG European Equity Alternative (previously known as GLG Global Equity Alternative UCITS) The GLG European Equity Alternative investment objective is to provide investors with positive returns primarily through investments in issuers in Europe and of issuers which derive a substantial part of their revenues from activities in Europe measured in US Dollars for those classes denominated in US Dollars (Class IN H USD, Class DN H USD and Class X H USD), in euro for those classes denominated in euro (Class IN EUR, Class DN EUR and Class X EUR) and in Sterling for those classes denominated in Sterling (Class IN H GBP, Class DN H GBP and Class X H GBP).

The Portfolio’s policy is to achieve those returns through investments in short, medium and, to a lesser extent, long-term investment opportunities. This policy will be pursued through a strategy of active trading with the Portfolio primarily investing in listed equities including, without limitation, common stock and other equity and equity-linked securities (which may include, but are not limited to, such instruments as options and swaps). The Portfolio may also invest in global currencies, money market instruments (including certificates of deposit, commercial paper and bankers acceptances), fixed and floating rate, investment grade and non-investment grade, government or corporate bonds, bonds convertible into common stock, preferred shares and other fixed income investments. The Portfolio may invest up to 10% of its Net Asset Value in other collective investment schemes. The Portfolio may hold ancillary liquid assets. The Portfolio does not have any sector concentration.

As at 31 December 2011, Classes Class IN H USD, Class DN H USD, Class IN EUR, Class DN EUR, Class IN H GBP, Class DN H GBP, Class DN H CHF, Class DN H NOK, Class DN H SEK, were in operation and Class DN H USD, Class IN EUR and Class DN EUR were listed on the official list of the Irish Stock Exchange.

GLG Performance (UCITS III) Fund The GLG Performance (UCITS III) Fund investment objective is to provide a high total return for a suitable long term appreciation of the investor’s capital, measured in US Dollars for those classes denominated in US Dollars (Class IL USD and Class DL USD Shares), in euro for those classes denominated in euro (Class IL H EUR and Class DL H EUR Shares) and in Sterling for those classes denominated in Sterling (Class IL H GBP and Class DL H GBP Shares).

The Portfolio invests primarily in common stock and other equity and equity linked securities, which may include but are not limited to such instruments as stock options and equity swaps, but may also invest in money market instruments (including certificates of deposit, commercial paper and bankers acceptances), fixed and floating rate, investment grade and non investment grade, government and corporate bonds, bonds convertible into common stock, preferred shares and other fixed income investments. The Portfolio may invest in securities listed or traded on Recognised Markets in OECD member state and other countries. The Portfolio may hold ancillary liquid assets.

As at 31 December 2011 all Shares were fully redeemed and GLG Performance (UCITS III) Fund temporarily ceased its operations.

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

1. Establishment (continued)

GLG European Equity (UCITS III) Fund The GLG European Equity (UCITS III) Fund’s investment objective is to provide a high total return for a suitable long term appreciation of the investor’s capital measured in US Dollars (Class IL H USD and Class DL H USD Shares), in euro for those classes denominated in euro (Class IL EUR and Class DL EUR Shares) in Sterling for those classes denominated in Sterling (Class IL H GBP and Class DL H GBP Shares), in CHF for those classes denominated in CHF (Class IN H CHF and Class DN H CHF Shares), in DKK for those classes denominated in DKK (Class IN H DKK and Class DN H DKK Shares), in NOK for those classes denominated in NOK (Class IN H NOK and Class DN H NOK Shares) and in SEK for those classes denominated in SEK (Class IN H SEK and Class DN H SEK Shares)

The Portfolio invests primarily in securities of issuers in Europe or of issuers which derive a substantial part of their revenues from activities in Europe including equity-linked instruments relating to such securities. The Portfolio invests primarily in securities listed or traded on Recognised Markets in OECD member states and other countries. The Portfolio invests predominantly in common stocks and other equity and equity-linked securities, which may include but are not limited to such instruments as stock options and equity swaps, but may also invest in transferable money market securities (including certificates of deposit, commercial paper and bankers acceptances), fixed and floating rate, investment grade and non-investment grade, government and corporate bonds, bonds convertible into common stock, preferred shares and other fixed income investments, listed or traded on Recognised Markets. The Portfolio may also hold ancillary liquid assets such as time deposits.

As at 31 December 2011 all Shares were fully redeemed and GLG European Equity (UCITS III) Fund temporarily ceased its operations.

2. Accounting Policies

(a) Accounting Convention The financial statements are prepared in accordance with applicable Irish law and Accounting Standards issued by the Accounting Standards Board and promulgated by the Institute of Chartered Accountants in Ireland (Generally Accepted Accounting Practice in Ireland, “Irish GAAP”). The financial statements have been prepared on a historical cost basis except for financial assets and liabilities held at fair value through profit or loss, that have been prepared based on fair value.

(b) Changes in Accounting Policy and Disclosure There were no new accounting standards and amendments to accounting standards mandatory for the first time for the financial year beginning on or after 1 January 2011.

(c) Use of Estimates The preparation of financial statements in conformity with Irish GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The estimates and associated assumptions are based on historical experience and various other factors such as judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates.

(d) Going Concern The Fund’s management has made an assessment of the Fund’s ability to continue as a going concern and is satisfied that the Fund has resources to continue in business for the foreseeable future. Furthermore, the management is not aware of any material uncertainties that may cast significant doubt upon the Fund’s ability to continue as a going concern, therefore, the financial statements continue to be prepared on a going concern basis.

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

2. Accounting Policies (continued)

(e) Income Recognition Interest and dividends on financial instruments held at fair value through profit or loss for the year are credited to net gain or loss on financial assets and liabilities at fair value through profit or loss in the Statement of Operations on an accruals basis and ex-dividend basis respectively, net of withholding tax.

(f) Valuation of Investments Financial assets and liabilities at fair value through profit or loss This category has two sub-categories: (a) financial assets and liabilities held for trading, and (b) those designated by management at fair value through profit or loss at inception. Financial assets or liabilities held for trading are acquired or incurred principally for the purpose of selling or repurchasing in the short term. Derivatives are also categorised as held for trading as the Fund does not designate any derivatives as hedges in a hedging relationship.

Regular-way purchases and sales of investments are recognised on the trade date, which is the date on which the Fund commits to purchase or sell the asset. Investments are initially recognised at fair value. Investments are derecognised when the rights to receive cash flows from the investments have expired or the Fund has transferred substantially all risks and rewards of ownership.

The fair value of financial instruments traded in active markets (such as publicly traded derivatives and trading securities) is based on quoted market prices at the Statement of Assets and Liabilities date. The quoted market price used for financial assets held by the Fund is the current ‘bid’ price, whilst the ‘ask’ price is used for financial liabilities. When the Fund holds derivatives with offsetting market risks it uses mid-market prices as a basis for establishing fair values for the offsetting risk positions and applies the bid or asking price to the net open position, as appropriate.

The Fund may from time to time invest in financial instruments that are not traded in an active market (for example over-the-counter derivatives and private placements of both equities and fixed income securities). In 1999 the then GLG funds approved the creation of an Independent Pricing Committee (“IPC”) that is now made up of a Director from the relevant fund, a representative from the Administrator, from senior management at the Investment Manager and from the risk management team of the Investment Manager. With effect from 1 August 2007, the IPC changed from meeting on an ad hoc basis to a monthly basis. In addition to approving prices and pricing mechanisms of the assets held in the GLG funds, the IPC determines the pricing of assets where the pre-agreed pricing matrix causes the Administrator to refer the decision on pricing to the IPC. The IPC uses a variety of methods and techniques in order to determine the fair value of such securities. Valuation techniques used include the use of comparable recent arm’s length transactions or other pricing sources, various pricing models (including options pricing) and other valuation techniques commonly used by market participants who trade the securities in question.

Exchange-traded derivative instruments (including, but not limited to, swaps and futures) dealt in on a market shall be valued at the settlement price on the relevant Valuation Day for such instruments on such market. If the settlement price is not available, their probable realisation value shall be as determined with care and in good faith by the Directors and approved for that purpose by BNY Mellon Trust Company (Ireland) Limited (the “Custodian”).

After initial measurement, the Fund measures financial instruments, which are classified as at fair value through profit or loss, at their fair values. FRS 26 indicates that for listed assets and liabilities the best evidence of fair value is usually the last bid price for securities held and offer price for securities sold short.

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

2. Accounting Policies (continued)

(f) Valuation of Investments (continued) Financial assets and liabilities at fair value through profit or loss (continued) According to the Prospectus the fair values of listed assets and liabilities included in the Fund’s Net Asset Value at which Shareholder transactions are processed are based on the quoted last traded prices for equities and mid-market prices for derivatives on a recognised stock exchange, or sourced from a reputable broker/counterparty, in the case of non-exchange traded instruments, without any deduction for estimated future selling costs.

The Directors have determined that, as at 31 December 2011, the valuation of the financial assets and liabilities in accordance with the Prospectus approximates to that produced by FRS 26 and consequently have utilised the former in the financial statements.

(g) Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the Statement of Assets and Liabilities when there is a legally enforceable right to set-off the recognised amounts and there is an intention to settle on a net basis or realise the assets and settle the liability simultaneously.

(h) Contracts for Difference (“CFDs”) The Fund enters into contracts for difference with a market maker whereby the market maker notionally buys or sells a specified security from/to the Fund. Certain market makers require that the Fund deposits an amount equal to the value of the securities notionally purchased (‘Fully Funded CFDs’). Fully Funded CFDs have characteristics similar to equities, except in relation to credit risk, and are treated equities in the financial statements. Unfunded CFDs are treated and disclosed as for any other derivative.

(i) Realised and Unrealised Gains and Losses All realised and unrealised gains and losses on securities and derivatives are recognised as net gain/(loss) on financial assets and liabilities at fair value through profit or loss in the Statement of Operations. The cost of securities sold is accounted for on a weighted average basis.The unrealised gain or loss on open derivative contracts is calculated as the difference between the contracted rate and the rate to close out the contract. Realised gains or losses include net gains on contracts which have been settled or offset by other contracts.

(j) Foreign Currency Items included in the Fund’s financial statements are measured using the currency of the primary economic environment in which it operates (the “Functional Currency”). The financial statements are expressed in the Functional Currency of each Portfolio, being either US Dollars (US$), euro (€) or Pound Sterling (£). The combined Fund balances are expressed in US$, being the Functional Currency of the Fund as a whole. The Fund has also selected US$ as the currency in which it presents its financial statements and not the local currency of Ireland reflecting the fact that transactions are denominated primarily in US$.

Transactions during the year denominated in foreign currencies have been translated at the rates of exchange ruling at the dates of the transactions. Assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Assets and Liabilities date (see note 13). For foreign currency investment transactions and for foreign currency investments held at the year end, the resulting profits or losses are recognised as a net gain/(loss) on financial assets and liabilities at fair value through profit or loss in the Statement of Operations. For all other foreign currency transactions and assets and liabilities, the resulting profits or losses are recognised as a net gain/(loss) on financial assets and liabilities at fair value through profit or loss in the Statement of Operations.

Gains and losses on forward foreign exchange contracts taken out to mitigate the value of non US Dollars Share Classes are included in the net gain/(loss) on financial assets and liabilities at fair value through profit or loss in the Statement of Operations and allocated to the relevant Share Class.

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

2. Accounting Policies (continued)

(k) Taxation The Fund qualifies as an investment undertaking as defined in Section 739 B of the Taxes (Consolidation) Acts 1997. It is not chargeable to Irish tax on its income or capital gains. Tax may arise on the happening of a chargeable event. A chargeable event includes any distribution payments to Shareholders or any encashment, redemption or transfer of Shares.

No tax will arise on the Fund in respect of chargeable events regarding:

(i) a Shareholder who is not Irish resident and not ordinarily resident in Ireland at the time of the chargeable event, provided the necessary signed statutory declarations are held by the Fund; or (ii) certain exempted Irish resident investors who have provided the Fund with the necessary signed statutory declarations; or (iii) Shares held in a recognised clearing system as designated by the order of the Irish Revenue Commissioners.

Following legislative changes in the Finance Act 2006, the holding of shares at the end of a Relevant Period (as defined below) will, in respect of Irish Resident investors, also constitute a chargeable event. To the extent that any tax issues arise on such a chargeable event, such tax will be allowed as a credit against any tax payable on the subsequent encashment, redemption, cancellation or transfer of the relevant shares.

“Relevant Period” is defined as a period of 8 years beginning with the acquisition of a share by a Shareholder and each subsequent period of 8 years beginning immediately after the preceding relevant period.

(l) Securities Purchased under Agreements to Resell and Securities Sold under Agreements to Repurchase Securities sold under agreement to repurchase at a specified future date (“Repurchase Agreements”) are not derecognised from the Statement of Assets and Liabilities as the Fund retains substantially all the risks and rewards of ownership. The corresponding cash received is recognised in the Statement of Assets and Liabilities with a corresponding obligation to repay it, reflecting its economic substance as a loan to the Fund. The difference between the sale and repurchase prices is treated as interest expense accrued over the life of the agreement using the effective interest method and included in the Statement of Operations as interest expense. Where the counterparty has the right to sell or pledge the securities sold to it then the assets are separately disclosed as Financial Assets at fair value through profit or loss pledged as collateral.

Securities purchased under agreements to resell at a specified future date (“Reverse Repurchase Agreements”) are not recognised in the Statement of Assets and Liabilities unless they are subsequently sold to third parties (‘rehypothecation’), in which case, the obligation to return the securities is recorded as a short sale within trading liabilities and measured at fair value with any gains or losses included in the Statement of Operations. The corresponding cash paid is derecognised and a corresponding receivable is recorded in the Statement of Assets and Liabilities reflecting the Fund’s right to receive it back. The difference between the purchase and resale prices is treated as interest revenue and is accrued over the life of the agreement using the effective interest method and include in the Statement of Operations as interest income.

(m) Cash Flow Statement The Fund has availed of the exemption available to open ended investment funds under FRS 1 not to prepare a cash flow statement.

(n) Stock Borrowing As part of its trading strategy the Fund takes short positions and accordingly pays stock borrowing fees which are recorded in the Statement of Operations.

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

3. Financial Instruments held at fair value through profit or loss

The following tables summarise financial assets and liabilities at fair value through profit or loss as at 31 December 2011:

GLG European Alpha Alternative (previously known as GLG European Alpha Alternative UCITS) Fund 2011 2010 Fair Value Fair Value Financial assets at fair value through profit or loss Note € € Held for trading: Equities and managed funds Equity securities 123,308,541 137,481,266 Contracts for difference - funded - 69,582,079 Total equities and managed funds 123,308,541 207,063,345

Derivatives Contracts for difference - unfunded 8 4,619,879 468,817 Options 8 1,307,887 600,634 Forward currency contracts 8 1,266,340 153,623 Future contracts 8 - 324,205 Total derivatives 7,194,106 1,547,279

Total financial assets at fair value through profit or loss 130,502,647 208,610,624

Financial liabilities at fair value through profit or loss Note Held for trading: Equities and managed funds Contracts for difference - funded - (135,044,562) Total equities and managed funds - (135,044,562)

Derivatives Contracts for difference - unfunded 8 (14,098,238) - Future contracts 8 (1,166,000) (44,654) Options 8 (464,000) (126,368) Forward currency contracts 8 (277,278) (1,489,690)

Total derivatives (16,005,516) (1,660,712)

Total financial liabilities at fair value through profit or loss (16,005,516) (136,705,274)

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

3. Financial Instruments held at fair value through profit or loss (continued)

GLG EM Diversified Alternative (previously known as GLG Emerging Markets (UCITS III) Fund) 2011 2010 Fair Value Fair Value Financial assets at fair value through profit or loss Note € € Held for trading: Equities and managed funds Equity securities 2,830,110 9,380,332 Collective investment schemes 2,109,143 - Total equities and managed funds 4,939,253 9,380,332

Interest bearing securities Corporate bonds 33,052,408 6,318,916 Convertible bonds 943,344 - Government bonds 124,966 1 ,799,896 Total interest bearing securities 34,120,718 8,118,812

Derivatives Forward currency contracts 8 8,335,274 4,108,978 Options 8 2,589,198 20,145,333 Variance swaps 8 2,563,871 1,891,942 Credit default swaps 8 1,666,400 1,410,236 Interest rate swaps 8 973,780 1,006,364 Total return swaps 8 47,692 313,645 Contracts for difference - unfunded 8 13,392 159,176 Future contracts 8 2,686 598 Volatility swaps 8 - 24,893 Total derivatives 16,192,293 29,061,165

Total financial assets at fair value through profit or loss 55,252,264 46,560,309

Financial liabilities at fair value through profit or loss Held for trading: Derivatives Forward currency contracts 8 (8,655,168) (5,922,532) Variance swaps 8 (4,845,627) (892,809) Options 8 (2,907,037) (19,110,762) Credit default swaps 8 (2,048,658) (148,342) Interest rate swaps 8 (1,000,836) (676,436) Total return swaps 8 (88,980) (115,892) Contracts for difference - unfunded 8 (22,827) (88,635) Future contracts 8 (18,363) (37,418) Total derivatives (19,587,496) (26,992,826)

Total financial liabilities at fair value through profit or loss (19,587,496) (26,992,826)

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

3. Financial Instruments held at fair value through profit or loss (continued)

GLG EM Equity Alternative (previously known as GLG Emerging Markets Equity (UCITS III) Fund) 2011 2010 Fair Value Fair Value Financial assets at fair value through profit or loss Note US$ US$ Held for trading: Equities and managed funds Collective investment schemes 4,570,407 - Equity securities 636,876 4,311,536 Total equities and managed funds 5,207,283 4,311,536

Derivatives Variance swaps 8 990,245 794,654 Future contracts 8 422,187 - Forward currency contracts 8 219,589 716,360 Total return swaps 8 47,343 - Options 8 - 948,721 Contracts for difference - unfunded 8 - 240,267 Total derivatives 1,679,364 2,700,002

Total financial assets at fair value through profit or loss 6,886,647 7,011,538

Financial liabilities at fair value through profit or loss Held for trading: Derivatives Variance swaps 8 (1,581,371) (654,230) Forward currency contracts 8 (1,050,207) (688,510) Options 8 (124,296) (806,509) Total return swaps 8 (25,242) - Total derivatives (2,781,116) (2,149,249)

Total financial liabilities at fair value through profit or loss (2,781,116) (2,149,249)

GLG Emerging Markets Equity II (previously known as GLG Emerging Markets Equity II (UCITS III) Fund) 2011 2010 Fair Value Fair Value Financial assets at fair value through profit or loss Note € € Held for trading: Equities and managed funds Equity securities 1,048,561 1,345,093 Collective investment schemes - 259,952 Total equities and managed funds 1,048,561 1,605,045

Derivatives Forward currency contracts 8 8,598 39,202 Future contracts 8 4,885 28,564 Total return swaps 8 - 293,297 Total derivatives 13,483 361,063

Total financial assets at fair value through profit or loss 1,062,044 1,966,108

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

3. Financial Instruments held at fair value through profit or loss (continued)

GLG Emerging Markets Equity II (previously known as GLG Emerging Markets Equity II (UCITS III) Fund) (continued) 2011 2010 Fair Value Fair Value Financial liabilities at fair value through profit or loss Note € € Held for trading: Derivatives Forward currency contracts 8 (27,422) (45,830) Total return swaps 8 (15,505) - Total derivatives (42,927) (45,830)

Total financial liabilities at fair value through profit or loss (42,927) (45,830)

GLG EM Currency & Fixed Income Alternative (previously know as (GLG Emerging Markets Fixed Income and Currency (UCITS III) Fund) 2011 2010 Fair Value Fair Value Financial assets at fair value through profit or loss Note € € Held for trading: Derivatives Interest rate swaps 8 2,355,287 910,395 Forward currency contracts 8 1,111,555 562,850 Volatility swaps 8 - 203,613 Options 8 - 18,772 Total derivatives 3,466,842 1,695,630

Total financial assets at fair value through profit or loss 3,466,842 1,695,630

Financial liabilities at fair value through profit or loss Held for trading: Derivatives Interest rate swaps 8 (2,362,514) (651,430) Forward currency contracts 8 (427,069) (1,010,027) Options 8 (227,120) (693,064) Volatility swaps 8 - (393,313) Total derivatives (3,016,703) (2,747,834)

Total financial liabilities at fair value through profit or loss (3,016,703) (2,747,834)

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

3. Financial Instruments held at fair value through profit or loss (continued)

GLG EM Credit Opportunity Alternative (previously known as GLG Emerging Markets Credit Opportunity (UCITS III Fund) 2011 2010 Fair Value Fair Value Financial assets at fair value through profit or loss Note € € Held for trading: Interest bearing securities Government bonds - 1,177,993 Total interest bearing securities - 1,177,993

Derivatives Forward currency contracts 8 197,990 1,939,371 Credit default swaps 8 - 384,498 Options 8 - 346,308 Interest rate swaps 8 - 87,133 Total derivatives 197,990 2,757,310

Total financial assets at fair value through profit or loss 197,990 3,935,303

Financial liabilities at fair value through profit or loss Held for trading: Derivatives Forward currency contracts 8 (6,986) (2,509,687) Options 8 - (421,570) Interest rate swaps 8 - (95,853) Credit default swaps 8 - (27,335) Total derivatives (6,986) (3,054,445)

Total financial liabilities at fair value through profit or loss (6,986) (3,054,445)

GLG Alpha Select Alternative (previously known as GLG Alpha Select (UCITS III) Fund) 2011 2010 Fair Value Fair Value Financial assets at fair value through profit or loss Note £ £ Held for trading: Equities and managed funds Equity securities 5,214,383 23,763,706 Collective investment schemes 1,612,891 126,972 Total equities and managed funds 6,827,274 23,890,678

Interest bearing securities Corporate bonds 1,938,064 2,323,191 Total interest bearing securities 1,938,064 2,323,191

Derivatives Contracts for difference - unfunded 8 8,428,628 24,559,806 Options 8 4,229,277 5,580 ,083 Future contracts 8 1,394,693 2,323,531 Forward currency contracts 8 1,89,253 3,072,815 Total derivatives 14,241,851 35,536,235

Total financial assets at fair value through profit or loss 23,007,189 61,750,104

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

3. Financial Instruments held at fair value through profit or loss (continued)

GLG Alpha Select Alternative (previously known as GLG Alpha Select (UCITS III) Fund) (continued) 2011 2010 Fair Value Fair Value Financial liabilities at fair value through profit or loss Note £ £ Held for trading: Derivatives Contracts for difference - unfunded 8 (4,663,240) (29,289,781) Futures contracts 8 (1,638,845) (779,784) Forward currency contracts 8 (1,295,977) (390,797) Options 8 (514,543) (1,583,101) Total derivatives (8,112,605) (32,043,463)

Total financial liabilities at fair value through profit or loss (8,112,605) (32,043,463)

GLG Atlas Macro Alternative (previously known as GLG Atlas Macro Alternative UCITS) 2011 2010 Fair Value Fair Value Financial assets at fair value through profit or loss Note US$ US$ Held for trading: Equities and managed funds Equity securities 885,751 - Total equities and managed funds 885,751 -

Interest bearing securities Corporate bonds 745,170 - Total interest bearing securities 745,170 -

Derivatives Options 8 9,815,391 6,350,806 Interest rate swaps 8 4,081,022 177,825 Forward currency contracts 8 2,999,146 539,505 Total derivatives 16,895,559 7,068,136

Total financial assets at fair value through profit or loss 18,526,480 7,068,136

Financial liabilities at fair value through profit or loss Held for trading: Derivatives Forward currency contracts 8 (6,494,864) (853,674) Interest rate swaps 8 (6,305,598) (376,379) Options 8 (3,416,797) (1,929,900) Futures contracts 8 (319,569) - Total derivatives (16,536,828) (3,159,953)

Total financial liabilities at fair value through profit or loss (16,536,828) (3,159,953)

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

3. Financial Instruments held at fair value through profit or loss (continued)

GLG North American Equity Alternative (previously known as G North American Equity UCITS) 2011 Fair Value Financial assets at fair value through profit or loss Note US$ Held for trading: Equities and managed funds Equity securities 17,571,415 Preferred stocks 573,988 Warrant 29,195 Total equities and managed funds 18,174,598

Derivatives Contracts for difference-unfunded 8 3,517,685 Options 8 541,546 Forward currency contracts 8 45,008 Total derivatives 4,104,239

Total financial assets at fair value through profit or loss 22,278,837

Financial liabilities at fair value through profit or loss Held for trading: Derivatives Contracts for difference-unfunded 8 (3,375,196) Forward currency contracts 8 (948,893) Future contracts 8 (29,850) Options 8 (20,826) Total derivatives (4,374,765)

Total financial liabilities at fair value through profit or loss (4,374,765)

No comparative figures have been presented for 31 December 2010 as the Portfolio commenced operations on 5 January 2011.

GLG European Equity Alternative (previously known as GLG Global Equity Alternative UCITS) 2011 Fair Value Financial assets at fair value through profit or loss Note € Held for trading: Equities & Managed funds Equity securities 16,334,466 Contracts for difference - funded 785,026 Collective investment schemes 157,354 Total equities and managed funds 17,276,846

Interest bearing securities Convertible bonds 1,037,786 Corporate bonds 805,225 Total interest bearing securities 1,843,011

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

3. Financial Instruments held at fair value through profit or loss (continued)

GLG European Equity Alternative (previously known as GLG Global Equity Alternative UCITS) (continued) 2011 Fair Value Financial assets at fair value through profit or loss Note (continued) € Derivatives Contracts for difference-unfunded 8 8,229,051 Forward currency contracts 8 1,589,821 Options 8 852,777 Futures contracts 8 128,398 Total return swaps 8 21,666 Total derivatives 10,821,713

Total financial assets at fair value through profit or loss 29,941,570

Financial liabilities at fair value through profit or loss Held for trading: Equities & Managed funds Contracts for difference - funded (829,456) Total equities and managed funds (829,456)

Interest bearing securities Corporate bonds (333,788) Total interest bearing securities (333,788)

Derivatives Contracts for difference - unfunded 8 (5,196,838) Forward currency contracts 8 (421,895) Future contracts 8 (395,295) Options 8 (147,289) Total return swaps 8 (60,261) Total derivatives (6,221,578)

Total financial liabilities at fair value through profit or loss (7,384,822)

No comparative figures have been presented for 31 December 2010 as the Portfolio commenced operations on 26 July 2011.

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

4. Fair Value of Financial Instruments

The Fund classifies fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in determining the measurements in line with FRS 29.

The fair value hierarchy has the following levels:

• Level 1 - Quoted market price in an active market for an identical instrument. • Level 2 - Valuation techniques based on observable inputs. This category includes instruments valued using: quoted market prices in active markets for similar instruments; quoted prices for similar instruments in markets that are considered less than active; or other valuation techniques where all significant inputs are directly or indirectly observable from market data. • Level 3 - Valuation techniques using significant unobservable inputs. This category includes all instruments where the valuation technique includes inputs not based on observable data and the unobservable inputs could have a significant impact on the instrument's valuation. This category includes instruments that are valued based on quoted prices for similar instruments where significant unobservable adjustments or assumptions are required to reflect differences between the instruments.

When fair values of listed equity and debt securities at the reporting date, as well as, publicly traded derivatives are based on quoted market prices or binding dealer price quotations, without any deduction for transaction costs, the instruments are included within Level 1 of the hierarchy.

For all other financial instruments, fair value is determined using valuation techniques. Valuation techniques include net present value techniques, comparison to similar instruments for which market observable prices exist, options pricing models and other relevant valuation models.

The Fund uses widely recognised valuation models for determining fair values of over-the-counter derivatives. For these financial instruments, inputs into models are market observable and are, therefore, included within Level 2.

Instruments included in Level 3 include those for which there is currently no active market. In valuing such instruments the Fund uses a valuation model which is accepted in the industry. Some of the inputs to that model may not be market observable and, therefore, require varying degrees of judgement depending on liquidity, concentration, uncertainty of market factors, pricing assumptions and other risks affecting the specific instruments.

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

4. Fair Value of Financial Instruments (continued)

The following is a summary of the inputs used as of 31 December 2011 in valuing the Fund’s financial instruments carried at fair value:

GLG European Alpha Alternative (previously known as GLG European Alpha Alternative UCITS Fund)

2011 Level 1 Level 2 Level 3 Total € € € € Financial assets at fair value through profit or loss: Equities and managed funds Equity securities 123,308,541 - - 123,308,541 Total equities and managed funds 123,308,541 - - 123,308,541

Derivatives Contracts for difference - unfunded - 4,619,879 - 4,619,879 Options - 1,307,887 - 1,307,887 Forward currency contracts - 1,266,340 - 1,266,340 Total derivatives - 7,194,106 - 7,194,106

Total financial assets at fair value through profit or loss 123,308,541 7,194,106 - 130,502,647

Financial liabilities at fair value through profit or loss: Derivatives Contracts for difference - unfunded - (14,098,238) - (14,098,238) Future contracts (1,166,000) - - (1,166,000) Options - (464,000) - (464,000) Forward currency contracts - (277,278) - (277,278) Total derivatives (1,166,000) (14,839,516) (16,005,516) - Total financial liabilities at fair value through profit or loss (1,166,000) (14,839,516) - (16,005,516)

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

4. Fair Value of Financial Instruments (continued)

GLG European Alpha Alternative (previously known as GLG European Alpha Alternative UCITS Fund) (continued)

2010 Level 1 Level 2 Level 3 Total € € € € Financial assets at fair value through profit or loss: Equities and managed funds Equity securities 137,481,266 - - 137,481,266 Contracts for difference - funded - 69,582,079 - 69,582,079 Total equities and managed funds 137,481,266 69,582,079 - 207,063,345

Derivatives Options 600,634 - - 600,634 Contracts for difference - unfunded - 468,817 - 468,817 Future contracts 324,205 - - 324,205 Forward currency contracts - 153,623 - 153,623 Total derivatives 924,839 622,440 - 1,547,279

Total financial assets at fair value through profit or loss 138,406,105 70,204,519 - 208,610,624

Financial liabilities at fair value through profit or loss: Equities and managed funds Contracts for difference - funded - (135,044,562) - (135,044,562) Total equities and managed funds - (135,044,562) - (135,044,562)

Derivatives Forward currency contracts - (1,489,690) - (1,489,690) Options (126,368) - - (126,368) Future contracts (44,654) - - (44,654) Total derivatives (171,022) (1,489,690) - (1,660,712)

Total financial liabilities at fair value through profit or loss (171,022) (136,534,252) - (136,705,274)

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

4. Fair Value of Financial Instruments (continued)

GLG EM Diversified Alternative (previously known as GLG Emerging Markets (UCITS III) Fund)

2011 Level 1 Level 2 Level 3 Total € € € € Financial assets at fair value through

profit or loss Equities and managed funds Equity securities 2,830,110 - - 2,830,110 Collective investment schemes 1,444,543 664,600 - 2,109,143 Total equities and managed funds 4,274,653 664,600 - 4,939,253

Interest bearing securities Corporate bonds - 33,052,408 - 33,052,408 Convertible bonds - 943,344 - 943,344 Government bonds - 124,966 - 124,966 Total interest bearing securities - 34,120,718 - 34,120,718

Derivatives Forward currency contracts - 8,335,274 - 8,335,274 Options 405,645 2,183,553 - 2,589,198 Variance swaps - 2,563,871 - 2,563,871 Credit default swaps - 1,666,400 - 1,666,400 Interest rate swaps - 973,780 - 973,780 Total return swaps 13,693 33,999 - 47,692 Contracts for difference - unfunded - 13,392 - 13,392 Future contracts 2,686 - - 2,686 Total derivatives 422,024 15,777,269 - 16,192,293

Total financial assets at fair value through profit or loss 4,696,677 50,555,587 - 55,252,264

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

4. Fair Value of Financial Instruments (continued)

GLG EM Diversified Alternative (previously known as GLG Emerging Markets (UCITS III) Fund) (continued)

2011 Level 1 Level 2 Level 3 Total € € € € Financial liabilities at fair value

through profit or loss Derivatives Forward currency contracts - (8,655,168) - (8,655,168) Variance swaps - (4,845,627) - (4,845,627) Options - (2,907,037) - (2,907,037) Credit default swaps - (2,048,658) - (2,048,658) Interest rate swaps - (1,000,836) - (1,000,836) Total return swaps (59,216) (29,764) - (88,980) Contracts for difference - unfunded - (22,827) - (22,827) Future contracts (18,363) - - (18,363) Total derivatives (77,579) (19,509,917) - (19,587,496)

Total financial liabilities at fair value through profit or loss (77,579) (19,509,917) - (19,587,496)

2010 Level 1 Level 2 Level 3 Total € € € € Financial assets at fair value through

profit or loss Equities and managed funds Equity securities 9,380,332 - - 9,380,332 Total equities and managed funds 9,380,332 - - 9,380,332

Interest bearing securities Corporate bonds - 6,318,916 - 6,318,916 Government bonds - 1,799,896 - 1,799,896 Total interest bearing securities - 8,118,812 - 8,118,812

Derivatives Options - 20,145,333 - 20,145,333 Forward currency contracts - 4,108,978 - 4,108,978 Variance swaps - 1,891,942 - 1,891,942 Credit default swaps - 1,410,236 - 1,410,236 Interest rate swaps - 1,006,364 - 1,006,364 Total return swaps - 313,645 - 313,645 Contracts for difference - unfunded - 159,176 - 159,176 Volatility swaps - 24,893 - 24,893 Future contracts 598 - - 598 Total derivatives 598 29,060,567 - 29,061,165

Total financial assets at fair value through profit or loss 9,380,930 37,179,379 - 46,560,309

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

4. Fair Value of Financial Instruments (continued)

GLG EM Diversified Alternative (previously known as GLG Emerging Markets (UCITS III) Fund) (continued)

2010 Level 1 Level 2 Level 3 Total € € € € Financial liabilities at fair value

through profit or loss Derivatives Options - (19,110,762) - (19,110,762) Forward currency contracts - (5,922,532) - (5,922,532) Variance swaps - (892,809) - (892,809) Interest rate swaps - (676,436) - (676,436) Credit default swaps - (148,342) - (148,342) Total return swaps - (115,892) - (115,892) Contracts for difference - unfunded - (88,635) - (88,635) Future contracts (37,418) - - (37,418) Total derivatives (37,418) (26,955,408) - (26,992,826)

Total financial liabilities at fair value through profit or loss (37,418) (26,955,408) - (26,992,826)

GLG EM Equity Alternative (previously known as GLG Emerging Markets Equity (UCITS III) Fund)

2011 Level 1 Level 2 Level 3 Total US$ US$ US$ US$ Financial assets at fair value through

profit or loss: Equities and managed funds Collective investment schemes 4,570,407 - - 4,570,407 Equity securities - 636,876 - 636,876 Total equities and managed funds 4,570,407 636,876 - 5,207,283

Derivatives Variance swaps - 990,245 - 990,245 Future contracts 422,187 - - 422,187 Forward currency contracts - 219,589 - 219,589 Total return swaps 28,440 18,903 - 47,343 Total derivatives 450,627 1,228,737 - 1,679,364

Total financial assets at fair value

through profit or loss 5,021,034 1,865,613 - 6,886,647

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

4. Fair Value of Financial Instruments (continued)

GLG EM Equity Alternative (previously known as GLG Emerging Markets Equity (UCITS III) Fund) (continued)

2011 Level 1 Level 2 Level 3 Total US$ US$ US$ US$ Financial liabilities at fair value through profit or loss: Derivatives Variance swaps - (1,581,371) - (1,581,371) Forward currency contracts - (1,050,207) - (1,050,207) Options - (124,296) - (124,296) Total return swaps (13,833) (11,409) - (25,242) Total derivatives (13,833) (2,767,283) - (2,781,116)

Total financial liabilities at fair value through profit or loss (13,833) (2,767,283) - (2,781,116)

2010 Level 1 Level 2 Level 3 Total US$ US$ US$ US$ Financial assets at fair value through profit or loss: Equities and managed funds Equity securities 4,311,536 - - 4,311,536 Total equities and managed funds 4,311,536 - - 4,311,536

Derivatives Options - 948,721 - 948,721 Variance swaps - 794,654 - 794,654 Forward currency contracts - 716,360 - 716,360 Contracts for difference - unfunded - 240,267 - 240,267 Total derivatives - 2,700,002 - 2,700,002

Total financial assets at fair value through profit or loss 4,311,536 2,700,002 - 7,011,538

Financial liabilities at fair value through profit or loss: Derivatives Options - (806,509) - (806,509) Forward currency contracts - (688,510) - (688,510) Variance swaps - (654,230) - (654,230) Total derivatives - (2,149,249) - (2,149,249)

Total financial liabilities at fair value through profit or loss - (2,149,249) - (2,149,249)

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

4. Fair Value of Financial Instruments (continued)

GLG Emerging Markets Equity II (previously known as GLG Emerging Markets Equity II (UCITS III) Fund)

2011 Level 1 Level 2 Level 3 Total € € € € Financial assets at fair value through profit or loss: Equities and managed funds Equity securities 1,048,561 - - 1,048,561 Total equities and managed funds 1,048,561 - - 1,048,561

Derivatives Forward currency contracts - 8,598 - 8,598 Future contracts 4,885 - - 4,885 Total derivatives 4,885 8,598 - 13,483

Total financial assets at fair value through profit or loss 1,053,446 8,598 - 1,062,044

Financial liabilities at fair value through profit or loss Derivatives Forward currency contracts - (27,422) - (27,422) Total return swaps - (15,505) - (15,505) Total derivatives - (42,927) (42,927)

Total financial liabilities at fair value through profit or loss - (42,927) - (42,927)

2010 Level 1 Level 2 Level 3 Total € € € € Financial assets at fair value through profit or loss: Equities and managed funds Equity securities 1,345,093 - - 1,345,093 Collective investment schemes 259,952 - - 259,952 Total equities and managed funds 1,605,045 - - 1,605,045

Derivatives Total return swaps - 293,297 - 293,297 Forward currency contracts - 39,202 - 39,202 Future contracts 28,564 - - 28,564 Total derivatives 28,564 332,499 - 361,063

Total financial assets at fair value through profit or loss 1,633,609 332,499 - 1,966,108

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

4. Fair Value of Financial Instruments (continued)

GLG Emerging Markets Equity II (previously known as GLG Emerging Markets Equity II (UCITS III) Fund) (continued)

2010 Level 1 Level 2 Level 3 Total € € € € Financial liabilities at fair value through profit or loss Derivatives Forward currency contracts - (45,830) - (45,830) Total derivatives - (45,830) - (45,830)

Total financial liabilities at fair value through profit or loss - (45,830) - (45,830)

GLG EM Currency & Fixed Income Alternative (previously know as GLG Emerging Markets Fixed Income and Currency (UCITS III) Fund)

2011 Level 1 Level 2 Level 3 Total € € € € Financial assets at fair value through profit or loss: Derivatives Interest rate swaps - 2,355,287 - 2,355,287 Forward currency contracts - 1,111,555 - 1,111,555 Total derivatives - 3,466,842 - 3,466,842

Total financial assets at fair value through profit or loss - 3,466,842 - 3,466,842

Financial liabilities at fair value through profit or loss: Derivatives Interest rate swaps - (2,362,514) - (2,362,514) Forward currency contracts - (427,069) - (427,069) Options - (227,120) - (227,120) Total derivatives - (3,016,703) - (3,016,703)

Total financial liabilities at fair value through profit or loss - (3,016,703) - (3,016,703)

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

4. Fair Value of Financial Instruments (continued)

GLG EM Currency & Fixed Income Alternative (previously know as GLG Emerging Markets Fixed Income and Currency (UCITS III) Fund) (continued)

2010 Level 1 Level 2 Level 3 Total € € € € Financial assets at fair value through profit or loss: Derivatives Interest rate swaps - 910,395 - 910,395 Forward currency contracts - 562,850 - 562,850 Volatility swaps - 203,613 - 203,613 Options - 18,772 - 18,772 Total derivatives - 1,695,630 - 1,695,630

Total financial assets at fair value through profit or loss - 1,695,630 - 1,695,630

Financial liabilities at fair value through profit or loss: Derivatives Forward currency contracts - (1,010,027) - (1,010,027) Options - (693,064) - (693,064) Interest rate swaps - (651,430) - (651,430) Volatility swaps - (393,313) - (393,313) Total derivatives - (2,747,834) - (2,747,834)

Total financial liabilities at fair value through profit or loss - (2,747,834) - (2,747,834)

GLG EM Credit Opportunity Alternative (previously known as GLG Emerging Markets Credit Opportunity (UCITS III) Fund)

2011 Level 1 Level 2 Level 3 Total € € € € Financial assets at fair value through profit or loss: Derivatives Forward currency contracts - 197,990 - 197,990 Total derivatives - 197,990 - 197,990

Total financial assets at fair value through profit or loss - 197,990 - 197,990

Financial liabilities at fair value through profit or loss: Derivatives Forward currency contract - (6,986) - (6,986) Total derivatives - (6,986) - (6,986)

Total financial liabilities at fair value through profit or loss - (6,986) - (6,986)

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

4. Fair Value of Financial Instruments (continued)

GLG EM Credit Opportunity Alternative (previously known as GLG Emerging Markets Credit Opportunity (UCITS III) Fund) (continued)

2010 Level 1 Level 2 Level 3 Total € € € € Financial assets at fair value through profit or loss: Interest bearing securities Government bonds - 1,177,993 - 1,177,993 Total interest bearing securities - 1,177,993 - 1,177,993

Derivatives Forward currency contracts - 1,939,371 - 1,939,371 Credit default swaps - 384,498 - 384,498 Options - 346,308 - 346,308 Interest rate swaps - 87,133 - 87,133 Total derivatives - 2,757,310 - 2,757,310

Total financial assets at fair value through profit or loss - 3,935,303 - 3,935,303

Financial liabilities at fair value through profit or loss: Derivatives Forward currency contracts - (2,509,687) - (2,509,687) Options - (421,570) - (421,570) Interest rate swaps - (95,853) - (95,853) Credit default swaps - (27,335) - (27,335) Total derivatives - (3,054,445) - (3,054,445)

Total financial liabilities at fair value through profit or loss - (3,054,445) - (3,054,445)

GLG Alpha Select Alternative (previously known as GLG Alpha Select (UCITS III) Fund)

2011 Level 1 Level 2 Level 3 Total £ £ £ £ Financial assets at fair value through profit or loss: Equities and managed funds Equity securities 5,214,383 - - 5,214,383 Collective investment schemes - 1,612,891 - 1,612,891 Total equities and managed funds 5,214,383 1,612,891 - 6,827,274

Interest bearing securities Corporate bonds - 1,938,064 - 1,938,064 Total interest bearing securities - 1,938,064 - 1,938,064

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

4. Fair Value of Financial Instruments (continued)

GLG Alpha Select Alternative (previously known as GLG Alpha Select (UCITS III) Fund) (continued)

2011 Level 1 Level 2 Level 3 Total £ £ £ £ Financial assets at fair value through profit or loss: (continued) Derivatives Contracts for difference - unfunded 8,428,628 - 8,428,628 Options 1,005,943 3,223,334 - 4,229,277 Future contracts 1,394,693 - - 1,394,693 Forward currency contracts - 189,253 - 189,253 Total derivatives 2,400,636 11,841,215 - 14,241,851

Total financial assets at fair value through profit or loss 7,615,019 15,392,170 - 23,007,189

Derivatives Contracts for difference - unfunded - (4,663,240) - (4,663,240) Future contracts (1,638,845) - - (1,638,845) Forward currency contracts - (1,295,977) - (1,295,977) Options - (514,543) - (514,543) Total derivatives (1,638,845) (6,473,760) - (8,112,605)

Total financial liabilities at fair value through profit or loss (1,638,845) (6,473,760) - (8,112,605)

2010 Level 1 Level 2 Level 3 Total £ £ £ £ Financial assets at fair value through profit or loss: Equities and managed funds Collective investment schemes 23,763,706 - - 23,763,706 Equity securities 126,972 - - 126,972 Total equities and managed funds 23,890,678 - - 23,890,678

Interest bearing securities Corporate bonds - 2,323,191 - 2,323,191 Total interest bearing securities - 2,323,191 - 2,323,191

Derivatives Contracts for difference - unfunded - 24,559,806 - 24,559,806 Options 5,566,169 13,914 - 5,580,083 Forward currency contracts - 3,072,815 - 3,072,815 Future contracts 2,323,531 - - 2,323,531 Total derivatives 7,889,700 27,646,535 - 35,536,235

Total financial assets at fair value through profit or loss 31,780,378 29,969,726 - 61,750,104

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

4. Fair Value of Financial Instruments (continued)

GLG Alpha Select Alternative (previously known as GLG Alpha Select (UCITS III) Fund) (continued)

2010 Level 1 Level 2 Level 3 Total £ £ £ £ Financial liabilities at fair value through profit or loss: Derivatives Contracts for difference - unfunded - (29,289,781) - (29,289,781) Options (1,583,101) - - (1,583,101) Future contracts (779,784) - - (779,784) Forward currency contracts - (390,797) - (390,797) Total derivatives (2,362,885) (29,680,578) - (32,043,463)

Total financial liabilities at fair value through profit or loss (2,362,885) (29,680,578) - (32,043,463)

GLG Atlas Macro Alternative (previously known as GLG Atlas Macro Alternative UCITS)

2011 Level 1 Level 2 Level 3 Total US$ US$ US$ US$ Financial assets at fair value through profit or loss: Equities and managed funds Equity securities 885,751 - - 885,751 Total equities and managed funds 885,751 - - 885,751

Interest bearing securities Corporate bonds - 745,170 - 745,170 Total interest bearing securities - 745,170 - 745,170

Derivatives Options - 9,815,391 - 9,815,391 Interest rate swaps - 4,081,022 - 4,081,022 Forward currency contracts - 2,999,146 - 2,999,146 Total derivatives - 16,895,559 - 16,895,559

Total financial assets at fair value through profit or loss 885,751 17,640,729 - 18,526,480

Financial liabilities at fair value through profit or loss: Derivatives Forward currency contracts - (6,494,864) - (6,494,864) Interest rate swaps - (6,305,598) - (6,305,598) Options - (3,416,797) - (3,416,797) Future contracts (319,569) - - (319,569) Total derivatives (319,569) (16,217,259) - (16,536,828)

Total financial liabilities at fair value through profit or loss (319,569) (16,217,259) - (16,536,828)

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

4. Fair Value of Financial Instruments (continued)

GLG Atlas Macro Alternative (previously known as GLG Atlas Macro Alternative UCITS) (continued)

2010 Level 1 Level 2 Level 3 Total US$ US$ US$ US$ Financial assets at fair value through profit or loss: Derivatives Options - 6,350,806 - 6,350,806 Forward currency contracts - 539,505 - 539,505 Interest rate swaps - 177,825 - 177,825 Total derivatives - 7,068,136 - 7,068,136

Total financial assets at fair value through profit or loss - 7,068,136 - 7,068,136

Financial liabilities at fair value through profit or loss: Derivatives Options - (1,929,900) - (1,929,900) Forward currency contracts - (853,674) - (853,674) Interest rate swaps - (376,379) - (376,379) Total derivatives - (3,159,953) - (3,159,953)

Total financial liabilities at fair value through profit or loss - (3,159,953) - (3,159,153)

GLG North American Equity Alternative (previously known as GLG North American Equity UCITS)

2011 Level 1 Level 2 Level 3 Total US$ US$ US$ US$ Financial assets at fair value through profit or loss: Equities and managed funds Equity securities 17,571,415 - - 17,571,415 Preferred stocks 573,988 - - 573,988 Warrants 29,195 - - 29,195 Total equities and managed funds 18,174,598 - - 18,174,598

Derivatives Contracts for difference - unfunded - 3,517,685 - 3,517,685 Options 96,676 444,870 - 541,546 Forward currency contracts - 45,008 - 45,008 Total derivatives 96,676 4,007,563 - 4,104,239

Total financial assets at fair value through profit or loss 18,271,274 4,007,563 - 22,278,837

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

4. Fair Value of Financial Instruments (continued)

GLG North American Equity Alternative (previously known as GLG North American Equity UCITS) (continued)

2011 Level 1 Level 2 Level 3 Total US$ US$ US$ US$ Financial liabilities at fair value through profit or loss: Derivatives Contracts for difference - unfunded - (3,375,196) - (3,375,196) Forward currency contracts - (948,893) - (948,893) Future contracts (29,850) - - (29,850) Options (7,455) (13,371) - (20,826) Total derivatives (37,305) (4,337,460) - (4,374,765)

Total financial liabilities at fair value through profit or loss (37,305) (4,337,460) - (4,374,765)

No comparative figures have been presented for 31 December 2010 as the Portfolio’s commenced operations on 5 January 2011.

GLG European Equity Alternative (previously known as GLG Global Equity Alternative UCITS)

2011 Level 1 Level 2 Level 3 Total € € € € Financial assets at fair value through profit or loss: Equities and managed funds Equity securities 16,334,466 - - 16,334,466 Contracts for difference - funded - 785,026 - 785,026 Collective investment schemes - 157,354 - 157,354 Total equities and managed funds 16,334,466 942,380 - 17,276,846

Interest bearing securities Convertible bonds - 1,037,786 - 1,037,786 Corporate bonds - 805,225 - 805,225 Total interest bearing securities - 1,843,011 - 1,843,011

Derivatives Contracts for difference - unfunded - 8,229,051 - 8,229,051 Forward currency contracts - 1,589,821 - 1,589,821 Options 99,418 753,359 - 852,777 Future contracts 128,398 - - 128,398 Total return swaps 56 21,610 - 21,666 Total derivatives 227,872 10,593,841 - 10,821,713

Total financial assets at fair value through profit or loss 16,562,338 13,379,232 - 29,941,570

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

4. Fair Value of Financial Instruments (continued)

GLG European Equity Alternative (previously known as GLG Global Equity Alternative UCITS) (continued)

2011 Level 1 Level 2 Level 3 Total € € € € Financial liabilities at fair value through profit or loss: Equities and Managed funds - Contracts for difference - funded - (829,456) - (829,456) Total equities and managed funds (829,456) - (829,456)

Interest bearing securities Corporate bonds - (333,788) (333,788) Total interest bearing securities - (333,788) (333,788)

Derivatives Contracts for difference - unfunded - (5,196,838) - (5,196,838) Forward currency contracts - (421,895) - (421,895) Future contracts (395,295) - - (395,295) Options - (147,289) - (147,289) Total return swaps (48,240) (12,021) - (60,261) Total derivatives (443,535) (5,778,043) - (6,221,578)

Total financial liabilities at fair value - through profit or loss (443,535) (6,941,287) (7,384,822)

No comparative figures have been presented for 31 December 2010 as the Portfolio’s commenced operations on 26 July 2011.

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

5. Management, Performance, Administration, Custody and Distribution Fees

The Fund has appointed GLG Partners Asset Management Limited (the “Manager”) as manager of the Fund. The Manager has delegated its administration and share registration functions to BNY Mellon Fund Services (Ireland) Limited (the “Administrator”), and its investment management and distribution functions to GLG Partners LP (the “Investment Manager” and the “Distributor”).

The Manager receives the following management fees:

Class Class Class Class IL H DL H IL EUR, DL EUR, Class Class Class USD, IL USD, DL IL H DL H IL H DL H Class Class Class DN USD, IN USD, DN EUR, IN EUR, DN GBP, IN GBP, DN IN H DN H IN H Class EUR, Class H USD, H USD, EUR, IN EUR, DN GBP, IN GBP, DN JPY, JPY, USD, DN H DN H DN H IN USD DN USD H EUR H EUR H GBP H GBP IN JPY DN JPY IN USD USD EUR GBP Name of Fund Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares GLG Capital Appreciation (UCITS III) Fund 1% 2.25% 1% 2.25% 1% 2.25% n/a n/a n/a n/a n/a n/a GLG Performance (UCITS III) Fund 1% 2.25% 1% 2.25% 1% 2.25% n/a n/a n/a n/a n/a n/a GLG European Equity (UCITS III) Fund 1% 2.25% 1% 2.25% 1% 2.25% n/a n/a n/a n/a n/a n/a GLG North American Equity Alternative 2% 2.75% 2% 2.75% 2% 2.75% n/a n/a n/a n/a n/a n/a GLG EM Equity Alternative 1.25% 2.75% 2% 2.25% 2% 2.25% 2% 2.75% 2% n/a 2.75% 2.75% GLG Environment (UCITS III) Fund 1% 2.25% 1% 2.25% 1% 2.25% n/a n/a n/a n/a n/a n/a GLG European Alpha Alternative 1.25% 2% 1.25% 2% 1.25% 2% n/a n/a n/a n/a n/a n/a GLG EM Credit Opportunity Alternative 1.25% 2.75% 2% 2.75% 2% 2.25% 2% 2.75% 2% n/a n/a 2.25% GLG EM Currency & Fixed Income Alternative 1.25% 2.75% 2% 2.25% 2% 2.25% 2% 2.75% 2% 2.75% 2.75% 2.75% GLG EM Diversified Alternative 2% 2.75% 2% 2.75% 2% 2.75% 2% 2.75% 2% n/a n/a n/a GLG Emerging Markets Equity II 1% 2.25% 1% 2.25% 1% 2.25% 1% 2.25% n/a n/a n/a n/a GLG Alpha Select Alternative 2% 2.75% 2% 2.75% 2% 2.75% 2% 2.75% n/a n/a n/a n/a GLG European Equity Alternative 2% 2.75% 2% 2.75% 2% 2.75% n/a n/a n/a n/a n/a n/a GLG Atlas Macro Alternative 2% 2.75% 2% 2.75% 2% 2.75% n/a n/a n/a n/a n/a n/a

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

5. Management, Performance, Administration, Custody and Distribution Fees (continued)

Class Class Class Class Class Class Class Class Class Class Class Class Class Class Class DN H DN H DN H DN H DN H DN H DN H I2N H IN H IN H IN H IN H IN H IN H IN H AUD CHF DKK NOK SEK SGD TWD EUR AUD CHF DKK NOK SEK SGD TWD Name of Fund Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares GLG Capital Appreciation (UCITS III) Fund n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a GLG Performance (UCITS III) Fund n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a GLG European Equity (UCITS III) Fund n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a GLG North American Equity Alternative n/a n/a n/a 2.75% 2.75% n/a 2.75% 1.1% n/a n/a n/a 2% 2% n/a 2% GLG EM Equity Alternative n/a n/a 2.75% 2.75% 2.75% n/a n/a n/a n/a n/a 2% 2% 2% n/a n/a GLG Environment (UCITS III) Fund n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a GLG European Alpha Alternative n/a n/a n/a 2% 2% n/a 2% n/a n/a n/a n/a 1.25% 1.25% n/a 1.25% GLG EM Credit Opportunity Alternative n/a n/a n/a 2.75% 2.75% n/a n/a n/a n/a n/a n/a 2% 2% n/a n/a GLG EM Currency & Fixed Income Alternative n/a 2.75% 2.75% 2.75% 2.75% 2.75% n/a n/a n/a 2% 2% 2% 2% n/a n/a GLG EM Diversified Alternative 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% n/a 2% 2% 2% 2% 2% 2% 2% GLG Emerging Markets Equity II n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a GLG Alpha Select Alternative n/a n/a 2.75% 2.75% 2.75% n/a n/a n/a n/a n/a 2% 2% 2% n/a n/a GLG European Equity Alternative n/a 2.75% 2.75% 2.75% 2.75% n/a n/a n/a n/a 2% 2% 2% 2% n/a n/a GLG Atlas Macro Alternative 2.75% n/a 2.75% 2.75% 2.75% 2.75% n/a n/a 2% n/a 2% 2% 2% 2% n/a

The Manager receives a performance fee equal to 20% of the aggregate appreciation in value on each investor’s Shares over the amount of the investors’ benchmark return for those Shares (which is calculated as set out in the Prospectus) except for the following classes of the following sub-funds for which no benchmark is applied where the performance fee of 20% is applied in respect of the aggregate appreciation in value on each investor’s share in that class: Class IN H USD, Class DN H USD, Class IN EUR, Class DN EUR, Class IN H GBP, Class DN H GBP, Class IN H NOK, Class IN H SEK, Class IN H TWD, Class DN H NOK, Class DN H SEK and Class DN H TWD of the GLG European Alpha Alternative; Class DN H USD, Class IN EUR, Class DN EUR, Class IN H GBP, Class DN H GBP, Class IN H JPY, Class DN H JPY, Class IN H USD, Class IN H AUD, Class IN H CHF, Class IN H DKK, Class IN H NOK, Class IN H SEK, Class IN H SGD, Class IN H TWD, Class DN H AUD, Class DN H CHF, Class DN H DKK, Class DN H NOK, Class DN H SEK, Class DN H SGD and Class DN H TWD of the GLG EM Diversified Alternative; Class DN USD, Class IN H EUR, Class IN H GBP, Class IN H JPY, Class DN H JPY, Class IN USD, Class DN H EUR, Class DN H GBP, Class IN H DKK, Class IN H NOK, Class IN H SEK, Class DN H DKK, Class DN H NOK and Class DN H SEK of the GLG EM Equity Alternative;

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

5. Management, Performance, Administration, Custody and Distribution Fees (continued)

Class IN EUR, Class IN H GBP, Class IN H JPY, Class DN H JPY, Class IN H USD, Class DN H USD, Class DN EUR, Class DN H GBP, Class IN H CHF, Class IN H DKK, Class IN H NOK, Class IN H SEK, Class DN H CHF, Class DN H DKK, Class DN H NOK, Class DN H SEK and Class DN H SGD of the GLG EM Currency & Fixed Income Alternative; Class DN H USD, Class IN EUR, Class DN EUR, Class IN H GBP, Class IN H JPY, Class DN H JPY, Class IN H USD, Class DN H GBP, Class IN H NOK, Class IN H SEK, Class DN H NOK and Class DN H SEK of the GLG EM Credit Opportunity Alternative; Class IN H USD, Class DN H USD, Class IN H EUR, Class DN H EUR, Class IN GBP, Class DN GBP, Class IN H JPY, Class DN H JPY, Class IN H DKK, Class IN H NOK, Class IN H SEK, Class DN H DKK, Class DN H NOK and Class DN H SEK of GLG Alpha Select Alternative; Class IN USD, Class DN USD, Class IN H EUR, Class DN H EUR, Class IN H GBP, Class DN H GBP, Class IN H AUD, Class IN H DKK, Class IN H NOK, Class IN H SEK, Class IN H SGD, Class DN H AUD, Class DN H DKK, Class DN H NOK, Class DN H SEK and Class DN H SGD of GLG Atlas Macro Alternative; Class IN USD, Class DN USD, Class IN H EUR, Class DN H EUR, Class IN H GBP, Class DN H GBP, Class IN H NOK, Class IN H SEK, Class IN H TWD, Class DN H NOK, Class DN H SEK, Class DN H TWD and Class I2N H EUR of the GLG North American Equity Alternative; and Class IN H USD, Class DN H USD, Class IN EUR, Class DN EUR, Class IN H GBP, Class DN H GBP, Class IN H CHF, Class IN H DKK, Class IN H NOK, Class IN H SEK, Class DN H CHF, Class DN H DKK, Class DN H NOK and Class DN H SEK of GLG European Equity Alternative. Such performance fees are only payable in respect of Shares for which the Net Asset Value per Share is over and above its high watermark at the end of the performance period. The Manager pays the fees of the Investment Manager and the Distributor.

The Manager may also receive distribution fees, up-front sales charges and contingent deferred sales charges as detailed in note 9.

The Fund is subject to an administration fee in respect of each Portfolio in relation to administration services provided by the Administrator and the Investment Manager. The administration fee is an amount which may not exceed 0.30% per annum of the Net Asset Value of the relevant Portfolio. The amount paid to each of the Administrator and Investment Manager is determined between the parties from time to time.

The Investment Manager receives only the portion of the administration fee relating to the administrative support services it provides pursuant to the Administrative Services Agreement. Part of the administration fee is paid by the Fund to the Manager (for on-payment to the Administrator) monthly in arrears and the remainder is paid by the Fund to the Investment Manager. The Fund also reimburses the Manager out of the assets of the Fund for reasonable out-of-pocket expenses incurred by the Administrator and the Investment Manager. The Manager is responsible for reimbursing the Administrator and the Investment Manager for these expenses.

The Fund pays the Custodian a custody fee which may not exceed 0.04% per annum of the Net Asset Value of the relevant Portfolio together with value added tax, if any, applicable to such fees. The Fund also reimburses the Custodian out of the assets of the relevant Portfolio for reasonable out-of-pocket expenses and transaction fees incurred by the Custodian and for fees (which will not exceed normal commercial rates) and reasonable out of pocket expenses of any sub-custodian appointed by the Custodian and will be liable for transaction charges. The fee and expenses of the Custodian are paid monthly in arrears.

Details of custody and administration fees incurred by the Fund during the year are shown in the Statement of Operations on page 27-28.

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

5. Management, Performance, Administration, Custody and Distribution Fees (continued)

Amounts unpaid by the Fund at the year end relating to management, performance, administration and custody fees are shown below: 2011 Combined Fund 2010 Combined Fund US$ US$ Management fees 2,398,862 2,474,404 Performance fees 1,006,006 6,668,283 Administration fees 952,055 50,818 Custody fees 192,299 27,582

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

6. Other Receivables

GLG EM GLG GLG GLG GLG GLG Currency EM GLG GLG North GLG European EM GLG Emerging & Fixed Credit Alpha Atlas America European Combined Alpha Diversified EM Equity Markets Income Opportunity Select Macro Equity Equity Fund Alternative Alternative Alternative Equity II Alternative Alternative Alternative Alternative Alternative Alternative 2011 € € US$ € € € £ US$ US$ € US$ 2011 Subscriptions receivable - - 1,371 - - - 388,526 - - - 605,188 Unrealised profit on spot currency contracts - 5,488 - 121 2,410 - 32 679,934 - - 690,393 Other receivable - 97 - 103 953 - 433 73,629 57,868 150,681 - 5,585 1,371 224 2,410 953 388,558 680,367 73,629 57,868 1,446,262

GLG GLG GLG GLG Emerging Emerging GLG GLG Emerging Emerging Markets Markets GLG GLG European Emerging Markets Markets Fixed Income Credit Alpha Atlas Alpha Markets Equity Equity II & Currency Opportunity Select Macro Combined Alternative (UCITS III) (UCITS III) (UCITS III) (UCITS III) (UCITS III) (UCITS III) Alternative Fund UCITS Fund Fund Fund Fund Fund Fund UCITS 2010 € € US$ € € € £ US$ US$ 2010 Subscriptions receivable - 35,610 27,054 - 142,117 - - - 265,483

Unrealised profit on spot currency contracts 27,911 4,989 1,024 - - - - - 45,161 Other receivable 1,149 61,193 160 21 128 - - 198 84,192 29,060 101,792 28,238 21 142,245 - - 198 394,836

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

7. Other Payables

GLG EM GLG GLG GLG GLG GLG Currency EM GLG GLG North GLG European EM GLG Emerging & Fixed Credit Alpha Atlas America European Combined Alpha Diversified EM Equity Markets Income Opportunity Select Macro Equity Equity Fund Alternative Alternative Alternative Equity II Alternative Alternative Alternative Alternative Alternative Alternative 2011 € € US$ € € € £ US$ US$ € US$ 2011 Redemption payable - 502,189 - - 236,165 - 5,459,194 - - - 9,442,758 Unrealised loss on spot contracts - 75,680 1,159 - 755 - - 296,860 - - 397,244 Other payables - 4,207 7,692 - 423 - 28,057 425 1,904 18,412 83,537 - 582,076 8,851 - 237,343 - 5,487,251 297,285 1,904 18,412 9,923,539

GLG GLG GLG GLG Emerging Emerging GLG GLG Emerging Emerging Markets Markets GLG GLG European Emerging Markets Markets Fixed Income Credit Alpha Atlas Alpha Markets Equity Equity II & Currency Opportunity Select Macro Combined Alternative (UCITS III) (UCITS III) (UCITS III) (UCITS III) (UCITS III) (UCITS III) Alternative Fund UCITS Fund Fund Fund Fund Fund Fund UCITS 2010 € € US$ € € € £ US$ US$ 2010 Redemption payable - - - - 37,608 - - - 50,453 Other payables - 27 9 313 41 - 1,839 - 3,399 - 27 9 313 37,649 - 1,839 - 53,852

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

8. Derivative Contracts

As of 31 December, the derivative contracts were included in the Fund’s Statement of Assets and Liabilities at fair value through profit or loss.

GLG European Alpha Alternative (previously known as GLG European Alpha Alternative UCITS) Fair Fair Notional Notional Value Value Value Value € € € € Assets Liabilities Assets Liabilities 2011 2011 2011 2011 Contracts for difference - unfunded 4,619,879 (14,098,238) 25,137,146 122,024,685 Options 1,307,887 (464,000) 5,847 (4,000) Forward currency contracts 1,266,340 (277,278) (35,175,680) (6,006,815) Future contracts - (1,166,000) - (29,122,600) 7,194,106 (16,005,516) (10,032,687) 86,891,270

Fair Fair Notional Notional Value Value Value Value € € € € Assets Liabilities Assets Liabilities 2010 2010 2010 2010 Options 600,634 (126,368) 2,573 (1,436) Contracts for difference - unfunded 468,817 - (1,681,486) - Future contracts 324,205 (44,654) (15,733,235) (6,258,433) Forward currency contracts 153,623 (1,489,690) 11,575,574 59,351,050 1,547,279 (1,660,712) (5,836,574) 53,091,181

GLG EM Diversified Alternative (previously known as GLG Emerging Markets (UCITS III) Fund) Fair Fair Notional Notional Value Value Value Value € € € € Assets Liabilities Assets Liabilities 2011 2011 2011 2011 Forward currency contracts 8,335,274 (8,655,168) (20,219,291) (34,014,542) Options 2,589,198 (2,907,037) 82,579,737 (335,648,848) Variance swaps 2,563,871 (4,845,627) 477,624 (453,276) Credit default swaps 1,666,400 (2,048,658) 20,918,236 (52,645,829) Interest rate swaps 973,780 (1,000,836) 477,444,113 517,765,182 Total return swaps 47,692 (88,980) (1,081,318) 1,235,167 Contracts for difference - unfunded 13,392 (22,827) 348,707 (237,072) Future contracts 2,686 (18,363) (545,526) (2,075,578) 16,192,293 (19,587,496) 559,922,282 93,925,204

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

8. Derivative contracts (continued)

GLG EM Diversified Alternative (previously known as GLG Emerging Markets (UCITS III) Fund) (continued) Fair Fair Notional Notional Value Value Value Value € € € € Assets Liabilities Assets Liabilities 2010 2010 2010 2010 Options 20,145,333 (19,110,762) 317,211,076 (460,389,025) Forward currency contracts 4,108,978 (5,922,532) 121,499,098 199,030,237 Variance swaps 1,891,942 (892,809) (493,954) 125,000 Credit default swaps 1,410,236 (148,342) 116,400,622 20,188,518 Interest rate swaps 1,006,364 (676,436) 262,547,199 244,420,586 Total return swaps 313,645 (115,892) 3,371,606 (291,336) Contracts for difference – unfunded 159,176 (88,635) 1,942,007 (222,816) Volatility swaps 24,893 - (17,703) - Future contracts 598 (37,418) 359,099 (7,891,936) 29,061,165 (26,992,826) 822,819,050 (5,030,772)

GLG EM Equity Alternative (previously known as GLG Emerging Markets Equity (UCITS III) Fund) Fair Fair Notional Notional Value Value Value Value US$ US$ US$ US$ Assets Liabilities Assets Liabilities 2011 2011 2011 2011 Variance swaps 990,245 (1,581,371) 149,201 (147,309) Future contracts 422,187 - 13,426,658 - Forward currency contracts 219,589 (1,050,207) 9,014,891 (26,460,998) Total return swaps 47,343 (25,242) (2,254,435) (628,997) Options - (124,296) - (196,193) 1,679,364 (2,781,116) 20,336,315 (27,433,497)

Fair Fair Notional Notional Value Value Value Value US$ US$ US$ US$ Assets Liabilities Assets Liabilities 2010 2010 2010 2010 Options 948,721 (806,509) 722,019 (7,367) Variance swaps 794,654 (654,230) (153,815) 83,846 Forward currency contracts 716,360 (688,510) 80,592,236 62,594,124 Contracts for difference - unfunded 240,267 - 3,490,345 - 2,700,002 (2,149,249) 84,650,785 62,670,603

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

8. Derivative contracts (continued)

GLG Emerging Markets Equity II (previously known as GLG Emerging Markets Equity II (UCITS III) Fund) Fair Fair Notional Notional Value Value Value Value € € € € Assets Liabilities Assets Liabilities 2011 2011 2011 2011 Forward currency contracts 8,598 (27,422) 1,655,994 (1,483,832) Future contracts 4,885 - 212,957 - Total return swaps - (15,505) 1,662,224 13,483 (42,927) 1,868,951 178,392

Fair Fair Notional Notional Value Value Value Value € € € € Assets Liabilities Assets Liabilities 2010 2010 2010 2010 Total return swaps 293,297 - 3,929,049 - Forward currency contracts 39,202 (45,830) (611,993) 413,375 Future contracts 28,564 - 861,615 - 361,063 (45,830) 4,178,671 413,375

GLG EM Currency & Fixed Income Alternative (previously know as (GLG Emerging Markets Fixed Income and Currency (UCITS III) Fund) Fair Fair Notional Notional Value Value Value Value € € € € Assets Liabilities Assets Liabilities 2011 2011 2011 2011 Interest rate swaps 2,355,287 (2,362,514) 364,493,784 387,344,172 Forward currency contracts 1,111,555 (427,069) (5,903,758) (6,987,145) Options - (227,120) - (15,193,448) 3,466,842 (3,016,703) 358,590,026 365,163,579

Fair Fair Notional Notional Value Value Value Value € € € € Assets Liabilities Assets Liabilities 2010 2010 2010 2010 Interest rate swaps 910,395 (651,430) 122,288,231 139,719,926 Forward currency contracts 562,850 (1,010,027) 20,095,625 56,518,195 Volatility swaps 203,613 (393,313) (39,183) (5,793) Options 18,772 (693,064) 674 (191,146,960) 1,695,630 (2,747,834) 142,345,347 5,085,368

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

8. Derivative contracts (continued)

GLG EM Credit Opportunity Alternative (previously known as GLG Emerging Markets Credit Opportunity (UCITS III) Fund) Fair Fair Notional Notional Value Value Value Value € € € € Assets Liabilities Assets Liabilities 2011 2011 2011 2011 Forward currency contracts 197,990 (6,986) (6,437,782) 224,112 197,990 (6,986) (6,437,782) 224,112

Fair Fair Notional Notional Value Value Value Value € € € € Assets Liabilities Assets Liabilities 2010 2010 2010 2010 Forward currency contracts 1,939,371 (2,509,687) 10,572,378 (39,901,480) Credit default swaps 384,498 (27,335) 3,390,813 4,836,219 Options 346,308 (421,570) 177,763,171 (115,962,722) Interest rate swaps 87,133 (95,853) 81,355,685 74,533,891 2,757,310 (3,054,445) 273,082,047 (76,494,092)

GLG Alpha Select Alternative (previously known as GLG Alpha Select (UCITS III) Fund) Fair Fair Notional Notional Value Value Value Value £ £ £ £ Assets Liabilities Assets Liabilities 2011 2011 2011 2011 Contracts for difference - unfunded 8,428,628 (4,663,240) 22,361,325 (4,087,967) Options 4,229,277 (514,543) 87,941 (3,583) Future contracts 1,394,693 (1,638,845) 21,333,296 (316,032,099) Forward currency contracts 189,253 (1,295,977) (11,888,224) (40,277,709) 14,241,851 (8,112,605) 31,894,338 (360,401,358)

Fair Fair Notional Notional Value Value Value Value £ £ £ £ Assets Liabilities Assets Liabilities 2010 2010 2010 2010 Contracts for difference - unfunded 24,559,806 (29,289,781) 278,919,685 (176,197,009) Options 5,580,083 (1,583,101) 12,613,374 (2,783) Forward currency contracts 3,072,815 (390,797) 226,560,677 50,614,119 Future contracts 2,323,531 (779,784) 21,327,603 (83,660,883) 35,536,235 (32,043,463) 539,421,339 (209,246,556)

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

8. Derivative contracts (continued)

GLG Atlas Macro Alternative (previously known as GLG Atlas Macro Alternative UCITS) Fair Fair Notional Notional Value Value Value Value US$ US$ US$ US$ Assets Liabilities Assets Liabilities 2011 2011 2011 2011 Options 9,815,391 (3,416,797) 1,907,961,572 (1,687,517,350) Interest rate swaps 4,081,022 (6,305,598) (336,348,589) 336,348,589 Forward currency contracts 2,999,146 (6,494,864) (40,998,976) (70,640,310) Future contracts - (319,569) - (10,358,982) 16,895,559 (16,536,828) 1,530,614,007 (1,432,168,053)

Fair Fair Notional Notional Value Value Value Value US$ US$ US$ US$ Assets Liabilities Assets Liabilities 2010 2010 2010 2010 Options 6,350,806 (1,929,900) 776,599,536 (250,000,000) Forward currency contracts 539,505 (853,674) 70,354,723 161,387,741 Interest rate swaps 177,825 (376,379) 39,888,366 47,923,521 7,068,136 (3,159,953) 886,842,625 (40,688,738)

GLG North American Equity Alternative (previously known as GLG North American Equity UCITS) Fair Fair Notional Notional Value Value Value Value US$ US$ US$ US$ Assets Liabilities Assets Liabilities 2011 2011 2011 2011 Contracts for difference – unfunded 3,517,685 (3,375,196) 15,499,354 (17,271,029) Options 541,546 (20,826) 9,490 (789) Forward currency contracts 45,008 (948,893) (3,263,336) 29,613,021 Future contracts - (29,850) - (6,575,625) 4,104,239 (4,374,765) 12,245,508 5,765,578

No comparative figures have been presented for 31 December 2010 as the Portfolio’s commenced operations on 5 January 2011.

GLG European Equity Alternative (previously known as GLG Global Equity Alternative UCITS) Fair Fair Notional Notional Value Value Value Value € € € € Assets Liabilities Assets Liabilities 2011 2011 2011 2011 Contracts for difference – unfunded 8,229,051 (5,196,838) 35,031,583 (33,611,209) Forward currency contracts 1,589,821 (421,895) 53,725,784 (23,980,326) Options 852,777 (147,289) 3,726,010 (3,773) Future contracts 128,398 (395,295) 1,731,277 (43,395,613) Total return swaps 21,666 (60,261) 362,464 (1,861,191) 10,821,713 (6,221,578) 94,577,118 (102,852,112)

No comparative figures have been presented for 31 December 2010 as the Portfolio’s commenced operations on 26 July 2011. 76

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

8. Derivative contracts (continued)

As part of its portfolio management techniques, the Fund may use exchange-traded futures to maintain the appropriate exposure to stock markets in accordance with the Investment Manager’s recommended overall asset allocation. Futures are contracts for delayed delivery of securities or money market instruments in which the seller agrees to make delivery at a specified future date of a specified instrument, at a specified price or yield. Gains and losses on futures are recorded by the Fund based upon market fluctuations and are recorded as realised or unrealised gains or losses.

The Fund may also use forward currency contracts to economically hedge its non-functional currency liability to Shareholders (although formal hedge accounting is not used). Forward currency contracts entered into by the Fund represent a firm commitment to buy or sell an underlying asset or currency at a specified value and point in time based upon an agreed or contracted quantity. The realised/unrealised gain or loss is equal to the difference between the value of the contract at the commencement and the value of the contract at settlement date/year end date and are included in the Statement of Operations.

The Fund may invest in option contracts. An option contract gives the owner the right, but not the obligation, to buy (“call option”) or to sell (“put option”) a specified item at a fixed price during a specified period for a non refundable fee (“premium”). The maximum loss to a buyer of an option is the loss of the premium. The writer of a call option has to bear the risk of an unfavourable change in the value underlying the option and, unless an offsetting long position is owned, the theoretical loss is unlimited. The loss to the writer of a put option is limited to the exercise price of the option, versus the premium collected on its sale. Option contracts are held at fair value with reference to quoted market prices, when available, or based on pricing models that consider the time value of money, volatility and the current market and contractual prices of the underlying financial instruments.

Credit default swaps are contracts in which the Fund pays or receives an interest flow in return for the counterparty accepting or selling all or part of the risk of default or failure to pay of a reference entity on which the swap is written. Where the Fund has bought protection the maximum potential loss is the value of the interest flows the Fund is contracted to pay until maturity of the contract. Where the Fund has sold protection the maximum potential loss is the nominal value of the protection sold. GLG EM Diversified Alternative has sold protection to third parties over credit instruments with a dollar-equivalent notional value of (US$41,187,175) (2010: US$194,277,206).

Interest rate swaps relate to contracts taken out by the Fund with major brokers in which the Fund either receives or pays a floating rate of interest in return for paying or receiving, respectively, a fixed rate of interest. At year end interest rate swaps were held at Deutsche Bank AG, JP Morgan Clearing Corporation, Morgan Stanley & Co. International Plc, Nomura, UBS AG, HSBC, Barclays Bank Plc, Goldman Sachs, Societe Generale, Credit Suisse Securities (Europe) Limited, Citibank, Standard Chartered Bank and Bank of America Merrill Lynch.

The Fund may also hold investment positions through total return swaps. Total return swaps are contracts in which the Fund pays or receives a series of cashflows based upon the total return of a specified asset in return for paying or receiving, respectively, a fixed or floating rate of interest based upon that same specified asset. At year end total rate swaps were held at JP Morgan Clearing Corp, Nomura, USB AG, Citibank, Goldman Sachs and Deutsche Bank AG. For details of positions held at year end, see the Portfolio Statements on pages 147 to 250.

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

8. Derivative contracts (continued)

Variance swaps are contracts in which two parties agree to exchange cash flows based on the measured variance of a specified underlying asset during a certain time period. On the trade date, the two parties agree on the strike price of the contract (the reference level against which cash flows are exchanged), as well as the number of units in the transaction. At year end variance swaps were held at JP Morgan Clearing Corp, Nomura, UBS AG, Deutsche Bank AG, Credit Suisse Securities (Europe) Limited, Morgan Stanely and BNP Paribas SA.

Volatility swaps are forward contracts whose underlying asset is the volatility of a given product. Volatility swaps allow investors to trade the volatility of an asset directly, much as they would trade a price index.

An unfunded CFD is an agreement between the Fund and third party which allows the Fund to acquire an exposure to the price movement of specific securities without actually purchasing the securities. Upon entering into an unfunded CFD, the Fund is required to deposit with a broker an initial cash margin equal to a certain percentage of the contract amount. Variation margin payments are made or received by the Fund depending upon the fluctuation in the value of the underlying securities. The changes in contract values are recorded as unrealised gains or losses and the Fund recognises a realised gain or loss when the contract is closed. CFDs are similar to total return swaps, but are more standardized and primarily used in the UK and Ireland.

9. Redeemable Participating Shares

The Shares are redeemable at the Shareholder’s option and are classified as financial liabilities. A Share can be redeemed at any Dealing Day for cash equal to a proportionate share of the Fund’s Net Asset Value. A Share is carried at the redemption amount that is payable at the Statement of Assets and Liabilities date if the Shareholder exercised its right to redeem the Share.

The authorised share capital of the Fund is 500,000,000,002 divided into 2 Subscriber Shares of €1 each and 500,000,000,000 Shares of no par value initially designated as unclassified Shares. The Directors are empowered to issue up to 500,000,000,000 Shares of no par value designated as Shares of any series or class on such terms as they think fit.

The Subscriber Shares were fully issued when the Fund was launched. They entitle the holders to attend and vote at general meetings of the Fund but do not entitle the holders to participate in the profits or assets of the Fund except for a return of capital on a winding-up. The Subscriber Share capital is beneficially held by or on behalf of the Manager. All issued Shares are fully paid. The Fund’s capital is represented by these shares with no par value and with each carrying one vote. They are entitled to dividends and to payment of a proportionate share based on the Fund’s Net Asset Value per Share on the redemption date.

Subscriptions for Shares Classes may be subject to an up-front sales charge of up to 5% of the subscription amount, payable to the Manager.

Class Class Class Class Class Class Number of Shares IN H DN H IN DN IN H DN H USD USD EUR EUR GBP GBP GLG European Alpha Alternative (previously known as GLG European Alpha Alternative UCITS) Shares in issue 1 January 2011 148,818 32,465 2,852,647 314,024 17,163 26,264 Subscriptions for year 122,513 203,969 4,892,033 494,468 16,993 17,600 Redemptions for year (92,381) (90,928) (3,133,044) (326,149) (13,101) (23,026) Shares in issue 31 December 2011 178,950 145,506 4,611,636 482,343 21,055 20,838

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

9. Redeemable Participating Shares (continued)

Class Class Class Class Class Class Number of Shares IL H DN H IN DN IN H DN H USD USD EUR EUR GBP GBP GLG EM Diversified Alternative (previously known as GLG Emerging Markets (UCITS III) Fund) Shares in issue 1 January 2011 5,570 163,842 842,354 223,719 548,691 35,981 Subscriptions for year - 118,084 581,805 152,174 98,070 12,514 Redemptions for year (5,570) (149,324) (1,099,367) (260,043) (438,172) (25,495) Shares in issue 31 December 2011 - 132,602 324,792 115,850 208,589 23,000

Class Class Number of Shares IN H DN H USD SEK GLG EM Diversified Alternative (previously known as GLG Emerging Markets (UCITS III) Fund)

Shares in issue 1 January 2011 276,513 - Subscriptions for year 187,080 1,489 Redemptions for year (336,340) - Shares in issue 31 December 2011 127,253 1,489

Class Class Class Class Class Class Number of Shares IL DN IN H DL H IN H DL H USD USD EUR EUR GBP GBP GLG EM Equity Alternative (previously known as GLG Emerging Markets Equity (UCITS III) Fund)

Shares in issue 1 January 2011 206,850 351 27,064 5,873 - 306 Subscriptions for year - 107,081 174,142 3,074 9,109 - Redemptions for year (16,850) (49) (81,559) (3,074) (9,109) (81) Shares in issue 31 December 2011 190,000 107,383 119,647 5,873 - 225

Class Class Class DN Number of Shares IN DN H H EUR USD GBP GLG EM Equity Alternative (previously known as GLG Emerging Markets Equity (UCITS III) Fund)

Shares in issue 1 January 2011 136,967 5,945 - Subscriptions for year 131,349 43,784 949 Redemptions for year (152,626) (19,558) - Shares in issue 31 December 2011 115,690 30,171 949

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

9. Redeemable Participating Shares (continued)

Class Class Class Class Number of Shares IN DN IN DN USD USD EUR GBP GLG Emerging Markets Equity II (previously known as GLG Emerging Markets Equity II (UCITS III) Fund)

Shares in issue 1 January 2011 50,088 - 15,700 - Subscriptions for year 59,447 200 - 843 Redemptions for year (91,500) - - (200) Shares in issue 31 December 2011 18,035 200 15,700 643

Class Class Class Class Class Class Number of Shares IL H DL H IN DL IN H DL H USD USD EUR EUR GBP GBP GLG EM Currency & Fixed Income Alternative (previously know as GLG

Emerging Markets Fixed Income and Currency (UCITS III) Fund)

Shares in issue 1 January 2011 70,001 8,010 225,113 4,254 42,950 230 Subscriptions for year - - 160,938 150 41,645 24 Redemptions for year (70,001) (5,876) (271,996) (150) (39,566) (30) Shares in issue 31 December 2011 - 2,134 114,055 4,254 45,029 224

Class Class Class Class DN Number of Shares IN H DN DN H H USD USD EUR GBP GLG EM Currency & Fixed Income Alternative (previously know as GLG

Emerging Markets Fixed Income and Currency (UCITS III) Fund)

Shares in issue 1 January 2011 280,290 12,446 48,013 8,419 Subscriptions for year 171,395 24,884 13,336 1,074 Redemptions for year (208,279) (31,234) (33,551) (9,286) Shares in issue 31 December 2011 243,406 6,096 27,798 207

Class Class Class Class Class Class Number of Shares IL H DN H IN IN H DL H IN H USD USD EUR GBP GBP USD GLG EM Credit Opportunity Alternative (previously known as GLG Emerging

Markets Credit Opportunity (UCITS III) Fund)

Shares in issue 1 January 2011 103,315 - 10,914 - 90 232,233 Subscriptions for year - 48,626 29,500 14,898 - - Redemptions for year (103,315) (3,402) (7,000) - (90) (223,391) Shares in issue 31 December 2011 - 45,224 33,414 14,898 - 8,842

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

9. Redeemable Participating Shares (continued)

Class Number of Shares DN H GBP GLG EM Credit Opportunity Alternative (previously known as GLG Emerging Markets Credit Opportunity (UCITS III) Fund) (continued)

Shares in issue 1 January 2011 51 Subscriptions for year - Redemptions for year (51) Shares in issue 31 December 2011 -

Class Class Class Class Class Class DN Number of Shares IN H IN H DN H IN DN H USD USD EUR EUR GBP GBP GLG Alpha Select Alternative (previously known as GLG Alpha Select (UCITS III) Fund)

Shares in issue 1 January 2011 755,671 54,915 1,382,980 221,871 1,688,663 11,376 Subscriptions for year 1,082 170,148 189,604 149 21,846 2,493 Redemptions for year (664,642) (25,432) (1,206,472) (174,544) (504,131) (1,591) Shares in issue 31 December 2011 92,111 199,631 366,112 47,476 1,206,378 12,278

Class Number of Shares IN H JPY GLG Alpha Select Alternative (previously known as GLG Alpha Select (UCITS III) Fund)

Shares in issue 1 January 2011 50,034 Subscriptions for year - Redemptions for year (32,296) Shares in issue 31 December 2011 17,738

Class Class Class Class Class Class Number of Shares IN DN IN H DN H IN H DN H USD USD EUR EUR GBP GBP GLG Atlas Macro Alternative (previously known as GLG Atlas Macro Alternative UCITS)

Shares in issue 1 January 2011 172,720 7,334 150,920 23,816 254,492 67,945 Subscriptions for year 89,972 224,677 281,597 6,580 43,066 17,946 Redemptions for year (188,352) (52,509) (204,736) (21,064) (98,548) (4,527) Shares in issue 31 December 2011 74,340 179,502 227,781 9,332 199,010 81,364

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

9. Redeemable Participating Shares (continued)

Class Class Class Class Class Number of Shares IN DN IN H DN H X USD USD EUR EUR USD GLG North American Equity Alternative (previously known as GLG North American Equity UCITS)

Shares in issue 1 January 2011 - - - - - Subscriptions for year 454,736 179,517 442,966 27,340 250,000 Redemptions for year (71,656) - (193,722) (27,340) (250,000) Shares in issue 31 December 2011 383,080 179,517 249,244 - -

Class Class Class Class Class Class Number of Shares DN H DN DN H DN H DN H DN H USD EUR GBP CHF SEK NOK GLG European Equity Alternative (previously known as GLG Global Equity Alternative UCITS)

Shares in issue 1 January 2011 ------Subscriptions for year 357,239 70,397 1,677 8,210 34,500 29,250 Redemptions for year (35,763) (983) - - - - Shares in issue 31 December 2011 321,476 69,414 1,677 8,210 34,500 29,250

Class Class Class Number of Shares IN H IN IN H USD EUR GBP GLG European Equity Alternative (previously known as GLG Global Equity Alternative UCITS)

Shares in issue 1 January 2011 - - - Subscriptions for year 282,495 578,770 13,108 Redemptions for year - - - Shares in issue 31 December 2011 282,495 578,770 13,108

Number of Shares Class A Class B Class C Class D Class E Class F GLG European Alpha Alternative (previously known as GLG European Alpha Alternative UCITS)

Shares in issue 1 January 2010 49,510 5,189 1,078,043 92,203 2,000 9,527 Subscriptions for year 199,319 33,567 3,063,459 360,822 31,599 20,998 Redemptions for year (100,011) (6,292) (1,288,855) (139,001) (16,436) (4,261) Shares in issue 31 December 2010 148,818 32,465 2,852,647 314,024 17,163 26,264

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

9. Redeemable Participating Shares (continued)

Number of Shares Class A Class B Class C Class D Class E Class F GLG EM Diversified Alternative (previously known as GLG Emerging Markets (UCITS III) Fund)

Shares in issue 1 January 2010 50,000 - 110,400 20,800 8,380 - Subscriptions for year 6,495 237,935 1,088,035 243,191 586,861 36,551 Redemptions for year (50,925) (74,093) (356,081) (40,272) (46,550) (570) Shares in issue 31 December 2010 5,570 163,842 842,354 223,719 548,691 35,981

Number of Shares Class I GLG EM Diversified Alternative (previously known as GLG Emerging Markets (UCITS III) Fund)

Shares in issue 1 January 2010 - Subscriptions for year 567,357 Redemptions for year (290,844) Shares in issue 31 December 2010 276,513

Number of Shares Class A Class B Class C Class D Class E Class F GLG EM Equity Alternative (previously known as GLG Emerging Markets Equity (UCITS III) Fund)

Shares in issue 1 January 2010 190,000 - 7,164 9,817 5,430 330 Subscriptions for year 37,764 351 34,944 145 8,163 26 Redemptions for year (20,914) - (15,044) (4,089) (13,593) (50) Shares in issue 31 December 2010 206,850 351 27,064 5,873 - 306

Number of Shares Class I Class L Class N GLG EM Equity Alternative (previously known as GLG Emerging Markets Equity (UCITS III) Fund)

Shares in issue 1 January 2010 - 872 - Subscriptions for year 189,087 5,173 10 Redemptions for year (52,120) (100) (10) Shares in issue 31 December 2010 136,967 5,945 -

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

9. Redeemable Participating Shares (continued)

Number of Shares Class A Class C GLG Emerging Markets Equity II (previously known as GLG Emerging Markets Equity II (UCITS III) Fund)

Shares in issue 1 January 2010 50,000 - Subscriptions for year 88 15,700 Redemptions for year - - Shares in issue 31 December 2010 50,088 15,700

Number of Shares Class A Class B Class C Class D Class E GLG EM Currency & Fixed Income Alternative (previously know as GLG

Emerging Markets Fixed Income and Currency (UCITS III) Fund)

Shares in issue 1 January 2010 70,001 8,010 - 4,147 - Subscriptions for year - - 241,342 254 43,685 Redemptions for year - - (16,229) (147) (735) Shares in issue 31 December 2010 70,001 8,010 225,113 4,254 42,950

Number of Shares Class F Class I Class J Class L Class N GLG EM Currency & Fixed Income Alternative (previously know as GLG

Emerging Markets Fixed Income and Currency (UCITS III) Fund)

Shares in issue 1 January 2010 280 - - 805 - Subscriptions for year - 310,435 19,981 60,882 9,078 Redemptions for year (50) (30,145) (7,535) (13,674) (659) Shares in issue 31 December 2010 230 280,290 12,446 48,013 8,419

Number of Shares Class A Class C Class F Class I Class N GLG EM Credit Opportunity Alternative (previously known as GLG Emerging

Markets Credit Opportunity (UCITS III) Fund)

Shares in issue 1 January 2010 190,000 - 140 - - Subscriptions for year - 10,914 - 232,233 51 Redemptions for year (86,685) - (50) - - Shares in issue 31 December 2010 103,315 10,914 90 232,233 51

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

9. Redeemable Participating Shares (continued)

Number of Shares Class A Class B Class C Class D Class E GLG Alpha Select Alternative (previously known as GLG Alpha Select (UCITS III) Fund)

Shares in issue 1 January 2010 - - - - - Subscriptions for year 800,179 55,147 1,755,049 226,816 1,730,119 Redemptions for year (44,508) (232) (372,069) (4,945) (41,456) Shares in issue 31 December 2010 755,671 54,915 1,382,980 221,871 1,688,663

Number of Shares Class F Class G GLG Alpha Select Alternative (previously known as GLG Alpha Select (UCITS III) Fund)

Shares in issue 1 January 2010 - - Subscriptions for year 11,634 50,034 Redemptions for year (258) - Shares in issue 31 December 2010 11,376 50,034

Number of Shares Class A Class B Class C Class D Class E GLG Atlas Macro Alternative (previously known as GLG Atlas Macro Alternative UCITS)

Shares in issue 1 January 2010 - - - - - Subscriptions for year 172,720 7334 150,920 23,816 254,492 Redemptions for year - - - - - Shares in issue 31 December 2010 172,720 7,334 150,920 23,816 254,492

Number of Shares Class F GLG Atlas Macro Alternative (previously known as GLG Atlas Macro Alternative UCITS)

Shares in issue 1 January 2010 - Subscriptions for year 67,945 Redemptions for year - Shares in issue 31 December 2010 67,945

As a result of the ability to issue, repurchase and resell Shares, the capital of the Fund can vary depending on the demand for the redemptions and subscription to the Fund. The Fund is not subject to externally imposed capital requirements and has no restrictions on the issue, repurchase or resale of the Shares.

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

9. Redeemable Participating Shares (continued)

The Fund’s objectives for managing capital are:

• To invest the capital in investments meeting the description risk indicated in its Prospectus. • To seek to maintain sufficient liquidity to meet the expenses of the Fund and to meet redemption requests as they arise.

Refer to ‘Risk Associated with Financial Instruments’ (note 11) for the policies and processes applied by the Fund in managing its capital and its obligation to repurchase the Shares.

10. Related Party Transactions

The interests of the Directors in related parties are as follows:

Michael Jackson is a director of the Manager and is a partner in Matheson Ormsby Prentice, Legal Advisers to the Fund. Alun Davies is a director of the Manager of the Fund.

During the year Aniello Bianco, Michael Jackson, Alun Davies and Gerald O’Mahony earned Directors’ fees of €8,000 each. These were paid in July 2011.

At 31 December 2011, GLG EM Diversified Alternative held 8,500 shares in GLG Investments VI Emerging Markets Equity II which had a market value of €664,600. The fund purchased 50,000 shares and sold 41,500 shares during the year.

11. Risk Associated with Financial Instruments

In pursuing their investment objectives referred to in note 1, each of the Portfolios invests in transferable securities with expose the Portfolios to varying risks including market, credit/counterparty and liquidity risks. A description of the specific risks and the policies for managing these risks is included below. Further detail of risks that the Portfolios are exposed to is disclosed in the Prospectus. Fair value is determined in accordance with Accounting Policy note 2(f). The Portfolio Statements of the Fund at the year end on pages 147 to 250 are representative of the type of investments held during the year.

(a) Market price risk

Market risk in the Fund can be categorised into the principal market risk factors detailed below. The Portfolio’s exposure to these factors is measured and monitored using Monte Carlo Value at Risk.

The table below identifies the Value at Risk (“VaR”) calculated on the Portfolio as at 31 December 2011, and the stand alone contribution to the Portfolio VaR from each of the principal risk factors. The VaR measure is a 1 day, 97.72% confidence Monte Carlo VaR, using a historic observation period of six months. This signifies that the Portfolio would not be expected to lose more than the stated amount 97.72% of the time. The results are based on historically observed correlations and volatilities which may not always be an accurate prediction of the future, especially in the current environment of market volatility, and relate only to the positions held as at the close of business on 31 December. These positions inevitably change over time.

GLG European Alpha Alternative (previously known as GLG European Alpha Alternative UCITS Fund)

As of 31 December, the following table represents the Portfolio 1 day VaR as a percentage of Net Assets:

2011 2010 Fund 1 Day VaR as a % of Net Asset 0.23% 0.28%

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

11. Risk Associated with Financial Instruments (continued)

(a) Market price risk (continued)

GLG European Alpha Alternative (previously known as GLG European Alpha Alternative UCITS Fund) (continued)

As of 31 December, the following table represents the Market Risk Factor Stand Alone VaR:

2011 2010 Equity 0.23% 0.29% Volatility 0.01% 0.02%

Cross correlation between risk factors result in a Portfolio VaR number that is less than the sum of the parts.

GLG EM Diversified Alternative (previously known as GLG Emerging Markets (UCITS III) Fund)

As of 31 December, the following table represents the Portfolio 1 day VaR as a percentage of Net Assets:

2011 2010 Fund 1 Day VaR as a % of Net Asset 0.99% 0.32%

As of 31 December, the following table represents the Market Risk Factor Stand Alone VaR:

2011 2010 Equity 0.28% 0.11% Foreign Exchange 0.37% 0.16% Interest Rates 0.36% 0.15% Credit Spread 0.30% 0.17% Volatility 0.15% 0.19%

Cross correlation between risk factors result in a Portfolio VaR number that is less than the sum of the parts.

GLG EM Equity Alternative (previously known as GLG Emerging Markets Equity (UCITS III) Fund)

As of 31 December, the following table represents the Portfolio 1 day VaR as a percentage of Net Assets:

2011 2010 Fund 1 Day VaR as a % of Net Asset 1.33% 0.37%

As of 31 December, the following table represents the Market Risk Factor Stand Alone VaR:

2011 2010 Equity 1.05% 0.20% Foreign Exchange 0.16% 0.05% Interest Rates 0.00% (0.05%) Volatility 0.15% 0.08%

Cross correlation between risk factors result in a Portfolio VaR number that is less than the sum of the parts.

GLG Emerging Markets Equity II (previously known as GLG Emerging Markets Equity II (UCITS III) Fund)

As of 31 December, the following table represents the Portfolio 1 day VaR as a percentage of Net Assets:

2011 2010 Fund 1 Day VaR as a % of Net Asset 3.74% 1.44%

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

11. Risk Associated with Financial Instruments (continued)

(a) Market price risk (continued)

GLG Emerging Markets Equity II (previously known as GLG Emerging Markets Equity II (UCITS III) Fund (continued)

As of 31 December, the following table represents the Market Risk Factor Stand Alone VaR:

2011 2010 Equity 3.75% 1.43% Foreign Exchange 0.44% 0.28% Interest Rates 0.02% 0.02% Credit Spread 0.01% 0.00%

Cross correlation between risk factors result in a Portfolio VaR number that is less than the sum of the parts.

GLG EM Currency & Fixed Income Alternative (previously know as GLG Emerging Markets Fixed Income and Currency (UCITS III) Fund)

As of 31 December, the following table represents the Portfolio 1 day VaR as a percentage of Net Assets:

2011 2010 Fund 1 Day VaR as a % of Net Asset 0.76% 0.32%

As of 31 December, the following table represents the Market Risk Factor Stand Alone VaR:

2011 2010 Foreign Exchange 0.54% 0.18% Interest Rates 0.35% 0.17% Credit Spread 0.01% 0.00% Volatility 0.10% 0.04%

Cross correlation between risk factors result in a Portfolio VaR number that is less than the sum of the parts.

GLG EM Credit Opportunity Alternative (previously known as GLG Emerging Markets Credit Opportunity (UCITS III) Fund)

As of 31 December, the following table represents the Portfolio 1 day VaR as a percentage of Net Assets:

2011 2010 Fund 1 Day VaR as a % of Net Asset 0.02% 0.28%

As of 31 December, the following table represents the Market Risk Factor Stand Alone VaR:

2011 2010 Credit Spread 0.02% 0.13% Foreign Exchange 0.00% 0.01% Interest Rates 0.00% 0.23%

Cross correlation between risk factors result in a Portfolio VaR number that is less than the sum of the parts.

GLG Alpha Select Alternative (previously known as GLG Alpha Select (UCITS III) Fund)

As of 31 December, the following table represents the Portfolio 1 day VaR as a percentage of Net Assets:

2011 2010 Fund 1 Day VaR as a % of Net Asset 0.99% 1.02% 88

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

11. Risk Associated with Financial Instruments (continued)

(a) Market price risk (continued)

GLG Alpha Select Alternative (previously known as GLG Alpha Select (UCITS III) Fund) (continued)

As of 31 December, the following table represents the Market Risk Factor Stand Alone VaR:

2011 2010 Equity 1.01% 0.95% Interest Rates 0.13% 0.00% Credit Spread 0.04% 0.02% Volatility 0.32% 0.06% Commodity 0.15% 0.12%

Cross correlation between risk factors result in a Portfolio VaR number that is less than the sum of the parts.

GLG Atlas Macro Alternative (previously known as GLG Atlas Macro Alternative UCITS)

As of 31 December, the following table represents the Portfolio 1 day VaR as a percentage of Net Assets:

2011 2010 Fund 1 Day VaR as a % of Net Asset 2.01% 0.35%

As of 31 December, the following table represents the Market Risk Factor Stand Alone VaR:

2010 2010 Foreign Exchange 1.88% 0.05% Interest Rates 0.47% 0.10% Credit Spread 0.02% 0.00% Volatility 0.32% 0.29%

Cross correlation between risk factors result in a Portfolio VaR number that is less than the sum of the parts.

GLG North American Equity Alternative (previously known as GLG North American Equity Fund)

As of 31 December, the following table represents the Portfolio 1 day VaR as a percentage of Net Assets:

2011 Fund 1 Day VaR as a % of Net Asset 1.47%

As of 31 December, the following table represents the Market Risk Factor Stand Alone VaR:

2011 Equity 1.50% Foreign Exchange 0.02% Interest Rates 0.02% Credit Spread 0.08% Volatility 0.13%

Cross correlation between risk factors result in a Portfolio VaR number that is less than the sum of the parts.

No comparative figures have been presented for 31 December 2010 as the Portfolio commenced operations on 5 January 2011.

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

11. Risk Associated with Financial Instruments (continued)

(a) Market price risk (continued)

GLG European Equity Alternative (previously known as GLG Global Equity Alternative UCITS) (continued)

As of 31 December, the following table represents the Portfolio 1 day VaR as a percentage of Net Assets:

2011 Fund 1 Day VaR as a % of Net Asset 0.83%

As of 31 December, the following table represents the Market Risk Factor Stand Alone VaR:

2011 Commodity 0.02% Equity 0.85% Volatility 0.08% Foreign Exchange 0.01% Credit Spread 0.03% Interest Rates 0.02%

Cross correlation between risk factors result in a Portfolio VaR number that is less than the sum of the parts.

No comparative figures have been presented for 31 December 2010 as the Portfolio commenced operations on 26 July 2011.

(i) Interest rate risk A Portfolio of the Fund may hold investments in fixed interest bearing securities. Any change to the interest rate for particular securities may result in income either increasing or decreasing. Prices of securities held will be impacted by domestic rates of interest. The Fund’s performance, therefore, will depend in part on its ability to anticipate and respond to such fluctuations in market interest rates, and to utilise appropriate strategies to maximise returns to the Portfolios, whilst attempting to minimise the associated risks to its investment capital.

The interest rate profile of the Fund’s investment in securities as at 31 December was as follows:

GLG European Alpha Alternative (previously known as GLG European Alpha Alternative UCITS Fund) There was no exposure to interest bearing securities at 31 December 2011 and 31 December 2010, except cash balances which are subject to agreed prevailing rates with each broker.

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

11. Risk Associated with Financial Instruments (continued)

(a) Market price risk (continued)

(i) Interest rate risk (continued)

GLG EM Diversified Alternative (previously known as GLG Emerging Markets (UCITS III) Fund) Fixed interest Floating interest Non-interest Currency bearing securities bearing securities bearing securities Total 2011 2011 2011 2011 € € € € Australian Dollar (AUD) - - (648,150) (648,150) Chilian Peso (CLP) - - 8,799 8,799 Chinese Yuan Renminbi (CNY) - - 281,790 281,790 Euro (€) 4,291,265 1,593,276 (1,827,437) 4,057,104 Hong kong dollar (HKD) - - 1,207,015 1,207,015 Indian Rupee (INR) - - 977 977 Israeli Shekel (ILS) - - (114,171) (114,171) Korean Won (KRW) - - (16,144) (16,144) Mexican Nuevo Peso (MXN) - - (81,766) (81,766) Polish Zloty (PLN) - - 22,525 22,525 Pound Sterling (GBP) 413,172 - 767,890 1,181,062 South African Rand (ZAR) - - 210,379 210,379 Swedish Krona (SEK) - - 639 639 Turkish Yeni (TRY) - - 388,034 388,034 US Dollar (US$) 22,800,401 5,022,604 1,343,670 29,166,675 27,504,838 6,615,880 1,544,050 35,664,768

GLG EM Diversified Alternative (previously known as GLG Emerging Markets (UCITS III) Fund)

Fixed interest Non-interest Currency bearing securities bearing securities Total 2010 2010 2010 € € € Argentine Peso (ARS) 815,196 - 815,196 Brazilian Real (BRL) - (392,475) (392,475) Chilian Peso (CLP) - 19,209 19,209 Chinese Yuan Renminbi (CNY) - 60,547 60,547 Euro (€) 480,596 1,309,126 1,789,722 Hong kong dollar (HKD) 6,318,916 4,037,728 10,356,644 Hungarian Forint (HUF) - 30,127 30,127 Japanese Yen (JPY) - 1,498,881 1,498,881 Korean Won (KRW) - 14,103 14,103 Mexican Nuevo Peso (MXN) - (70,757) (70,757) Polish Zloty (PLN) - 236,578 236,578 Pound Sterling (GBP) - (1,289,000) (1,289,000) Singapore Dollar (SGD) - 61,873 61,873 South African Rand (ZAR) - 729,661 729,661 US Dollar (US$) 504,104 5,203,070 5,707,174 8,118,812 11,448,671 19,567,483

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

11. Risk Associated with Financial Instruments (continued)

(a) Market price risk (continued)

(i) Interest rate risk (continued)

GLG EM Equity Alternative (previously known as GLG Emerging Markets Equity (UCITS III) Fund) There was no exposure to fixed interest bearing securities at 31 December 2011 and 31 December 2010, except cash balances which are subject to agreed prevailing rates with each broker.

GLG Emerging Markets Equity II (previously known as GLG Emerging Markets Equity II (UCITS III) Fund) There was no exposure to fixed interest bearing securities at 31 December 2011 and 31 December 2010, except cash balances which are subject to agreed prevailing rates with each broker.

GLG EM Currency & Fixed Income Alternative (previously know as GLG Emerging Markets Fixed Income and Currency (UCITS III) Fund) There was no exposure to fixed interest bearing securities at 31 December 2011 and 31 December 2010, except cash balances which are subject to agreed prevailing rates with each broker.

GLG EM Credit Opportunity Alternative (previously known as GLG Emerging Markets Credit Opportunity (UCITS III) Fund) There was no exposure to fixed interest bearing securities at 31 December 2011, except cash balances which are subject to agreed prevailing rates with each broker.

GLG EM Credit Opportunity Alternative (previously known as GLG Emerging Markets Credit Opportunity (UCITS III) Fund) (continued) Fixed interest Non-interest Currency bearing securities bearing securities Total 2010 2010 2010 € € € Argentine Peso (ARS) 741,088 - 741,088 Brazilian Real (BRL) 436,905 3,795 440,700 Euro (€) - (175,276) (175,276) Pound Sterling (GBP) - (232) (232) US Dollar (US$) - (125,422) (125,422) 1,177,993 (297,135) 880,858

GLG Alpha Select Alternative (previously known as GLG Alpha Select (UCITS III) Fund) Fixed interest Floating interest Non-interest Currency bearing securities bearing securities bearing securities Total 2011 2011 2011 2011 £ £ £ £ Euro (€) - - (537,091) (537,091) Japanese Yen (JPY) 1,639,934 298,130 8,286,487 10,224,551 Pound Sterling (GBP) - - 5,193,664 5,193,664 US Dollar (US$) - - 13,460 13,460 1,639,934 298,130 12,956,520 14,894,584

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

11. Risk Associated with Financial Instruments (continued)

(a) Market price risk (continued)

(i) Interest rate risk (continued) GLG Alpha Select Alternative (previously known as GLG Alpha Select (UCITS III) Fund) Fixed interest Floating interest Non-interest Currency bearing securities bearing securities bearing securities Total 2010 2010 2010 2010 £ £ £ £ Euro (€) - - 129,285 129,285 Pound Sterling (GBP) 2,005,842 317,349 2,638,739 4,961,930 US Dollar (US$) - - 24,615,426 24,615,426 2,005,842 317,349 27,383,450 29,706,641

GLG Atlas Macro Alternative (previously known as GLG Atlas Macro Alternative UCITS) Fixed interest Floating interest Non-interest Currency bearing securities bearing securities bearing securities Total 2011 2011 2011 2011 US$ US$ US$ US$ Australian Dollar(AUD) - - 73,826 73,826 Brazilian Real (BRL) - - (693,388) (693,388) Euro (€) - - (620,771) (620,771) Japanese Yen (JPY) - - 101,001 101,001 Pound Sterling (GBP) - - 3,275,338 3,275,338 Swiss Franc (CHF) - - (98,408) (98,408) US Dollar (US$) 745,170 - (793,116) (47,946) 745,170 - 1,244,482 1,989,652

There was no exposure to fixed interest bearing securities at 31 December 2010.

GLG North American Equity Alternative (previously known as GLG North American Equity UCITS) There was no exposure to fixed interest bearing securities at 31 December 2011 and no comparative figures have been presented for 31 December 2010 as the Portfolio commenced operations on 5 January 2011, except cash balances which are subject to agreed prevailing rates with each broker.

GLG European Equity Alternative (previously known as GLG Global Equity Alternative UCITS) Fixed interest bearing Floating interest Non-interest Currency securities bearing securities bearing securities Total 2011 2011 2011 2011 € € € € Australian Dollar(AUD) - - (47,358) (47,358) Canadian Dollar (CAD) - - 323,309 323,309 Danish Krone (DKK) - - 258,587 258,587 Euro (€) 1,379,105 - (120,120) 1,258,985 Hong Kong Dollar (HKD) - - 112,777 112,777 Hungarian Forint (HUF) - - 11,095 11,095 Israeli Shekel (ILS) - - 16,137 16,137 Norwegian Krone (NOK) - - 1,043,416 1,043,416

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

11. Risk Associated with Financial Instruments (continued)

(a) Market price risk (continued)

(i) Interest rate risk (continued) GLG European Equity Alternative (previously known as GLG Global Equity Alternative UCITS)(continued) Pound Sterling (GBP) 130,118 - 3,054,071 3,184,189 Swedish Krona (SEK) - - 55,349 55,349 Swiss Franc (CHF) - - (85,980) (85,980) Turkish Yeni (TRY) - - 140,803 140,803 US Dollar (US$) - - 16,285,439 16,285,439 1,509,223 - 21,047,525 22,556,748

No comparative figures have been presented for 31 December 2010 as the Portfolio commenced operations on 26 July 2011.

(ii) Foreign currency risk Foreign currency risk exists where assets and liabilities are denominated in currencies other than the functional currency, and also on non-functional currency redeemable participating shares. The Fund uses forward currency contracts for the purpose of economically hedging its foreign currency risk exposure. Details of forward currency contracts at the year end are disclosed in the Portfolio Statements attached to these financial statements.

At the year end the net currency exposure of the Fund after hedging was as follows:

GLG Performance (UCITS III) Fund 2011 2010 Currency US$ US$ Australian Dollar (AUD) 2 2 Euro (€) - 984 Norwegian Krone (NOK) (5) (5) Pound Sterling (GBP) (2) (2) Swiss Franc (CHF) (3) (3) US Dollar (US$) 8 (976) - -

GLG European Equity (UCITS III) Fund 2011 2010 Currency € € Euro (€) (31,397) 61,023 Pound Sterling (GBP) 428 418 Swiss Franc (CHF) 36 35 US Dollar (US$) 30,933 (61,476) - -

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

11. Risk Associated with Financial Instruments (continued)

(a) Market price risk (continued)

(ii) Foreign currency risk (continued)

GLG European Alpha Alternative (previously known as GLG European Alpha Alternative UCITS) 2011 2010 Currency € € Danish Krone (DKK) 138,566 (873,655) Euro (€) 561,328,910 343,581,175 Norwegian Krone (NOK) (2,243,664) 79,297 Pound Sterling (GBP) 5,846,348 6,031,493 Swedish Krona (SEK) 2,744,823 543,553 Swiss Franc (CHF) (501,710) 273,241 US Dollar (US$) 25,183,018 13,528,364 592,496,291 363,163,469

GLG EM Diversified Alternative (previously known as GLG Emerging Markets (UCITS III) Fund) 2011 2010 Currency € € Argentine Peso (ARS) - 827,885 Australian Dollar (AUD) 2,096,278 20,330 Brazilian Real (BRL) - (392,476) Canadian Dollar (CAD) 1 (610) Chilean Peso (CLP) 8,798 19,209 Chinese Yuan Renminbi (CNY) 1,155,556 60,548 Czech Koruna (CZK) 1 - Euro (€) 39,071,746 120,118,406 Hong Kong Dollar (HKD) 1,299,114 1,431,988 Hungarian Forint (HUF) - (3,966,808) Indian Rupee (INR) 4,756 - Indonesian Rupiah (IDR) (27,198) - Israeli Shekel (ILS) (114,171) (6,044,005) Japanese Yen (JPY) (57,252) 516,412 Korean Won (KRW) (16,144) 14,103 Mexican Nuevo Peso (MXN) 816,490 (5,519,631) New Zealand Dollar (NZD) 2 3,164 Polish Zloty (PLN) (216,360) 5,136,122 Pound Sterling (GBP) 24,308,362 71,900,381 Russian Rouble (RUB) 796,263 - Singapore Dollar (SGD) 804,047 296,524 South African Rand (ZAR) 2,320,742 (3,276,266) Swedish Krona (SEK) 16,784 - Swiss Franc (CHF) (1) (3) Taiwan Dollar (TWD) - 16,511,853 Turkish Yeni (TRY) 5,986,930 17,405,239 Ukraine Hryvna (UAH) - 125,586 US Dollar (US$) 3,260,587 4,118,034 81,515,331 219,305,985

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

11. Risk Associated with Financial Instruments (continued)

(a) Market price risk (continued)

(ii) Foreign currency risk (continued)

GLG EM Equity Alternative (previously known as GLG Emerging Markets Equity (UCITS III) Fund) 2011 2010 Currency US$ US$ Australian Dollar (AUD) 1,403,652 (1) Canadian Dollar (CAD) (1) (1) Euro (€) 22,218,935 6,374,792 Hong Kong Dollar (HKD) (3,755) 5,599,836 Hungarian Forint (HUF) - (1,040,730) Israeli Shekel (ILS) - (677,066) Japanese Yen (JPY) - 310,576 Mexican Nuevo Peso (MXN) 677,074 (66,786) Philippine Peso (PHP) (1) - Polish Zloty (PLN) (142,517) (262,779) Pound Sterling (GBP) 168,224 (238,902) Russian Rouble (RUB) 680,104 - Singapore Dollar (SGD) 685,485 22 South African Rand (ZAR) 1,360,409 (508,488) Swiss Franc (CHF) (1) - Turkish Yeni (TRY) (2,770) 2,348,687 US Dollar (US$) 41,019,790 31,753,789 68,064,628 43,592,951

GLG Emerging Markets Equity II (previously known as GLG Emerging Markets Equity II (UCITS III) Fund) 2011 2010 Currency € € Canadian Dollar (CAD) 17,096 - Euro (€) 1,696,376 5,152,243 Hong Kong Dollar (HKD) (271,238) (116,785) Pound Sterling (GBP) (113) (192) Swedish Krona (SEK) (17,100) - US Dollar (US$) 1,495,171 1,600,753 2,920,192 6,636,019

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

11. Risk Associated with Financial Instruments (continued)

(a) Market price risk (continued)

(ii) Foreign currency risk (continued)

GLG EM Currency & Fixed Income Alternative (previously know as GLG Emerging Markets Fixed Income and Currency (UCITS III) Fund) 2011 2010 Currency € € Australian Dollar (AUD) 113,559 - Brazilian Real (BRL) - (348,350) Canadian Dollar (CAD) (4) (62,908) Chilian Peso (CLP) 163,137 173,317 Czech Koruna (CZK) (1) - Euro (€) 12,295,795 29,598,399 Hong Kong Dollar (HKD) - 167,264 Hungarian Forint (HUF) - (1,372,558) Indonesian Rupiah (IDR) (99,272) - Israeli Shekel (ILS) (60,248) (1,704,829) Japanese Yen (JPY) 84,339 (94,245) Korean Won (KRW) (14,207) 51,495 Mexican Nuevo Peso (MXN) 3,560,551 741,407 New Zealand Dollar (NZD) 3 - Polish Zloty (PLN) 1,568,895 3,138,941 Pound Sterling (GBP) 6,903,360 6,452,275 Singapore Dollar (SGD) - (62,009) South African Rand (ZAR) 451,179 (1,091,092) Swiss Franc (CHF) - 169,910 Turkish Yeni (TRY) 7,079,607 6,871,503 Ukraine Hryvna (UAH) - 20,931 US Dollar (US$) 9,952,095 23,814,723 41,998,788 66,464,174

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

11. Risk Associated with Financial Instruments (continued)

(a) Market price risk (continued)

(ii) Foreign currency risk (continued)

GLG EM Credit Opportunity Alternative (previously known as GLG Emerging Markets Credit Opportunity (UCITS III) Fund) 2011 2010 Currency € € Argentine Peso (ARS) - 758,267 Australian Dollar (AUD) - (46,060) Brazilian Real (BRL) - 3,795 Canadian Dollar (CAD) - 1,328 Euro (€) 3,591,282 1,015,741 Hong Kong Dollar (HKD) - 11,888 Israeli Shekel (ILS) - (110,287) Japanese Yen (JPY) (2) 4,890 Kazakhstan Tenge (KZT) - (26,768) Mexican Nuevo Peso (MXN) - 72,248 New Zealand Dollar (NZD) - 8,696 Polish Zloty (PLN) - 776 Pound Sterling (GBP) 1,873,736 18,255 Singapore Dollar (SGD) (1) (16,783) South African Rand (ZAR) (1) (36,512) Turkish Yeni (TRY) 1 1,759 US Dollar (US$) 4,433,215 26,801,584 9,898,236 28,462,816

GLG Alpha Select Alternative (previously known as GLG Alpha Select (UCITS III) Fund) 2011 2010 Currency £ £ Australian Dollar (AUD) (1) - Euro (€) 32,413,750 144,391,676 Hong Kong Dollar (HKD) - 160,306 Japanese Yen (JPY) 1,101,895 4,005,985 Pound Sterling (GBP) 111,368,673 171,537,921 Swiss Franc (CHF) 1 (3,136) US Dollar (US$) 17,769,817 55,611,395 162,654,135 375,704,147

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

11. Risk Associated with Financial Instruments (continued)

(a) Market price risk (continued)

(ii) Foreign currency risk (continued)

GLG Atlas Macro Alternative (previously known as GLG Atlas Macro Alternative UCITS) 2011 2010 Currency US$ US$ Australian Dollar (AUD) (24,930,874) - Brazilian Real (BRL) (685,662) 376,510 Canadian Dollar (CAD) 3 - Chinese Yuan Renminbi (CNY) (17,696) (48,188) Euro (€) (43,760,072) 21,814,082 Hong Kong Dollar (HKD) 58,468,805 30,286,569 Indian Rupee (INR) (27,339) - Japanese Yen (JPY) (31,018) 988 Norwegian Krone (NOK) (882,652) - Pound Sterling (GBP) 39,621,087 48,743,807 Singapore Dollar (SGD) 3 1 Swedish Krona (SEK) (3,001,560) - Swiss Franc (CHF) (10,600,171) - US Dollar (US$) 77,817,636 (13,160,858) 91,970,489 88,012,910

GLG North American Equity Alternative (previously known as GLG North American Equity UCITS) 2011 Currency US$ Canadian Dollar (CAD) 535,655 Danish Krone (DKK) (701) Euro (€) 28,080,601 Hong Kong Dollar (HKD) (1) Norwegian Krone (NOK) (1) Pound Sterling (GBP) 39,809 Swedish Krona (SEK) (8,202) Swiss Franc (CHF) 4,619 Turkish Yeni (TRY) 78,964 US Dollar (US$) 50,516,254 79,246,997

No comparative figures have been presented for 31 December 2010 as the Portfolio commenced operations on 5 January 2011.

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

11. Risk Associated with Financial Instruments (continued)

(a) Market price risk (continued)

(ii) Foreign currency risk (continued)

GLG European Equity Alternative (previously known as GLG Global Equity Alternative UCITS) 2011 Currency € Australian Dollar (AUD) (27,637) Canadian Dollar (CAD) 331,006 Danish Krone (DKK) 751,622 Euro (€) 63,730,926 Hong Kong Dollar (HKD) (197,550) Hungarian Forint (HUF) 10,747 Israeli Shekel (ILS) 15,975 Korean Won (KRW) 8 Norwegian Krone (NOK) 886,065 Pound Sterling (GBP) 2,836,393 Swedish Krona (SEK) 322,943 Swiss Franc (CHF) 576,105 Turkish Yeni (TRY) 142,655 US Dollar (US$) 47,168,985 116,548,243

No comparative figures have been presented for 31 December 2010 as the Portfolio commenced operations on 26 July 2011.

(iii) Other price risk Other market price risks arise mainly from uncertainty about future prices of financial instruments held. They represent the potential loss the Fund might suffer through holding market positions in the face of price movements caused by factors specific to the individual investment or factors affecting all instruments traded in the market.

(b) Credit/counterparty risk The Fund is exposed to credit/counterparty risk on parties with whom it trades and bears the risk of settlement default. Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered into with the Fund. For example, it represents the financial risk associated with a security issuer (either Government or Corporate) failing to discharge an obligation or commitment, or filing for bankruptcy. The Fund seeks to reduce concentrations of credit risk by undertaking transactions with several customers and counterparties on recognised and reputable exchanges. The Fund only buys and sells investments through brokers which have been approved by the Investment Manager as an acceptable counterparty.

Financial assets which potentially expose the Fund to counterparty credit risk consist principally of investments in cash balances and deposits with and receivables from brokers and other receivables. The extent of the Fund’s exposure to counterparty credit risk in respect of these financial assets approximates their carrying value as recorded in the Fund’s Statement of Assets and Liabilities. In addition, where the Fund borrows cash to finance leveraged investments, additional collateral is lodged with the counterparty to provide them with security for potential adverse movements in the collateral.

100

GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

11. Risk Associated with Financial Instruments (continued)

(b) Credit/counterparty risk (continued) Whilst most finance providers afford some segregated protection for this collateral, this facility may not always be available to the Fund, and consequently can expose the Fund to the credit worthiness of the counterparty. Credit risk also arises on transactions with brokers related to transactions awaiting settlement. Risks relating to unsettled transactions are considered small due to the short settlement period involved and the high credit quality of the brokers used. Broker balances are primarily due from large reputable institutions and are, thus, considered at minimal risk for default. As delivery versus payment is the standard procedure for trade settlements, there is no significant credit risk arising from transactions settlements.

GLG Performance (UCITS III) Fund As at 31 December 2011 the value of Portfolio’s assets with counterparties other than principal custodian was US$17 (2010: US$93,014).

GLG European Equity (UCITS III) Fund As at 31 December 2011 the value of Portfolio’s assets with counterparties other than principal custodian was €2,817 (2010: €62,048).

GLG European Alpha Alternative (previously known as GLG European Alpha Alternative UCITS Fund) As at 31 December 2011 the value of Portfolio’s assets with counterparties other than principal custodian was €111,512,587 (2010: €62,365,713).

GLG EM Diversified Alternative (previously known as GLG Emerging Markets (UCITS III) Fund) As at 31 December 2011 the value of Portfolio’s assets with counterparties other than principal custodian was €22,097,825 (2010: €27,355,051).

GLG EM Equity Alternative (previously known as GLG Emerging Markets Equity (UCITS III) Fund) As at 31 December 2011 the value of Portfolio’s assets with counterparties other than principal custodian was US$12,982,198 (2010: US$10,097,151).

GLG Emerging Markets Equity II (previously known as GLG Emerging Markets Equity II (UCITS III) Fund) As at 31 December 2011 the value of Portfolio’s assets with counterparties other than principal custodian was €210,097 (2010: €357,143).

GLG EM Currency & Fixed Income Alternative (previously know as GLG Emerging Markets Fixed Income and Currency (UCITS III) Fund) As at 31 December 2011 the value of Portfolio’s assets with counterparties other than principal custodian was €5,436,717 (2010: €4,886,372).

GLG EM Credit Opportunity Alternative (previously known as GLG Emerging Markets Credit Opportunity (UCITS III) Fund) As at 31 December 2011 the value of Portfolio’s assets with counterparties other than principal custodian was €276,495 (2010: €6,362,134).

GLG Alpha Select Alternative (previously known as GLG Alpha Select (UCITS III) Fund) As at 31 December 2011 the value of Portfolio’s assets with counterparties other than principal custodian was £3,711,027 (2010: £37,640,650).

GLG Atlas Macro Alternative (previously known as GLG Atlas Macro Alternative UCITS) As at 31 December 2011 the value of Portfolio’s assets with counterparties other than principal custodian was US$15,898,702 (2010: US$15,035,334).

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GLG INVESTMENTS VI PLC

Notes to the Financial Statements for the year ended 31 December 2011 (continued)

11. Risk Associated with Financial Instruments (continued)

(b) Credit/counterparty risk (continued) GLG North American Equity Alternative (previously known as GLG North American Equity UCITS) As at 31 December 2011 the value of Portfolio’s assets with counterparties other than principal custodian was US$6,887,370 (2010: n/a).

GLG European Equity Alternative (previously known as GLG Global Equity Alternative UCITS) As at 31 December 2011 the value of Portfolio’s assets with counterparties other than principal custodian was €9,109,910 (2010: n/a).

As at 31 December 2011 the majority of the Fund’s assets were held with The Bank of New York Mellon (London), JP Morgan Clearing Corp, Barclays Bank, Goldman Sachs International, Nomura, UBS AG, Deutsche Bank AG, Bank of America Merrill Lynch, Credit Suisse Securities (Europe) Limited and Morgan Stanley & Co. International Plc, HSBC and Newedge. All these counterparties are considered by the Fund to be highly rated and reputable institutions and, thus, the credit risk exposure is considered to not be significant.

The following tables analyse the Fund’s maximum exposure to credit risk. The maximum exposure is shown gross, before the effect of mitigation through the use of master-netting and collateral agreements at the reporting date.

GLG Performance (UCITS III) Fund 2011 2010 US$ US$ Cash 976 990 Due from brokers 47,642 93,026 48,618 94,016

GLG European Equity (UCITS III) Fund 2011 2010 € € Cash 10,134 10,104 Due from brokers 42,459 62,127 52,593 72,231

GLG European Alpha Alternative (previously known as GLG European Alpha Alternative UCITS Fund) 2011 2010 € € Cash 367,360,175 233,507,324 Contracts for difference - 69,582,079 Derivatives financial assets 7,194,106 1,547,279 Dividend receivable 1,33,671 - Due from brokers 111,535,699 91,615,907 Interest receivable 2,075 1,686 Other receivables - 29,060 486,225,726 396,283,335

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11. Risk Associated with Financial Instruments (continued)

(b) Credit/counterparty risk (continued)

GLG EM Diversified Alternative (previously known as GLG Emerging Markets (UCITS III) Fund) 2011 2010 € € Cash 42,737,151 175,309,681 Derivatives financial assets 16,192,293 29,061,165 Dividend receivable 705,508 - Due from brokers 23,280,691 30,075,849 Interest bearing securities 34,120,718 8,118,812 Interest receivable - 126,103 Other receivables 8,426 101,792 117,044,787 242,793,402

GLG EM Equity Alternative (previously known as GLG Emerging Markets Equity (UCITS III) Fund) 2011 2010 US$ US$ Cash 50,879,446 32,203,756 Derivatives financial assets 1,679,364 2,700,002 Dividend receivable 13,528 20,039 Due from brokers 13,353,667 7,278,843 Interest receivable 115 123 Other receivables 1,372 1,184 65,927,492 42,203,947

GLG Emerging Markets Equity II (previously known as GLG Emerging Markets Equity II (UCITS III) Fund) 2011 2010 € € Cash 1,722,750 4,417,513 Derivatives financial assets 13,483 361,063 Due from brokers 227,197 357,143 Interest receivable 8 19 Other receivables 224 21 1,963,662 5,135,759

GLG EM Currency & Fixed Income Alternative (previously know as GLG Emerging Markets Fixed Income and Currency (UCITS III) Fund) 2011 2010 € € Cash 36,437,756 63,061,749 Derivatives financial assets 3,466,842 1,695,630 Due from brokers 5,513,957 4,843,817 Interest receivable 174 453 Other receivables 2,614 128 Subscriptions receivable - 142,117 45,421,343 69,743,894

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

11. Risk Associated with Financial Instruments (continued)

(b) Credit/counterparty risk (continued)

GLG EM Credit Opportunity Alternative (previously known as GLG Emerging Markets Credit Opportunity (UCITS III) Fund) 2011 2010 € € Cash 9,628,805 26,463,466 Derivatives financial assets 197,990 2,757,310 Due from brokers 276,496 1,297,834 Interest bearing securities - 1,177,993 Interest receivable 28 16,493 Other receivables 953 - 10,104,272 31,713,096

GLG Alpha Select Alternative (previously known as GLG Alpha Select (UCITS III) Fund) 2011 2010 £ £ Cash 149,848,134 311,040,648 Derivatives financial assets 14,241,851 35,536,235 Dividend receivable 44,623 - Due from brokers 7,414,275 37,826,355 Interest bearing securities 1,938,064 2,323,191 Other receivables 388,558 48,067 173,875,505 386,774,496

GLG Atlas Macro Alternative (previously known as GLG Atlas Macro Alternative UCITS) 2011 2010 US$ US$ Cash 74,289,662 76,358,273 Derivatives financial assets 16,895,559 7,068,136 Due from brokers 15,898,726 7,959,512 Interest bearing securities 745,170 - Interest receivable - 55,925 Other receivables 680,367 198 108,509,484 91,442,044

GLG North American Equity Alternative (previously known as GLG North American Equity UCITS) 2011 US$ Cash 53,296,047 Derivatives financial assets 4,104,239 Due from brokers 8,918,321 Interest receivable 109 Other receivables 73,629 66,392,345

No comparative figures have been presented for 31 December 2010 as the Portfolio commenced operations on 5 January 2011. 104

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

11. Risk Associated with Financial Instruments (continued)

(b) Credit/counterparty risk (continued)

GLG European Equity Alternative (previously known as GLG Global Equity Alternative UCITS) 2011 € Cash 85,774,904 Contract for differences 785,026 Derivatives financial assets 10,821,713 Due from brokers 10,242,564 Interest bearing securities 1,843,011 Other receivables 57,868 109,525,086

No comparative figures have been presented for 31 December 2010 as the Portfolio commenced operations on 26 July 2011.

The below tables show the breakdown by credit spread of all credit securities held in the portfolio. The “credit spread” is the measure which reflects the difference in yield of a credit security relative to an assumed credit risk-free security. For some security classes, the credit spread is the quotation method used by the market. For others, the credit spread is implied from the market price.

GLG EM Diversified Alternative (previously known as GLG Emerging Markets (UCITS III) Fund) % Net Asset Value % Net Asset Value Spread 2011 2010 0-25 3.85% - 25-100 - 86.14% 100-200 2.84% 8.26% 200-300 3.51% 0.57% 300-400 7.45% - 400-500 7.06% - 500-700 17.39% 4.68% 700-1000 11.18% - 1000-3000 34.52% 0.34% 3000-5000 12.20% - >5000 - - 100.00% 100.00%

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

11. Risk Associated with Financial Instruments (continued)

(b) Credit/counterparty risk (continued)

GLG EM Credit Opportunity Alternative (previously known as GLG Emerging Markets Credit Opportunity (UCITS III) Fund) % Net Asset Value % Net Asset Value Spread 2011 2010 0-25 - - 25-100 - 75.32% 100-200 - 17.26% 200-300 - 3.85% 300-400 - - 400-500 - - 500-700 - 3.57% 700-1000 - - 1000-3000 - - 3000-5000 - - >5000 - - - 100.00%

GLG Alpha Select Alternative (previously known as GLG Alpha Select (UCITS III) Fund) % Net Asset Value % Net Asset Value Spread 2011 2010 0-25 - - 25-100 - - 100-200 - - 200-300 - - 300-400 - - 400-500 - - 500-700 - 85.74% 700-1000 16.07% 14.26% 1000-3000 83.93% - 3000-5000 - - >5000 - - 100.00% 100.00%

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11. Risk Associated with Financial Instruments (continued)

(b) Credit/counterparty risk (continued)

GLG Atlas Macro Alternative (previously known as GLG Atlas Macro Alternative UCITS)

% Net Asset Value % Net Asset Value Spread 2011 2010 0-25 - - 25-100 - - 100-200 - - 200-300 - - 300-400 - - 400-500 - - 500-700 - 85.74% 700-1000 - 14.26% 1000-3000 - - 3000-5000 - - >5000 100.00% - 100.00% 100.00%

GLG North American Equity Alternative (previously known as GLG North American Equity UCITS) % Net Asset Value % Net Asset Value Spread 2011 2010 0-25 - - 25-100 - - 100-200 - - 200-300 - - 300-400 - - 400-500 - - 500-700 60.35% 85.74% 700-1000 - 14.26% 1000-3000 39.65% - 3000-5000 - - >5000 - - 100.00% 100.00%

The following tables analyse all the securities held in the Fund’s portfolios by geographical distribution:

GLG European Alpha Alternative (previously known as GLG European Alpha Alternative UCITS Fund) 2011 2010 European Union (excluding United Kingdom) 96% 44% Switzerland 2% 13% United Kingdom 1% 41% Norway 1% 2% 100% 100%

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11. Risk Associated with Financial Instruments (continued)

(b) Credit/counterparty risk (continued)

GLG EM Diversified Alternative (previously known as GLG Emerging Markets (UCITS III) Fund) 2011 2010 European Union (excluding United Kingdom) 38% 10% Cayman Islands 14% 16% United Kingdom 13% - Brazil 8% 8% Bermuda 7% - Kazakhstan 6% - Jersey Channel Islands 4% 5% China 3% 7% United Arab Emirates 3% - Canada 1% - Hong Kong 1% 7% Russia 1% 12% South Africa 1% 3% Turkey 1% - United States (1%) 5% Mexico - 14% Japan - 7% Argentina - 4% Ivory Coast - 2% 100% 100%

GLG EM Equity Alternative (previously known as GLG Emerging Markets Equity (UCITS III) Fund) 2011 2010 United States 91% - Brazil 14% 30% European Union (excluding United Kingdom) (5%) 5% Japan - 33% Russia - 23% South Africa - 6% Egypt - 3% 100% 100%

GLG Emerging Markets Equity II (previously known as GLG Emerging Markets Equity II (UCITS III) Fund) 2011 2010 China 51% 29% South Korea 15% 9% Brazil 14% 11% Russia 12% 9% India 7% 5% Hong Kong 3% 8% European Union (excluding United Kingdom) (2%) 15% United States - 14% 100% 100%

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

11. Risk Associated with Financial Instruments (continued)

(b) Credit/counterparty risk (continued)

GLG EM Currency & Fixed Income Alternative (previously know as GLG Emerging Markets Fixed Income and Currency (UCITS III) Fund) 2011 2010 United States 98% 93% Mexico 73% 4% Israel 26% - South Korea 6% (9%) Chile (70%) (29%) Australia (16%) - South Africa (9%) (7%) European Union (excluding United Kingdom) (8%) 4% Brazil - 58% Singapore - 10% United Kingdom - 4% Switzerland - (28%) 100% 100%

GLG EM Credit Opportunity Alternative (previously known as GLG Emerging Markets Credit Opportunity (UCITS III) Fund) 2011 2010 Argentina - 52% European Union (excluding United Kingdom) - 27% United States of America - 21% - 100%

GLG Alpha Select Alternative (previously known as GLG Alpha Select (UCITS III) Fund) 2011 2010 United Kingdom 54% 3% United States 32% 6% China 16% - Switzerland 2% 1% European Union (excluding United Kingdom) (4%) (3%) Jersey - 92% Guernsey - 1% 100% 100%

GLG Atlas Macro Alternative (previously known as GLG Atlas Macro Alternative UCITS) 2011 2010 United Kingdom 64% 84% Hong Kong 15% - United States 14% 7% British Virgin 13% - European Union (excluding United Kingdom) 5% - Japan 2% - Australia 1% - Brazil (12%) 9% Switzerland (2%) - 100% 100% 109

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

11. Risk Associated with Financial Instruments (continued)

(b) Credit/counterparty risk (continued)

GLG North American Equity Alternative (previously known as GLG North American Equity UCITS) 2011 United States 79% European Union (excluding United Kingdom) 16% Canada 2% Hong Kong 2% Turkey 1% United Kingdom 1% 100%

No comparative figures have been presented for 31 December 2010 as the Portfolio commenced operations on 5 January 2011.

GLG European Equity Alternative (previously known as GLG Global Equity Alternative UCITS) 2011 United States 71% United Kingdom 14% Norway 5% Canada 3% European Union (excluding United Kingdom) 3% Hong Kong 1% Israel 1% Taiwan 1% Turkey 1% 100%

No comparative figures have been presented for 31 December 2010 as the Portfolio commenced operations on 26 July 2011.

The following tables analyse all the securities held in the Fund’s portfolios by industrial distribution:

GLG European Alpha Alternative (previously known as GLG European Alpha Alternative UCITS Fund) 2011 2010 Industrials 32% 23% Consumer, Cyclical 22% 16% Consumer, Non-cyclical 18% 24% Energy 10% 1% Information Technology 7% 24% Telecommunication Services 7% 20% Financials 3% 3% Materials 1% (7%) Utilities - (4%) 100% 100%

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

11. Risk Associated with Financial Instruments (continued)

(b) Credit/counterparty risk (continued)

GLG EM Diversified Alternative (previously known as GLG Emerging Markets (UCITS III) Fund) 2011 2010 Financials 57% 56% Materials 15% 19% Consumer, Cyclical 11% 1% Telecommunication Services 9% 17% Energy 5% - Industrials 2% - Consumer, Non-cyclical 1% 7% 100% 100%

GLG EM Equity Alternative (previously known as GLG Emerging Markets Equity (UCITS III) Fund) 2011 2010 Financials 100% 27% Consumer, Non-cyclical - 33% Materials - 30% Telecommunication Services - 5% Industrials - 3% Consumer, Cyclical - 2% 100% 100%

GLG Emerging Markets Equity II (previously known as GLG Emerging Markets Equity II (UCITS III) Fund) 2011 2010 Energy 25% 15% Financials 23% 47% Industrials 19% 16% Materials 17% 14% Information Technology 10% 5% Utilities 3% 1% Health Care 3% - Consumer, Non-cyclical - 2% 100% 100%

GLG EM Currency & Fixed Income Alternative (previously know as GLG Emerging Markets Fixed Income and Currency (UCITS III) Fund) 2011 2010 Financials 100% 100% 100% 100%

GLG EM Credit Opportunity Alternative (previously known as GLG Emerging Markets Credit Opportunity (UCITS III) Fund) 2011 2010 Financials - 100% - 100%

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

11. Risk Associated with Financial Instruments (continued)

(b) Credit/counterparty risk (continued)

GLG Alpha Select Alternative (previously known as GLG Alpha Select (UCITS III) Fund) 2011 2010 Financials 100% 34% Energy 4% 23% Telecommunication Services 4% 1% Consumer, Cyclical 2% 15% Information Technology 1% 2% Utilities 1% 1% Consumer, Non-cyclical (7%) 10% Industrials (3%) 19% Materials (2%) (5%) 100% 100%

GLG Atlas Macro Alternative (previously known as GLG Atlas Macro Alternative UCITS) 2011 2010 Financials 72% 100% Energy 28% 100% 100%

GLG North American Equity Alternative (previously known as GLG North American Equity UCITS) 2011 Financials 29% Industrials 20% Consumer, Cyclical 19% Information Technology 10% Consumer, Non-cyclical 8% Energy 7% Materials 6% Telecommunication Services 1% 100%

No comparative figures have been presented for 31 December 2010 as the Portfolio commenced operations on 5 January 2011.

GLG European Equity Alternative (previously known as GLG Global Equity Alternative UCITS) 2011 Information Technology 34% Energy 28% Consumer, Non-cyclical 10% Financials 8% Telecommunication Services 8% Materials 6% Consumer, Cyclical 5% Industrials 1% 100%

No comparative figures have been presented for 31 December 2010 as the Portfolio commenced operations on 26 July 2011.

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

11. Risk Associated with Financial Instruments (continued)

(c) Liquidity risk Liquidity risk is defined as the risk that the Fund will encounter difficulty in meeting its obligations associated with financial liabilities that are settled by delivering cash or another financial asset. Exposure to liquidity risk arises because of the possibility that the Fund could be required to pay its liabilities or redeem its Shares earlier than expected. The Fund is exposed to cash redemptions of its Shares on a regular basis. Shares are redeemable at the holder’s option based on the Fund’s Net Asset Value per Share at the time of redemption calculated in accordance with the Fund’s Prospectus.

The Fund manages its obligation to repurchase the Shares when required to do so and its overall liquidity risk by:

• Allowing for redemptions during each business day of each calendar month. • Requiring a 1 day notice period before redemptions.

The Fund’s policy is to satisfy redemption requests typically by any one of the following means or as may otherwise be provided in the Fund’s Prospectus:

• Withdrawal of cash deposits. • Disposal of assets.

The Fund invests primarily in market securities and other financial instruments, which under normal market conditions are readily convertible to cash. In addition, the Fund’s policy is to maintain sufficient cash and cash equivalents to meet the normal operating requirements and expected redemption requests.

GLG Performance (UCITS III) Fund The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2011:

Maturity on Less demand than 1 1 to 3 3 to 6 6 to 12 1 to 5 Over 5 month months months months years years Total Financial liabilities US$ US$ US$ US$ US$ US$ US$ US$ Due to brokers - 17 - - - - - 17 Other liabilities 48,601 ------48,601 Total 48,601 17 48,618

Redeemable shares ------

Liquidity exposure 48,601 17 - - - - - 48,618

There are no other known significant concentrations of liquidity risk.

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

11. Risk Associated with Financial Instruments (continued)

GLG Performance (UCITS III) Fund (continued) The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2010:

Maturity on Less demand than 1 1 to 3 3 to 6 6 to 12 1 to 5 Over 5 month months months months years years Total Financial liabilities US$ US$ US$ US$ US$ US$ US$ US$ Due to brokers - 25,194 - - - - - 25,194 Other liabilities 68,822 ------68,822 Total 68,822 25,194 - - - - - 94,016

Redeemable shares ------

Liquidity exposure 68,822 25,194 - - - - - 94,016

There are no other known significant concentrations of liquidity risk.

GLG European Equity (UCITS III) Fund The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2011:

Maturity on Less than 1 to 3 3 to 6 6 to 12 1 to 5 Over 5 demand 1 month months months months years years Total Financial liabilities € € € € € € € € Due to brokers - 19,743 - - - - - 19,743 Other liabilities 32,850 ------32,850 Total 32,850 19,743 - - - - - 52,593

Redeemable shares ------

Liquidity exposure 32,850 19,743 - - - - - 52,593

There are no other known significant concentrations of liquidity risk.

The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2010:

Maturity on Less than 1 to 3 3 to 6 6 to 12 1 to 5 Over 5 demand 1 month months months months years years Total Financial liabilities € € € € € € € € Due to brokers 33,277 - - - - - 33,277 Other liabilities 38,954 ------38,954 Total 38,954 33,277 - - - - - 72,231

Redeemable shares ------

Liquidity exposure 38,954 33,277 - - - - - 72,231

There are no other known significant concentrations of liquidity risk. 114

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

11. Risk Associated with Financial Instruments (continued)

GLG European Alpha Alternative (previously known as GLG European Alpha Alternative UCITS Fund) The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2011:

Maturity on Less than 1 to 3 3 to 6 6 to 12 1 to 5 Over 5 demand 1 month months months months years years Total Financial liabilities € € € € € € € € Contracts for difference 14,098,238 ------14,098,238 Future contracts - 1,166,000 - - - - - 1,166,000 Options - 408,000 56,000 - - - - 464,000 Forward currency contracts - 277,278 - - - - - 277,278 Due to brokers - 23,112 - - - - - 23,112 Other liabilities 1,009,348 ------1,009,348 Total 15,107,586 1,874,390 56,000 - - - - 17,307,976

Redeemable shares - 592,496,291 - - - - - 592,496,291

Liquidity exposure 15,107,586 594,370,681 56,000 - - - - 609,534,267

There are no other known significant concentrations of liquidity risk.

GLG European Alpha Alternative UCITS The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2010:

Maturity on Less than 1 to 3 3 to 6 6 to 12 1 to 5 Over 5 demand 1 month months months months years years Total Financial liabilities € € € € € € € € Contracts for difference 135,044,562 ------135,044,562 Forward currency contracts - 1,489,690 - - - - - 1,489,690 Options - - 126,368 - - - - 126,368 Future contracts - - 44,654 - - - - 44,654 Due to brokers - 31,711,653 - - - - - 31,711,653 Other liabilities 2,184,205 ------2,184,205 Total 137,228,767 33,201,343 171,022 - - - - 170,601,132

Redeemable shares - 363,163,469 - - - - - 363,163,469

Liquidity exposure 137,228,767 396,364,812 171,022 - - - - 533,764,601

There are no other known significant concentrations of liquidity risk

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

11. Risk Associated with Financial Instruments (continued)

GLG EM Diversified Alternative (previously known as GLG Emerging Markets (UCITS III) Fund) The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2011:

Maturity on Less than 1 to 3 3 to 6 6 to 12 1 to 5 Over 5 demand 1 month months months months years years Total Financial liabilities € € € € € € € €

Securities sold under agreement to repurchase - - 4,212,862 2,861,409 2,531,274 7,562,922 2,198,447 19,366,914 Forward currency contracts - 793,678 135,360 4,445,962 3,280,168 - - 8,655,168 Options - 471,490 248,319 249,230 706,252 1,231,746 - 2,907,037 Contracts for difference - unfunded ------22,827 22,827 Future contracts - 18,363 - - 18,363 Due to brokers - 662,983 - - - - - 662,983 Other liabilities 848,476 ------848,476 Total 848,476 1,946,514 4,596,541 7,556,601 6,517,694 8,794,668 2,221,274 32,481,768

Gross settled derivatives Credit default swaps - - - 95,019 784,211 - 1,169,428 2,048,658 Interest rate swaps - - - - - 877,585 123,251 1,000,836 Total return swaps ------88,980 88,980 Variance swaps - - - - 4,845,627 - - 4,845,627 Total - - - 95,019 5,629,838 877,585 1,381,659 7,984,101

Redeemable shares - 81,515,331 - - - - - 81,515,331

Liquidity exposure 848,476 83,461,845 4,596,541 7,651,620 12,147,532 9,672,253 3,602,933 121,981,200

There are no other known significant concentrations of liquidity risk.

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

11. Risk Associated with Financial Instruments (continued)

(c) Liquidity risk (continued) GLG Emerging Markets (UCITS III) Fund The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2010:

Maturity Less than 1 to 3 3 to 6 6 to 12 1 to 5 Over 5 on demand 1 month months months months years years Total Financial liabilities € € € € € € € € Options - 7,634,819 1,026,602 2,375,109 8,074,232 - - 19,110,762 Forward currency contracts - 5,623,944 189,070 109,518 - - - 5,922,532 Contracts for difference - unfunded ------88,635 88,635 Future contracts - 37,418 - - - - - 37,418 Due to brokers - 4,765,641 - - - - - 4,765,641 Other liabilities 1,109,282 ------1,109,282 Total 1,109,282 18,061,822 1,215,672 2,484,627 8,074,232 - 88,635 31,034,270 Gross settled derivatives Variance swaps - - - 892,809 - - - 892,809 Interest rate swaps - - - - - 676,436 - 676,436 Credit default swaps - - - - 28,670 119,672 - 148,342 Total return swaps ------115,892 115,892 Total - - - 892,809 28,670 796,108 115,892 1,833,479 Redeemable shares - 219,305,985 - - - - - 219,305,985

Liquidity exposure 1,109,282 237,367,807 1,215,672 3,377,436 8,102,902 796,108 204,527 252,173,734

There are no other known significant concentrations of liquidity risk.

GLG EM Equity Alternative (previously known as GLG Emerging Markets Equity (UCITS III) Fund) The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2011:

Maturity Less than 1 to 3 3 to 6 6 to 12 1 to 5 Over 5 on demand 1 month months months months years years Total Financial liabilities US$ US$ US$ US$ US$ US$ US$ US$ Forward currency contracts - 1,050,207 - - - - - 1,050,207 Options - 57,822 66,474 - - - - 124,296 Due to brokers - 65,395 - - - - - 65,395 Other liabilities 223,636 ------223,636 Total 223,636 1,173,424 66,474 - - - - 1,463,534

Gross settled derivatives Variance swaps - - - - 1,581,371 1,581,371 Total return swaps - - - - 25,242 25,242 Total - - - - 1,581,371 25,242 1,606,613

Redeemable shares - 68,064,628 - - - - - 68,064,628

Liquidity exposure - 68,064,628 - - - - - 71,134,775

There are no other known significant concentrations of liquidity risk. 117

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

11. Risk Associated with Financial Instruments (continued)

GLG Emerging Markets Equity (UCITS III) Fund The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2010:

Maturity Less than 1 to 3 3 to 6 6 to 12 1 to 5 Over 5 on demand 1 month months months months years years Total Financial liabilities US$ US$ US$ US$ US$ US$ US$ US$ Options - 35,314 - 460,455 310,740 - - 806,509 Forward currency contracts - 688,510 - - - - - 688,510 Due to brokers - 423 - - - - - 423 Other liabilities 772,860 ------772,860 Total 772,860 724,247 - 460,455 310,740 - - 2,268,302

Gross settled derivatives Variance swaps - - - 654,230 - - - 654,230 Total - - - 654,230 - - - 654,230

Redeemable shares - 43,592,951 - - - - - 43,592,951

Liquidity exposure 772,860 44,317,198 - 1,114,685 310,740 - - 46,515,483

There are no other known significant concentrations of liquidity risk.

GLG Emerging Markets Equity II (previously known as GLG Emerging Markets Equity II (UCITS III) Fund) The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2011:

Maturity Less than 1 to 3 3 to 6 6 to 12 1 to 5 Over 5 on demand 1 month months months months years years Total Financial liabilities € € € € € € € € Forward currency contracts - 27,422 - - - - - 27,422 Due to brokers - 17,101 - - - - - 17,101 Other liabilities 32,003 ------32,003 Total 32,003 44,523 - - - - - 76,526

Gross settled derivatives Total return swaps ------15,505 15,505 Total ------15,505 15,505

Redeemable shares - 2,920,192 - - - - - 2,920,192

Liquidity exposure 32,003 2,964,715 - - - - 15,505 3,012,223

There are no other known significant concentrations of liquidity risk.

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

11. Risk Associated with Financial Instruments (continued)

GLG Emerging Markets Equity II (previously known as GLG Emerging Markets Equity II (UCITS III) Fund) (continued) The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2010:

Maturity Less than 1 to 3 3 to 6 6 to 12 1 to 5 Over 5 on demand 1 month months months months years years Total Financial liabilities € € € € € € € € Forward currency contracts - 45,830 - - - - - 45,830 Due to brokers - 205 - - - - - 205 Other liabilities 58,750 ------58,750 Total 58,750 46,035 - - - - - 104,785

Redeemable shares - 6,636,019 - - - - - 6,636,019

Liquidity exposure 58,750 6,682,054 - - - - - 6,740,804

There are no other known significant concentrations of liquidity risk.

GLG EM Currency & Fixed Income Alternative (previously know as GLG Emerging Markets Fixed Income and Currency (UCITS III) Fund) The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2011:

Maturity Less than 1 to 3 3 to 6 6 to 12 1 to 5 Over 5 on demand 1 month months months months years years Total Financial liabilities € € € € € € € € Forward currency contracts - 116,605 - 310,464 - - - 427,069 Options - - - - 227,120 - - 227,120 Due to brokers - 3,978 - - - - - 3,978 Other liabilities 401,874 ------401,874 Total 401,874 120,583 - 310,464 227,120 - - 1,060,041

Gross settled derivatives Interest rate swaps - - - - - 2,136,385 226,129 2,362,514 Total - - - - - 2,136,385 226,129 2,362,514

Redeemable shares - 41,998,788 - - - - - 41,998,788

Liquidity exposure 401,874 42,119,371 - 310,464 227,120 2,136,385 226,129 45,421,343

There are no other known significant concentrations of liquidity risk.

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

11. Risk Associated with Financial Instruments (continued)

GLG EM Currency & Fixed Income Alternative (previously know as GLG Emerging Markets Fixed Income and Currency (UCITS III) Fund) (continued) The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2010:

Maturity Less than 1 to 3 3 to 6 6 to 12 1 to 5 Over 5 on demand 1 month months months months years years Total Financial liabilities € € € € € € € € Forward currency contracts - 991,774 - 18,253 - - - 1,010,027 Options - 693,064 - - - - - 693,064 Due to brokers - 82,383 - - - - - 82,383 Other liabilities 450,062 ------450,062 Total 450,062 1,767,221 - 18,253 - - - 2,235,536

Gross settled derivatives Interest rate swaps - - - - - 197,471 453,959 651,430 Volatility swaps - 146,584 246,729 - - - - 393,313 Total - 146,584 246,729 - - 197,471 453,959 1,044,743

Redeemable shares - 66,464,174 - - - - - 66,464,174

Liquidity exposure 450,062 68,377,979 246,729 18,253 - 197,471 453,959 69,744,453

There are no other known significant concentrations of liquidity risk.

GLG EM Credit Opportunity Alternative (previously known as GLG Emerging Markets Credit Opportunity (UCITS III) Fund) The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2011:

Maturity on Less than 1 to 3 3 to 6 6 to 12 1 to 5 Over 5 demand 1 month months months months years years Total Financial liabilities € € € € € € € € Forward currency contracts - 6,986 - - - - - 6,986 Due to brokers - 437 - - - - - 437 Other liabilities 209,611 ------209,611 Total 209,611 7,423 - - - - - 217,034

Redeemable shares - 9,898,236 - - - - - 9,898,236

Liquidity exposure 209,611 9,905,659 - - - - - 10,115,270

There are no other known significant concentrations of liquidity risk.

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

11. Risk Associated with Financial Instruments (continued)

GLG EM Credit Opportunity Alternative (previously known as GLG Emerging Markets Credit Opportunity (UCITS III) Fund) (continued) The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2010:

Maturity on Less than 1 to 3 3 to 6 6 to 12 1 to 5 Over 5 demand 1 month months months months years years Total Financial liabilities € € € € € € € € Forward currency - 2,213,341 219,168 77,178 - - - 2,509,687 Options - - 406,444 - 15,126 - - 421,570 Due to brokers - 32,472 - - - - - 32,472 Other liabilities 163,363 ------163,363 Total 163,363 2,245,813 625,612 77,178 15,126 - - 3,127,092

Gross settled derivatives Credit default swaps - - - - - 27,335 - 27,335 Interest rate swaps - - - - - 95,853 - 95,853 Total - - - - - 123,188 - 123,188

Redeemable shares - 28,462,816 - - - - - 28,462,816

Liquidity exposure 163,363 30,708,629 625,612 77,178 15,126 123,188 - 31,713,096

There are no other known significant concentrations of liquidity risk.

GLG Alpha Select Alternative (previously known as GLG Alpha Select (UCITS III) Fund) The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2011:

Maturity on Less than 1 1 to 3 3 to 6 6 to 12 1 to 5 Over 5 demand month months months months years years Total Financial liabilities £ £ £ £ £ £ £ £ Contracts for difference - unfunded - - - - - 4,663,240 4,663,240 Forward currency contracts - 1,295,977 - - - - 1,295,977 Future contracts - - 1,537,307 - 101,538 - - 1,638,845 Options - - 514,543 - - - - 514,543 Due to brokers - 3,703,248 - - - - - 3,703,248 Other liabilities 6,232,791 ------6,232,791 Total 6,232,791 4,999,225 2,051,850 - 101,538 - 4,663,240 18,048,644

Redeemable shares - 162,654,135 - - - - - 162,654,135

Liquidity exposure 6,232,791 167,653,360 2,051,850 - 101,538 - 4,663,240 180,702,779

There are no other known significant concentrations of liquidity risk.

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

11. Risk Associated with Financial Instruments (continued)

GLG Alpha Select Alternative (previously known as GLG Alpha Select (UCITS III) Fund) (continued) The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2010:

Maturity Less than 1 1 to 3 3 to 6 6 to 12 1 to 5 Over 5 on demand month months months months years years Total Financial liabilities £ £ £ £ £ £ £ £ Contracts for difference - unfunded ------29,289,781 29,289,781 Options - 807,028 776,073 - - - - 1,583,101 Future contracts - - 761,155 - 18,629 - - 779,784 Forward currency contracts - 390,797 - - - - - 390,797 Due to brokers - 42,016 - - - - - 42,016 Other liabilities 2,875,548 ------2,875,548 Total 2,875,548 1,239,841 1,537,228 - 18,629 - 29,289,781 34,961,027

Redeemable shares - 375,704,147 - - - - - 375,704,147

Liquidity exposure 2,875,548 376,943,988 1,537,228 - 18,629 - 29,289,781 410,665,174

There are no other known significant concentrations of liquidity risk.

GLG Atlas Macro Alternative (previously known as GLG Atlas Macro Alternative UCITS) The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2011:

Maturity Less than 1 to 3 3 to 6 6 to 12 1 to 5 Over 5 on demand 1 month months months months years years Total Financial liabilities US$ US$ US$ US$ US$ US$ US$ US$ Forward currency contracts - 2,445,981 178,868 1,939,211 1,930,804 - - 6,494,864 Options - 115,361 70,094 78,359 2,398,802 63,180 691,001 3,416,797 Future contracts - - 319,569 - - - - 319,569 Due to brokers - 776 - - - - - 776 Other liabilities 889,765 ------889,765 Total 889,765 2,562,118 568,531 2,017,570 4,329,606 63,180 691,001 11,121,771

Gross settled derivatives Interest rate swaps - - - - 908,744 270,944 5,125,910 6,305,598 Total - - - - 908,744 270,944 5,125,910 6,305,598

Redeemable shares - 91,970,489 - - - - - 91,970,489

Liquidity exposure 889,765 94,532,607 568,531 2,017,570 5,238,350 334,124 5,816,911 109,397,858

There are no other known significant concentrations of liquidity risk.

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

11. Risk Associated with Financial Instruments (continued)

GLG Atlas Macro Alternative (previously known as GLG Atlas Macro Alternative UCITS) (continued) The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2010:

Maturity on Less than 1 to 3 3 to 6 6 to 12 1 to 5 Over 5 demand 1 month months months months years years Total Financial liabilities US$ US$ US$ US$ US$ US$ US$ US$ Options - - - - - 1,929,900 - 1,929,900 Forward currency contracts - 331,753 - - 315,135 206,786 - 853,674 Due to brokers - 21,658 - - - - - 21,658 Other liabilities 247,809 ------247,809 Total 247,809 353,411 - - 315,135 2,136,686 - 3,053,041

Gross settled derivatives Interest rate swaps - - - - - 37,132 339,247 376,379 Total - - - - - 37,132 339,247 376,379

Redeemable shares - 88,012,910 - - - - - 88,012,910

Liquidity exposure 247,809 88,366,321 - - 315,135 2,173,818 339,247 91,442,330

There are no other known significant concentrations of liquidity risk.

GLG North American Equity Alternative (previously known as GLG North American Equity UCITS) The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2011:

Maturity Less than 1 to 3 3 to 6 6 to 12 1 to 5 Over 5 on demand 1 month months months months years years Total Financial liabilities US$ US$ US$ US$ US$ US$ US$ US$ Contracts for difference - unfunded ------3,375,196 3,375,196 Forward currency contracts - 948,893 - - - - 948,893 Future contracts - - 29,850 - - - 29,850 Options - 16,242 4,584 - - - 20,826 Due to brokers - 694,017 - - - - 694,017 Other liabilities 253,261 ------253,261 Total 253,261 1,659,152 34,434 - - - 3,375,196 5,322,043

Redeemable shares - 79,246,997 - - - - - 79,246,997

Liquidity exposure 253,261 80,906,149 34,434 - - - 3,375,196 84,569,040

There are no other known significant concentrations of liquidity risk.

No comparative figures have been presented for 31 December 2010 as the Portfolio commenced operations on 5 January 2011.

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

11. Risk Associated with Financial Instruments (continued)

GLG European Equity Alternative (previously known as GLG Global Equity Alternative UCITS) The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2011:

Maturity Less than 1 to 3 3 to 6 6 to 12 1 to 5 Over 5 on demand 1 month months months months years years Total Financial liabilities € € € € € € € € Contracts for difference 829,456 ------829,456 Contracts for difference - unfunded ------5,196,838 5,196,838 Corporate bonds ------333,788 333,788 Forward currency contracts - 421,895 - - - - - 421,895 Future contracts - 372,907 - - 16,771 5,617 395,295 Options - 108,310 38,979 - - - - 147,289 Due to brokers - 1,298,904 - - - - - 1,298,904 Other liabilities 800,688 ------800,688 Total 1,630,144 1,829,109 411,886 - - 16,771 5,536,243 9,424,153

Gross settled derivatives Interest rate swaps ------60,261 60,261 Total ------60,261 60,261

Redeemable shares - 116,548,243 - - - - - 116,548,243

Liquidity exposure 1,630,144 118,377,352 411,886 - - 16,771 5,536,243 126,032,657

There are no other known significant concentrations of liquidity risk.

No comparative figures have been presented for 31 December 2010 as the Portfolio commenced operations on 26 July 2011.

(d) Option writing As a writer of options, the Fund receives a premium at the outset and then bears the risk of unfavourable changes in the price of the financial instrument underlying the option. As a result of writing option contracts, the Fund is obligated to purchase or sell, at the holder’s option, the underlying financial instrument at a fixed price which may differ from the prevailing market price at that date. Writing options may incur losses which greatly exceed the premium income owned.

(e) Securities sold short Securities sold short are those in which a security is sold that the Fund does not own in anticipation of a decline in the market value of the security. The Fund’s risk is that the value of the security will increase rather than decrease. Consequently, the settlement amount of the liability for securities sold short may exceed the amount recorded in the statement of financial position, as the Fund is obligated to purchase the security in the market at prevailing prices to settle its obligations.

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

12. Cash and Cash Equivalents and Due to Brokers

All cash and cash equivalents balances at the year end were held at The Bank of New York Mellon (London), JP Morgan Clearing Corp, Barclays Bank, Goldman Sachs International, Nomura, UBS AG, Deutsche Bank AG, Bank of America Merrill Lynch, Credit Suisse Securities (Europe) Limited and Morgan Stanley & Co. International Plc, HSBC and Newedge. This includes amounts transferred as collateral against open futures and forward contracts. Amounts receivable from short sales may be restricted in whole or in part until the related securities are purchased. To the extent that securities are purchased on margin, the margin debt may be secured on the related securities.

GLG Performance Fund 2011 2010 Due from Brokers US$ US$ Margin balances 47,642 93,026 Securities sold receivable - - 47,642 93,026

Due to Brokers Overdrafts 17 25,194 Securities purchased payable - - 17 25,194

GLG European Equity (UCITS III) Fund 2011 2010 Due from Brokers € € Margin balances 42,459 62,127 Securities sold receivable - - 42,459 62,127

Due to Brokers Overdrafts 19,743 33,277 Securities purchased payable - - 19,743 33,277

GLG European Alpha Alternative (previously known as GLG European Alpha Alternative UCITS) 2011 2010 Due from Brokers € € Margin balances 111,535,699 91,358,457 Securities sold receivable - 257,450 111,535,699 91,615,907

Due to Brokers Overdrafts 23,112 31,711,653 Securities purchased payable - - 23,112 31,711,653

GLG EM Diversified Alternative (previously known as GLG Emerging Markets (UCITS III) Fund) 2011 2010 Due from Brokers € € Margin balances 22,529,982 29,966,778 Securities sold receivable 750,709 109,071 23,280,691 30,075,849

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

12. Cash and Cash Equivalents and Due to Brokers (continued)

GLG EM Diversified Alternative (previously known as GLG Emerging Markets (UCITS III) Fund) (continued) 2011 2010 Due to Brokers € € Overdrafts 432,346 4,492,238 Securities purchased payable 230,637 273,403 662,983 4,765,641

GLG EM Equity Alternative (previously known as GLG Emerging Markets Equity (UCITS III) Fund) 2011 2010 Due from Brokers US$ US$ Margin balances 12,982,211 6,775,422 Securities sold receivable 371,456 476,367 13,353,667 7,251,789

Due to Brokers Overdrafts 459 423 Securities purchased payable 64,936 - 65,395 423

GLG Emerging Markets Equity II (previously known as GLG Emerging Markets Equity II (UCITS III) Fund) 2011 2010 Due from Brokers € € Margin balances 227,197 357,143 Securities sold receivable - - 357,143

Due to Brokers Overdrafts 17,101 205 Securities purchased payable - - 17,101 205

GLG EM Currency & Fixed Income Alternative (previously know as GLG Emerging Markets Fixed Income and Currency (UCITS III) Fund) 2011 2010 Due from Brokers € € Margin balances 5,436,758 4,843,817 Securities sold receivable 77,199 - 5,513,957 4,843,817

Due to Brokers Overdrafts 3,978 82,103 Securities purchased payable - 280 3,978 82,383

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

12. Cash and Cash Equivalents and Due to Brokers (continued)

GLG EM Credit Opportunity Alternative (previously known as GLG Emerging Markets Credit Opportunity (UCITS III) Fund) 2011 2010 Due from Brokers € € Margin balances 276,496 1,297,834 Securities sold receivable - - 276,496 1,297,834

Due to Brokers Overdrafts 437 32,472 Securities purchased payable - - 437 32,472

GLG Alpha Select Alternative (previously known as GLG Alpha Select (UCITS III) Fund) 2011 2010 Due from brokers £ £ Margin balances 7,414,275 37,681,101 Securities sold receivable - 145,254 7,414,275 37,826,355

Due to Brokers Overdrafts 3,703,248 42,016 Securities purchased payable - - 3,703,248 42,016

GLG Atlas Macro Alternative (previously known as GLG Atlas Macro Alternative UCITS) 2011 2010 Due from Brokers US$ US$ Margin balances 15,898,726 7,959,512 Securities sold receivable - - 15,898,726 7,959512

Due to Brokers Overdrafts 776 21,658 Securities purchased payable - - 776 21,658

GLG North American Equity Alternative (previously known as GLG North American Equity UCITS) 2011 Due from Brokers US$ Margin balances 7,320,496 Securities sold receivable 1,597,825 8,918,321

Due to Brokers Overdrafts 433,510 Securities purchased payable 260,507 694,017

No comparative figures have been presented for 31 December 2010 as the Portfolio commenced operations on 5 January 2011.

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

12. Cash and Cash Equivalents and Due to Brokers (continued)

GLG European Equity Alternative (previously known as GLG Global Equity Alternative UCITS) 2011 Due from Brokers € Margin balances 9,905,536 Securities sold receivable 337,028 10,242,564

Due to Brokers Overdrafts 864,993 Securities purchased payable 433,911 1,298,904

No comparative figures have been presented for 31 December 2010 as the Portfolio commenced operations on 26 July 2011.

13. Exchange Rates

The following exchange rates were used to translate foreign currency assets and liabilities in the GLG Performance (UCITS III) Fund, GLG EM Equity Alternative, GLG Atlas Macro Alternative and GLG North American Equity Alternative and at 31 December 2011:

US$1 = AUD0.97542 US$1 = €0.77032 US$1 = JPY76.94000 US$1 = RUB32.12300 US$1 = BRL1.86525 US$1 = GBP0.64345 US$1 = KRW1152.00000 US$1 = SGD1.29665 US$1 = CAD1.01825 US$1 = HKD7.76660 US$1 = MXN13.95535 US$1 = TRY1.88860 US$1 = CHF0.93510 US$1 = HUF242.47200 US$1 = NOK5.96795 US$1 = ZAR8.07340 US$1 = CNY6.29400 US$1 = ILS3.82375 US$1 = PHP43.85500 US$1 = COP1938.50000 US$1 = INR53.10500 US$1 = PLN3.43395

The following exchange rates were used to translate foreign currency assets and liabilities in the GLG European Equity (UCITS III) Fund, GLG European Alpha Alternative, GLG EM Diversified Alternative, GLG Emerging Markets Equity II, GLG EM Currency & Fixed Income Alternative, GLG EM Credit Opportunity Alternative and GLG European Equity Alternative at 31 December 2011:

€1 = AED4.76816 €1 = COP2516.46379 €1 = JPY99.87966 €1 = SEK8.89920 €1 = ARS5.58723 €1 = CZK25.50254 €1 = KRW1,495.46880 €1 = SGD1.68324 €1 = AUD1.26624 €1 = DKK7.43236 €1 = MXN18.11613 €1 = TRY2.45169 €1 = BRL2.42137 €1 = GBP0.83530 €1 = MYR4.11514 €1 = TWD39.30668 €1 = CAD1.32184 €1 = HKD10.08221 €1 = NOK7.74729 €1 = UAH10.39818 €1 = CHF1.21390 €1 = HUF314.76502 €1 = NZD1.66408 €1 = US$1.29815 €1 = CLP674.32402 €1 = ILS4.96380 €1 = PLN4.45778 €1 = ZAR10.48048 €1 = CNY8.17055 €1 = INR68.93825 €1 = RUB41.70047

The following exchange rates were used to translate foreign currency assets and liabilities in the GLG Alpha Select Alternative at 31 December 2011:

£1 =AUD1.51589 £1 = HKD12.07007 £1 = JPY 119.57249 £1 = US$1.55410 £1 = CHF1.45323 £1 = €1.19716 £1 = NOK 9.27479

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

13. Exchange Rates (continued)

The following exchange rates were used to translate foreign currency assets and liabilities in the GLG Performance (UCITS III) Fund, GLG EM Equity Alternative and GLG Atlas Macro Alternative at 31 December 2010:

US$1 = AUD0.97556 US$1 = €0.74541 US$1 = JPY81.10500 US$1 = RUB30.52700 US$1 = BRL1.66000 US$1 = GBP0.63871 US$1 = KRW1,134.90000 US$1 = SGD1.28105 US$1 = CAD0.99365 US$1 = HKD7.77365 US$1 = MXN12.33400 US$1 = TRY1.53900 US$1 = CHF0.93210 US$1 = HUF207.48390 US$1 = NOK5.81250 US$1 = ZAR6.61575 US$1 = CNY6.58970 US$1 = ILS3.54150 US$1 = PHP43.81000 US$1 = COP1,920.00000 US$1 = INR44.71500 US$1 = PLN2.95445

The following exchange rates were used to translate foreign currency assets and liabilities in the GLG European Equity (UCITS III) Fund, GLG European Alpha Alternative, GLG EM Diversified Alternative, GLG Emerging Markets Equity II, GLG EM Currency & Fixed Income Alternative and GLG EM Credit Opportunity Alternative at 31 December 2010:

€1 = ARS5.32864 €1 = CZK25.09002 €1 = KRW1,522.52598 €1 = SGD1.71859 €1 = AUD1.30877 €1 = DKK7.45211 €1 = MXN16.54669 €1 = TRY2.06465 €1 = BRL2.22697 €1 = GBP0.85686 €1 = MYR4.13667 €1 = TWD39.11493 €1 = CAD1.33303 €1 = HKD10.42875 €1 = NOK7.79776 €1 = UAH10.68881 €1 = CHF1.25046 €1 = HUF278.35019 €1 = NZD1.7173 €1 = US$1.34155 €1 = CLP627.37787 €1 = ILS4.75110 €1 = PLN3.96354 €1 = ZAR8.87536 €1 = CNY8.84042 €1 = INR59.98744 €1 = RUB40.95352 €1 = COP2,575.77750 €1 = JPY108.80648 €1 = SEK9.01904

The following exchange rates were used to translate foreign currency assets and liabilities in the GLG Alpha Select Alternative at 31 December 2010:

£1 = CHF1.45934 £1 = HKD12.17082 £1 = JPY126.98211 £1 = US$1.56565 £1 = €1.16705

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

14. Net Asset Valuation Comparison

GLG European Alpha Alternative (previously known as GLG European Alpha Alternative UCITS)

Class IN H USD Class IN H Class DN H USD Class DN H USD Class DN H Class DN H Class I N H Class I N H NAV USD NAV NAV GBP GBP GBP GBP NAV per Share NAV NAV NAV NAV per Share per Share per Share

31 December 2011 US$19,796,095 US$110.62 US$15,737,680 US$108.16 £2,276,272 £109.24 £2,223,397 £105.60 31 December 2010 US$16,281,981 US$109.41 US$3,495,243 US$107.66 £2,839,562 £108.12 £1,786,674 £104.10 31 December 2009 US$5,238,442 US$105.81 US$ 544,019 US$104.84 £1,004,093 £105.39 £201,346 £100..67

Class I N EUR Class I N EUR Class D N EUR Class D N EUR NAV NAV NAV NAV per Share per Share

31 December 2011 €507,566,757 €110.06 €482,343 €108.16 31 December 2010 €309,325,048 €108.43 €33,697,231 €107.31 31 December 2009 €113,369,568 €105.16 €9,655,797 €104.72

GLG EM Diversified Alternative (previously known as GLG Emerging Markets (UCITS III) Fund)

Class IN Class IN Class DN Class DN Class IN H Class IN H Class DN H Class DN H EUR EUR EUR EUR GBP NAV GBP NAV GBP NAV GBP NAV NAV NAV per NAV NAV per per share per share share share 31 December 2011 €28,981,815 €89.23 €10,246,572 €88.45 £18,744,391 £89.86 £2,003,560 £87.11 31 December 2010 €88,901,353 €105.54 €23,584,365 €105.42 £58,258,900 £106.18 £3,729,992 £103.67 31 December 2009 €11,090,122 €100.45 €2,103,333 €101.12 £847,116 £101.09 - -

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

14. Net Asset Valuation Comparison (continued)

GLG EM Diversified Alternative (previously known as GLG Emerging Markets (UCITS III) Fund) (continued)

Class IL H Class IL H Class IN H Class IN H Class DN H Class DN H Class DN H Class DN H USD NAV USD USD NAV USD NAV per USD NAV USD NAV per SEK NAV SEK NAV per NAV per share share share share 31 December 2011 - - US$ 11,294,548 US$ 88.76 US$11,333,662 US$ 85.47 SEK 150,404 SEK 101.04 31 December 2010 US$ 593,063 US$ 106.47 US$ 28,988,402 US$ 104.84 US$ 16,669,766 US$ 101.74 - - 31 December 2009 US$5,048,655 US$ 100.97 ------

GLG EM Equity Alternative (previously known as GLG Emerging Markets Equity (UCITS III) Fund)

Class IL USD Class IL USD Class DN USD Class DN Class IN H EUR Class IN H Class DL H Class DL H NAV NAV per NAV USD NAV per NAV EUR NAV per EUR NAV EUR NAV per share share share share 31 December 2011 US$22,174,900 US$116.71 US$11,095,910 US$103.33 €13,199,510 €110.32 € 661,912 €112.70 31 December 2010 US$23,434,931 US$113.29 US$ 35,691 US$101.76 €2,918,527 €107.84 € 647,722 €110.28 31 December 2009 US$20,169,716 US$106.16 - - €738,095 €103.02 €1,032,131 €105.14

Class IN H Class IN H Class DL H Class DL H Class IN USD Class IN USD Class DN H Class DN H GBP NAV GBP NAV GBP NAV GBP NAV NAV NAV per share EUR NAV EUR NAV per per share per share share 31 December 2011 - - £25,796 £114.47 US$12,487,585 US$107.94 €3,190,841 €105.76 31 December 2010 - - £34,152 £111.81 US$14,454,254 US$105.53 €618,914 €104.11 31 December 2009 £554,341 £102.09 £34,940 £105.93 - - €87,450 €100.29

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

14. Net Asset Valuation Comparison (continued)

GLG EM Equity Alternative (previously known as GLG Emerging Markets Equity (UCITS III) Fund) (continued)

Class DN H Class DN H GBP NAV GBP NAV per share 31 December 2011 £83,356 £87.82 31 December 2010 - - 31 December 2009 - -

GLG Emerging Markets Equity II (previously known as GLG Emerging Markets Equity II (UCITS III) Fund)

Class IN Class IN EUR Class DN Class DN Class IN Class IN Class DN Class DN EUR NAV NAV per GBP GBP NAV USD USD NAV USD NAV USD share NAV per share NAV per share NAV per share 31 December 2011 €1,437,589 €91.57 £50,489 £78.49 US$1,830,444 US$101.50 US$15,732 US$78.66 31 December 2010 €1,783,697 €113.61 - - US$6,509,600 US$129.96 - - 31 December 2009 - - - - US$5,284,885 US$105.70 - -

GLG EM Currency & Fixed Income Alternative (previously know as GLG Emerging Markets Fixed Income and Currency (UCITS III) Fund)

Class IN Class IN EUR Class DL Class DL Class DN Class DN Class IN H Class IN EUR NAV NAV per EUR NAV EUR NAV EUR NAV EUR NAV GBP NAV H GBP share per share per share NAV per share 31 December 2011 €12,168,082 €106.69 €455,849 €107.16 €2,920,568 €105.06 £4,766,393 £105.85 31 December 2010 €24,338,752 €108.12 €462,295 €108.68 €5,142,496 €107.10 £4,604,573 £107.21 31 December 2009 - - €420,053 €101.29 €80,899 €100.50 - -

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

14. Net Asset Valuation Comparison (continued)

GLG EM Currency & Fixed Income Alternative (previously know as GLG Emerging Markets Fixed Income and Currency (UCITS III) Fund) (continued)

Class DL H Class DL H Class DN H Class DN H Class IN H Class IN H Class DL H Class DL H GBP NAV GBP NAV per GBP NAV GBP NAV per USD USD NAV USD NAV USD share share NAV per share NAV per share 31 December 2011 £24,094 £107.43 £21,947 £105.85 US$26,021,675 US$106.91 US$228,160 US$106.92 31 December 2010 £25,108 £109.04 £908,662 £107.92 US$30,451,624 US$108.64 US$872,151 US$108.88 31 December 2009 £28,404 £101.35 - - - - US$813,076 US$101.50

Class DN H Class DN H Class IL H Class IL H USD NAV USD NAV per USD NAV USD NAV per share share 31 December 2011 US$612,736 US$100.52 - - 31 December 2010 US$1,280,985 US$102.92 US$7,718,342 US$110.26 31 December 2009 - - US$7,136,897 US$101.95

GLG EM Credit Opportunity Alternative (previously known as GLG Emerging Markets Credit Opportunity (UCITS III) Fund)

Class IN Class IN Class IN H Class IN Class DN H Class DN H Class IN H USD Class IN H EUR NAV EUR GBP NAV H GBP USD NAV USD NAV per NAV USD NAV NAV per NAV per share per share share share 31 December 2011 €3,583,806 €107.26 £1,566,751 £105.17 US$4,781,842 US$105.74 US$980,330 US$110.87 31 December 2010 €1,113,984 €102.07 - - - - US$24,600,401 US$105.93 31 December 2009 ------

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

14. Net Asset Valuation Comparison (continued)

GLG EM Credit Opportunity Alternative (previously known as GLG Emerging Markets Credit Opportunity (UCITS III) Fund)(continued)

Class IL H Class IL H Class DL H Class DL H Class DN H Class DN H USD USD NAV GBP NAV GBP NAV GBP NAV GBP NAV per share per share NAV per share 31 December 2011 ------31 December 2010 US$12,065,066 US$116.78 £10,462 £116.21 £5,095 £99.91 31 December 2009 US$19,832,295 US$104.38 £14,562 £104.00 - -

GLG Alpha Select Alternative (previously known as GLG Alpha Select (UCITS III) Fund)

Class IN H Class IN H Class DN H Class DN H Class IN H Class IN H Class DN H Class DN USD USD USD USD NAV EUR EUR EUR H EUR NAV NAV per NAV per share NAV NAV per NAV NAV per share share share 31 December 2011 US$8,449,821 US$91.73 US$18,072,617 US$90.53 €33,631,123 €91.86 €4,308,355 €90.75 31 December 2010 US$78,177,523 US$103.45 US$5,652,561 US$102.93 €142,860,627 €103.30 €22,817,464 €102.84 31 December 2009 ------

Class IN GBP Class IN Class DN GBP Class DN Class IN H JPY Class IN H NAV GBP NAV GBP NAV JPY NAV per NAV per NAV per share share share 31 December 2011 £111,465,867 £92.40 £1,119,432 £91.18 JPY156,818,637 JPY8,841 31 December 2010 £175,090,356 £103.69 £1,172,909 £103.10 JPY499,654,219 JPY9,986 31 December 2009 ------

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

14. Net Asset Valuation Comparison (continued)

GLG Atlas Macro Alternative (previously known as GLG Atlas Macro Alternative UCITS) (continued)

Class IN USD Class IN Class DN USD Class DN Class IN H Class IN H Class DN H Class DN NAV USD NAV NAV USD EUR NAV EUR NAV EUR H EUR per share NAV per per share NAV NAV per share share 31 December 2011 US$6,881,457 US$92.57 US$16,212,832 US$90.32 €21,349,534 €93.73 €855,130 €91.63 31 December 2010 US$16,664,843 US$96.48 US$703,318 US$95.89 €14,568,480 €96.53 €2,261,563 €94.96 31 December 2009 ------

Class IN H Class IN H Class DN H Class DN H GBP NAV GBP GBP NAV GBP NAV NAV per per share share 31 December 2011 £18,288,383 £91.90 £7,482,571 £91.96 31 December 2010 £24,186,002 £95.04 £6,514,366 £95.88 31 December 2009 - - - -

GLG North American Equity Alternative (previously known as GLG North American Equity UCITS)

Class IN USD Class IN Class IN H Class IN Class DN USD Class DN NAV USD EUR NAV H EUR NAV USD NAV per NAV per NAV per share share share 31 December 2011 US$34,496,349 US$90.05 £21,838,786 £87.62 US$16,400,679 US$91.36 31 December 2010 ------31 December 2009 ------

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

14. Net Asset Valuation Comparison (continued)

GLG European Equity Alternative (previously known as GLG Global Equity Alternative UCITS)

DN H USD DN EUR DN H GBP DN H CHF DN H USD NAV per DN EUR NAV per DN H GBP NAV per DN H CHF NAV per NAV share NAV share NAV share NAV share 31 December 2011 US$32,694,140 US$101.70 €7,033,733 €101.33 £166,124 £99.09 CHF811,762 CHF98.87 31 December 2010 ------31 December 2009 ------

DN H SEK DN H NOK IN H USD IN EUR DN H SEK NAV per DN H NOK NAV per IN H USD NAV per IN EUR NAV per NAV share NAV share NAV share NAV share

31 December 2011 SEK3,526,935 SEK102.23 NOK 2,991,105 NOK102.26 US$28,724,094 US$101.68 €58,959,323 €101.87 31 December 2010 ------31 December 2009 ------

IN H GBP IN H GBP NAV per NAV share 31 December 2011 £1,332,854 £101.68 31 December 2010 - - 31 December 2009 - -

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

15. Net Gain/(Loss) on Financial Assets and Liabilities at Fair Value through Profit or Loss

*GLG GLG EM *GLG # *GLG GLG European *GLG *GLG *GLG *GLG Currency EM *GLG *GLG North **GLG Performance Equity European EM EM Emerging & Fixed Credit Alpha Atlas America European (UCITS III) (UCITS III) Alpha Diversified Equity Markets Income Opportunity Select Macro Equity Equity Combined Fund Fund Alternative Alternative Alternative Equity II Alternative Alternative Alternative Alternative Alternative Alternative Fund 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 US$ € € € US$ € € € £ US$ US$ € US$ Investment income/(expense) Net interest income/(expense) 89,141 70,626 2,276,276 3,041,524 5,233 14,098 358,308 (355,195) 887,599 (431,258) (61,583) (294,040) 8,133,403 Net interest expense on reverse repos - - - (76,395) - - - (70) - - - - (106,333) Net dividend income/(expense) - - 2,655,203 203,667 161,405 (5,192) (2) - (3,458,070) 80,499 (363,825) (15,169) (1,721,161) Total net investment income/(expense) 89,141 70,626 4,931,479 3,168,796 166,638 8,906 358,306 (355,265) (2,570,471) (350,759) (425,408) (309,209) 6,305,909

Realised and unrealized (loss)/gain on investments Net realised gain/(loss) on investments - - 10,617,822 (21,505,052) 3,155,417 (35,920) (197,579) 607,111 (30,543,127) (1,973,743) (8,707,328) 982,527 (69,768,592) Net realised currency (loss)/gain (15,612) (13,255) 1,993,679 (10,493,176) (1,388,541) 280,360 (459,001) (1,081,197) 3,543,242 3,006,949 (676,546) 1,657,023 455,118

Total net realised (loss)/gain (15,612) (13,255) 12,611,501 (31,998,228) 1,766,876 244,440 (656,580) (474,086) (26,999,885) 1,033,206 (9,383,874) 2,639,550 (69,313,474)

Movement in net unrealised (loss)/gain on investments - - (9,147,848) 1,333,233 (725,441) (651,519) (74,570) 107,282 2,400,447 491,366 (1,457,733) 3,129,961 (5,216,702) Movement in net unrealised currency gain/(loss) 82 116 1,257,689 1,418,030 (954,511) (11,712) 1,068,577 744,814 (3,869,117) (2,874,059) (905,761) 1,226,202 (3,008,396) Total net movement in unrealised gain/(loss) 82 116 (7,890,159) 2,751,263 (1,679,952) (663,231) 994,007 852,096 (1,468,670) (2,382,693) (2,363,494) 4,356,163 (8,225,098)

Net gain/(loss) on financial assets and liabilities at fair 73,611 57,487 9,652,821 (26,078,169) 253,562 (409,885) 695,733 22,745 (31,039,026) (1,700,246) (12,172,776) 6,686,504 (71,232,663) fi

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

15. Net Gain/(Loss) on Financial Assets and Liabilities at Fair Value through Profit or Loss (continued)

GLG Emerging GLG GLG GLG Markets Emerging GLG *GLG GLG Emerging Emerging Fixed Markets GLG GLG European European Emerging Markets Markets Income & Credit Alpha GLG Atlas Performance Equity Alpha Markets Equity Equity II Currency Opportunity Select Macro (UCITS III) (UCITS III) Alternative (UCITS III) (UCITS III) (UCITS III) (UCITS III) (UCITS III) (UCITS III) Alternative Combined Fund Fund UCITS Fund Fund Fund Fund Fund Fund UCITS Fund 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010

US$ € € € US$ € € € £ US$ US$ Investment income Net interest (expense)/income (452) (3,011) (61,143) 265,416 (78,089) 417 82,296 1,113,787 (1,675,050) (13,194) (825,987)

Net interest expense on reverse repos ------(42,042) - - (55,785) Net dividend income/(expense) - - 877,086 (505) 7,241 56,318 61 (2,850) (18,907) - 1,212,159 Total net investment income (452) (3,011) 815,943 264,911 (70,848) 56,735 82,357 1,068,895 (1,693,957) (13,194) 330,387 Realised and unrealized gain/(loss) on investments

Net realised gain/(loss) on investments - - 13,116,585 14,223,215 6,359,057 1,121,200 4,149,539 2,086,366 13,133,890 (1,126,167) 71,570,738 Net realised currency (loss)/gain (10,889) 2,106 2,543,646 (2,564,832) (2,594,629) 269,798 (57,604) 1,653,248 (605,968) 118,489 (1,700,121) Total net realised (loss)/gain (10,889) 2,106 15,660,231 11,658,383 3,764,428 1,390,998 4,091,935 3,739,614 12,527,922 (1,007,678) 69,870,617 Movement in net unrealised (loss)/gain on investments - - (1,305,713) (2,116,776) 472,497 376,590 226,231 (19,617) (886,269) (730,504) (5,395,178) Movement in net unrealised currency gain/(loss) 49,603 31,654 (265,679) (2,065,662) (235,615) (172,351) (860,568) (1,103,375) 2,679,671 (315,723) (2,246,109) Total net movement in unrealised gain/(loss) 49,603 31,654 (1,571,392) (4,182,438) 236,882 204,239 (634,337) (1,122,992) 1,793,402 (1,046,227) (7,641,287)

Net gain/(loss) on financial assets and liabilities at fair value through profit or loss 38,262 30,749 14,904,782 7,740,856 3,930,462 1,651,972 3,539,955 3,685,517 12,627,367 (2,067,099) 62,559,717

All recognised gains and losses for the year arose solely from continuing operations.

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

15. Net Gain/(Loss) on Financial Assets and Liabilities at Fair Value through Profit or Loss (continued)

# GLG North American Equity Alternative commenced operations on 5 January 2011 and GLG European Equity Alternative commenced operations on 26 July 2011 and as such there are no comparatives presented for 31 December 2010.

* GLG European Alpha Alternative UCITS, GLG Emerging Markets (UCITS III) Fund, GLG Emerging Markets Equity (UCITS III) Fund, GLG Emerging Markets Equity II (UCITS III) Fund, GLG Emerging Markets Fixed Income and Currency (UCITS III) Fund, GLG Emerging Markets Credit Opportunity (UCITS III) Fund, GLG Alpha Select (UCITS III) Fund, GLG Atlas Macro Alternative UCITS, GLG North American Equity Alternative UCITS and GLG Global Equity Alternative changed UCTIS changed its name to GLG European Alpha Alternative, GLG EM Diversified Alternative, GLG EM Equity Alternative, GLG Emerging Markets Equity II, GLG EM Currency & Fixed Income Alternative, GLG EM Credit Opportunity Alternative, GLG Alpha Select Alternative, GLG Atlas Macro Alternative, GLG North American Equity Alternative and GLG European Equity Alternative respectively with effect from 28 June 2011.

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

16. Segregation of Liabilities between Portfolios

Upon the establishment of the Fund on 28 November 2007, the Fund availed of the provisions of the Investment Funds, Companies and Miscellaneous Provisions Act, 2005 to segregate liabilities between each portfolio.

17. Use of Dealing Commission

The Investment Manager has entered into arrangements with the brokerage houses from which the Fund derives benefit. These commission sharing agreements are in conformity with the rules of the Investment Manager’s regulator, the UK’s Financial Services Authority.

18. Significant Events During the Year

Change in Sponsoring Irish Stockbroker With effect from 26 May 2011 Davy replaced Goodbody Stockbrokers as sponsoring Irish stockbroker of the Fund.

New Portfolios The new Portfolio GLG North American Equity Alternative has been launched and commenced operations on 5 January 2011.

The new Portfolio GLG European Equity Alternative has been launched and commenced operations on 26 July 2011.

Share Classes The following new Share Class has been launched in GLG EM Diversified Alternative: Class DN H SEK Shares on 11 October 2011.

The following new Share Class has been launched in GLG Emerging Markets Equity II: Class DN USD Shares on 16 June 2011 and Class DN GBP Shares on 18 January 2011 respectively.

The following new Share Classes have been launched in GLG EM Credit Opportunity Alternative: Class DN H USD Shares on 14 June 2011 and Class IN H GBP Shares on 13 January 2011 respectively.

Class X USD of GLG North American Equity Alternative was fully redeemed on 25 January 2011.

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

18. Significant Events During the Year (continued)

Change of name of Portfolios GLG European Alpha Alternative UCITS Fund, GLG Emerging Markets (UCITS III) Fund, GLG Emerging Markets Equity (UCITS III) Fund, GLG Emerging Markets Equity II (UCITS III) Fund, GLG Emerging Markets Fixed Income and Currency (UCITS III) Fund, GLG Emerging Markets Credit Opportunity (UCITS III) Fund, GLG Alpha Select (UCITS III) Fund, GLG Atlas Macro Alternative UCITS, GLG North American Equity Alternative UCITS and GLG Global Equity Alternative UCITS changed its name to GLG European Alpha Alternative, GLG EM Diversified Alternative, GLG EM Equity Alternative, GLG Emerging Markets Equity II, GLG EM Currency & Fixed Income Alternative, GLG EM Credit Opportunity Alternative, GLG Alpha Select Alternative, GLG Atlas Macro Alternative, GLG North American Equity Alternative and GLG European Equity Alternative respectively with effect from 28 June 2011.

Change of name of Classes Class A, Class B, Class C, Class D, Class E and Class F of GLG Performance (UCITS III) Fund changed its name to Class IL USD, Class DL USD, Class IL H EUR, Class DL H EUR, Class IL H GBP and Class DL H GBP respectively with effect from 28 June 2011. Class A, Class B, Class C, Class D, Class E and Class F of GLG European Equity (UCITS III) Fund changed its name to Class IL H USD, Class DL H USD, Class IL EUR, Class DL EUR, Class IL H GBP and Class DL H GBP respectively with effect from 28 June 2011. Class A, Class B, Class C, Class D, Class E and Class F of GLG European Alpha Alternative changed its name to Class IN H USD, Class DN H USD, Class IN EUR, Class DN EUR, Class IN H GBP and Class DN H GBP respectively with effect from 28 June 2011. Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class I of GLG EM Diversified Alternative changed its name to Class IL H USD, Class DN H USD, Class IN EUR, Class DN EUR, Class IN H GBP, Class DN H GBP, Class IN H JPY, Class DN H JPY and Class IN H USD respectively with effect from 28 June 2011. Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class I, Class L and Class N of GLG EM Equity Alternative changed its name to Class IL USD, Class DN USD, Class IN H EUR, Class DL H EUR, Class IN H GBP, Class DL H GBP, Class IN H JPY, Class DN H JPY, Class IN USD, Class DN H EUR, and Class DN H GBP respectively with effect from 28 June 2011. Class A, Class B, Class C, Class D, Class E, Class F, Class G and Class H of GLG Emerging Markets Equity II changed its name to Class IN USD, Class DN USD, Class IN EUR, Class DN EUR, Class IN GBP, Class DN GBP, Class IN JPY and Class DN JPY respectively with effect from 28 June 2011. Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class I, Class J, Class L and Class N of GLG EM Currency & Fixed Income Alternative changed its name to Class IL H USD, Class DL H USD, Class IN EUR, Class DL EUR, Class IN H GBP, Class DL H GBP, Class IN H JPY, Class DN H JPY, Class IN H USD, Class DN H USD, Class DN EUR and Class DN H GBP respectively with effect from 28 June 2011. Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class I and Class N of GLG EM Credit Opportunity Alternative changed its name to Class IL H USD, Class DN H USD, Class IN EUR, Class DN EUR, Class IN H GBP, Class DL H GBP, Class IN H JPY, Class DN H JPY, Class IN H USD and Class DN H GBP respectively with effect from 28 June 2011. Class A, Class B, Class C, Class D, Class E, Class F, Class G and Class H of GLG Alpha Select Alternative changed its name to Class IN H USD, Class DN H USD, Class IN H EUR, Class DN H EUR, Class IN GBP, Class DN GBP, Class IN H JPY and Class DN H JPY respectively with effect from 28 June 2011. Class A, Class B, Class C, Class D, Class E, Class F, Class X(€), Class X(£) and Class X($) of GLG Atlas Macro Alternative changed its name to Class IN USD, Class DN USD, Class IN H EUR, Class DN H EUR, Class IN H GBP, Class DN H GBP, Class X H EUR, Class X H GBP and Class X USD respectively with effect from 28 June 2011. Class A, Class B, Class C, Class D, Class E, Class F, Class X(€), Class X(£) and Class X($) of GLG North American Equity Alternative changed its name to Class IN USD, Class DN USD, Class IN H EUR, Class DN H EUR, Class IN H GBP, Class DN H GBP, Class X H EUR, Class X H GBP and Class X USD respectively with effect from 28 June 2011. Class A, Class B, Class C, Class D, Class E, Class F, Class X(€), Class X(£) and Class X($) of GLG European Equity Alternative changed its name to Class IN H USD, Class DN H USD, Class IN EUR, Class DN EUR, Class IN H GBP, Class DN H GBP, Class X EUR, Class X H GBP and Class X H USD respectively with effect from 28 June 2011.

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

19. Important Events Since Year End

A new prospectus was issued on 28 February 2012 which includes details of 2 new portfolios namely Man Commodities Fund and GLG Financials Alternative.

20. Auditors’ Remuneration

The details of auditor’s remuneration during the year are detailed below:

GLG European Alpha Alternative 2011 2010 (previously known as GLG European Alpha Alternative UCITS) € € Audit of company accounts 31,012 12,365 Other assurance services - - Tax advisory fees - 1,800 Other non audit services - - 31,012 14,165

GLG EM Diversified Alternative 2011 2010 (previously known as GLG Emerging Markets (UCITS III) Fund) € € Audit of company accounts 25,491 3,811 Other assurance services - - Tax advisory fees - 505 Other non audit services - - 24,491 4,316

GLG EM Equity Alternative 2011 2010 (previously known as GLG Emerging Markets Equity (UCITS III) Fund) US$ US$ Audit of company accounts 37,205 5,063 Other assurance services - - Tax advisory fees - 671 Other non audit services - - 37,205 5,734

GLG Emerging Markets Equity II 2011 2010 (previously known as GLG Emerging Markets Equity II (UCITS III) Fund) € € Audit of company accounts 19,891 3,810 Other assurance services - - Tax advisory fees - 505 Other non audit services - - 19,891 4,315

GLG EM Currency & Fixed Income Alternative 2011 2010 (previously know as GLG Emerging Markets Fixed Income and Currency (UCITS III) Fund) € € Audit of company accounts 14,586 3,489 Other assurance services - - Tax advisory fees - 824 Other non audit services - - 14,586 4,313

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Notes to the Financial Statements for the year ended 31 December 2011 (continued)

20.Auditors’ Remuneration (continued)

GLG EM Credit Opportunity Alternative 2011 2010 (previously known as GLG Emerging Markets Credit Opportunity (UCITS III) Fund) € € Audit of company accounts 18,606 4,239 Other assurance services - - Tax advisory fees - 843 Other non audit services - - 18,606 5,082

GLG Alpha Select Alternative 2011 2010 (previously known as GLG Alpha Select (UCITS III) Fund) £ £ Audit of company accounts 5,518 3,294 Other assurance services - - Tax advisory fees - 429 Other non audit services - - 5,518 3,723

GLG Atlas Macro Alternative 2011 2010 (previously known as GLG Atlas Macro Alternative UCITS) US$ US$ Audit of company accounts 27,530 4,520 Other assurance services - - Tax advisory fees - - Other non audit services - - 27,530 4,520

GLG North American Equity Alternative 2011 (previously known as GLG North American Equity UCITS) US$ Audit of company accounts 29,588 Other assurance services - Tax advisory fees - Other non audit services - 29,588

GLG European Equity Alternative 2011 (previously known as GLG Global Equity Alternative UCITS) € Audit of company accounts 4,087 Other assurance services - Tax advisory fees - Other non audit services - 4,087

21. Contingent Liabilities and Commitments

There were no contingent liabilities or commitments as at 31 December 2011.

22. Reclassification of Prior Year Comparative Figures

Certain prior year comparatives have been reclassified to conform to the current year’s presentation.

23. Approval of Financial Statements

The Directors approved the financial statements on 25 April 2012. 143

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Portfolio Statement as at 31 December 2011

GLG European Alpha Alternative

Financial assets at fair value through profit or loss

Nominal Description Fair Value % of € Net Assets Contracts for difference Germany (40,000) Bayerische Motoren Werke AG 105,886 0.02 (49,000) Volkswagen AG 572,218 0.10 678,104 0.12 Italy (200,000) ENI SpA 14,994 0.00

Spain 710,000 Amadeus IT Holding SA 376,533 0.06 500,000 Distribuidora Internacional de Alimentacion SA 188,730 0.03 (800,000) Iberdrola SA 169,146 0.03 734,409 0.12

United Kingdom 4,865,840 Aegis Group Plc 1,476,004 0.25 1,100,000 BP Plc 675,616 0.11 690,000 Compass Group Plc 342,958 0.06 100,000 Imperial Tobacco Group Plc 294,874 0.05 200,000 Invensys Plc 25,233 0.00 130,000 SABMiller Plc 130,786 0.02 (300,000) TESCO Plc 2,300 0.00 2,000,000 Vodafone Group Plc 244,601 0.04 3,192,372 0.49

Total contracts for difference 4,619,879 0.73

Equities Denmark 50,000 Carlsberg A/S 2,724,571 0.46

France 30,000 Casino Guichard Perrachon 1,952,400 0.33 200,000 Cie de Saint-Gobain 5,933,000 1.00 136,000 Cie Generale de Geophysique - Veritas 2,465,680 0.42 200,000 Cie Generale des Etablissements Michelin 9,135,000 1.54 430,000 Club Mediterranee 5,658,800 0.96 332,500 Etablissements Maurel 3,910,200 0.66

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Portfolio Statement as at 31 December 2011

GLG European Alpha Alternative (continued)

Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Equities (continued) France (continued) 940,000 Groupe Eurotunnel SA 4,944,400 0.83 65,000 Remy Cointreau SA 4,035,850 0.68 200,000 Safran SA 4,641,000 0.78 190,000 Sanofi-Aventis SA 10,782,500 1.82 100,000 Schneider Electric SA 4,068,000 0.69 160,000 Thales SA 3,904,000 0.66 60,000 Vallourec SA 3,009,600 0.51 64,440,430 10.88

Germany 170,000 Daimler AG 5,766,400 0.97 350,000 Deutsche Telekom AG 3,102,750 0.52 60,000 Metro AG 1,692,000 0.29 38,000 Muenchener Rueckversicherungs AG 3,601,640 0.61 14,162,790 2.39

Italy 450,000 Autogrill SpA 3,393,000 0.57 210,000 Saipem SpA 6,898,500 1.16 10,291,500 1.73

Luxembourg 150,000 Aperam 1,635,000 0.28 240,000 SES SA 4,450,800 0.75 6,085,800 1.03

Netherlands 400,000 European Aeronautic Defence and Space Company NV 9,660,000 1.64 230,000 Gemalto NV 8,643,400 1.47 18,303,400 3.11 Norway 158,525 Petroleum Geo-Services ASA 1,339,237 0.24

Sweden 300,000 Sandvik AB 2,846,883 0.49

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Portfolio Statement as at 31 December 2011

GLG European Alpha Alternative (continued)

Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Equities (continued) Switzerland 300,000 Nestle SA 3,113,930 0.54

Total equities 123,308,541 20.87

Options (b) Europe 2,000 Call on 2350 SX5E Index 20 January 2012 920,000 0.17

France 2,000 Call on 20 CA1 FP Equity 17 February 2012 56,000 0.01

Netherlands 1,500 Call on 24.5 NA Equity 20 January 2012 318,000 0.05

United Kingdom 290 Call on 3800 RB/LN Equity 16 March 2012 13,887 0.00

Total options 1,307,887 0.23

Forward currency contracts (a) (note 8) * Unrealised Non Class Specific gain % of Amount Receivable Amount Payable Maturity Date Contracts € Net Assets €3,319,423 NOK25,647,854 17 January 2012 1 11,366 0.00 GBP1,060,000 €1,249,322 17 January 2012 1 19,305 0.00 SEK34,075,556 €3,748,975 17 January 2012 1 75,722 0.01

Class IN H USD Amount Receivable Amount Payable Maturity Date Contracts US$24,735,075 €18,458,116 31 January 2012 1 591,754 0.10

Class DN H USD Amount Receivable Amount Payable Maturity Date Contracts US$17,745,027 €13,254,410 31 January 2012 2 412,029 0.07

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Portfolio Statement as at 31 December 2011

GLG European Alpha Alternative (continued)

Financial assets at fair value through profit or loss (continued)

Forward currency contracts (a) (note 8) * (continued)

Unrealised Class IN H GBP gain % of Amount Receivable Amount Payable Maturity Date Contracts € Net Assets GBP2,222,639 €2,582,527 31 January 2012 1 76,995 0.01

Class DN H GBP Amount Receivable Amount Payable Maturity Date Contracts GBP2,285,745 €2,655,862 31 January 2012 2 79,169 0.01

Total unrealised gain on forward currency contracts 1,266,340 0.20

Total financial assets at fair value through profit or loss 130,502,647 22.03

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Portfolio Statement as at 31 December 2011

GLG European Alpha Alternative (continued)

Financial liabilities at fair value through profit or loss

Nominal Description Fair Value % of € Net Assets Contracts for difference Belgium (200,000) Anheuser-Busch InBev NV (1,408,527) (0.23)

Europe (20,000) SNXP-Dow Jones Sindus (311,059) (0.04) (30,000) Dow Jones STOXX 600 Euro Price Index (356,982) (0.05) (16,000) Dow Jones STOXX 600 Chem Euro Price Index (299,340) (0.04) 50,000 ESTX Bank Index (109,622) (0.01) (1,077,003) (0.14)

France (65,000) Dassault Systemes SA (316,965) (0.04) 70,000 Electricite de France (92,400) (0.02) (20,000) Eutelsat Communications SA (21,338) (0.00) (14,000) Pernod-Ricard SA (43,836) (0.01) (286,000) Publicis Groupe SA (1,213,126) (0.19) (84,970) Sodexo (441,401) (0.06) (100,000) Technip SA (1,369,051) (0.22) (100,000) Total SA (231,423) (0.04) (3,729,540) (0.58)

Germany (150,000) SAP AG (248,171) (0.03) (55,000) Siemens AG (3,794) (0.00) (251,965) (0.03) Italy 1,300,000 Enel SpA (44,200) (0.01)

Luxembourg (470,000) Tenaris SA (1,292,773) (0.21)

Netherlands (80,000) Heineken NV (122,666) (0.01) (300,000) Royal Dutch Shell Plc (1,081,297) (0.17) (100,000) Unilever NV (102,437) (0.01) (1,306,400) (0.40)

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Portfolio Statement as at 31 December 2011

GLG European Alpha Alternative (continued)

Financial liabilities at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Contracts for difference (continued) Portugal 500,000 Galp Energia SGPS SA (1,157,371) (0.19)

Sweden (500,000) Atlas Copco AB (1,060,545) (0.17) (60,000) Hennes & Mauritz AB (81,866) (0.01) (140,000) SKF AB's B Shares (99,982) (0.02) (1,242,393) (0.20)

Switzerland (120,000) Cie Financiere Richemont SA (277,013) (0.04) (50,000) Holcim Limited (8,244) (0.00) (90,000) Swiss Re AG (96,185) (0.02) (381,442) (0.06)

United Kingdom (90,000) British American Tobacco Plc (331,085) (0.05) (700,000) GlaxoSmithKline Plc (1,256,950) (0.20) (770,000) Rolls-Royce Holdings Plc (618,589) (0.09) (2,206,624) (0.34)

Total contracts for difference (14,098,238) (2.39)

Exchange-traded future Europe (920) CAC40 10 Euro Future January 2012 (1,166,000) (0.19)

Total exchange traded future (1,166,000) (0.19)

Options (b) Europe (2,000) Call on 2425 SX5E 20 January 2012 (408,000) (0.06)

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GLG European Alpha Alternative (continued)

Financial liabilities at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Options (b) (continued) France (2,000) Put on 15 CA1 FP 17 February 2012 (56,000) (0.01)

Total options (464,000) (0.07)

Forward currency contracts (note 8) * Unrealised Non Class Specific loss % of Amount Receivable Amount Payable Maturity Date Contracts € Net Assets €3,176,691 CHF3,922,641 17 January 2012 1 (55,292) (0.01) €2,584,889 DKK19,221,233 17 January 2012 1 (1,144) (0.00) €274,056 NOK2,131,929 17 January 2012 2 (920) (0.00) €2,691,405 SEK24,125,082 17 January 2012 1 (16,434) (0.00) €2,261,468 US$2,990,000 17 January 2012 1 (41,519) (0.01)

Class IN H USD Amount Receivable Amount Payable Maturity Date Contracts €3,649,020 US$4,886,164 31 January 2012 4 (114,089) (0.02)

Class DN H USD Amount Receivable Amount Payable Maturity Date Contracts €1,443,934 US$1,937,010 31 January 2012 4 (47,867) (0.01)

Class DN H GBP Amount Receivable Amount Payable Maturity Date Contracts €2,883 GBP2,420 31 January 2012 2 (13) (0.00)

Total unrealised loss on forward currency contracts (277,278) (0.05)

Total financial liabilities at fair value through profit or loss (16,005,516) (2.70)

153

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Portfolio Statement as at 31 December 2011

GLG European Alpha Alternative (continued)

Fair Value % of € Net Assets Total financial assets at fair value through profit or loss 130,502,647 22.03

Total financial liabilities at fair value through profit or loss (16,005,516) (2.70)

Other net assets 477,999,160 80.67

Net Assets Attributable to Holders of Redeemable Participating Shares 592,496,291 100.00

*The forward currency contracts are held with The Bank of New York Mellon, Brussels.

Classifications: (a) Exchange traded derivative instruments (b) OTC financial derivative instruments All other investments held at the year end are transferable securities listed on an official stock exchange.

% of Total Assets Analysis of Total Assets Transferable securities listed on an official stock exchange 20.99 Exchange traded financial derivative instruments described in classification (a) above 0.21 OTC financial derivative instruments described in classification (b) above 0.21 Other Current Assets 78.59 100.00

Analysis of Total Assets rather than Net Assets is required under UCITS Notice 8.2 appendix B.

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GLG EM Diversified Alternative

Financial assets at fair value through profit or loss

Nominal Description Fair Value % of € Net Assets Collective investment schemes Hong Kong 192,699 iShares FTSE A50 China Index ETF 197,626 0.24

Ireland 8,500 GLG Investments VI Emerging Markets Equity II 664,600 0.82

United States 28,205 iShares MSCI Brazil Index Fund 1,246,917 1.53

Total collective investment schemes 2,109,143 2.59

Contracts for difference Saudi Arabia 9,221 Al Rajhi Bank # 1,693 0.00 9,263 National Industrialization Company # 3,832 0.00 6,960 Saudi Industries # 7,867 0.01 13,392 0.01

Total contracts for difference 13,392 0.01

Convertible bonds Bermuda Central European Media Enterprises Limited 3.5% 755,000 15/03/2013 * 536,159 0.66

United Arab Emirates 560,000 Tamweel Funding Limited 4.31% 23/01/2013 407,185 0.50

Total convertible bonds 943,344 1.16

Corporate bonds Bermuda 1,590,000 Digicel Limited 12% 01/04/2014 * 1,380,831 1.69 800,000 Renaissance Capital Holdings Limited 11.75% 15/04/2012 # 588,111 0.72 1,968,942 2.41

155

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Portfolio Statement as at 31 December 2011

GLG EM Diversified Alternative (continued)

Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Corporate bonds (continued) Brazil 1,105,000 Banco Cruzeiro Do Sul SA 7.00% 08/07/2013 * 745,342 0.91 850,000 Banco Cruzeiro Do Sul SA 7.625% 21/04/2014 498,689 0.61 125,000 Banco Cruzeiro Do Sul SA 8.00% 17/09/2012 91,537 0.11 570,000 NET Servicos de Comunicacao SA 7.5% 27/01/2020 * 505,004 0.62 1,840,572 2.25

Canada 555,000 Nova Chemicals Corporation 6.5% 15/01/2012 * 428,600 0.53

Cayman Islands Dar Al-Arkan International Sukuk Company 10.75% 1,545,000 18/02/2015 1,103,869 1.35 Dar Al-Arkan International Sukuk Company 1,870,000 FRN16/07/2012 1,344,177 1.65 300,000 DIB Sukuk Company Limited FRN 22/03/2012 227,354 0.28 Dubai Holding Commercial Operations MTN Limited FRN 1,310,000 01/02/2012 994,622 1.22 400,000 MBPS Finance Company 11.25% 15/11/2015 * 213,381 0.26 150,000 Odebrecht Finance Limited 7.5% 14/09/2049 * 113,444 0.14 Petrobras International Finance Company 5.875% 300,000 07/03/2022 303,384 0.37 1,130,000 Vestel Electronics Finance Limited 8.75% 09/05/2012 886,269 1.09 5,186,500 6.36

Cyprus 880,000 Alfa MTN Invest Limited 9.25% 24/06/2013 712,630 0.87

France 1,760,000 Rhodia SA 7.00% 15/05/2018 1,910,480 2.34

Hungary 1,710,000 OTP Mortgage Bank FRN 10/08/2014 1,593,276 1.95

Ireland EuroChem Mineral & Chemical Company Via EuroChem 1,090,000 Finance 7.875% 21/03/2012 848,053 1.04

156

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GLG EM Diversified Alternative (continued)

Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Corporate bonds (continued) Ireland (continued) International Bank of the Republic of Azerbaijan 8.50% 500,000 22/10/2013 387,089 0.47 Nizhnekamskneftekhim Inc Via NKNK Finance Plc 250,001 12.00% 20/04/2012 195,321 0.24 280,000 Nomos Bank Via Nomos Capital Plc 9.25% 17/12/2012 225,128 0.28 Raspadskaya OJSC Via Raspadskaya Securities Limited 100,000 7.5% 22/05/2012 77,442 0.10 440,000 Tatfondbank Via TFB Finance Limited 12.00% 02/02/2012 340,110 0.42 2,073,143 2.55

Jersey 720,000 Atlantic Finance Corporation 8.75% 27/05/2014 617,609 0.76 1,160,000 KazakhGold Group Limited 9.375% 06/11/2013 891,345 1.09 1,508,954 1.85

Kazakhstan 1,250,000 ATF Bank JSC 9.25% 12/04/2012 965,316 1.18 985,000 Halyk Saving Bank of Kazakhstan JSC 7.75% 13/05/2013 776,163 0.95 380,000 KazMunayGas National Company 8.38% 02/07/2013 308,618 0.38 2,050,097 2.51

Luxembourg 70,000 Fiat Finance & Trade SA 9.00% 30/07/2012 71,510 0.09 750,000 Globus Capital Finance SA 8.5% 05/03/2012 571,968 0.70 100,000 MHP SA 10.25% 29/04/2015 69,556 0.09 Novorossiysk Commercial Sea Port PJSC Via 380,000 Novorossiysk Port Capital SA 7% 17/05/2012 294,920 0.36 Promsvyazbank OJSC Via PSB Finance SA 10.75% 1,560,000 15/07/2013 1,282,826 1.57 Promsvyazbank OJSC Via PSB Finance SA 9.625% 100,000 23/05/2012 78,501 0.10 300,000 Wind Acquisition Finance SA 11.75% 15/07/2017 250,575 0.31 2,619,856 3.22

157

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Portfolio Statement as at 31 December 2011

GLG EM Diversified Alternative (continued)

Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Corporate bonds (continued) Netherlands Bank of Georgia JSC Via BG Finance BV 9.00% 1,100,000 08/02/2012 848,419 1.04 1,060,000 GTB Finance B.V. 8.5% 29/01/2012 818,547 1.00 160,000 Metinvest BV 10.25% 20/05/2015 116,794 0.14 2,190,000 VimpelCom Holdings B.V. FRN 29/06/2014 1,612,062 1.98 3,395,822 4.16

Russia 440,000 Russian Standard Bank ZAO 0% 04/2012 # 327,250 0.40

Sweden 860,000 TVN Finance Corporation II AB 10.75% 15/11/2017 891,713 1.09

United Arab Emirates 1,170,000 Dubai Sukuk Centre Limited FRN 13/06/2012 844,389 1.04

United Kingdom Alfa Bank CJSC Via Ukraine Issuance Plc 13.00% 412,500 30/07/2012 315,575 0.39 City of Kiev Ukraine Via CS International 8.25% 150,000 26/11/2012 112,949 0.14 1,710,000 EXIM of Ukraine 6.8% 04/10/2012 1,304,087 1.60 340,000 Ladbrokes Group Finance Plc 7.125% 11/07/2012 413,172 0.51 890,000 MU Finance Plc 8.375% 01/02/2017 719,596 0.88 Privatebank CJSC via UK SPV Credit Finance Plc for 2,220,000 8.00% 06/02/2012 1,696,060 2.08 4,561,439 5.60

United States 760,000 Nalco Company 6.88% 15/01/2019 # 863,603 1.06 350,000 SUPERVALU Inc 7.5% 15/05/2012 275,142 0.34 1,138,745 1.40

Total corporate bonds 33,052,408 40.53

158

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Portfolio Statement as at 31 December 2011

GLG EM Diversified Alternative (continued)

Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Credit default swaps Europe iTraxx Xovers Series 16 V1 5 Years Deutsche Bank 20 1,400,000 December 2016 # 128,128 0.16 iTraxx Xovers Series 16 V1 5 Years Morgan Stanley 20 3,200,000 December 2016 # 292,864 0.36 iTraxx Xovers Series 16 V1 5 Years UBS AG 20 December 800,000 2016 # 73,216 0.09 494,208 0.61

United States 3,840,000 Federal Republic of Brazil UBS AB 20 December 2016 # 77,606 0.10 2,000,000 Federal Republic of Brazil UBS AB 20 September 2016 # 35,523 0.04 3,700,000 Gazprom OAO Barclays Bank Plc 20 June 2016 # 293,961 0.36 7,355,000 Gazprom OAO Credit Suisse International 20 June 2016 # 584,347 0.72 228,000 Republic of Argentina Deutsche Bank 20 June 2016 # 24,722 0.03 114,000 Republic of Hungary Deutsche Bank 20 June 2016 # 3,354 0.00 900,000 Republic of Kazakhstan Citi Group 20 December 2016 # 61,267 0.08 800,000 Republic of Korea Deutsche Bank 20 June 2016 # 12,601 0.02 300,000 Republic of Korea Goldman Sachs 20 June 2016 # 4,726 0.01 304,000 Republic of Venezuela Deutsche Bank 20 June 2016 # 33,028 0.04 290,000 Russian Federation BOAML 20 December 2016 # 17,880 0.02 200,000 Russian Federation UBS AG 20 December 2016 # 12,331 0.02 114,000 Ukraine Government Deutsche Bank 20 June 2016 # 10,846 0.01 1,172,192 1.45

Total credit default swaps 1,666,400 2.06

Equities Brazil 89,518 Banco Bradesco SA 1,150,222 1.41

China 2,230,312 Industrial & Commercial Bank of China 1,019,790 1.25

Hong Kong 375,000 China Gas Holdings Limited 132,783 0.16

159

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Portfolio Statement as at 31 December 2011

GLG EM Diversified Alternative (continued)

Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Equities (continued) Luxembourg 7,937 Etihad Etisalat Company 85,185 0.10 10,623 National Industrialization Company 89,901 0.11 17,678 Saudi Basic Industries Corporation 352,229 0.43 527,315 0.64

Total equities 2,830,110 3.46

Exchange-traded futures (a) Hong Kong 3 Hang Seng index Futures January 2012 2,347 0.00

United States (17) S&P 500 E-mini Futures March 2012 339 0.00

Total exchange-traded futures 2,686 0.00

Government bond Venezuela Venezuela Government International Bond 12.75% 23 180,000 August 2022 124,966 0.15

Total government bond 124,966 0.15

Interest rate swaps (a) Australia Payable AUD 3.487% Vs Aus Bank Bill 3M 0BP 1 March 13,280,000 2013 22,626 0.03 Payable AUD 3.505% Vs Aus Bank Bill 3M 0BP 28 28,644,000 Febuary 2013 45,344 0.06 Payable AUD 3.525% Vs Aus Bank Bill 3M 0BP 1 March 16,353,000 2013 23,104 0.03 Payable AUD 3.525% Vs Aus Bank Bill 3M 0BP 1 March 23,460,000 2013 33,144 0.04 Payable AUD 3.645% Vs Aus Bank Bill 3M 0BP 5 March 28,750,000 2013 12,234 0.02

160

GLG INVESTMENTS VI PLC

Portfolio Statement as at 31 December 2011

GLG EM Diversified Alternative (continued)

Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Interest rate swaps (a) (continued) Australia (continued) Receivable AUD 4.22125% Vs LIBOR 3M 0BP 8 Febuary 17,128,000 2013 61,031 0.07 197,483 0.25

Chile Receivable CLP 4.60% Vs CLP Tasa Camara 1D 0BP 10 4,108,000,000 November 2013 33,468 0.04

China Receivable CNY 3.02% Vs Repo Rate 1W 0BP 24 24,650,000 November 2016 31,300 0.04 Receivable CNY 3.13% Vs Repo Rate 1W 0BP 23 10,900,000 November 2016 20,687 0.03 Receivable CNY 3.16% Vs Repo Rate 1W 0BP 23 46,000,000 November 2016 95,194 0.12 Receivable CNY 3.21% Vs Repo Rate 1W 0BP 18 24,000,000 November 2016 56,045 0.07 Receivable CNY 3.42% Vs Repo Rate 1W 0BP 17 October 121,000,000 2012 56,510 0.07 Receivable CNY 3.61% Vs Repo Rate 1W 0BP 27 October 30,000,000 2012 22,054 0.03 281,790 0.36

Israel Receivable ILS 2.45% Vs TELBOR 3M 0BP 19 December 316,750,000 2012 26,769 0.03 Receivable ILS 2.50% Vs TELBOR 3M 0BP 30 November 107,915,000 2012 12,401 0.02 Receivable ILS 2.51% Vs TELBOR 3M 0BP 6 December 36,200,000 2012 6,057 0.01 Receivable ILS 2.55% Vs TELBOR 3M 0BP 28 November 26,200,000 2012 4,977 0.01 Receivable ILS 2.64% Vs TELBOR 3M 0BP 16 November 200,220,000 2012 61,291 0.08 Receivable ILS 2.65% Vs TELBOR 3M 0BP 16 November 200,220,000 2012 65,251 0.08 Receivable ILS 2.67% Vs TELBOR 3M 0BP 16 November 225,600,000 2012 82,448 0.10 259,194 0.33

161

GLG INVESTMENTS VI PLC

Portfolio Statement as at 31 December 2011

GLG EM Diversified Alternative (continued)

Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Interest rate swaps (a) (continued) Poland Receivable PLN 4.905% Vs WIBOR 3M 0BP 10 January 201,402,000 2013 22,525 0.03

South Africa Receivable ZAR 5.80% Vs JIBAR 3M 0BP 15 November 114,000,000 2013 5,087 0.01 Receivable ZAR 6.14% Vs JIBAR 3M 0BP 25 November 135,700,000 2013 86,010 0.11 Receivable ZAR 6.95% Vs JIBAR 3M 0BP 22 November 79,000,000 2016 70,377 0.09 161,474 0.21

South Korea Receivable KRW 3.37% Vs KRWCD 3M 0BP 16 Febuary 57,400,000,000 2013 17,846 0.02

Total interest rate swaps 973,780 1.24

Options (b) Hong Kong 13,780,451 Call on 1398 HK Equity (6.7913) 28 December 2012 89,999 0.11 16,100 Call on HSCEI Index (13628.65) 28 December 2012 230,667 0.28 16,100 Call on HSCEI Index (14221.2) 28 December 2012 168,795 0.21 14,406,054 Calls on 1398 HK Equity (6.42379) 28 December 2012 133,234 0.16 34,383,104 Calls on 1398 HK Equity (6.537223) 28 December 2012 251,165 0.31 48,924,676 Calls on 1398 HK Equity (6.71) 28 December 2012 302,475 0.37 34,656,428 Calls on 1398 HK Equity (6.7191) 28 December 2012 212,407 0.26 34,383,104 Calls on 1398 HK Equity (6.82317) 28 December 2012 190,911 0.23 6,667,217 Calls on 1398 HK Equity (8) 10 January 2013 11,840 0.01 6,667,217 Calls on 1398 HK Equity (8) 11 January 2013 9,419 0.01 6,667,217 Calls on 1398 HK Equity (8) 14 January 2013 7,780 0.01 6,667,217 Calls on 1398 HK Equity (8) 15 January 2013 12,308 0.02 6,667,217 Calls on 1398 HK Equity (8) 16 January 2013 9,810 0.01 6,667,217 Calls on 1398 HK Equity (8) 17 January 2013 7,982 0.01 6,667,217 Calls on 1398 HK Equity (8) 2 January 2013 11,100 0.01 6,667,217 Calls on 1398 HK Equity (8) 21 January 2013 10,210 0.01 6,667,217 Calls on 1398 HK Equity (8) 22 January 2013 8,319 0.01

162

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Portfolio Statement as at 31 December 2011

GLG EM Diversified Alternative (continued)

Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Options (b) (continued) 6,667,217 Calls on 1398 HK Equity (8) 23 January 2013 13,077 0.02 6,667,217 Calls on 1398 HK Equity (8) 24 January 2013 10,456 0.01 6,667,217 Calls on 1398 HK Equity (8) 25 January 2013 8,528 0.01 6,667,217 Calls on 1398 HK Equity (8) 28 January 2013 13,567 0.02 6,667,217 Calls on 1398 HK Equity (8) 29 January 2013 10,864 0.01 6,667,217 Calls on 1398 HK Equity (8) 3 January 2013 8,805 0.01 6,667,217 Calls on 1398 HK Equity (8) 30 January 2013 8,874 0.01 6,667,217 Calls on 1398 HK Equity (8) 31 January 2013 13,869 0.02 6,667,217 Calls on 1398 HK Equity (8) 4 January 2013 7,132 0.01 6,667,217 Calls on 1398 HK Equity (8) 7 January 2013 11,558 0.01 6,667,217 Calls on 1398 HK Equity (8) 8 January 2013 9,184 0.01 6,667,217 Calls on 1398 HK Equity (8) 9 January 2013 7,452 0.01 6,667,217 Calls on 1398 HK Equity (8.298822) January 2013 12,597 0.02 6,667,217 Calls on 1398 HK Equity (8.635127) December 2012 7,964 0.01 6,667,217 Calls on 1398 HK Equity (8.638043) 28 December 2012 8,340 0.01 6,667,217 Calls on 1398 HK Equity 1 Febuary 2013 11,117 0.01 6,667,217 Calls on 1398 HK Equity 17 December 2012 9,882 0.01 6,667,217 Calls on 1398 HK Equity 18 December 2012 7,795 0.01 6,667,217 Calls on 1398 HK Equity 19 December 2012 6,280 0.01 6,667,217 Calls on 1398 HK Equity 20 December 2012 10,093 0.01 6,667,217 Calls on 1398 HK Equity 24 December 2012 6,508 0.01 6,667,217 Calls on 1398 HK Equity 27 December 2012 10,582 0.01 6,667,217 Calls on 1398 HK Equity 31 December 2012 6,877 0.01 6,667,217 Calls on 1398 HK Equity 4 Febuary 2013 9,230 0.01 1,899,052 2.31

South Africa Payer Swaption on ZAR 10 Swap Rate K=8.42190112% 19 30,375,000 January 2012 1,663 0.00 Receiver Swaption on ZAR 10 Swap Rate K=8.42190112% 30,375,000 19 January 2012 170,493 0.21 172,156 0.21

Switzerland 4,000,000 CHF Call/KRW Put ND K=1,340 12 June 2012 BOA ML 112,345 0.14

163

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Portfolio Statement as at 31 December 2011

GLG EM Diversified Alternative (continued)

Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Options (b) (continued) Turkey Payer Swaption on TRY 2 Year Swap Rate K=6.02% 24 25,000,000 Febuary 2012 405,204 0.50 Receiver Swaption on TRY 1 Year Swap Rate K=7.00% 25 32,760,000 January 2012 162 0.00 Receiver Swaption on TRY 2 Year Swap Rate K=6.02% 24 25,000,000 Febuary 2012 279 0.00 405,645 0.50

Total options 2,589,198 3.16

Total return swaps (a) Hong Kong (8,300) Hong Kong Exchanges and Clearing Limited 3,714 0.01

India (27) S&P CNX Nifty Index Januray 2012 977 0.00

Qatar 6,255 Commercial Bank of Qatar QSC 4,639 0.01 4,097 Industries Qatar QSC 624 0.00 4,108 Qatar National Bank SAQ 3,739 0.00 9,002 0.01

United States (28,205) iShares MSCI Brazil Index Fund 33,999 0.04

Total total return swaps 47,692 0.06

Variance swaps (a) Europe 67,000 Variance Swap on SX5E K=28.85% 21 December 2012 549,584 0.67 57,700 Variance Swap on SX5E K=29.00% 21 December 2012 462,997 0.57 75,500 Variance Swap on SX5E K=29.00% 21 December 2012 605,828 0.74 57,700 Variance Swap on SX5E K=29.10% 21 December 2012 456,151 0.56 38,250 Variance Swap on SX5E K=31.70% 21 December 2012 203,950 0.25

164

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Portfolio Statement as at 31 December 2011

GLG EM Diversified Alternative (continued)

Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Variance swaps (a) (continued) Europe (continued) 38,250 Variance Swap on SX5E K=32.20% 21 December 2012 182,822 0.22 2,461,332 3.01

United States 100,000 Variance Swap on SPX K=29.40% 21 December 2012 34,165 0.04 100,000 Variance Swap on SPX K=29.50% 21 December 2012 26,575 0.03 (4,500) Variance Swap on SPX K=32.50% 21 December 2012 11,310 0.01 (9,575) Variance Swap on SPX K=33.50% 21 December 2012 30,489 0.04 102,539 0.12

Total variance swaps 2,563,871 3.13

Forward currency contracts (note 8) * (a) Unrealised Non Class Specific gain % of Amount Receivable Amount Payable Maturity Date Contracts € Net Assets AUD3,377,369 €2,588,241 17 January 2012 3 72,705 0.09 CNY77,325,600 US$12,000,000 28 March 2012 2 124,395 0.15 CNY154,464,000 US$24,000,000 29 March 2012 2 225,145 0.28 CNY7,584,000 US$1,190,158 11 April 2012 2 1,836 0.00 CNY322,277,700 US$50,469,250 12 April 2012 6 158,989 0.20 CNY421,155,140 US$66,160,000 13 April 2012 6 48,342 0.06 CNY68,958,000 US$10,800,000 19 April 2012 1 32,487 0.04 CNY69,623,400 US$10,916,181 27 April 2012 1 22,766 0.03 CNY71,777,400 US$11,251,736 03 May 2012 2 24,498 0.03 CNY41,015,000 US$6,426,976 11 June 2012 2 13,538 0.02 CNY326,242 US$51,113 18 June 2012 1 110 0.00 HKD8,943,619 €883,731 17 January 2012 3 3,273 0.00 JPY757,120,000 IDR83,245,344,000 05 April 2012 1 735,066 0.90 PLN10,041,406 €2,250,000 09 January 2012 1 184 0.00 SGD1,353,661 €800,180 17 January 2012 1 3,867 0.00 TRY21,081,280 €8,528,402 17 January 2012 3 33,031 0.04 US$1,200,000 CNY7,584,000 11 April 2012 1 5,737 0.01 US$1,500,000 €1,153,391 17 January 2012 1 1,954 0.00 US$2,715,000 CNY17,172,375 28 March 2012 1 10,900 0.01 US$8,466,266 CNY53,583,000 29 March 2012 1 30,232 0.04

165

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Portfolio Statement as at 31 December 2011

GLG EM Diversified Alternative (continued)

Financial assets at fair value through profit or loss (continued)

Forward currency contracts (note 8) * (a) (continued)

Unrealised Non Class Specific (continued) gain % of Amount Receivable Amount Payable Maturity Date Contracts € Net Assets US$7,349,268 CNY46,429,000 12 April 2012 1 37,428 0.05 US$20,500,223 CNY129,667,000 13 April 2012 3 85,616 0.11 US$5,500,000 CNY34,974,500 23 April 2012 1 962 0.00 US$11,000,000 CNY69,623,400 27 April 2012 2 41,717 0.05 US$11,350,000 CNY71,777,400 03 May 2012 1 51,090 0.06 US$9,900,000 CNY63,003,600 08 June 2012 1 28 0.00 US$19,000,000 CNY120,916,000 11 June 2012 2 588 0.00 US$19,000,000 IDR168,915,000,000 11 June 2012 2 842,450 1.03 US$11,000,000 IDR99,110,000,000 27 June 2012 1 397,895 0.49 US$21,305,287 IDR191,643,399,990 11 July 2012 4 829,523 1.02 US$40,221,650 IDR364,292,000,028 12 July 2012 7 1,368,265 1.68 US$2,241,644 IDR20,522,900,019 16 July 2012 2 59,434 0.07 US$9,358,657 MYR28,658,000 14 June 2012 3 298,688 0.37 US$23,090,000 MYR71,019,340 27 June 2012 2 670,304 0.82 US$9,500,000 PHP413,250,000 11 June 2012 1 65,667 0.08 US$9,900,000 TWD277,497,000 13 June 2012 1 532,094 0.65 ZAR31,896,566 €2,962,476 17 January 2012 4 70,791 0.09 ZAR6,334,598 US$750,000 14 June 2012 1 11,939 0.01

Class DN H USD Amount Receivable Amount Payable Maturity Date Contracts US$14,173,251 €10,575,526 31 January 2012 4 340,091 0.42

Class IN H GBP Amount Receivable Amount Payable Maturity Date Contracts GBP20,938,012 €24,331,447 31 January 2012 4 722,145 0.89

Class DN H GBP Amount Receivable Amount Payable Maturity Date Contracts €20,292 GBP16,917 31 January 2012 1 50 0.00 GBP2,054,619 €2,387,502 31 January 2012 3 70,974 0.09

Class IN H USD Amount Receivable Amount Payable Maturity Date Contracts US$11,989,231 €8,945,739 31 January 2012 2 287,841 0.35

166

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Portfolio Statement as at 31 December 2011

GLG EM Diversified Alternative (continued)

Financial assets at fair value through profit or loss (continued)

Forward currency contracts (note 8) * (a) (continued) Unrealised Class DN H SEK gain % of Amount Receivable Amount Payable Maturity Date Contracts € Net Assets SEK149,796 €16,161 31 January 2012 2 639 0.00

Total unrealised gain on forward currency contracts 8,335,274 10.23

Total financial assets at fair value through profit or loss 55,252,264 67.78

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GLG EM Diversified Alternative (continued)

Financial liabilities at fair value through profit or loss

Nominal Description Fair Value % of € Net Assets Contracts for difference Hong Kong (203,200) AIA Group Limited (14,496) (0.02)

Saudi Arabia 23,449 Etihad Etisalat Company (8,331) (0.01)

Total contracts for difference (22,827) (0.03)

Credit default swaps Europe (2,600,000) Akbank T.A.S. 20 June 2012 (15,254) (0.02)

United States (2,600,000) Bumi Investment Pte Limited 20 June 2012 (45,596) (0.06) (1,100,000) Bumi Resources Tbk PT UBS AG 14 May 2012 (13,858) (0.02) (4,000,000) CDS Basket JP Morgan 20 September 2012 (216,050) (0.27) (4,000,000) CDS Basket JP Morgan 20 September 2012 (68,158) (0.08) (4,000,000) CDS FTD JP Morgan 20 September 2012 (103,723) (0.13) (4,000,000) CDS FTD JP Morgan 20 September 2012 (21,497) (0.03) CDX-EM Series 16 V1 5 year Morgan Stanley 20 1,590,000 December 2016 (104,515) (0.13) (1,080,000) Cemex SA Barclays Bank Plc 20 September 2012 (30,470) (0.04) 494,000 Federal Republic of Brazil Deutsche Bank 20 June 2016 (57,697) (0.07) (4,360,000) FTD Arg Russia Soaf Czech China 20 September 2012 (3,810) 0.00 (4,360,000) FTD Gazp Bulg Muba Mex Malay 20 September 2012 (44,998) (0.06) (4,360,000) FTD Israel Latvia Hungary Indon Viet 20 September 2012 (49,470) (0.06) FTD Rusag Poland Abudhabi Ukrne Korea 20 September (4,360,000) 2012 (100,264) (0.12) FTD SBER Romani Bhrain Lithun Pemex 20 September (1,310,000) 2012 (18,086) (0.01) (1,310,000) FTD Vtb Turkey Moroc Kazakh Philip 20 September 2012 (22,646) (0.03) iTraxx SovX CEEMEA Series 6 V1 5 Years JP Morgan 20 (1,120,000) December 2016 (94,877) (0.12) (1,400,000) Malaysia 100 JP Morgan London 20 December 2016 (21,051) (0.03) (2,240,000) Malaysia 100 SCB 20 December 2016 (33,682) (0.04) Penerbangan Malaysia Berhad Deutsche Bank 20 June 152,000 2016 (18,373) (0.02) (1,500,000) Penerbangan Malaysia Berhad UBS AG 20 December 2016 (22,555) (0.03)

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GLG EM Diversified Alternative (continued)

Financial liabilities at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Credit default swaps (continued) United States (continued) 114,000 Republic of South Africa Deutsche Bank 20 June 2016 (11,643) (0.01) 304,000 Republic of Colombia Deutsche Bank 20 June 2016 (36,145) (0.04) 190,000 Republic of Indonesia Deutsche Bank 20 June 2016 (19,339) (0.02) (900,000) Republic of Korea Barclays Bank Plc 20 September 2016 (16,210) (0.02) (800,000) Republic of Korea UBS AG 20 September 2016 (14,409) (0.02) 114,000 Republic of Panama Deutsche Bank 20 June 2016 (13,700) (0.02) 190,000 Republic of Peru Deutsche Bank 20 June 2016 (21,366) (0.03) 228,000 Republic of Philippines Deutsche Bank 20 June 2016 (24,878) (0.03) 418,000 Republic of Turkey Deutsche Bank 20 June 2016 (29,432) (0.04) (3,700,000) Russian Federation Barclays Bank 20 June 2016 (198,458) (0.24) (7,355,000) Russian Federation Credit Suisse 20 June 2016 (394,503) (0.48) 494,000 Russioan Federation Deutsche Bank 20 June 2016 (36,595) (0.04) (3,050,000) SBER Romani Bhrain Lithun Pemex 20 September 2012 (53,623) (0.07) (2,400,000) VTB Bank OJSC Credit Suisse 20 June 2012 (14,772) (0.02) (900,000) VTB Bank OJSC Deutsche Bank 20 June 2012 (5,539) (0.01) (3,050,000) VTB Turkey Moroc Kazakh Philip 20 September 2012 (51,416) (0.06) (2,033,404) (2.52)

Total credit default swaps (2,048,658) (2.54)

Exchange-traded futures Hong Kong (40) H-Shares index Futures January 2012 (17,143) (0.02)

United States (5) iShares MSCI Taiwan Index January 2012 (1,220) 0.00

Total exchange-traded futures (18,363) (0.02)

Interest rate swaps Australia Receivable AUD 3.57% Vs Aus Bank Bill 3M 0BP 13 7,515,000 Febuary 2013 (10,237) (0.01) Receivable AUD 3.59% Vs Aus Bank Bill 3M 0BP 13 6,015,000 Febuary 2013 (7,267) (0.01)

169

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GLG EM Diversified Alternative (continued)

Financial liabilities at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Interest rate swaps (continued) Australia (continued) Receivable AUD 3.59% Vs Aus Bank Bill 3M 0BP 9 25,500,000 March 2013 JPM (19,838) (0.02) Receivable AUD 3.59% Vs Aus Bank Bill 3M 0BP 9 52,000,000 March 2013 UBS AG (40,453) (0.05) Receivable AUD 3.60% Vs Aus Bank Bill 3M 0BP 9 25,500,000 March 2013 (17,887) (0.02) Receivable AUD 3.605% Vs Aus Bank Bill 3M 0BP 9 57,000,000 March 2013 (37,802) (0.05) Receivable AUD 3.62% Vs Aus Bank Bill 3M 0BP 3 100,000,000 Febuary 2013 (114,858) (0.14) Receivable AUD 3.65% Vs Aus Bank Bill 3M 0BP 17 81,000,000 January 2013 (97,842) (0.12) (346,184) (0.42)

Chile Payable CLP 4.90% Vs CLP Tasa Camara 1D 0BP 10 1,738,000,000 November 2016 (24,669) (0.03)

Israel Payable ILS 2.57% Vs TELBOR 3M 0BP 19 December 158,375,000 2013 (39,979) (0.05) Payable ILS 2.61% Vs TELBOR 3M 0BP 20 December 89,600,000 2013 (456) (0.00) Payable ILS 2.63% Vs TELBOR 3M 0BP 30 November 54,805,000 2013 (25,662) (0.03) Payable ILS 2.64% Vs TELBOR 3M 0BP 6 December 18,100,000 2013 (9,484) (0.01) Payable ILS 2.65% Vs TELBOR 3M 0BP 28 November 13,100,000 2013 (6,908) (0.01) Payable ILS 2.729% Vs TELBOR 3M 0BP 16 November 101,379,000 2013 (81,431) (0.10) Payable ILS 2.73% Vs TELBOR 3M 0BP 16 November 100,110,000 2013 (80,802) (0.10) Payable ILS 2.74% Vs TELBOR 3M 0BP 16 November 57,600,000 2013 (48,738) (0.06) Payable ILS 2.76% Vs TELBOR 3M 0BP 16 November 57,600,000 2013 (53,232) (0.07) Receivable ILS 2.30% Vs TELBOR 3M 0BP 20 March 190,500,000 2013 (26,673) (0.03) (373,365) (0.46)

170

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GLG EM Diversified Alternative (continued)

Financial liabilities at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Interest rate swaps (continued) Mexico Receivable MXN 4.90% Vs TIIE 28D 0BP 4 December 162,000,000 2013 (36,885) (0.05) Receivable MXN 4.96% Vs TIIE 28D 0BP 6 December 127,500,000 2013 (21,192) (0.03) Receivable MXN 4.99% Vs TIIE 28D 0BP 19 December 161,070,000 2013 (23,689) (0.03) (81,766) (0.11)

South Africa 1,250,000 Payable ZAR 7.60% Vs JIBAR 3M 0BP 2 September 2021 (514) 0.00 12,300,000 Payable ZAR 7.60% Vs JIBAR 3M 0BP 2 September 2021 (5,058) (0.01) Payable ZAR 7.635% Vs JIBAR 3M 0BP 22 December 23,400,000 2021 (9,811) (0.01) Payable ZAR 7.64% Vs JIBAR 3M 0BP 22 December 59,840,000 2021 (27,122) (0.03) Payable ZAR 7.79% Vs JIBAR 3M 0BP 22 November 48,190,000 2021 (80,746) (0.10) (123,251) (0.15)

South Korea Payable KRW 3.345% Vs KRWCD 3M 0BP 16 Febuary 29,400,000,000 2014 (33,990) (0.04)

Turkey Receivable TRY 8.11% Vs TRLIBOR 3M 0BP 28 Febuary 9,744,300 2014 (12,011) (0.01) Receivable TRY 8.1875% Vs TRLIBOR 3M 0BP 28 8,341,200 Febuary 2014 (5,600) (0.01) (17,611) (0.02)

Total interest rate swaps (1,000,836) (1.23)

Options Australia Receiver Swaption on AUD 1 Year Swap Rate 4% 02 (100,000,000) Febuary 2012 (220,314) (0.27) (81,000,000) Receiver Swaption on AUD 4.25 16 January 2012 (279,135) (0.34) (499,449) (0.61)

171

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GLG EM Diversified Alternative (continued)

Financial liabilities at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Options (continued) Europe (3,750,000) EUR Call/PLN Put K=4.69 05 January 2012 (941) (0.00) (8,250,000) EUR Call/PLN Put K=4.72 05 January 2012 (1,988) (0.00) (3,750,000) EUR Put/HUF Call K=292 06 January 2012 Citi Group (585) (0.00) (8,250,000) EUR Put/HUF Call K=292 06 January 2012 UBS AG (1,287) (0.00) (547) Put on 2000 SX5E Index 20 January 2012 (33,367) (0.04) (38,168) (0.04)

Hong Kong (16,100) Call on HSCEI Index (17776.5) 28 Deember 2012 (38,561) (0.05) (16,100) Call on HSCEI Index (18369.05) 28 Deember 2012 (31,918) (0.04) (6,667,217) Calls on 1398 HK Equity (6) 10 January 2013 (65,392) (0.08) (6,667,217) Calls on 1398 HK Equity (6) 11 January 2013 (47,678) (0.06) (6,667,217) Calls on 1398 HK Equity (6) 14 January 2013 (35,928) (0.04) (6,667,217) Calls on 1398 HK Equity (6) 15 January 2013 (66,893) (0.08) (6,667,217) Calls on 1398 HK Equity (6) 16 January 2013 (48,920) (0.06) (6,667,217) Calls on 1398 HK Equity (6) 17 January 2013 (36,558) (0.04) (6,667,217) Calls on 1398 HK Equity (6) 2 January 2013 (62,966) (0.08) (6,667,217) Calls on 1398 HK Equity (6) 21 January 2013 (50,180) (0.06) (6,667,217) Calls on 1398 HK Equity (6) 22 January 2013 (37,592) (0.05) (6,667,217) Calls on 1398 HK Equity (6) 23 January 2013 (69,327) (0.09) (6,667,217) Calls on 1398 HK Equity (6) 24 January 2013 (50,950) (0.06) (6,667,217) Calls on 1398 HK Equity (6) 25 January 2013 (38,230) (0.05) (6,667,217) Calls on 1398 HK Equity (6) 28 January 2013 (70,853) (0.09) (6,667,217) Calls on 1398 HK Equity (6) 29 January 2013 (52,209) (0.06) (6,667,217) Calls on 1398 HK Equity (6) 3 January 2013 (45,689) (0.06) (6,667,217) Calls on 1398 HK Equity (6) 30 January 2013 (39,277) (0.05) (6,667,217) Calls on 1398 HK Equity (6) 31 January 2013 (71,786) (0.09) (6,667,217) Calls on 1398 HK Equity (6) 4 January 2013 (33,885) (0.04) (6,667,217) Calls on 1398 HK Equity (6) 7 January 2013 (64,472) (0.08) (6,667,217) Calls on 1398 HK Equity (6) 8 January 2013 (46,920) (0.06) (6,667,217) Calls on 1398 HK Equity (6) 9 January 2013 (34,898) (0.04) (6,667,217) Calls on 1398 HK Equity (6.300774) January 2013 (67,818) (0.08) (6,667,217) Calls on 1398 HK Equity (6.637079) December 2012 (42,599) (0.05) (14,406,054) Calls on 1398 HK Equity (8.28788) 28 December 2012 (27,032) (0.03) (34,383,104) Calls on 1398 HK Equity (8.52893) 28 December 2012 (46,460) (0.06)

172

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GLG EM Diversified Alternative (continued)

Financial liabilities at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Options (continued) Hong Kong (continued) (48,924,676) Calls on 1398 HK Equity (8.65457) 28 December 2012 (60,499) (0.07) (34,656,428) Calls on 1398 HK Equity (8.6788) 28 December 2012 (42,138) (0.05) (13,780,451) Calls on 1398 HK Equity (8.7573) 28 December 2012 (18,560) (0.02) (34,383,104) Calls on 1398 HK Equity (8.81316) 28 December 2012 (38,121) (0.05) (6,667,217) Calls on 1398 HK Equity 1 Febuary 2013 (52,986) (0.07) (6,667,217) Calls on 1398 HK Equity 17 December 2012 (58,276) (0.07) (6,667,217) Calls on 1398 HK Equity 18 December 2012 (41,904) (0.05) (6,667,217) Calls on 1398 HK Equity 19 December 2012 (30,830) (0.04) (6,667,217) Calls on 1398 HK Equity 20 December 2012 (59,155) (0.07) (6,667,217) Calls on 1398 HK Equity 24 December 2012 (31,735) (0.04) (6,667,217) Calls on 1398 HK Equity 27 December 2012 (61,187) (0.08) (6,667,217) Calls on 1398 HK Equity 28 December 2012 (44,210) (0.05) (6,667,217) Calls on 1398 HK Equity 31 December 2012 (33,067) (0.04) (6,667,217) Calls on 1398 HK Equity 4 Febuary 2013 (40,339) (0.05) (1,937,998) (2.38)

Switzerland CHF Call/KRW Put ND K=1,340 12 June 2012 Goldman (4,000,000) Sachs (112,345) (0.14)

United States (191,360) Put on (5.916) ROSN LI Equity 20 January 2012 (12,761) (0.02) (1,632) Put on (706.163) RIOB Index 20 January 2012 (13,381) (0.02) (112,565) Put on (9.52) OGZD LI Equity 20 January 2012 (11,658) (0.01) (1,547) Put on 31 EEM US Equity 18 Febuary 2012 (28,005) (0.03) (450,000) Put on 33 EEM US Equity 20 January 2012 (27,732) (0.03) (390,000) Put on 33 EEM US Equity 21 January 2012 (24,034) (0.03) (2,400) Put on 33 EEM US Equity 21 January 2012 (14,790) (0.02) (7,500,000) USD Call/BRL Put K=2 06 January 2012 (508) (0.00) (3,750,000) USD Call/BRL Put ND K=1.97 06 January 2012 (913) (0.00) (7,500,000) USD Call/BRL Put ND K=1.98 06 January 2012 (1,167) (0.00) (7,500,000) USD Call/KRW Put ND K=1,185 06 January 2012 (7,788) (0.01) (11,250,000) USD Call/KRW Put ND K=1,190 06 January 2012 (8,840) (0.01) (7,500,000) USD Call/MXN Put K=14.40 06 January 2012 (8,643) (0.01) (7,500,000) USD Call/TRY Put K=1.94 06 January 2012 (6,182) (0.01) (7,500,000) USD Call/TRY Put K=1.95 06 January 2012 (4,264) (0.01)

173

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GLG EM Diversified Alternative (continued)

Financial liabilities at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Options (continued) United States (continued) (11,250,000) USD Call/ZAR Put K=8.90 06 January 2012 (2,227) (0.00) (3,750,000) USD Call/ZAR Put K=8.90 09 January 2012 (1,335) (0.00) (7,500,000) USD Call/ZAR Put K=9.60 12 June 2012 (136,885) (0.17) (6,000,000) USD Call/ZAR Put ND K=8.85 06 January 2012 (1,253) (0.00) (7,500,000) USD Put/BRL Call K=1.72 06 January 2012 - (0.00) (7,500,000) USD Put/BRL Call ND K=1.71 06 January 2012 - (0.00) (3,750,000) USD Put/BRL Call ND K=1.73 06 January 2012 - (0.00) (11,250,000) USD Put/KRW Call ND K=1,100 06 January 2012 (685) (0.00) (7,500,000) USD Put/KRW Call ND K=1,102 06 January 2012 (508) (0.00) (7,500,000) USD Put/MXN Call K=12.95 06 January 2012 (497) (0.00) (7,500,000) USD Put/MXN Call K=13 06 January 2012 (699) (0.00) (11,250,000) USD Put/ZAR Call K=7.60 06 January 2012 DB (2,097) (0.00) (3,750,000) USD Put/ZAR Call K=7.60 09 January 2012 HSBC (1,176) (0.00) (6,000,000) USD Put/ZAR Call ND K=7.58 06 January 2012 (1,049) (0.00) (319,077) (0.38)

Total options (2,907,037) (3.55)

Total return swaps Brazil (89,518) Banco Bradesco SA (10,320) (0.01)

China 3,322,819 Industrial & Commercial Bank of China Nomura (29,764) (0.04)

Hong Kong 1,650,000 Industrial & Commercial Bank of China Citi (47,583) (0.06) 11,346 UBS Finch (1,313) (0.00) (48,896) (0.06)

Total total return swaps (88,980) (0.11)

Variance swaps Europe (27,000) Variance Swap on SX5E K=26.65% 21 December 2012 (295,297) (0.36)

174

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GLG EM Diversified Alternative (continued)

Financial liabilities at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Variance swaps (continued) Europe(continued) (25,500) Variance Swap on SX5E K=26.70% 21 December 2012 (254,954) (0.31) (100,000) Variance Swap on SX5E K=27.00% 17 December 2012 (906,551) (1.11) (48,500) Variance Swap on SX5E K=27.00% 21 December 2012 (453,076) (0.56) (41,400) Variance Swap on SX5E K=27.05% 21 December 2012 (372,767) (0.46) (48,500) Variance Swap on SX5E K=27.1% 21 December 2012 (435,891) (0.53) (45,500) Variance Swap on SX5E K=27.7% 21 December 2012 (381,736) (0.47) (3,100,272) (3.80)

United States (52,500) Variance Swap on SPX K=23.10% 21 December 2012 (288,307) (0.35) (105,000) Variance Swap on SPX K=23.3% 21 December 2012 (542,887) (0.67) (52,500) Variance Swap on SPX K=23.40% 21 December 2012 (270,029) (0.33) (100,000) Variance Swap on SPX K=23.9% 21 December 2012 (498,916) (0.61) 100,000 Variance Swap on SPX K=30.10% 21 December 2012 (18,524) (0.02) 28,000 Variance Swap on SPX K=30.50% 21 December 2012 (18,058) (0.02) 30,277 Variance Swap on SPX K=34.20% 21 December 2012 (108,634) (0.13) (1,745,355) (2.13)

Total variance swaps (4,845,627) (5.93)

Forward currency contracts (note 8) * Unrealised Non Class Specific loss % of Amount Receivable Amount Payable Maturity Date Contracts € Net Assets €486,967 GBP413,172 17 January 2012 1 (7,525) (0.01) €1,088,249 HKD11,175,960 17 January 2012 1 (20,153) (0.02) €11,250,000 PLN51,244,724 09 January 2012 3 (233,456) (0.29) €2,950,748 TRY7,294,810 17 January 2012 2 (11,787) (0.01) €24,237,688 US$31,950,000 17 January 2012 4 (371,154) (0.46) €1,911,739 US$2,500,000 31 January 2012 1 (13,638) (0.02) CNY106,478,750 US$16,750,000 23 April 2012 3 (7,102) (0.01) CNY301,692,262 US$47,838,395 29 May 2012 2 (328,097) (0.40) CNY46,429,000 US$7,360,920 31 May 2012 1 (49,720) (0.06) CNY75,780,000 US$12,009,295 08 June 2012 2 (78,212) (0.10) CNY205,928,000 US$32,566,667 11 June 2012 4 (161,212) (0.20)

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GLG EM Diversified Alternative (continued)

Financial liabilities at fair value through profit or loss (continued)

Forward currency contracts (note 8) * (continued) Unrealised Non Class Specific (continued) loss % of Amount Receivable Amount Payable Maturity Date Contracts € Net Assets CNY32,254,350 US$5,122,584 13 June 2012 1 (42,020) (0.05) CNY45,950,508 US$7,308,813 18 June 2012 1 (68,673) (0.08) HKD3,964,883 €395,016 17 January 2012 1 (1,789) (0.00) IDR83,245,344,000 JPY762,833,556 05 April 2012 2 (792,326) (0.97) IDR98,775,410,000 US$10,512,162 27 June 2012 3 (50,160) (0.06) IDR168,915,000,000 US$18,462,349 11 June 2012 3 (429,127) (0.52) IDR20,522,900,000 US$2,300,000 16 July 2012 2 (104,266) (0.13) IDR191,643,400,000 US$21,600,000 11 July 2012 3 (1,055,960) (1.30) IDR364,292,000,000 US$41,200,000 12 July 2012 6 (2,119,942) (2.60) MXN16,302,799 €902,674 17 January 2012 2 (4,359) (0.01) MYR29,758,000 US$9,827,396 14 June 2012 4 (394,343) (0.48) MYR71,019,340 US$23,428,788 27 June 2012 2 (930,683) (1.14) PHP413,250,000 US$9,728,107 11 June 2012 1 (241,026) (0.30) PLN40,137,300 €9,000,000 09 January 2012 1 (5,612) (0.01) RUB33,371,352 US$1,044,732 17 January 2012 1 (8,420) (0.01) TWD277,497,000 US$9,743,574 13 June 2012 1 (411,844) (0.51) US$921,120 €712,908 17 January 2012 1 (3,434) (0.00) US$8,306,147 CNY52,935,192 28 March 2012 5 (14,930) (0.02) US$15,709,065 CNY100,881,000 29 March 2012 2 (120,430) (0.15) US$43,250,000 CNY275,848,700 12 April 2012 4 (96,369) (0.12) US$45,768,873 CNY291,488,170 13 April 2012 4 (50,014) (0.06) US$10,810,158 CNY68,958,000 19 April 2012 1 (24,672) (0.03) US$11,211,077 CNY71,504,250 23 April 2012 2 (23,805) (0.03) US$47,200,000 CNY301,692,263 29 May 2012 2 (162,776) (0.20) US$7,250,000 CNY46,429,000 31 May 2012 1 (35,565) (0.04) US$2,001,755 CNY12,776,400 08 June 2012 2 (4,492) (0.01) US$19,800,000 CNY126,027,000 11 June 2012 1 (1,779) (0.00) US$5,050,000 CNY32,254,350 13 June 2012 1 (13,778) (0.02) US$7,250,000 CNY46,276,750 18 June 2012 1 (15,935) (0.02) US$341,636 MYR1,100,000 14 June 2012 2 (2,052) (0.00) US$1,927,500 ZAR16,274,497 14 June 2012 1 (30,180) (0.04)

Class DN H USD Amount Receivable Amount Payable Maturity Date Contracts €2,149,609 US$2,879,037 31 January 2012 5 (67,698) (0.08)

176

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Portfolio Statement as at 31 December 2011

GLG EM Diversified Alternative (continued)

Financial liabilities at fair value through profit or loss (continued)

Forward currency contracts (note 8) * (continued) Unrealised Class IN H GBP loss % of Amount Receivable Amount Payable Maturity Date Contracts € Net Assets €2,688,065 GBP2,267,120 31 January 2012 12 (24,652) (0.03) GBP707 €847 31 January 2012 1 (1) (0.00)

Class DN H GBP Amount Receivable Amount Payable Maturity Date Contracts €48,944 GBP41,428 31 January 2012 2 (626) (0.00)

Class IN H USD Amount Receivable Amount Payable Maturity Date Contracts €555,229 US$746,086 31 January 2012 2 (19,374) (0.02)

Total unrealised loss on forward currency contracts (8,655,168) (10.62)

Total financial liabilities at fair value through profit or loss (19,587,496) (24.03)

Total financial assets at fair value through profit or loss 55,252,264 67.78

Total financial liabilities at fair value through profit or loss (19,587,496) (24.03)

Other net assets 45,850,563 56.25

Net Assets Attributable to Holders of Redeemable Participating Shares 81,515,331 100.00

*The forward currency contracts are held with The Bank of New York Mellon, Brussels.

Classifications: (a) Exchange traded derivative instruments (b) OTC financial derivative instruments * Transferable securities dealt on another regulated market. # Transferable securities other than those listed on an official stock exchange or dealt on another regulated market. All other investments held at the year end are transferable securities listed on an official stock exchange.

177

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Portfolio Statement as at 31 December 2011

GLG EM Diversified Alternative (continued)

% of Total Assets Analysis of Total Assets Transferable securities listed on an official stock exchange 25.62 Collective investment schemes 1.73 Transferable securities as described in # above 2.84 Transferable securities as described in * above 3.22 Exchange traded financial derivative instruments described in classification (a) above 9.77 OTC financial derivative instruments described in classification (b) above 2.12 Other Current Assets 54.70 100.00

Analysis of Total Assets rather than Net Assets is required under UCITS Notice 8.2 appendix B.

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Portfolio Statement as at 31 December 2011

GLG EM Equity Alternative

Financial assets at fair value through profit or loss

Nominal Description Fair Value % of US$ Net Assets Collective investment schemes United States 38,617 iShares MSCI Brazil Index Fund 2,216,230 3.26 62,050 iShares MSCI Emerging Markets Index Fund 2,354,177 3.45 4,570,407 6.71

Total collective investment schemes 4,570,407 6.71

Equity Brazil 38,182 Banco Bradesco SA 636,876 0.94

Total equity 636,876 0.94

Exchange-traded futures (a) Europe 306 Euro Stoxx 50 March 2012 264,937 0.39

United States 68 S&P 500 E-mini Future March 2012 157,250 0.23

Total exchange-traded futures 422,187 0.62

Total return swaps (a) United States (12,117) iShares MSCI Brazil JPM 18,903 0.03 (29,000) iShares MSCI Mexico Investable Market Index Fund 28,440 0.04 47,343 0.07

Total return swaps 47,343 0.07

Variance swaps (a) Europe 16,000 Variance Swap on SX5E K=28.85% 21 December 2012 BNP 170,374 0.25 13,900 Variance Swap on SX5E K=29.00% 21December 2012 CITI 144,791 0.21 18,200 Variance Swap on SX5E K=29.00% 21December 2012 MS 189,583 0.28 13,900 Variance Swap on SX5E K=29.10% 21December 2012 UBS 142,650 0.21 11,250 Variance Swap on SX5E K=31.70% 21December 2012 JPM 77,870 0.11 11,250 Variance Swap on SX5E K=32.20% 21 December 2012 MS 69,803 0.10 795,071 1.16

United States 24,500 Variance Swap on SPX K=29.40% 21 December 2012 CITI 10,866 0.02 24,500 Variance Swap on SPX K=29.50% 21 December 2012 UBS 8,452 0.01

179

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Portfolio Statement as at 31 December 2011

GLG EM Equity Alternative (continued)

Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of US$ Net Assets Variance swaps (a) (continued) United States (continued) (1,250) Variance Swap on SPX K=32.50% 21 December 2012 JPM 4,078 0.01 (5,950) Variance Swap on SPX K=33.50% 21 December 2012 JPM 24,595 0.04 (35,000) Variance Swap on SPX K=33.80% 21 December 2012 JPM 147,183 0.21 195,174 0.29

Total variance swaps 990,245 1.45

Forward currency contracts (a) (note 8) * Unrealised Non Class Specific gain % of Amount Receivable Amount Payable Maturity Date Contracts US$ Net Assets €177,518 US$229,364 17 January 2012 1 1,110 0.00 AUD1,372,215 US$1,376,884 17 January 2012 2 26,768 0.04 HKD1,633,511 US$210,000 17 January 2012 1 336 0.00 HKD47,342 €4,656 17 January 2012 1 51 0.00 PLN24,099,374 €5,400,000 09 January 2012 1 572 0.00 TRY2,575,379 US$1,354,969 17 January 2012 2 2,939 0.00 US$619,676 €475,000 17 January 2012 2 2,977 0.00 ZAR16,766,902 US$2,028,008 17 January 2012 4 42,130 0.07

Class IN H EUR Amount Receivable Amount Payable Maturity Date Contracts €145,750 US$188,638 31 January 2012 1 610 0.00 US$4,509,308 €3,364,626 31 January 2012 4 140,487 0.22

Class DL H EUR Amount Receivable Amount Payable Maturity Date Contract €6,650 US$8,607 31 January 2012 1 28 0.00

Class IN H GBP Amount Receivable Amount Payable Maturity Date Contracts GBP5,343 US$8,242 31 January 2012 1 60 0.00 US$11,793 GBP7,552 31 January 2012 1 60 0.00

Class DL H GBP Amount Receivable Amount Payable Maturity Date Contracts GBP310 US$478 31 January 2012 1 3 0.00 US$9,035 GBP5,750 31 January 2012 1 102 0.00

180

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Portfolio Statement as at 31 December 2011

GLG EM Equity Alternative (continued)

Financial assets at fair value through profit or loss (continued)

Forward currency contracts (a) (note 8) * (continued)

Unrealised Class DN H EUR gain % of Amount Receivable Amount Payable Maturity Date Contracts US$ Net Assets €36,320 US$47,007 31 January 2012 2 152 0.00 US$82,203 €62,395 31 January 2012 5 1,187 0.00

Class DN H GBP Amount Receivable Amount Payable Maturity Date Contracts GBP920 US$1,419 31 January 2012 1 10 0.00 US$1,429 GBP915 31 January 2012 1 7 0.00

Total unrealised gain on forward currency contracts 219,589 0.33

Total financial assets at fair value through profit or loss 6,886,647 10.12

181

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Portfolio Statement as at 31 December 2011

GLG EM Equity Alternative (continued)

Financial liabilities at fair value through profit or loss

Nominal Description Fair Value % of US$ Net Assets Options Europe (338) SX5E Put 2000 Index 20 January 2012 (26,765) (0.04)

United States (1,026) EEM US Put 31 Equity 18 February 2012 (24,624) (0.04) (1,350) EEM US Put 32 Equity 18 February 2012 (41,850) (0.05) (71,239) Put on OGZD LI Equity (9.52) 20 January 2012 (9,578) (0.01) (1,033) Put on RIOB Index (706.163) 20 January 2012 (10,995) (0.02) (121,106) Put on ROSN LI Equity (5.916) 20 January 2012 (10,484) (0.02) (97,531) (0.14)

Total options (124,296) (0.18)

Total return swaps Brazil (135,162) Banco Bradesco SA (8,221) (0.01) 126,940 Bannco Do Brasil SA (5,612) (0.01) 63,990 Cia Vale Do Rio Doce Vale (5,914) (0.01) (66,690) Companhia Vale Do Rio Doce (5,495) (0.01) (25,242) (0.04)

Total total return swaps (25,242) (0.04)

Variance swaps Europe (5,000) Variance Swap on SX5E K=26.65% 21 December 2012 MS (70,989) (0.10) (10,000) Variance Swap on SX5E K=26.70% 21 December 2012 MS (129,791) (0.19) Variance Swap on SX5E K=27.00% 17 December 2012 (22,500) Nomura (264,789) (0.39) (8,500) Variance Swap on SX5E K=27.00% 21 December 2012 MS (103,080) (0.15) (9,400) Variance Swap on SX5E K=27.05% 21 December 2012 CS (109,873) (0.16) (8,500) Variance Swap on SX5E K=27.10% 21 December 2012 MS (99,170) (0.15) (21,500) Variance Swap on SX5E K=27.70% 21 December 2012 JPM (234,161) (0.34) (1,011,853) (1.48) United States (10,000) Variance Swap on SPX K=23.10% 21 December 2012 JPM (71,289) (0.10) (20,500) Variance Swap on SPX K=23.30% 21 December 2012 JPM (137,594) (0.20) (10,000) Variance Swap on SPX K=23.40% 21 December 2012 MS (66,769) (0.11) (28,000) Variance Swap on SPX K=23.90% 21 December 2012 UBS (181,347) (0.27) (8,000) Variance Swap on SPX K=23.90% 21 December 2012 CS (57,104) (0.08) 24,500 Variance Swap on SPX K=30.10% 21 December 2012 CITI (5,892) (0.01) 6,000 Variance Swap on SPX K=30.50% 21 December 2012 MS (5,023) (0.01)

182

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Portfolio Statement as at 31 December 2011

GLG EM Equity Alternative (continued)

Financial liabilities at fair value through profit or loss (continued)

Nominal Description Fair Value % of US$ Net Assets Variance swaps (continued) United States (continued) 9,554 Variance Swap on SPX K=34.20% 21 December 2012 JPM (44,500) (0.07) (569,518) (0.85)

Total variance swaps (1,581,371) (2.33)

Forward currency contracts (note 8) * Unrealised Non Class Specific loss % of Amount Receivable Amount Payable Maturity Date Contracts US$ Net Assets €5,400,000 PLN24,590,590 09 January 2012 1 (143,478) (0.22) MXN9,464,410 US$682,986 17 January 2012 1 (5,906) (0.01) RUB21,953,952 US$687,296 17 January 2012 1 (7,192) (0.01) SGD888,888 US$686,899 17 January 2012 1 (1,413) (0.00) US$525,979 HKD4,091,936 17 January 2012 1 (912) (0.00) US$1,344,993 TRY2,579,831 17 January 2012 1 (15,262) (0.02) US$691,011 ZAR5,750,000 17 January 2012 2 (18,917) (0.04)

Class IN H EUR Amount Receivable Amount Payable Maturity Date Contracts €16,528,320 US$22,151,073 31January2012 2 (689,770) (1.00) US$68,068 €52,436 31January2012 1 (17) (0.00)

Class DL H EUR Amount Receivable Amount Payable Maturity Date Contracts €666,344 US$893,028 31 January 2012 2 (27,810) (0.04) US$11,099 €8,550 31 January 2012 1 (3) (0.00)

Class IN H GBP Amount Receivable Amount Payable Maturity Date Contracts GBP951,555 US$1,481,488 31January2012 2 (3,109) (0.00) US$1,474,327 GBP949,347 31January2012 2 (623) (0.00)

Class DL H GBP Amount Receivable Amount Payable Maturity Date Contracts GBP31,711 US$49,371 31 January 2012 2 (104) (0.00) US$556 GBP360 31 January 2012 1 (3) (0.00)

Class DN H EUR Amount Receivable Amount Payable Maturity Date Contracts €3,243,814 US$4,347,068 31 January 2012 8 (135,118) (0.20) US$16,590 €12,780 31 January 2012 1 (4) (0.00)

183

GLG INVESTMENTS VI PLC

Portfolio Statement as at 31 December 2011

GLG EM Equity Alternative (continued)

Financial liabilities at fair value through profit or loss (continued)

Forward currency contracts (note 8) * (continued)

Unrealised Class DN H GBP loss % of Amount Receivable Amount Payable Maturity Date Contracts US$ Net Assets GBP84,035 US$131,123 31 January 2012 5 (563) (0.00) US$510 GBP330 31 January 2012 1 (3) (0.00)

Total unrealised loss on forward currency contracts (1,050,207) (1.54)

Total financial liabilities at fair value through profit or loss (2,781,116) (4.09)

Total financial assets at fair value through profit or loss 6,886,647 10.12

Total financial liabilities at fair value through profit or loss (2,781,116) (4.09)

Other net assets 63,959,097 93.97

Net Assets Attributable to Holders of Redeemable Participating Shares 68,064,628 100.00

*The forward currency contracts are held with The Bank of New York Mellon, Brussels

% of Total Assets Analysis of Total Assets Transferable securities listed on an official stock exchange 0.90 Collective investment schemes 6.42 Exchange traded financial derivative instruments described in classification (a) above 2.36 Other Current Assets 90.32 100.00

Analysis of Total Assets rather than Net Assets is required under UCITS Notice 8.2 appendix B.

184

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Portfolio Statement as at 31 December 2011

GLG Emerging Markets Equity II

Financial assets at fair value through profit or loss

Nominal Description Fair Value % of € Net Assets Equities Brazil 1,760 Petroleo Brasileiro SA 33,691 1.15 7,000 Vale SA 111,081 3.79 144,772 4.94

Canada 263 SouthGobi Energy Resources Limited 1,188 0.04

China 176,000 Bank of China Limited 49,926 1.71 101,200 Bank of Communications Company Limited 54,503 1.87 92,000 China National Building Material Company Limited 80,482 2.76 582 China National Offshore Oil Corporation Limited 78,314 2.68 11,800 China Pacific Insurance 25,865 0.89 1,030 China Petroleum & Chemical Corporation 83,351 2.85 100,000 CSR Corporation Limited 44,038 1.51 64,000 Huaneng Power International Inc 26,216 0.90 117,040 Industrial & Commercial Bank of China 53,515 1.83 17,920 Sinopharm Group Company Limited 33,166 1.15 529,376 18.15

Hong Kong 94,000 Pacific Basin Shipping Limited 28,996 0.99

India 3,520 HDFC Bank Limited 71,260 2.44

Russia 5,344 MMC Norilsk Nickel OJSC 63,026 2.16 12,000 Rosneft Oil Company 61,010 2.09 124,036 4.25

South Korea 5,629 LG Display Company Limited 45,660 1.56 291 Samsung Electronics Company Limited 103,273 3.54 148,933 5.10

Total equities 1,048,561 35.90

185

GLG INVESTMENTS VI PLC

Portfolio Statement as at 31 December 2011

GLG Emerging Markets Equity II (continued)

Financial assets at fair value through profit or loss

Nominal Description Fair Value % of € Net Assets

Exchange-traded future (a) United States 6 MSCI Emerging Market Index March 2012 4,885 0.17

Total exchange-traded future 4,885 0.17

Forward currency contracts (a) (note 8) * Unrealised Non Class Specific gain % of Amount Receivable Amount Payable Maturity Date Contracts € Net Assets US$2,150,000 €1,647,396 17 January 2012 1 8,598 0.29

Total unrealised gain on forward currency contracts 8,598 0.29

Total financial assets at fair value through profit or loss 1,062,044 36.37

186

GLG INVESTMENTS VI PLC

Portfolio Statement as at 31 December 2011

GLG Emerging Markets Equity II (continued)

Financial liabilities at fair value through profit or loss

Nominal Description Fair Value % of € Net Assets Total return swap Europe 6,447 MSCI Emerging Markets Daily Net TR EUR Index (15,505) (0.52)

Total total return swap (15,505) (0.52)

Forward currency contracts (note 8) * Unrealised Non Class Specific Loss % of Amount Receivable Amount Payable Maturity Date Contracts € Net Assets €656,968 HKD6,746,849 17 January 2012 1 (12,166) (0.42) €824,415 US$1,090,000 17 January 2012 1 (15,136) (0.52) US$32,267 €24,973 17 January 2012 1 (120) (0.00)

Total unrealised loss on forward currency contracts (27,422) (0.94)

Total financial liabilities at fair value through profit or loss (42,927) (1.47)

Total financial assets at fair value through profit or loss 1,062,044 36.37

Total financial liabilities at fair value through profit or loss (42,927) (1.47)

Other net assets 1,901,075 65.10

Net Assets Attributable to Holders of Redeemable Participating Shares 2,920,192 100.00

*The forward currency contracts are held with The Bank of New York Mellon, Brussels.

Classifications: (a) Exchange traded derivative instruments All other investments held at the year end are transferable securities listed on an official stock exchange.

% of Total Assets Analysis of Total Assets Transferable securities listed on an official stock exchange 34.79 Exchange traded financial derivative instruments described in classification (a) above 0.45 Other Current Assets 64.76 100.00

Analysis of Total Assets rather than Net Assets is required under UCITS Notice 8.2 appendix B.

187

GLG INVESTMENTS VI PLC

Portfolio Statement as at 31 December 2011

GLG EM Currency & Fixed Income Alternative

Financial assets at fair value through profit or loss

Nominal Description Fair Value % of € Net Assets Interest rate swaps (a) Australia AUD - Pay 3.505% Vs AUS Bank Bill 3M 0BP 28 February 19,712,000 2013 31,204 0.07 20,500,000 AUD - Pay 3.525% Vs AUS Bank Bill 3M 0BP 1 March 2013 28,962 0.07 78,385,000 AUD - Pay 3.545% Vs AUS Bank Bill 3M 0BP 7 March 2013 90,662 0.22 AUD - Pay 3.55% Vs AUS Bank Bill 3M 0BP 11 February 13,936,000 2013 21,603 0.05 AUD - Pay 3.575% Vs AUS Bank Bill 3M 0BP 13 February 10,720,000 2013 14,189 0.03 AUD - Pay 3.58% Vs AUS Bank Bill 3M 0BP 13 February 29,913,000 2013 38,445 0.09 225,065 0.53

Chile 22,000,000,000 CLP - Receive 6.73% Vs CLP TASACAM 17 May 2016 1,744,512 4.15

Isarel ILS - Receive 2.50% Vs TELBOR 3M 0BP 30 November 63,985,000 2012 7,353 0.02 ILS - Receive 2.55% Vs TELBOR 3M 0BP 28 November 14,800,000 2012 2,812 0.01 ILS - Receive 2.64% Vs TELBOR 3M 0BP 16 November 100,820,000 2012 30,863 0.07 ILS - Receive 2.65% Vs TELBOR 3M 0BP 16 November 100,820,000 2012 32,857 0.08 ILS - Receive 2.67% Vs TELBOR 3M 0BP 16 November 194,580,000 2012 71,110 0.18 144,995 0.36

Mexico 48,600,000 MXN - Pay 6.57% Vs TIIE 28D 0BP 13 October 2021 30,922 0.07

Poland 159,819,000 PLN - Receive 4.905% Vs WIBOR 3M 0BP 10 January 2013 17,875 0.04

South Africa 65,000,000 ZAR - Receive 5.80% Vs JIBAR 3M 0BP 15 November 2013 2,901 0.01 85,100,000 ZAR - Receive 6.14% Vs JIBAR 3M 0BP 25 November 2013 53,939 0.13 134,000,000 ZAR - Receive 6.95% Vs JIBAR 3M 0BP 22 November 2016 119,374 0.28 176,214 0.42

188

GLG INVESTMENTS VI PLC

Portfolio Statement as at 31 December 2011

GLG EM Currency & Fixed Income Alternative (continued)

Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Interest rate swaps (a) (continued) South Korea KRW - Receive 3.37% Vs KRWCD 3M 0BP 16 February 50,512,000,000 2013 15,704 0.04

Total interest rate swaps 2,355,287 5.61

Forward currency contracts (a) (note 8) * Unrealised Non Class Specific gain % of Amount Receivable Amount Payable Maturity Date Contracts € Net Assets JPY232,960,000 IDR25,613,952,000 05 April 2012 1 226,174 0.54 TRY17,432,500 €7,055,237 17 January 2012 2 24,370 0.06 US$1,035,000 MXN14,234,873 11 April 2012 1 18,099 0.04 ZAR16,168,579 €1,522,532 17 January 2012 2 15,051 0.04 ZAR7,601,518 US$900,000 14 June 2012 1 14,327 0.03

DL H USD Amount Receivable Amount Payable Maturity Date Contracts GBP22,211 €170,852 31 January 2012 3 769 0.00

IN H GBP Amount Receivable Amount Payable Maturity Date Contracts US$724,786 €5,672,305 31 January 2012 4 18,323 0.04 US$228,992 GBP34,000 31 January 2012 2 5,507 0.01

DL H GBP Amount Receivable Amount Payable Maturity Date Contracts GBP24,317 €28,255 31 January 2012 3 842 0.00

IN H USD Amount Receivable Amount Payable Maturity Date Contracts €154,528 US$200,000 31 January 2012 1 498 0.00 US$27,014,564 €20,155,208 31 January 2012 4 650,225 1.55

DN H USD Amount Receivable Amount Payable Maturity Date Contracts GBP4,855,280 €539,875 31 January 2012 5 137,314 0.33

189

GLG INVESTMENTS VI PLC

Portfolio Statement as at 31 December 2011

GLG EM Currency & Fixed Income Alternative (continued)

Financial assets at fair value through profit or loss (continued)

Forward currency contracts (a) (note 8) * (continued) Unrealised DN H GBP gain % of Amount Receivable Amount Payable Maturity Date Contracts € Net Assets €40,738 €25,807 31 January 2012 1 56 0.00

Total unrealised gain on forward currency contracts 1,111,555 2.64

Total financial assets at fair value through profit or loss 3,466,842 8.25

190

GLG INVESTMENTS VI PLC

Portfolio Statement as at 31 December 2011

GLG EM Currency & Fixed Income Alternative (continued)

Financial liabilities at fair value through profit or loss

Nominal Description Fair Value % of € Net Assets Interest rate swaps (a) Australia AUD - Receive 3.585% Vs AUS Bank Bill 3M 0BP 9 March 50,500,000 2013 (41,218) (0.10) AUD - Receive 3.59% Vs AUS Bank Bill 3M 0BP 9 March 50,500,000 2013 UBS AG (39,286) (0.09) AUD - Receive 3.59% Vs AUS Bank Bill 3M 0BP 9 March 50,500,000 2013 JPM (39,286) (0.09) AUD - Receive 3.60% Vs AUS Bank Bill 3M 0BP 9 March 50,500,000 2013 (35,423) (0.08) AUD - Receive 3.605% Vs AUS Bank Bill 3M 0BP 9 March 50,500,000 2013 (33,491) (0.08) (188,704) (0.44)

Chile 22,000,000,000 CLP - Pay 6.55% Vs CLP TASA 17 May 2016 (1,581,375) (3.77)

Isarel 61,600,000 ILS - Pay 2.61% Vs TELBOR 3M 0BP 20 December 2013 (313) (0.00) 32,495,000 ILS - Pay 2.63% Vs TELBOR 3M 0BP 30 November 2013 (15,216) (0.04) 7,400,000 ILS - Pay 2.65% Vs TELBOR 3M 0BP 28 November 2013 (3,902) (0.01) 51,049,000 ILS - Pay 2.729% Vs TELBOR 3M 0BP 16 November 2013 (41,004) (0.10) 50,410,000 ILS - Pay 2.73% Vs TELBOR 3M 0BP 16 November 2013 (40,687) (0.10) 49,680,000 ILS - Pay 2.74% Vs TELBOR 3M 0BP 16 November 2013 (42,036) (0.10) 49,680,000 ILS - Pay 2.76% Vs TELBOR 3M 0BP 16 November 2013 (45,912) (0.11) 115,500,000 ILS - Receive 2.3% Vs TELBOR 3M 0BP 20 March 2013 (16,172) (0.04) (205,242) (0.50)

Mexico 261,000,000 MXN - Receive 4.90% Vs TIIE 28D 0BP 04 December 2013 (59,426) (0.14) 229,500,000 MXN - Receive 4.96% Vs TIIE 28D 0BP 06 December 2013 (38,145) (0.09) 228,330,000 MXN - Receive 4.99% Vs TIIE 28D 0BP 19 December 2013 (33,581) (0.08) 44,950,000 MXN - Receive 6.30% Vs TIIE 28D 0BP 05 August 2021 (71,172) (0.17) (202,324) (0.48)

South Africa 12,480,000 ZAR - Pay 7.635% Vs JIBAR 3M 0BP 22 December 2021 (5,232) (0.01) 28,160,000 ZAR - Pay 7.64% Vs JIBAR 3M 0BP 22 December 2021 (12,764) (0.03) 81,740,000 ZAR - Pay 7.79% Vs JIBAR 3M 0BP 22 November 2021 (136,962) (0.33) (154,958) (0.37)

191

GLG INVESTMENTS VI PLC

Portfolio Statement as at 31 December 2011

GLG EM Currency & Fixed Income Alternative (continued)

Financial liabilities at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Interest rate swaps (a) (continued) South Korea KRW – Pay 3.345% Vs KRWCD 3M 0BP 16 February 25,872,000,000 2014 (29,911) (0.07)

Total interest rate swaps (2,362,514) (5.63)

Options United States (9,000,000) USD Call/ZAR PUT K=9.6 12 June 2012 UBS (164,262) (0.39) (6,900,000) USD Call/MXN PUT K=15.5 09 April 2012 JPM (62,858) (0.15) (227,120) (0.54)

Total options (227,120) (0.54)

Forward currency contracts (note 8) * Unrealised Non Class Specific loss % of Amount Receivable Amount Payable Maturity Date Contracts € Net Assets €162,222 MXN2,961,845 17 January 2012 1 (981) (0.00) €8,122,360 US$10,600,000 17 January 2012 3 (42,076) (0.10) €3,947,741 US$5,162,500 31 January 2012 1 (28,162) (0.07) IDR24,407,999,977 JPY224,544,618 05 April 2012 1 (241,109) (0.56) MXN71,058,285 €3,925,189 31 January 2012 1 (15,021) (0.04) MXN13,957,493 US$1,035,000 09 April 2012 1 (33,138) (0.08) PLN6,937,500 €1,561,037 31 January 2012 1 (10,018) (0.02) US$642,900 €497,578 17 January 2012 1 (2,397) (0.01) US$2,313,000 ZAR19,529,397 14 June 2012 1 (36,217) (0.09)

Class IN H GBP Amount Receivable Amount Payable Maturity Date Contracts €39,413 GBP36,940 31 January 2012 2 (1,131) (0.00)

Class DL H GBP Amount Receivable Amount Payable Maturity Date Contracts € 165 GBP141 31 January 2012 1 (4) (0.00)

Class IN H USD Amount Receivable Amount Payable Maturity Date Contracts €514,955 US$689,170 31 January 2012 3 (15,814) (0.04)

192

GLG INVESTMENTS VI PLC

Portfolio Statement as at 31 December 2011

GLG EM Currency & Fixed Income Alternative (continued)

Financial liabilities at fair value through profit or loss (continued)

Forward currency contracts (note 8) * (continued) Unrealised Class DN H USD loss % of Amount Receivable Amount Payable Maturity Date Contracts € Net Assets €43,204 US$52,645 31 January 2012 2 (997) (0.00)

Class DN H GBP Amount Receivable Amount Payable Maturity Date Contracts € 175 GBP150 31 January 2012 1 (4) (0.00)

Total unrealised loss on forward currency contracts (427,069) (1.01)

Total financial liabilities at fair value through profit or loss (3,016,703) (7.18)

Total financial assets at fair value through profit or loss 3,466,842 8.25

Total financial liabilities at fair value through profit or loss (3,016,703) (7.18)

Other net assets 41,548,649 98.93

Net Assets Attributable to Holders of Redeemable Participating Shares 41,998,788 100.00

*The forward currency contracts are held with The Bank of New York Mellon, Brussels.

% of Total Assets Analysis of Total Assets Exchange traded financial derivative instruments described in classification (a) above 7.63 Other Current Assets 92.37 100.00

Analysis of Total Assets rather than Net Assets is required under UCITS Notice 8.2 appendix B.

193

GLG INVESTMENTS VI PLC

Portfolio Statement as at 31 December 2011

GLG EM Credit Opportunity Alternative

Financial assets at fair value through profit or loss

Forward currency contracts (a) (note 8) * Unrealised Class DN H USD gain % of Amount Receivable Amount Payable Maturity Date Contracts € Net Assets US$4,844,973 €3,618,984 31 January 2012 4 112,400 1.14

Class IN H GBP Amount Receivable Amount Payable Maturity Date Contracts GBP1,587,965 €1,845,508 31 January 2012 3 54,588 0.55

Class IN H USD Amount Receivable Amount Payable Maturity Date Contracts US$1,301,379 €971,263 31 January 2012 3 31,002 0.31

Total unrealised gain on forward currency contracts 197,990 2.01

Total financial assets at fair value through profit or loss 197,990 2.01

194

GLG INVESTMENTS VI PLC

Portfolio Statement as at 31 December 2011

GLG EM Credit Opportunity Alternative (continued)

Financial liabilities at fair value through profit or loss

Forward currency contracts (note 8) * Unrealised Class IN H USD loss % of Amount Receivable Amount Payable Maturity Date Contracts € Net Assets €224,061 US$300,000 31 January 2012 1 (6,986) (0.07)

Total unrealised loss on forward currency contracts (6,986) (0.07)

Total financial liabilities at fair value through profit or loss (6,986) (0.07)

Total financial assets at fair value through profit or loss 197,990 2.01

Total financial liabilities at fair value through profit or loss (6,986) (0.07)

Other net assets 9,707,232 98.06

Net Assets Attributable to Holders of Redeemable Participating Shares 9,898,236 100.00

*The forward currency contracts are held with The Bank of New York Mellon, Brussels.

Classifications: (a) Exchange traded derivative instruments All other investments held at the year end are transferable securities listed on an official stock exchange. % of Total Assets Analysis of Total Assets Exchange traded financial derivative instruments described in classification (a) above 0.02 Other Current Assets 99.98 100.00

Analysis of Total Assets rather than Net Assets is required under UCITS Notice 8.2 appendix B.

195

GLG INVESTMENTS VI PLC

Portfolio Statement as at 31 December 2011

GLG Alpha Select Alternative

Financial assets at fair value through profit or loss

Nominal Description Fair Value % of £ Net Assets Collective investment scheme United States 192,815 Financial Select Sector SPDR Fund 1,612,891 0.99

Total collective investment scheme 1,612,891 0.99

Contracts for difference China (219,809) Origo Partners Plc 2,553 0.00

Ireland 640,157 WPP Plc 214,511 0.13

Switzerland 1,007 Glencore International Plc 61 0.00 123,612 Wolseley Plc 207,668 0.13 101,616 Xstrata Plc 55,302 0.03 263,031 0.16

United Kingdom 23,103 AMEC Plc 5,115 0.00 469,450 ARM Holdings Plc 157,698 0.10 475,576 Associated British Foods Plc 87,438 0.05 3,969,433 Barclays Plc 434,653 0.27 168,655 Berkeley Group Holdings Plc 185,910 0.11 370,223 BG Group Plc 418,028 0.26 2,070,359 BT Group Plc 130,819 0.08 (105,216) Capita Plc 12,469 0.01 1,767,298 Carphone Warehouse Group Plc 376 0.00 (881,286) Centrica Plc 74,372 0.05 539,892 Cove Energy Plc 175,546 0.11 253,261 Croda International Plc 60,307 0.04 380 Innovation Group Plc 7 0.00 247,037 Intercontinental Hotels Group Plc 199,078 0.12 1,134,824 International Consolidated Airlines Group SA 121,600 0.07 863,364 International Power Plc 116,610 0.07 48,662 Intertek Group Plc 51,156 0.03 929,018 Invensys Plc 23,113 0.01 3,847,074 ITV Plc 353,734 0.23 (59,923) Legal & General Group Plc 2,895 0.00 6,297,154 Lloyds Banking Group Plc 164,671 0.10 (5,982) MCX-FTSE 250 # 2,916,738 1.79 (855) Next Plc 111 0.00 373,840 Rockhopper Exploration Plc 225,457 0.14 15,735,884 Royal Bank of Scotland Group Plc 218,729 0.13

196

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Portfolio Statement as at 31 December 2011

GLG Alpha Select Alternative (continued)

Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of £ Net Assets Contracts for difference (continued) United Kingdom (continued) 164,899 Shire Plc # 405,745 0.25 248,582 Tate & Lyle Plc 150,270 0.09 1,020,360 Tesco Plc 110,497 0.07 447,427 Travis Perkins Plc 251,712 0.15 186,693 Tullow Oil Plc 273,229 0.17 (1,209,604) Vodafone Group Plc 41,469 0.03 100,929 Whitbread Plc 61,728 0.04 527,288 WM Morrison Supermarkets Plc 44,069 0.03 7,475,349 4.60

United States 31,607 S5Home - S&P 500 Homebuilders Index # 473,184 0.29

Total contracts for difference 8,428,628 5.18

Corporate bonds United Kingdom 264,000 Barclays Bank Plc FRN 29/11/2049 298,130 0.18 2,218,000 LBG Capital No.1 Plc 7.5884% 12/05/2020 1,639,934 1.01 1,938,064 1.19

Total corporate bonds 1,938,064 1.19

Equities China 7,519,340 Origo Partners Plc 2,631,769 1.62

United States 234,716 SPDR S&P Homebuilders ETF 2,582,614 1.59

Total equities 5,214,383 3.21

Exchange-traded futures (a) Europe 243 SX5E Dividend Future 19 December 2014 81,852 0.05

United Kingdom 9,541 FTSE Dividend Future 24 December 2012 1,312,841 0.81

Total exchange-traded futures 1,394,693 0.86

197

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Portfolio Statement as at 31 December 2011

GLG Alpha Select Alternative (continued)

Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of £ Net Assets Options (b) Europe 485 SX5E Call 2350 Index 20 January 2012 186,357 0.11 606 SX5E Call 2400 Index 20 January 2012 138,698 0.09 439 SX5E Call 2450 Index 16 March 2012 226,986 0.15 604 SX5E Call 2550 Index 16 March 2012 163,971 0.10 362 SX5E Call 2600 Index 20 January 2012 4,536 0.00 362 SX5E Put 2150 Index 20 January 2012 56,848 0.03 777,396 0.48

United Kingdom 193 AHA LN Call 2600 Equity 16 March 2012 141,855 0.09 121 AZA LN Call 3000 Equity 17 February 2012 76,230 0.05 627 BA LN Call 300 Equity 16 March 2012 34,485 0.02 2,458 BARC LN Call 165 Equity 17 February 2012 510,035 0.31 244 BGG LN Call 1500 Equity 17 February 2012 47,580 0.03 124 BLT LN Call 2200 Equity 16 March 2012 26,660 0.02 865 BPA LN Call 440 Equity 16 March 2012 291,938 0.18 396 BPA LN Call 460 Equity 16 March 2012 85,140 0.05 1,962 LGEN LN Call 110 Equity 16 March 2012 58,860 0.04 2,063 LGEN LN Call 120 Equity 16 March 2012 15,473 0.01 17,193 LLOY LN Call 24 Equity 17February 2012 644,737 0.39 110 POC Call 2400 Equity 16 March 2012 29,150 0.02 3,783 RSA LN Call 120 Equity 16 March 2012 18,915 0.01 124 RTZ LN Call 3300 Equity 20 January 2012 52,080 0.03 366 UKX Call 5700 Index 20 January 2012 162,870 0.10 121 UKX Call 5750 Index 20 January 2012 36,300 0.02 121 UKX Put 4850 Index 17 February 2012 34,485 0.02 61 UKX Put 4900 Index 20 January 2012 3,965 0.00 246 UKX Put 5000 Index 20 January 2012 23,370 0.01 451 UKX Put 5100 Index 20 January 2012 63,140 0.04 241 UKX Put 5200 Index 20 January 2012 50,610 0.03 23 UKX Put 5400 Index 20 January 2012 10,810 0.01 485 WPP LN Call 720 Equity 15 June 2012 130,950 0.08 241 XST LN Call 1100 Equity 16 March 2012 73,505 0.05 241 XST LN Put 800 Equity 16 March 2012 46,995 0.03 2,670,138 1.64

United States 8,754 BAC US Call 9 Equity 21 January 2012 5,633 0.00 322 GDX US Call 60 Equity 21 January 2012 622 0.00 510 GDX US Call 67 Equity 21 January 2012 656 0.00 257 GDX US Call 69 Equity 17 March 2012 1,654 0.00

198

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Portfolio Statement as at 31 December 2011

GLG Alpha Select Alternative (continued)

Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of £ Net Assets Options (b) (continued) United States (continued) 259 JPM US Call 36 Equity 21 January 2012 3,833 0.00 1,281 JPM US Call 39 Equity 21 January 2012 2,473 0.00 25 SPX Put 1200 Index 18 February 2012 35,390 0.02 606 US 10 Year Future Option Put 126 March 2012 48,742 0.03 1,795 US 10 Year Future Option Put 126.5 March 2012 180,470 0.11 3,824 WFC US Call 29 Equity 21 January 2012 83,659 0.05 4,860 XHB US Call 17 Equity 21 January 2012 184,505 0.12 1,287 XLF US Call 13 Equity 21January 2012 30,641 0.02 4,044 XLF US Call 14 Equity 17 March 2012 85,871 0.05 25,737 XLF US Call 14 Equity 21 January 2012 99,364 0.06 28,331 XLF US Call 15 Equity 21 January 2012 18,230 0.01 781,743 0.47

Total options 4,229,277 2.59

Forward currency contracts (a) (note 8) * Unrealised Non Class Specific gain % of Amount Receivable Amount Payable Maturity Date Contracts £ Net Assets €100,000 GBP83,385 17 January 2012 1 170 0.00 GBP420,150 €500,000 17 January 2012 1 2,376 0.00 GBP2,693,046 US$4,170,000 17 January 2012 3 9,382 0.01

Class IN H USD Amount Receivable Amount Payable Maturity Date Contracts GBP107,983 US$166,850 31 January 2012 1 590 0.00 US$9,668,361 GBP6,209,149 31 January 2012 4 13,858 0.01

Class DN H USD Amount Receivable Amount Payable Maturity Date Contracts GBP59,120 US$91,350 31 January 2012 1 323 0.00 US$18,912,944 GBP12,143,317 31 January 2012 5 29,934 0.02

Class IN H EUR Amount Receivable Amount Payable Maturity Date Contracts €377,300 GBP315,061 31 January 2012 1 264 0.00 GBP5,678,065 €6,670,991 31 January 2012 9 102,786 0.06

Class DN H EUR Amount Receivable Amount Payable Maturity Date Contracts €114,000 GBP95,195 31 January 2012 1 80 0.00 GBP5,392,196 €6,433,452 31 January 2012 7 15,484 0.01

199

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Portfolio Statement as at 31 December 2011

GLG Alpha Select Alternative (continued)

Financial assets at fair value through profit or loss (continued)

Forward currency contracts (a) (note 8) * (continued) Unrealised Class IN H JPY gain % of Amount Receivable Amount Payable Maturity Date Contracts £ Net Assets JPY162,474,204 GBP1,345,865 31 January 2012 3 14,006 0.01

Total unrealised gain on forward currency contracts 189,253 0.12

Total financial assets at fair value through profit or loss 23,007,189 14.14

200

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Portfolio Statement as at 31 December 2011

GLG Alpha Select Alternative (continued)

Financial liabilities at fair value through profit or loss

Nominal Description Fair Value % of £ Net Assets Contracts for difference British Virgin Islands 286,203 Justice Holdings Limited (71,551) (0.04)

Ireland (453,631) CRH Plc (576,781) (0.36) (817,644) Experian Plc (932,034) (0.58) (1,508,815) (0.94)

Netherlands (73,097) Royal Dutch Shell Plc (72,001) (0.04)

Switzerland 5,231 Ferrexpo Plc (1,852) (0.00)

United Kingdom 339 Anglo American Plc (124) (0.00) 24,193 BHP Billiton Plc (5,868) (0.00) (1,772) BP Plc (284) (0.00) (230,252) British Sky Broadcasting Group Plc (40,655) (0.02) (64,818) Bunzl Plc (70,226) (0.04) 128,400 Carnival Plc (48,230) (0.03) (849,358) Compass Group Plc (314,694) (0.19) 358,861 Faroe Petroleum Plc (48,529) (0.03) (367,609) G4S Plc (59,925) (0.04) (128,800) GlaxoSmithKline Plc (104,676) (0.06) 342,712 Imperial Innovations Group Plc (414,690) (0.26) 850,871 Inchcape Plc (237,571) (0.15) 286,958 Nautical Petroleum Plc (282,929) (0.17) (14,178) Petrofac Limited (1,127) (0.00) 581,655 Premier Oil Plc (109,134) (0.07) (369,410) Prudential Plc (92,353) (0.06) 142,196 Reckitt Benckiser Group Plc (50,280) (0.03) 1,033,790 Redrow Plc (104,329) (0.06) (262,737) Reed Elsevier Plc (12,150) (0.01) 317,248 Rio Tinto Plc (507,770) (0.31) 4,697,569 RSA Insurance Group Plc (41,568) (0.03) (134,000) Standard Chartered Plc (70,350) (0.04) (290,454) Unilever Plc (391,559) (0.25) (3,009,021) (1.85)

Total contracts for difference (4,663,240) (2.87)

201

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Portfolio Statement as at 31 December 2011

GLG Alpha Select Alternative (continued)

Financial liabilities at fair value through profit or loss (continued)

Nominal Description Fair Value % of £ Net Assets Exchange-traded futures Europe (377) EURO Stoxx 50 March 2012 (227,560) (0.14)

United Kingdom (2,049) 90 Day Sterling Future December 2012 (101,538) (0.06) (868) FTSE 100 IDC Future March 2012 (1,223,665) (0.75) (1,325,203) (0.81)

United States (43) S&P Emini Future March 2012 (42,967) (0.03) (66) US 10 Year Future March 2012 (43,115) (0.03) (86,082) (0.06)

Total exchange-traded futures (1,638,845) (1.01)

Options Europe (364) SX5E Call 2650 Index 20 January 2012 (2,128) (0.00)

United Kingdom (124) BLT LN Put 1700 20 January 2012 (15,500) (0.01) (124) RTZ LN Call 3600 Equity 20 January 2012 (6,200) (0.00) (147) SHEL LN Put 2200 Equity 20 January 2012 (3,675) (0.00) (121) UKX Call 5650 Index 17 February 2012 (140,965) (0.09) (242) UKX Call 5850 Index 20 January 2012 (30,250) (0.02) (1,228) VOD LN Call 171 Equity 20 January 2012 (103,640) (0.06) (300,230) (0.18)

United States (51) SPX US Put 1150 Index 18 February 2012 (42,990) (0.03) (30) US 10 Year Future Option Call 133 March 2012 (8,747) (0.01) (81) US 10 Year Future Option Put 123 March 2012 (2,443) (0.00) (525) US 10 Year Future Option Put 125 March 2012 (31,670) (0.02) (1,795) US 10 Year Future Option Put 125.50 March 2012 (126,335) (0.07) (212,185) (0.13)

Total options (514,543) (0.31)

202

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Portfolio Statement as at 31 December 2011

GLG Alpha Select Alternative (continued)

Financial liabilities at fair value through profit or loss (continued)

Forward currency contracts (note 8) * Unrealised Non Class Specific loss % of Amount Receivable Amount Payable Maturity Date Contract £ Net Assets GBP1,990,103 US$3,103,128 17 January 2012 1 (6,960) (0.00)

Class IN H USD Amount Receivable Amount Payable Maturity Date Contracts GBP304,004 US$475,438 31 January 2012 3 (2,009) (0.00)

Class DN H USD Amount Receivable Amount Payable Maturity Date Contracts GBP315,831 US$492,550 31 January 2012 2 (1,197) (0.00)

Class IN H EUR Amount Receivable Amount Payable Maturity Date Contracts €40,777,630 GBP35,093,970 31 January 2012 6 (1,013,882) (0.63) GBP310,278 €373,200 31 January 2012 1 (1,619) (0.00)

Class DN H EUR Amount Receivable Amount Payable Maturity Date Contracts €10,832,537 GBP9,322,617 31 January 2012 4 (269,275) (0.17) GBP93,782 €112,800 31 January 2012 1 (489) (0.00)

Class IN H JPY Amount Receivable Amount Payable Maturity Date Contracts GBP42,057 JPY5,090,050 31 January 2012 3 (546) (0.00)

Total unrealised loss on forward currency contracts (1,295,977) (0.80)

Total financial liabilities at fair value through profit or loss (8,112,605) (4.99)

Total financial assets at fair value through profit or loss 23,007,189 14.14

Total financial liabilities at fair value through profit or loss (8,112,605) (4.99)

Other net assets 147,759,551 90.85

Net Assets Attributable to Holders of Redeemable Participating Shares 162,654,135 100.00

*The forward currency contracts are held with The Bank of New York Mellon, Brussels.

203

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Portfolio Statement as at 31 December 2011

GLG Alpha Select Alternative (continued)

Classifications: (a) Exchange traded derivative instruments (b) OTC financial derivative instruments # Transferable securities other than those listed on an official stock exchange or dealt on another regulated market. All other investments held at the year end are transferable securities listed on an official stock exchange. % of Total Assets Analysis of Total Assets Transferable securities listed on an official stock exchange 6.52 Collective investment schemes 0.89 Transferable securities as described in # above 2.10 Exchange traded financial derivative instruments described in classification (a) above 0.88 OTC financial derivative instruments described in classification (b) above 2.34 Other Current Assets 87.27 100.00

Analysis of Total Assets rather than Net Assets is required under UCITS Notice 8.2 appendix B.

204

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Portfolio Statement as at 31 December 2011

GLG Atlas Macro Alternative Fund

Financial assets at fair value through profit or loss

Nominal Description Fair Value % of US$ Net Assets Corporate bond British Virgin Islands 1,684,000 Tristan Oil Limited 10.50% 13/01/2013* 745,170 0.81

Total corporate bond 745,170 0.81

Equity Hong Kong 106,078 Green Dragon Gas Limited 885,751 0.96

Total equity 885,751 0.96

Interest rate swaps (a) Brazil 174,991,553 ODF Fix 10.20585% 28 December 2012 54,018 0.06 55,628,571 ODF Fix 9.54% 28 December 2012 157,773 0.17 3,702,026 ODF Fix 9.8837% 28 December 2012 3,565 0.00 215,356 0.23

United Kingdom 5,400,000 GBP Pay 3.534% vs LIBOR 6 Month 22 December 2050 2,289 0.00 6,000,000 GBP Receive 3.58% vs LIBOR 6 Month 03 August 2040 19,030 0.02 GBP Receive 3.9622% vs LIBOR 6 Month 22 December 3,328,000 2050 332,464 0.36 GBP Receive 3.97% vs LIBOR 6 Month 22 December 1,392,000 2050 141,603 0.15 GBP Receive 4.27% vs LIBOR 6 Month 22 December 1,800,000 2050 309,623 0.34 GBP Receive 4.355% vs LIBOR 6 Month 22 December 5,500,000 2050 1,055,603 1.15 GBP Receive 4.37% vs LIBOR 6 Month 22 December 7,625,000 2050 1,490,247 1.63 GBP Receive 4.3975% vs LIBOR 6 Month 22 December 2,550,000 2050 514,807 0.56 3,865,666 4.21

Total interest rate swaps 4,081,022 4.44

Options (b) Australia 25,500,000 AUD Put/USD Call K=0.95 06 January 2012 1,804 0.00 25,500,000 AUD Put/USD Call K=1 06 January 2012 20,391 0.02 25,500,000 AUD Put/USD Call K=1 13 January 2012 87,159 0.10 109,354 0.12

205

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Portfolio Statement as at 31 December 2011

GLG Atlas Macro Alternative Fund (continued)

Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of US$ Net Assets Options (b) (continued) Europe 107,473 EUR/NOK Digital Put K=7.60 17 October 2012 43,948 0.05 107,473 EUR/NOK Digital Put K=7.60 18 April 2012 38,890 0.04 107,473 EUR/NOK Digital Put K=7.60 18 January 2012 9,592 0.01 107,473 EUR/NOK Digital Put K=7.60 18 July 2012 43,076 0.05 107,473 EUR/NOK Digital Put K=7.60 19 September 2012 43,599 0.05 107,473 EUR/NOK Digital Put K=7.60 20 June 2012 42,378 0.05 107,473 EUR/NOK Digital Put K=7.60 21 March 2012 35,402 0.03 107,473 EUR/NOK Digital Put K=7.60 22 August 2012 43,599 0.05 107,473 EUR/NOK Digital Put K=7.60 22 February 2012 29,298 0.03 107,473 EUR/NOK Digital Put K=7.60 23 May 2012 41,332 0.04 371,114 0.40

Japan Payer Swaption on JPY 5 Year Swap Rate K=2% 12 83,828,581,600 November 2012 700,809 0.76

United Kingdom (2,100,000) Payer Swaption GBP 30 Year K=4.14% 03 August 2020 72,545 0.08 Payer Swaption on GBP 20 Year Swap Rate K=4.43% 03 12,500,000 August 2020 967,704 1.05 Receiver Swaption on GBP 20 Year Swap Rate K=4.43% 12,500,000 03 August 2020 2,958,442 3.22 Receiver Swaption on GBP 30 Year 4.14% 03 August 3,200,000 2020 Barclays OTC 346,513 0.38 Receiver Swaption on GBP 30 Year K=4.14% 03 August 7,500,000 2020 Barclays 840,352 0.91 Receiver Swaption on GBP 30 Year K=4.14% 20 4,000,000 December 2020 439,772 0.48 5,625,328 6.12

United States 86,700,000 USD Call/HKD Put K=7.6966 18 October 2012 962,023 1.05 3,315,000 USD Call/HKD Put K=7.7045 18 October 2012 33,601 0.04 7,500,000 USD Call/HKD Put K=7.7325 18 October 2012 50,213 0.06 70,000,000 USD Call/HKD Put K=7.7385 18 October 2012 416,360 0.44 74,000,000 USD Call/HKD Put K=7.756 21 March 2012 186,628 0.20 2,500,000 USD Call/HKD Put K=7.768 18 October 2012 6,263 0.01 32,200,000 USD Call/JPY Put K=105.0 03 October 2013 171,272 0.19 35,000,000 USD Call/JPY Put K=85.0 16 January 2012 2,170 0.00 38,000,000 USD Call/JPY Put K=95.0 03 October 2013 400,140 0.43 33,000,000 USD Put/CNY Call ND K=6.10 11 May 2012 28,083 0.03 33,000,000 USD Put/CNY Call ND K=6.10 14 May 2012 28,644 0.03

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Portfolio Statement as at 31 December 2011

GLG Atlas Macro Alternative Fund (continued)

Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of US$ Net Assets Options (b) (continued) United States (continued) 24,750,000 USD Put/CNY Call ND K=6.10 15 May 2012 21,632 0.02 86,700,000 USD Put/HKD Call K=7.6966 18 October 2012 295,040 0.32 3,315,000 USD Put/HKD Call K=7.7045 18 October 2012 11,450 0.01 7,500,000 USD Put/HKD Call K=7.7325 18 October 2012 26,978 0.03 70,000,000 USD Put/HKD Call K=7.7385 18 October 2012 253,260 0.28 74,000,000 USD Put/HKD Call K=7.756 21 March 2012 105,154 0.12 2,500,000 USD Put/HKD Call K=7.768 18 October 2012 9,875 0.01 3,008,786 3.27

Total options 9,815,391 10.67

Forward currency contracts (a) (note 8) * Unrealised Non Class Specific gain % of Amount Receivable Amount Payable Maturity Date Contracts US$ Net Assets AUD19,212,581 US$19,262,135 17 January 2012 4 390,602 0.42 CNY66,856,525 US$10,490,502 21 March 2012 2 28,427 0.03 GBP281,901 US$434,283 17 January 2012 1 3,748 0.00 HKD190,128,379 US$24,439,980 17 January 2012 1 41,575 0.05 HKD31,126,940 US$4,000,000 21 March 2012 2 9,153 0.01 JPY1,175,808,449 US$15,113,219 17 January 2012 2 173,281 0.19 SEK73,552,220 US$10,678,778 17 January 2012 1 39,610 0.04 US$63,953,180 €48,952,607 17 January 2012 6 397,333 0.43 US$2,785,205 GBP1,786,326 17 January 2012 2 9,531 0.01 US$26,000,000 HKD200,900,000 18 October 2012 2 97,476 0.11 US$8,072,194 INR389,158,014 20 June 2012 3 1,033,824 1.12 US$33,064,847 NOK193,690,567 17 January 2012 1 630,126 0.69

Class IN H EUR Amount Receivable Amount Payable Maturity Date Contracts US$3,639,959 €2,711,131 31 January 2012 7 119,671 0.13

Class DN H EUR Amount Receivable Amount Payable Maturity Date Contracts US$111,149 €83,138 31 January 2012 9 3,198 0.00

Class IN H GBP Amount Receivable Amount Payable Maturity Date Contracts US$1,971,382 GBP1,259,115 31 January 2012 5 15,167 0.02 GBP57,543 US$89,306 31 January 2012 2 95 0.00

207

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Portfolio Statement as at 31 December 2011

GLG Atlas Macro Alternative Fund (continued)

Financial assets at fair value through profit or loss (continued)

Forward currency contracts (a) (note 8) * (continued) Unrealised Class DN H GBP gain % of Amount Receivable Amount Payable Maturity Date Contracts US$ Net Assets US$840,152 GBP536,716 31 January 2012 6 6,286 0.01 GBP40,000 US$62,103 31 January 2012 1 43 0.00

Total unrealised gain on forward currency contracts 2,999,146 3.26

Total financial assets at fair value through profit or loss 18,526,480 20.14

208

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Portfolio Statement as at 31 December 2011

GLG Atlas Macro Alternative Fund (continued)

Financial liabilities at fair value through profit or loss

Nominal Description Fair Value % of US$ Net Assets Exchange traded future United Kingdom (57) Gilt Future 28 March 2012 (319,569) (0.35)

Total exchange traded future (319,569) (0.35)

Interest rate swaps Brazil 13,951,143 ODF Fix 10.20585% 28 December 2012 (11,069) (0.01) 297,967,158 ODF Fix 9.54% 28 December 2012 (856,194) (0.93) 32,102,368 ODF Fix 9.8837% 28 December 2012 (41,481) (0.05) (908,744) (0.99)

Japan 3,998,000,000 JPY Pay 0.3625% vs Libor 3 Month 29 November 2016 (116,196) (0.12) 1,998,500,000 JPY Pay 0.365% vs Libor 3 Month 29 November 2016 (61,299) (0.07) 1,998,500,000 JPY Pay 0.39% vs Libor 3 Month 29 November 2016 (93,449) (0.10) (270,944) (0.29)

United Kingdom 1,890,000 GBP Pay 3.81% vs Libor 6 Month 22 December 2050 (121,414) (0.13) 2,961,000 GBP Pay 3.93% vs Libor 6 Month 22 December 2050 (273,463) (0.30) 1,184,400 GBP Pay 3.94% vs Libor 6 Month 22 December 2050 (112,159) (0.12) 3,750,000 GBP Pay 4.24% vs Libor 6 Month 22 December 2050 (618,692) (0.67) 11,100,000 GBP Pay 4.45% vs Libor 6 Month 03 August 2040 (1,808,541) (1.97) 5,000,000 GBP Pay 4.4675% vs Libor 6 Month 22 December 2050 (1,091,428) (1.19) 5,000,000 GBP Pay 4.475% vs Libor 6 Month 22 December 2050 (1,100,213) (1.20) (5,125,910) (5.58)

Total Interest rate swaps (6,305,598) (6.86)

Options Australia (25,500,000) AUD Put/USD Call K=0.95 06 January 2012 (1,804) (0.00) (25,500,000) AUD Put/USD Call K=1 06 January 2012 (20,391) (0.03) (51,000,000) AUD Put/USD Call K=7.6966 18 October 2012 (13,333) (0.01) (35,528) (0.04) Europe (12,800,000) EUR Call/USD Put K=1.315 04 January 2012 (13,908) (0.02) (12,800,000) EUR Put/USD Call K=1.295 04 January 2012 (65,751) (0.07) (79,659) (0.09) Japan Payer Swaption on JPY 5 Year Swap Rate K=3% 12 (83,828,581,600) November 2012 (328,864) (0.36)

209

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Portfolio Statement as at 31 December 2011

GLG Atlas Macro Alternative Fund (continued)

Financial liabilities at fair value through profit or loss (continued)

Nominal Description Fair Value % of US$ Net Assets Options (continued) Switzerland (257,935) CHF Call/SEK Put One touch K=10 09 August 2012 (8,077) (0.01) (1,031,740) CHF Call/SEK Put One touch K=9.50 07 August 2012 (60,636) (0.07) (644,838) CHF Call/SEK Put One touch K=9.75 14 August 2012 (29,695) (0.03) (98,408) (0.11)

United Kingdom Pay Swaption on GBP 30 Year K=4.14% 20 December 4,000,000 2020 (126,451) (0.14) Payer Swaption on GBP 30 Year Swap Rate K=4.14% 03 (2,000,000) August 2020 (3,086) (0.00) Payer Swaption on GBP 30 Year K=4.14% 03 August 3,200,000 2020 Barclays (106,465) (0.12) Payer Swaption on GBP 30 Year K=4.14% 03 August 7,500,000 2020 Barclays OTC (221,315) (0.24) Receiver Swaption GBP 30 Year Swap Rate K=4.14% 03 (2,100,000) August 2020 Barclays (224,721) (0.24) Receiver Swaption on GBP 30 Year Swap Rate K=4.14% (2,000,000) 03 August 2020 (8,963) (0.01) (691,001) (0.75)

United States (70,000,000) USD Call/HKD Put K=7.6966 18 October 2012 (776,720) (0.85) (50,000,000) USD Call/HKD Put K=7.7385 18 October 2012 (297,400) (0.32) (50,000,000) USD Call/HKD Put K=7.7385 18 October 2012 (297,400) (0.32) (6,964,602) USD Call/HKD Put K=7.7456 21 March 2012 (25,797) (0.03) (9,000,000) USD Call/HKD Put K=7.756 21 March 2012 (22,698) (0.02) (2,800,000) USD Call/JPY Put K=85 16 January 2012 (174) (0.00) (6,000,000) USD Call/JPY Put K=95 03 October 2013 (63,180) (0.07) (33,000,000) USD Put/CNY Call K=6.10 11 May 2012 (28,083) (0.03) (33,000,000) USD Put/CNY Call K=6.10 14 May 2012 (28,644) (0.03) (24,750,000) USD Put/CNY Call K=6.10 15 May 2012 (21,632) (0.02) (70,000,000) USD Put/HKD Call K=7.6966 18 October 2012 (238,210) (0.26) (50,000,000) USD Put/HKD Call K=7.7385 18 October 2012 (180,900) (0.20) (50,000,000) USD Put/HKD Call K=7.7385 18 October 2012 (180,900) (0.20) (6,964,602) USD Put/HKD Call K=7.7456 21 March 2012 (8,810) (0.01) (9,000,000) USD Put/HKD Call K=7.756 21 March 2012 (12,789) (0.01) (2,183,337) (2.37)

Total options (3,416,797) (3.72)

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Portfolio Statement as at 31 December 2011

GLG Atlas Macro Alternative Fund (continued)

Financial liabilities at fair value through profit or loss (continued)

Forward currency contracts (note 8) * Unrealised Non Class Specific loss % of Amount Receivable Amount Payable Maturity Date Contracts US$ Net Assets €34,048,919 US$44,716,680 17 January 2012 5 (510,497) (0.57) CHF11,298,000 SEK94,704,750 12 July 2012 2 (1,575,352) (1.71) HKD616,689,075 US$79,543,481 21 March 2012 2 (113,875) (0.12) HKD269,500,000 US$35,000,000 18 October 2012 1 (252,712) (0.27) HKD88,911,100 US$11,500,000 19 October 2012 1 (36,422) (0.04) HKD28,880,625 US$3,750,000 22 October 2012 1 (26,280) (0.03) INR387,646,422 US$8,244,288 20 June 2012 1 (1,233,257) (1.34) NOK189,386,758 €24,795,009 20 June 2012 1 (705,954) (0.77) US$12,432,196 €9,625,690 17 January 2012 2 (64,971) (0.07) US$37,589,167 AUD37,228,430 17 January 2012 5 (492,158) (0.54) US$22,642,095 CHF21,170,359 17 January 2012 1 (4,264) (0.00) US$10,500,000 CNY66,969,000 21 March 2012 1 (36,625) (0.04) US$824,198 GBP532,274 17 January 2012 2 (2,874) (0.00) US$23,965,943 HKD186,506,300 17 January 2012 1 (49,221) (0.05) US$25,000,000 HKD194,319,500 21 March 2012 2 (28,368) (0.03) US$24,400,000 HKD189,556,960 18 October 2012 2 (40,038) (0.04) US$15,232,332 JPY1,185,959,016 17 January 2012 2 (186,134) (0.20)

Class IN H EUR Amount Receivable Amount Payable Maturity Date Contracts €24,350,497 US$32,612,363 31 January 2012 5 (994,296) (1.08) US$656,190 €507,000 31 January 2012 1 (2,122) (0.00)

Class DN H EUR Amount Receivable Amount Payable Maturity Date Contracts €947,622 US$1,269,038 31 January 2012 4 (38,592) (0.04) US$26,222 €20,260 31 January 2012 1 (85) (0.00)

Class IN H GBP Amount Receivable Amount Payable Maturity Date Contracts GBP19,677,065 US$30,637,970 31 January 2012 4 (66,785) (0.07) US$668,176 GBP433,200 31 January 2012 1 (4,865) (0.01)

Class DN H GBP Amount Receivable Amount Payable Maturity Date Contracts GBP8,059,861 US$12,549,294 31 January 2012 5 (27,126) (0.03) US$273,456 GBP177,290 31 January 2012 1 (1,991) (0.00)

Total unrealised loss on forward currency contracts (6,494,864) (7.05)

Total financial liabilities at fair value through profit or loss (16,536,828) (17.98)

211

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Portfolio Statement as at 31 December 2011

GLG Atlas Macro Alternative Fund (continued)

Total financial assets at fair value through profit or loss 18,526,480 20.14

Total financial liabilities at fair value through profit or loss (16,536,828) (17.98)

Other net assets 89,980,837 97.84

Net Assets Attributable to Holders of Redeemable Participating Shares 91,970,489 100.00

*The forward currency contracts are held with The Bank of New York Mellon, Brussels.

Classifications: (a) Exchange traded derivative instruments (b) OTC financial derivative instruments * Transferable securities dealt on another regulated market. All other investments held at the year end are transferable securities listed on an official stock exchange.

% of Total Analysis of Total Assets Assets Transferable securities listed on an official stock exchange 0.81 Transferable securities as described in * above 0.68 Exchange traded financial derivative instruments described in classification (a) above 6.47 OTC financial derivative instruments described in classification (b) above 8.97 Other Current Assets 83.07 100.00

Analysis of Total Assets rather than Net Assets is required under UCITS Notice 8.2 appendix B.

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GLG North America Equity Alternative

Financial assets at fair value through profit or loss

Nominal Description Fair Value % of US$ Net Assets Contracts for difference Australia 36,916 InterOil Corporation 11,597 0.01

Brazil 19,783 Multiplus SA 56,687 0.07

Canada (4,323) Teck Cominco Limited # 19,371 0.02

China 2,827 Charm Communications Inc 4,174 0.01 (5) Sina.Com 135 0.00 4,309 0.01

Finland (4,397) Tieto OYJ 1,565 0.00

France (2,364) Cap Gemini SA 6,321 0.01

Germany (9,920) Deutsche Telekom AG 3,330 0.00 13,198 Infineon Technologies AG 5,038 0.01 8,368 0.01

Greece 38,378 Costamare Inc 96,636 0.12

Ireland 13,411 WPP Plc 12,973 0.02

Netherlands 112,421 AerCap Holdings NV 208,544 0.26 4,303 ASML Holding NV 21,749 0.03 (6,700) Chicago Bridge & Iron Company NV # 18,032 0.02 (14,997) Koninklijke KPN NV 10,396 0.01 3,812 LBi International NV 360 0.00 2,479 Nielsen Holdings NV 8,394 0.01 267,475 0.33

Portugal (12,805) Portugal Telecom SGPS SA 14,662 0.02

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GLG North America Equity Alternative

Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of US$ Net Assets Contracts for difference (continued) Spain (10,389) Indra Sistemas SA 13,187 0.02 (6,583) Telefonica SA 7,477 0.01 20,664 0.03

Switzerland 14,966 Foster Wheeler AG 6,944 0.01 4,122 Logitech International SA 811 0.00 7,755 0.01

Taiwan (81,000) Acer Inc 939 0.00 (40,000) Delta Electronics Inc 3,827 0.00 (6,000) HTC Corporation 32,663 0.04 4,807 Taiwan SemiConductor Manufacturing Company Limited 95 0.00 37,524 0.04

Turkey (140,766) Akbank Tas # 63,307 0.08 (225,149) Yapi ve Kredi Bankasi AS 14,207 0.02 77,514 0.10

United Kingdom 43,226 ARM Holdings Plc 28,378 0.04 (68) BP Plc # 54 0.00 46,392 ITV Plc 5,082 0.01 11,496 Perform Group Plc 1,222 0.00 34,736 0.05

United States 31,830 Advance Auto Parts Inc 55,417 0.07 (1,275) Amazon.com Inc 5,401 0.01 12,759 AMC Networks Inc # 18,621 0.02 (6,429) American Capital Agency Corporation 4,596 0.01 8,029 American Capital Mortgage Investment Corporation 19,096 0.02 38,454 American Eagle Outfitters # 27,039 0.03 947 Apple Inc 33,721 0.04 3,223 Applied Micro Circuits Corporation 855 0.00 141,813 Atlas Energy LP 814,940 1.03 33,850 Atlas Pipeline Partners LP 119,672 0.15 53,841 Barnes & Noble Inc 115,186 0.15 12,889 BB&T Corporation 45,040 0.06

214

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GLG North America Equity Alternative

Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of US$ Net Assets Contracts for difference (continued) United States (continued) 7,849 Brunswick Corporation 9,005 0.01 (548,722) Chimera Investment Corporation 34,629 0.04 4,740 Cirrus Logic Inc 5,070 0.01 5,573 Cisco Systems Inc # 97 0.00 9,567 Clorox Company # 14,573 0.02 12,328 Comerica Inc 29,288 0.04 (6,221) Corning Inc 364 0.00 (7,334) Dell Inc 1,415 0.00 (10,141) Dillard's Inc # 8,484 0.01 55,268 Discover Financial Services 34,289 0.04 10 Dish Network Corporation # 33 0.00 (6) Energy Select Sector SPDR # 17 0.00 (13,285) Express Scripts Inc 4,972 0.01 (33,881) Federated Investors Inc 81,563 0.10 3,076 Fusion-io Inc 2,345 0.00 25,471 GameStop Corporation 1,468 0.00 637 Google Inc 8,981 0.01 178,884 H&R Block Inc 413,421 0.52 (3,932) Hewlett-Packard Company 562 0.00 (15,469) Intel Corporation 3,357 0.00 51,951 KeyCorporation 52,496 0.07 57,081 KV Pharmaceutical Company 6,990 0.01 11,426 Marriott International Inc # 31 0.00 5,107 Martin Marietta Materials # 4,570 0.01 10,851 Medley Capital Corporation 6,062 0.01 (28,800) Motorola Mobility Holdings Inc # 4,737 0.01 6,188 MSCI Inc-A Shares 21,544 0.03 5,070 Visteon Corporation 29,711 0.04 21,910 Newcastle Investment Corporation 14,127 0.02 84,996 News Corporation Inc # 38,962 0.05 6,240 NIKE Inc 2,316 0.00 133,949 NorthStar Realty Finance Corporation 186,685 0.24 8,182 Northwest Bancshares Inc 4,186 0.01 45,094 Och-Ziff Capital Management # 28,876 0.04 6,342 Ocwen Financial Corporation 9,320 0.01 (3,944) Oracle Corporation 19 0.00 7,349 P.F. Changs China Bistro Inc # 6,263 0.01 4,163 PNC Financial Services Group Inc # 17,817 0.02 (11,626) PPG Industries Inc # 46,653 0.06 1,586 Red Hat Inc 2,527 0.00 3,160 Rent-A-Center # 2,227 0.00

215

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GLG North America Equity Alternative

Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of US$ Net Assets Contracts for difference (continued) United States (continued) 922 Ross Stores Inc 1,231 0.00 (84) S&P Oil & Gas Exploration & Production # 2,229 0.00 (307) S&P Retail Select Industry # 10,140 0.01 105,951 SandRidge Energy Inc # 47,018 0.06 15,333 Sara Lee Corporation # 12,073 0.02 (46,270) SPDR S&P 500 ETF Trust 21,910 0.03 (19,130) Staples Inc 15,584 0.02 11,375 Starbucks Corporation 24,233 0.03 2,912 SuccessFactors Inc 50,507 0.06 (10,227) Target Corporation 2,920 0.00 7,262 The Chubb Corporation 71,748 0.09 2,664 The Howard Hughes Corporation 14,106 0.02 38,860 The Walt Disney Company 37,672 0.05 12,397 TJX Companies Inc 42,627 0.05 2,567 Tronox Inc # 28,160 0.04 3,958 Ulta Salon, Cosmetics & Fragrance Inc # 28 0.00 (6,363) Virgin Media Inc 10,578 0.01 12,696 West Coast Bancorp 12,440 0.02 (15,964) Whirlpool Corporation 34,688 0.04 2,839,528 3.59

Total contracts for difference 3,517,685 4.44

Equities Canada 19,218 DeeThree Exploration Limited 38,691 0.05 30,500 Aimia 357,643 0.45 4,000 Teck Resources Limited-Class B Shares 141,066 0.18 537,400 0.68

China 514 Charm Communications Inc 4,462 0.01

France 8,918 Cie Generale des Etablissements Michelin-B Shares 528,775 0.67

Germany 8,376 Bayerische Motoren Werke AG 562,802 0.71 9,692 Daimler AG 426,770 0.54 1,775 Deutsche Telekom AG 20,427 0.03 2,200 SAP AG 116,665 0.15 1,126,664 1.43

216

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Portfolio Statement as at 31 December 2011

GLG North America Equity Alternative

Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of US$ Net Assets Equities (continued) Greece 64,960 Costamare Inc 919,834 1.16

Hong Kong 14,269 Michael Kors Holdings Limited 388,830 0.49

Israel 1,252 Teva Pharmaceutical Industries Limited 50,531 0.06

Puerto Rico 120,035 Doral Financial Corporation 114,753 0.14

United States 17,155 American Capital Agency Corporation 481,712 0.61 12,741 American Capital Mortgage Investment Corporation 239,786 0.30 9,080 BioMimetic Therapeutics Inc 25,878 0.03 12,993 Capital One Financial Corporation 549,474 0.69 89,488 Cheniere Energy Inc 777,651 0.98 23,886 Citigroup Inc 628,441 0.79 5,034 Dunkin' Brands Group Inc 125,749 0.16 9,322 Encore Capital Group Inc 198,186 0.25 38,383 General Electric Company 687,440 0.87 50,336 Global Eagle Acquisition Corporation 484,232 0.61 16,865 Goodrich Corporation 2,086,200 2.63 16,157 GrafTech International Limited 220,543 0.28 2,214 Hanmi Financial Corporation 16,384 0.02 31,620 KV Pharmaceutical Company 44,268 0.06 9,130 Lincoln National Corporation 177,305 0.22 18,232 Medley Capital Corporation 189,613 0.24 12,448 Newcastle Investment Corporation 57,883 0.07 4,477 Newfield Exploration Company 168,917 0.21 8,748 News Corporation 156,064 0.20 17,222 NorthStar Realty Finance Corporation 82,149 0.10 6,650 Ocwen Financial Corporation 96,292 0.12 400,000 Odyssey Marine Exploration Inc 1,096,000 1.38 13,491 Primerica Inc 313,531 0.40 18,340 Ross Stores Inc 871,700 1.10 17,000 SPDR S&P Retail ETF 893,350 1.13 41,029 SuccessFactors Inc 1,635,825 2.06 7,799 Tronox Inc 935,880 1.18 1,973 Virgin Media Inc 42,183 0.05

217

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Portfolio Statement as at 31 December 2011

GLG North America Equity Alternative

Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of US$ Net Assets Equities (continued) United States (continued) 3,499 Walter Energy Inc 211,899 0.27 26,002 West Coast Bancorp 405,631 0.51 13,900,166 17.52

Total equitites 17,571,415 22.16

Options (b) Germany 49 Put on 38 SAP GR Equity 20 January 2012 1,081 0.00

United States 64 Call on 100 NKE US Equity 21 January 2012 4,416 0.01 384 Call on 100 ROST US Equity 18 February 2012 42,240 0.05 285 Call on 100 WLT US Equity 21 January 2012 2,850 0.00 1,785 Call on 129 SPY US Equity 21 January 2012 164,220 0.21 106 Call on 16 YHOO US Equity 18 February 2012 13,144 0.02 332 Call on 16 YHOO US Equity 21 January 2012 25,232 0.03 381 Call on 17 XHB US Equity 21 January 2012 22,479 0.03 497 Call on 17.5 FST US Equity 21 January 2012 54,670 0.07 769 Call on 18 XHB US Equity 21 January 2012 16,149 0.02 230 Call on 30 GNTX US Equity 21 January 2012 19,550 0.02 200 Call on 30 SYNO US Equity 21 January 2012 2,000 0.00 288 Call on 40 MMI US Equity 21 January 2012 1,440 0.00 322 Call on 47 SBUX US Equity 21 January 2012 21,896 0.03 126 Call on 52.5 WHR US Equity 21 January 2012 5,040 0.01 102 Call on 60 IOC US Equity 21 January 2012 19,074 0.02 248 Call on 70 PG US Equity 21 January 2012 1,240 0.00 101 Call on 85 MLM US Equity 21 January 2012 1,515 0.00 85 Call on 90 ESI US Equity 21 January 2012 2,465 0.00 1,617 Call on 40 Walt Disney Company 21 January 2012 17,787 0.02 77 Put on 175 AMZN US Equity 21 January 2012 53,900 0.07 981 Put on 31 XLP US Equity 21 January 2012 12,753 0.02 127 Put on 44 HOT US Equity 21 January 2012 4,572 0.01 191 Put on 65 PEP US Equity 18 February 2012 19,673 0.02 128 Put on 70 KO US Equity 21 January 2012 12,160 0.02 540,465 0.68

Total options 541,546 0.68

218

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Portfolio Statement as at 31 December 2011

GLG North America Equity Alternative

Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of US$ Net Assets Preferred stocks United Kingdom 11,301 Royal Bank of Scotland Group Plc 142,610 0.18

United States 17,898 GMAC Capital Trust 346,147 0.44 5,611 iStar Financial Inc 85,231 0.11 431,378 0.55

Total preferred stocks 573,988 0.73

Warrant United States 50,336 Global Eagle Acquisition Corporation 29,195 0.04

Total warrant 29,195 0.04

Forward currency contracts (a) (note 8) * Unrealised Non Class Specific gain % of Amount Receivable Amount Payable Maturity Date Contracts US$ Net Assets €349,200 US$451,956 31 January 2012 1 1,462 0.00 US$2,044,458 €1,546,490 17 January 2012 2 36,629 0.05 US$1,715,842 €1,316,130 31 January 2012 4 6,917 0.01

Total unrealised gain on forward currency contracts 45,008 0.06

Total financial assets at fair value through profit or loss 22,278,837 28.11

219

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GLG North America Equity Alternative

Financial liabilities at fair value through profit or loss

Nominal Description Fair Value % of US$ Net Assets Contracts for difference Brazil (64,072) Banco Santander Brasil SA (73,457) (0.09) (34,634) Itau Unibanco Holding SA (102,923) (0.13) (176,380) (0.22)

Canada (682) Home Capital Group Inc (2,868) (0.00) (18,709) Royal Bank of Canada (114,821) (0.14) (117,689) (0.14)

Cayman Islands (1,299) Youku.com Inc (1,110) (0.00)

China 15,425 Tudou Holdings Limited (23,820) (0.03)

Denmark (12,781) TDC AS (699) (0.00)

France (7,544) France Telecom SA (145) (0.00)

Germany 175 SAP AG (735) (0.00) 18,568 Premiere AG (7,043) (0.01) (7,778) (0.01)

Ireland (3,872) Seagate Technology Plc (1,605) (0.00)

Israel 6,363 Teva Pharmaceutical Industries Limited (6,438) (0.01)

Italy (24,275) Mediaset SpA (5,808) (0.01)

Japan (12,770) Sony Corporation (13,133) (0.02)

Puerto Rico 243,179 Doral Financial Corporation (42,740) (0.05) 251,699 Popular Inc (974) (0.00) (43,714) (0.05)

220

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Portfolio Statement as at 31 December 2011

GLG North America Equity Alternative (continued)

Financial liabilities at fair value through profit or loss (continued)

Nominal Description Fair Value % of US$ Net Assets Contracts for difference (continued) Russia 4,679 Mail.ru Group Limited (10,528) (0.01)

Sweden 6,497 Autoliv Inc (16,584) (0.02) (12,984) LM Ericsson-B Shares (8,210) (0.01) (24,794) (0.03)

Switzerland 48 Xstrata Plc (43) (0.00)

Taiwan (14,000) Asustek Computer Inc (1,015) (0.00) 12,000 Catcher Technology Company Limited (8,765) (0.01) (112,000) Compal Electronics Inc (3,404) (0.00) 5,000 MediaTek Inc (8,202) (0.01) (25,000) Shin Zu Shing Company Limited (5,193) (0.01) (81,000) Wistron Corporation (13,116) (0.02) (39,695) (0.05)

United States 1,608 Acme Packet Inc (7,758) (0.01) (19,587) Air Lease Corporation (106,707) (0.14) (32,153) Aircastle Limited (95,465) (0.12) (29,682) American Express Company (113,945) (0.14) (4,715) AMEX Consumer Select Spider Index (33,335) (0.04) (1,283) AMEX Consumer Staples Spider Index (37) (0.00) (2,533) Ashland Inc (17,594) (0.02) (150,987) Bank of America Corporation (11,440) (0.01) 105,916 BioMimetic Therapeutics Inc (29,519) (0.04) 1,473 BroadSoft Inc (289) (0.00) 10,949 Capital One Financial Corporation (6,585) (0.01) 9,010 Career Education Corporation (3,159) (0.00) 134,303 Cheniere Energy Inc (192,507) (0.25) 47,975 Citigroup Inc (79,092) (0.10) 917 Citrix Systems Inc (14,406) (0.02) (2,124) CME Group Inc (3,396) (0.00) (7,065) Companylgate-Palmolive Company (23,243) (0.03) 24,025 DFC Global Corporation (58,807) (0.07) (3,077) DJ US Real Estate Index (31,755) (0.04) (7,500) Education Management Corporation (45,929) (0.06) 4,840 EMC Corporation (7,864) (0.01)

221

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Portfolio Statement as at 31 December 2011

GLG North America Equity Alternative (continued)

Financial liabilities at fair value through profit or loss (continued)

Nominal Description Fair Value % of US$ Net Assets Contracts for difference (continued) United States (continued) 8,035 Encore Capital Group Inc (15,401) (0.02) (24,135) Energy Transfer Equity LP (175,166) (0.23) (22,087) Energy Transfer Partners LP (99,687) (0.14) 12,190 EV Energy Partner LP (1,209) (0.00) 14,042 Freeport-McMoRan Copper & Gold Inc (39,640) (0.05) 3,320 Geeknet Inc (6,327) (0.01) 4,631 GrafTech International Limited (1,283) (0.00) (20,150) Greenhill & Company Inc (145,831) (0.18) (11,550) Hertz Global Holdings Inc (3,425) (0.00) (16,571) HJ Heinz Company (22,674) (0.03) (9,500) Inergy LP (10,571) (0.01) 29,887 iStar Financial Inc (2,679) (0.00) (12,979) JPMorgan Alerian MLP Index ETN (68,314) (0.10) 19,319 KKR & Company LP (7,760) (0.01) (6,369) Kohl’s Corporation (2,098) (0.00) (7,144) Leucadia National Corporation (15,962) (0.02) 18,201 Limited Inc (25,592) (0.03) (9,130) Lincoln National Corporation (39,862) (0.05) (33,784) Macy’s Department Stores Inc (26,176) (0.03) 17,100 Market Vectors Gold Miners (91,626) (0.12) (6,359) Marriot International Inc (2,534) (0.00) 16,379 Medco Health Solutions Inc (6,134) (0.01) 46,113 Meritor Inc (66,803) (0.09) 11,037 MetLife Inc (38,598) (0.05) (5,200) MGM Resorts International (3,695) (0.00) (7,056) Microsoft Corporation (3,711) (0.00) 135 Netflix.Com Inc (1,323) (0.00) 37,005 Newfield Exploration Company (61,503) (0.09) (24,133) NiSource Inc (45,558) (0.06) 30,000 NPS Pharmaceuticals Inc (3,358) (0.00) (36,754) Old Republic International Corporation (5,873) (0.01) (13,191) ONEOK Inc (276,031) (0.35) 19 Owens-Illinois Inc (19) (0.00) 2,890 Qualcomm Inc (1,189) (0.00) (4,654) S&P 500 Index (130,614) (0.16) (18,013) Safeway Inc (11,595) (0.01) 627 Salesforce.com Inc (9,771) (0.01) 6,802 Sotheby’s (16,903) (0.02) (7,686) Starwood Hotels & Resorts Worldwide Inc (19,131) (0.02) (12,233) TAL International Group Inc (50,678) (0.06) 1,749 Teradata Corporation (8,860) (0.01) 35,257 Terex Corporation (28,113) (0.04)

222

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Portfolio Statement as at 31 December 2011

GLG North America Equity Alternative (continued)

Financial liabilities at fair value through profit or loss (continued)

Nominal Description Fair Value % of US$ Net Assets Contracts for difference (continued) United States (continued) 29,173 The Blackstone Group LP (4,447) (0.01) (17,991) The Kroger Company (19,807) (0.02) (16,566) The Procter & Gamble Company (32,288) (0.04) (16,537) Time Warner Inc (32,019) (0.04) 6,324 TRW Automotive Holdings Corporation (29,059) (0.04) (50,553) Utilities Select Sector (62,907) (0.08) 1,742 VMware Inc-Class A Share (6,076) (0.01) (2,467) W. W. Grainger Inc (71,349) (0.09) 14,111 Walter Investment Management Corporation (24,639) (0.03) (2,045) Western Digital Corporation (924) (0.00) (8,633) World Acceptance Corporation (142,193) (0.18) (2,901,817) (3.67)

Total contracts for difference (3,375,196) (4.25)

Exchange-traded future United States (105) S&P 500 E-mini Futures 16 March 2012 (29,850) (0.04)

Total exchange-traded future (29,850) (0.04)

Options United States (497) Call on 22.5 FST US Equity 21 January 2012 (7,455) (0.01) (101) Call on 77.5 IOC US Equity 21 January 2012 (8,787) (0.01) (191) Put on 60 PEP US Equity 18 February 2012 (4,584) (0.01) (20,826) (0.03)

Total options (20,826) (0.03)

Forward currency contracts (note 8) * Unrealised Non Class Specific loss % of Amount Receivable Amount Payable Maturity Date Contracts US$ Net Assets €22,806,488 US$30,561,914 31 January 2012 3 (948,893) (1.20)

Total unrealised loss on forward currency contracts (948,893) (1.20)

Total financial liabilities at fair value through profit or loss (4,374,765) (5.52)

223

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Portfolio Statement as at 31 December 2011

GLG North America Equity Alternative (continued)

Fair Value % of US$ Net Assets

Total financial assets at fair value through profit or loss 22,278,837 28.11

Total financial liabilities at fair value through profit or loss (4,374,765) (5.52)

Other net assets 61,342,925 77.41

Net Assets Attributable to Holders of Redeemable Participating Shares 79,246,997 100.00

*The forward currency contracts are held with The Bank of New York Mellon, Brussels.

% of Total Assets Analysis of Total Assets Transferable securities listed on an official stock exchange 25.15 Transferable securities as described in # above 0.50 Exchange traded financial derivative instruments described in classification (a) above 0.05 OTC financial derivative instruments described in classification (b) above 0.64 Other Current Assets 73.66 100.00

Analysis of Total Assets rather than Net Assets is required under UCITS Notice 8.2 appendix B.

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Financial assets at fair value through profit or loss

Nominal Description Fair Value % of € Net Assets Collective investement scheme United States 15,713 Financial Select Sector SPDR Fund 157,354 0.14

Total collective investment scheme 157,354 0.14

Contracts for difference Australia (12,190) BHP Billiton Limited 20,104 0.02

Austria 41,275 Multiplus SA 22,662 0.02

Belgium 1,909 Anheuser-Busch InBev NV 8,309 0.01 (334) KBC Groep NV 4,671 0.00 (2,984) Solvay SA 4,463 0.00 17,443 0.01

Bermuda 15,016 Lancashire Holdings Limited 4,866 0.00

British Virgin (601,806) Xcite Energy Limited 157,938 0.14

Canada (80,566) Bankers Petroleum Limited 31,643 0.03 (2,242) Barrick Gold Corporation 11,292 0.01 42,935 0.04

China 184,495 Origo Partners Plc 15,539 0.01

Cyprus 20,749 Songa Offshore SE 3,378 0.00

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Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Contracts for difference (continued) Denmark 55 AP Moller - Maersk A/S 35,032 0.03 203,760 GN Store Nord A/S 229,063 0.20 29,366 Zealand Pharma A/S 24,134 0.02 288,229 0.25

Europe (18) CSFLCACX Index # 427 0.00 (2,227) Dow Jones Stoxx 600 Automobiles and Parts Index # 25,335 0.02 29,351 Maurel & Prom Nigeria # 54,679 0.05 (109) MDax Mid-Cap Index # 4,618 0.00 (413) SXKE Dow Jones Euro Index # 3,002 0.00 88,061 0.07

Finland 10,194 Outotec OYJ 23,435 0.02 (33,529) Tieto OYJ 8,571 0.01 (15,847) Wartsila OYJ Abp 19,763 0.02 51,769 0.05

France (18,187) Cap Gemini SA 35,609 0.03 4,024 Carrefour SA 1,225 0.00 1,494 Casino Guichard Perrachon SA 1,682 0.00 11,013 Cie de Saint-Gobain 4,928 0.00 (58,380) France Telecom SA 4,422 0.00 29,789 GDF Suez 44,489 0.04 1,443 Remy Cointreau SA 3,052 0.00 (1,307) Renault SA 654 0.00 25,073 Safran SA 36,459 0.03 15,595 Schneider Electric SA 9,428 0.01 2 Sodexo 6 0.00 (57,726) Veolia Environnement SA 91,846 0.08 7,104 Weborama 12,900 0.01 7,318 Zodiac Aerospace 66,640 0.06 313,340 0.26

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Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Contracts for difference (continued) Germany (2,261) Allianz SE 6,552 0.01 7,395 Bayer AG 11,335 0.01 264 Celesio AG 533 0.00 (64,183) Deutsche Telekom AG 17,812 0.02 18,369 Deutsche Wohnen AG 45,406 0.04 23,166 Deutz AG 2,508 0.00 (43,278) E.ON AG 17,695 0.02 80 Fresenius SE & Company KGaA 36 0.00 10,434 GEA Group AG 25,769 0.02 13,685 HeidelbergCement AG 8,721 0.01 119,461 Infineon Technologies AG 26,116 0.02 (4,977) K+S AG 24,507 0.02 121,984 Rhoen Klinikum AG 26,560 0.02 (3,588) SGL Carbon SE 5,123 0.00 (6,542) Volkswagen AG 11,027 0.01 229,700 0.20

Guernsey 284,356 African Minerals Limited 145,064 0.12

Hungary (4,790) OTP Bank Plc 11,095 0.01

Ireland 1,133,007 Kenmare Resources Plc 135,426 0.12 166,422 WPP Plc 84,219 0.07 219,645 0.19

Israel 458,578 Avner Oil Exploration LLP 8,105 0.01 57,831 Delek Drilling – LP 8,032 0.01 16,137 0.02

Italy (435,754) A2A SpA 64,860 0.06 318,283 Banco Popolare SC 318,283 0.27

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Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Contracts for difference (continued) Italy (continued) (2) DiaSorin SpA 2 0.00 (882,602) Enel Green Power SpA 31,829 0.03 92,937 ENI SpA 58,855 0.05 148,962 Fiat Industrial SpA 8,951 0.01 (334) Geox SpA 133 0.00 (417,875) Hera SpA 1,317 0.00 100,725 Intesa Sanpaolo SpA 5,649 0.00 (108,205) Maire Tecnimont SpA 7,788 0.01 50,840 Safilo Group SpA 1,545 0.00 475,396 Snam Rete Gas SpA 21,096 0.02 (882) Tod's SpA 1,501 0.00 521,809 0.45

Luxembourg (5,022) Espirito Santo Financial Group SA 21,343 0.02 25,354 Pacific Drilling SA 20,314 0.02 41,657 0.04

Netherlands 32,944 ASML Holding NV 109,599 0.09 124,495 European Aeronautic Defence and Space Company NV 296,827 0.25 178,175 ING Groep NV 36,877 0.03 (123,395) Koninklijke KPN NV 35,977 0.03 57,403 Koninklijke Philips Electronics NV 60,723 0.05 28,681 LBi International NV 1,944 0.00 46,267 SBM Offshore NV 129,268 0.11 671,215 0.56

Norway 29,809 Aker ASA 131,233 0.11 158,699 Det Norske Oljeselskap ASA 682,783 0.59 22,340 Petroleum Geo-Services ASA 28,615 0.02 160,727 Statoil ASA 222,389 0.19 9,735 Yara International ASA 7,851 0.01 1,072,871 0.92

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Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Contracts for difference (continued) Portugal (26,295) Banco BPI SA 2,456 0.00 605,039 Energias de Portugal SA 41,931 0.04 (10,759) Jeronimo Martins SGPS SA 4,280 0.00 (106,085) Portugal Telecom SGPS SA 67,573 0.06 116,240 0.10

Russia 9,788 Nutrinvestholding OAO 8,694 0.01 (11,248) TMK OAO 24,144 0.02 32,838 0.03

Spain (23,105) Acciona SA 10,992 0.01 (13,636) ACS Actividades de Construccion y Servicios SA 56,011 0.05 (87,050) Banco Popular Espanol SA 10,924 0.01 (6,959) Banco Santander SA 4,047 0.00 (13,643) CaixaBank SA 2,598 0.00 50,037 Distribuidora Internacional de Alimentacion SA 25,187 0.02 9,201 Ebro Puleva SA 1,645 0.00 327,457 EDP Renovaveis SA 223,078 0.19 148,732 Enagas SA 73,649 0.06 (31,440) Endesa SA 24,068 0.02 (363,591) Iberdrola SA 29,994 0.03 (82,716) Indra Sistemas SA 73,222 0.06 (61,370) Telefonica SA 23,698 0.02 559,113 0.47

Sweden 12,492 Atlas Copco AB-A Shares 3,441 0.00 58,659 Hexagon AB 14,727 0.01 70,673 Lundin Petroleum AB 284,757 0.24 (45,983) Scania AB 12,502 0.01 43,188 Skandinaviska Enskilda Banken AB 8,605 0.01 324,032 0.27

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Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Contracts for difference (continued) Switzerland 123,911 ABB Limited 78,046 0.07 670 Actelion Limited 1,180 0.00 36,945 Glencore International Plc 6,170 0.01 (902) Kuehne + Nagel International AG 3,779 0.00 31,829 Logitech International SA 2,162 0.00 231 Sika AG 29,785 0.03 (190) St Galler Kantonalbank AG 7,858 0.01 419 Swatch Group AG 479 0.00 (10,875) Swiss Re AG 4,433 0.00 1,066 Syngenta AG 12,779 0.01 77,125 UBS AG 6,737 0.01 21,964 Wolseley Plc 44,779 0.04 30,067 Xstrata Plc 13,222 0.01 211,409 0.19

Taiwan (517,449) Acer Inc 3,466 0.00 6,000 Catcher Technology Company Limited 258 0.00 (723,379) Compal Electronics Inc 8,513 0.01 (255,738) Delta Electronics Inc 67,368 0.06 (36,000) HTC Corporation 204,275 0.18 (159,043) Shin Zu Shing Company Limited 19,365 0.02 (518,847) Wistron Corporation 9,291 0.01 312,536 0.28

Turkey (92,456) Turkiye Garanti Bankasi AS 19,681 0.02 (438,255) Yapi ve Kredi Bankasi AS 121,122 0.10 140,803 0.12

United Arab Emirates (109,972) Polarcus Limited 20,673 0.02

United Kingdom 124,866 Aegis Group Plc 27,011 0.02 2,106 AMEC Plc 468 0.00

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Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Contracts for difference (continued) United Kingdom (continued) 419,064 ARM Holdings Plc 130,350 0.10 43,392 Associated British Foods Plc 7,209 0.01 362,168 Barclays Plc 45,234 0.04 31,388 Berkeley Group Holdings Plc 16,257 0.01 108,959 BG Group Plc 193,478 0.15 (23,947) BHP Billiton Plc 29,102 0.02 421,856 BP Plc 113,192 0.10 188,897 BT Group Plc 13,922 0.01 (9,601) Capita Plc 1,078 0.00 161,248 Carphone Warehouse Group Plc 1,643 0.00 (277,885) Centrica Plc 23,580 0.02 1,134,309 Cove Energy Plc 519,774 0.43 23,108 Croda International Plc 16,988 0.01 25,882 De La Rue Plc 11,248 0.01 4,186 Diageo Plc 4,367 0.00 (67,460) Drax Group Plc 6,017 0.01 21,195 easyJet Plc 5,158 0.00 705,477 Faroe Petroleum Plc 77,750 0.07 (649) FTSE 250 Index # 86,174 0.07 3,606 Imperial Tobacco Group Plc 8,677 0.01 36 Innovation Group Plc 1 0.00 22,540 Intercontinental Hotels Group Plc 20,369 0.02 103,542 International Consolidated Airlines Group SA 12,002 0.01 4,440 Intertek Group Plc 5,228 0.00 408,032 Invensys Plc 279 0.00 739,122 ITV Plc 67,319 0.06 785,827 Lansdowne Oil & Gas Plc 73,441 0.06 (5,467) Legal & General Group Plc 308 0.00 1,505,013 Lloyds Banking Group Plc (Barclays) 466,743 0.38 574,548 Lloyds Banking Group Plc (Credit Suisse) 17,047 0.01 (35,902) Marks & Spencer Group Plc 4,493 0.00 (117,145) Meggitt Plc 33,629 0.03 49,329 National Grid Plc 8,104 0.01 1,592 Next Plc 654 0.00 141,593 Old Mutual Plc 23,556 0.02 53,068 Premier Oil Plc 10,121 0.01 (23,972) Reed Elsevier Plc 1,897 0.00

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Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Contracts for difference (continued) United Kingdom (continued) 1,039,451 Rockhopper Exploration Plc 649,741 0.54 81,231 Rolls-Royce Holdings Plc 52,062 0.04 16,836 Rotork Plc 50,470 0.04 1,435,734 Royal Bank of Scotland Group Plc 22,598 0.02 (2,514) Shanks Group Plc 563 0.00 8,312 Smith & Nephew Plc 4,427 0.00 37,649 Spectris Plc 25,239 0.02 (47,212) SSE Plc 12,463 0.01 22,682 Tate & Lyle Plc 8,861 0.01 728,579 Taylor Wimpey Plc 2,507 0.00 49,524 Tesco Plc 8,207 0.01 37,959 The Weir Group Plc 59,135 0.05 61,057 Tullow Oil Plc 28,102 0.02 181,819 United Utilities Group Plc 5,688 0.00 (110,364) Vodafone Group Plc 2,311 0.00 9,147 Whitbread Plc 6,343 0.01 48,111 WM Morrison Supermarkets Plc 4,658 0.00 3,027,243 2.47

United States 25,507 Applied Micro Circuits Corporation 542 0.00 (47,402) Corning Inc 5,842 0.01 (61,921) Dell Inc 41,170 0.04 23,101 Fusion-io Inc 12,264 0.01 (30,193) Hewlett-Packard Company 12,964 0.01 (5,973) KazMunaiGas Exploration # 491 0.00 4,478 Nielsen Holdings NV 216 0.00 (919) NIKE Inc 89 0.00 (29,574) Oracle Corporation 277 0.00 (31,571) Patriot Coal Corporation 12,573 0.01 2,980 S&P 500 Homebuilding Sub Industry Index # 139,447 0.12 6,930 SuccessFactors Inc 18,490 0.02 14,925 The Walt Disney Company 19,964 0.02 (46,692) Virgin Media Inc 49,404 0.04 313,733 0.28

Total contracts for difference 9,014,077 7.61

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Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Convertible bond France 944,798 Etablissements Maurel et Prom 7.1250% 31 July 2014 1,037,786 0.89

Total convertible bond 1,037,786 0.89

Corporate bonds Europe 168,758 BNP Paribas SA 8.667% 29 September 2049 # 168,758 0.14 149,678 Societe Generale SA 9.375% 29 September 2049 # 149,678 0.13 318,436 0.27

Germany 234,200 Capital Raising GmbH 7.50% 29 December 2049 7,026 0.01 718,600 Hybrid Raising GmbH 6.625% 28 February 2049 15,127 0.01 22,153 0.02

Ireland LCH Clearnet SA Via Freshwater Finance Plc 18 May 150,000 2017 103,500 0.09

Luxembourg 144,000 Opus Securities SA 3.950% 29 September 2049 52,704 0.05

United Kingdom 60,000 Barclays Bank Plc 29 March 2049 29,024 0.02 147,000 LBG Capital No.1 Plc 7.5884% 12 May 2020 130,118 0.11 Royal Bank of Scotland Group Plc 5.50% 29 November 352,000 2049 149,290 0.13 308,432 0.26

Total corporate bonds 805,225 0.69

Equities Bermuda 1,191 Signet Jewelers Limited 40,332 0.03

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Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Equities (continued) Canada 6,098 Barrick Gold Corporation 212,560 0.18 1,154,946 Shamaran Petroleum Corporation 310,178 0.27 522,738 0.45

Hong Kong 89,297 Chow Tai Fook Jewellery Group Limited 123,288 0.11

Israel 4,119 Teva Pharmaceutical Industries Limited 128,061 0.11

Netherlands 5,817 Royal Dutch Shell Plc 327,516 0.28

United States 11,025 Acme Packet Inc 262,514 0.23 10,061 Anadarko Petroleum Corporation 591,577 0.51 7,622 Apple Inc 2,377,929 2.04 9,429 BroadSoft Inc 219,355 0.19 2,210 Cash America International Inc 79,384 0.07 39,353 Cirrus Logic Inc 480,488 0.41 46,336 Cisco Systems Inc 645,345 0.55 7,624 Citrix Systems Inc 356,607 0.31 28,362 EMC Corporation 470,606 0.40 20,986 Express Scripts Inc 722,462 0.62 5,931 Industrial Select Sector SPDR Fund 154,197 0.13 16,806 Medco Health Solutions Inc 723,688 0.62 6,700 Microsoft Corporation 133,985 0.11 8,516 Navistar International Corporation 248,497 0.21 1,121 Netflix Inc 59,834 0.05 1,686 Newmont Mining Corporation 77,939 0.07 11,391 Nielsen Holdings NV 260,524 0.22 921 NIKE Inc 68,372 0.06 4,341 Plantronics Inc 119,180 0.10 23,763 QUALCOMM Inc 1,001,299 0.86 6,791 Red Hat Inc 216,000 0.19 3,707 Salesforce.com Inc 289,729 0.25

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Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Equities (continued) United States (continued) 3,352 Sotheby’s 73,668 0.06 19,126 SPDR S&P Homebuilders ETF 251,939 0.22 17,241 Success Factors Inc 529,522 0.45 2,507 Sycamore Networks Inc 34,569 0.03 11,308 Teradata Corporation 422,564 0.36 27,774 United States Steel Corporation 566,113 0.49 7,291 Varian Medical Systems Inc 377,033 0.32 12,192 Virgin Media Inc 200,797 0.17 8,233 Visa Inc 643,914 0.55 10,328 VMware Inc 661,854 0.57 13,700 Walt Disney Company 395,756 0.34 31,624 Walter Energy Inc 1,475,291 1.27 15,192,531 13.03

Total equitites 16,334,466 13.90

Exchange-traded futures (a) Australia (8) SPI 200 Futures 15 March 2012 23,152 0.02

Europe 23 SX5E Dividend Future 19 December 2014 337 0.00

Germany 10 Siemens AG SSDF 31 December 2012 2,100 0.00

United Kingdom 870 FTSE 100 Dividend Index Futures 24 December 2012 102,809 0.09

Total exchange-traded future 128,398 0.11

Options (b) Europe 44 Call on 2350 SX5E Index 20 January 2012 20,240 0.02 54 Call on 2400 SX5E Index 20 January 2012 14,796 0.01 41 Call on 2450 SX5E Index 16 March 2012 25,379 0.02

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Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Options (b) (continued) Europe (continued) 54 Call on 2550 SX5E Index 16 March 2012 17,550 0.02 33 Call on 2600 SX5E Index 20 January 2012 495 0.00 119 Put on 2050 SX5E Index 20 January 2012 10,353 0.01 33 Put on 2150 SX5E Index 20 January 2012 6,204 0.01 147 Put on 300 SXEP Index 20 January 2012 3,675 0.00 138 Put on 310 SXEP Index 20 January 2012 8,280 0.01 106,972 0.10

Germany 365 Put on 38 SAB GR Equity 20 January 2012 6,205 0.01

Netherlands 93 Call on 18 MT NA Equity 16 March 2012 1,581 0.00 240 Call on 19 MT NA Equity 16 March 2012 2,160 0.00 524 Call on 32 ASL NA Equity 20 January 2012 69,692 0.06 73,433 0.06

United Kingdom 180 Call on 110 LGEN LN Equity 16 March 2012 6,465 0.01 110 Call on 1100 XST LN Equity 16 March 2012 40,165 0.03 188 Call on 120 LGEN LN Equity 16 March 2012 1,688 0.00 345 Call on 120 RSA LN Equity 16 March 2012 2,065 0.00 23 Call on 1500 BGG LN Equity 17 February 2012 5,369 0.00 225 Call on 165 BARC LN Equity 17 February 2012 55,893 0.05 3,181 Call on 20 RBS LN Equity 17 February 2012 76,163 0.07 52 Call on 2000 BLT LN Equity 20 January 2012 10,894 0.01 11 Call on 2200 BLT LN Equity 16 March 2012 2,831 0.00 1,569 Call on 24 LLOY LN Equity 17 February 2012 70,437 0.06 11 Call on 2400 POC LN Equity 16 March 2012 3,490 0.00 18 Call on 2600 AHA LN Equity 16 March 2012 15,839 0.01 54 Call on 300 BA/ LN Equity 16 March 2012 3,556 0.00 11 Call on 3000 AZA LN Equity 17 February 2012 8,296 0.01 37 Call on 3300 RTZ LN Equity 20 January 2012 18,604 0.02 78 Call on 440 BPA LN Equity 16 March 2012 31,515 0.03 35 Call on 460 BPA LN Equity 16 March 2012 9,009 0.01 34 Call on 5700 UKX Index 20 January 2012 18,113 0.02

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GLG European Equity Alternative (continued)

Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Options (b) (continued) United Kingdom (continued) 11 Call on 5750 UKX Index 20 January 2012 3,951 0.00 161 Call on 600 ARM LN Equity 16 March 2012 73,243 0.06 44 Call on 720 WPP LN Equity 15 June 2012 14,222 0.01 11 Put on 4850 UKX Index 17 February 2012 3,753 0.00 8 Put on 4900 UKX Index 20 January 2012 623 0.00 23 Put on 5000 UKX Index 20 January 2012 2,616 0.00 40 Put on 5100 UKX Index 20 January 2012 6,704 0.01 23 Put on 5200 UKX Index 20 January 2012 5,782 0.00 3 Put on 5400 UKX Index 20 January 2012 1,688 0.00 23 Put on 800 XST LN Equity 16 March 2012 5,369 0.00 498,343 0.68

United States 105 Call on 13 XLF US Equity 21 January 2012 2,993 0.00 330 Call on 14 XLF US Equity 17 March 2012 8,389 0.01 2,097 Call on 14 XLF US Equity 21 January 2012 9,692 0.01 2,308 Call on 15 XLF US Equity 21 January 2012 1,778 0.00 393 Call on 17 XHB US Equity 21 January 2012 17,862 0.02 681 Call on 24 VALE US Equity 21 January 2012 3,148 0.00 311 Call on 29 WFC US Equity 21 January 2012 8,145 0.01 164 Call on 35 DBA US Equity 21 January 2012 379 0.00 308 Call on 37 GDXJ US Equity 21 January 2012 1,186 0.00 105 Call on 39 JPM US Equity 21 January 2012 243 0.00 261 Call on 45 VMC US Equity 21 January 2012 5,026 0.00 432 Call on 52.5 ABX US Equity 21 January 2012 2,995 0.00 2,653 Call on 55 ABX US Equity 21 January 2012 12,262 0.01 26 Call on 60 GDX US Equity 21 January 2012 60 0.00 766 Call on 65 GDX US Equity 21 January 2012 1,180 0.00 42 Call on 67 GDX US Equity 21 January 2012 65 0.00 21 Call on 69 GDX US Equity 17 March 2012 162 0.00 802 Call on 70 ABX US Equity 21 January 2012 618 0.00 218 Call on 80 WLT US Equity 21 January 2012 5,542 0.00 565 Call on 9 BAC US Equity 21 January 2012 435 0.00 2 Put on 1200 SPX US Index 18 February 2012 3,389 0.00 50 Put on 126 US 10 Year Future Option 24 Febuary 2012 4,815 0.00 148 Put on 126.50 US 10 Year Future Option 24 Febuary 2012 17,814 0.02

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GLG European Equity Alternative (continued)

Financial assets at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Options (b) (continued) United States (continued) 476 Put on 21 OIL US Equity 17 March 2012 18,334 0.02 4,811,094 UBS AG Tech Basket 20 January 2012 41,312 0.04 167,824 0.14

Total options 852,777 0.99

Total return swaps (a) Europe (1,125) Espirito Santo Financial Group SA # 56 0.00

Taiwan 87,224 Catcher Technology Company Limited 17,221 0.01 8,000 MediaTek Inc 4,389 0.00 21,610 0.01

Total total return swaps 21,666 0.01

Forward currency contracts (a) (note 8) * Unrealised Non Class Specific gain % of Amount Receivable Amount Payable Maturity Date Contracts € Net Assets €546,894 NOK4,225,634 17 January 2012 1 1,873 0.00 CHF821,000 €665,993 31 January 2012 2 10,546 0.01 DKK3,548,842 €477,251 17 January 2012 1 211 0.00 GBP740,059 €880,000 17 January 2012 1 5,716 0.00 GBP1,516,087 €1,762,716 31 January 2012 9 51,346 0.04 HKD8,610,015 €847,805 17 January 2012 3 6,113 0.01 HKD1,264,522 €124,344 31 January 2012 1 1,061 0.00 NOK3,009,991 €383,343 31 January 2012 1 4,652 0.00 SEK3,590,403 €387,355 31 January 2012 2 15,290 0.01 US$63,165,644 €47,154,050 31 January 2012 23 1,493,013 1.28

Total unrealised gain on forward currency contracts 1,589,821 1.35

Total financial assets at fair value through profit or loss 29,941,570 25.69

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Financial liabilities at fair value through profit or loss

Nominal Description Fair Value % of € Net Assets Contracts for difference Australia 66,780 Paladin Energy Limited (AU) (7,868) (0.01) 220,288 Paladin Energy Limited (CT) (12,779) (0.01) (20,647) (0.02)

Austria 3,297 Andritz AG (2,075) (0.00) 4,117 Conwert Immobilien Invest SE (12,095) (0.01) (41,641) OMV AG (69,083) (0.06) (4,039) Schoeller-Bleckmann Oilfield Equipment AG (65,725) (0.06) (148,978) (0.13)

Belgium (5,961) KBC Bankverzekerings holding (58,006) (0.05)

Bermuda (34,268) Seadrill Limited (5,173) (0.00) 932 Signet Jewelers Limited (69) (0.00) (5,242) (0.00)

British Virgin 116,180 Justice Holdings Limited (99,069) (0.09)

Canada 94,717 Shamaran Petroleum Corporation (5,733) (0.00)

Denmark (2,583) Carlsberg AS (2,388) (0.00) (3,835) Coloplast AS (1,367) (0.00) 17,363 FLSmidth & Company AS (22,053) (0.02) (95,683) TDC AS (3,834) (0.00) (29,642) (0.02)

Europe 245 Cynotech Securities Group Limited DV Index (1,048) (0.00) (1,415) Cynotech Securities Group Limited FTSE Index (25,877) (0.02) (2,381) Cynotech Securities Group Limited IN 30 Index (83,226) (0.07)

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Financial liabilities at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Contracts for difference (continued) Europe (continued) (20,534) Dow Jones 600 Oil and Gas (367,327) (0.34) (1,455) Dow Jones Stoxx 600 Basic Resources Supers (27,221) (0.02) (4,032) Dow Jones Stoxx 600 Construction & Material (43,024) (0.04) (1,375) Dow Jones Stoxx 600 Food & Beverages (35,242) (0.03) (658) SXDP Dow Jones Stoxx (8,943) (0.01) (1) SXNP Dow Jones Stoxx (9) (0.00) (223) SXQP Dow Jones Stoxx (2,054) (0.00) (727) SXRP Dow Jones 600 Retail Euro (2,375) (0.00) (1,045) SXTP Dow Jones Stoxx 600 Travel and Leisure Super (6,939) (0.01) (2,665) SXXP Dow Jones Stoxx (11,934) (0.01) (615,219) (0.55)

Finland 14,158 Nokian Renkaat OYJ (9,566) (0.01)

France (1,786) Air Liquide SA (5,515) (0.00) 1,257 BNP Paribas SA (950) (0.00) (56,360) Bourbon SA (252,074) (0.24) 1,442 Christian Dior SA (2,896) (0.00) (40,800) Cie Generale de Geophysique – Veritas (211,794) (0.20) 9,265 Cie Generale des Etablissements Michelin (492) (0.00) (23,428) Cie Generale d’Optique Essilor International SA (53,915) (0.05) 7,157 Credit Agricole SA (348) (0.00) (12) EDENRED (2) (0.00) 45,333 Etablissements Maurel et Prom (68,546) (0.06) (4,958) Groupe Danone (10,704) (0.01) 77,415 Groupe Eurotunnel SA (62,849) (0.05) (26,079) Legrand SA (20,086) (0.02) (1,096) L’Oreal SA (2,474) (0.00) (8,548) Peugeot SA (549) (0.00) (25,192) Sanofi-Aventis (148,669) (0.15) 20,120 Societe Generale SA (2,999) (0.00) 114,800 Suez Environnement Company (27,481) (0.02) (4,906) Technip SA (31,254) (0.03) (13,225) Total SA (9,477) (0.01) (913,074) (0.84)

240

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GLG European Equity Alternative (continued)

Financial liabilities at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Contracts for difference (continued) Germany 3,105 Adidas AG (1,493) (0.00) 3,238 BASF SE (1,896) (0.00) 13,417 Bayerische Motoren Werke AG (30,203) (0.03) (1,554) Beiersdorf AG (2,509) (0.00) 7,907 Daimler AG (3,492) (0.00) (6,116) Fresenius Medical Care AG (13,575) (0.01) 7,936 GSW Immobilien AG (3,293) (0.00) 3,882 Hugo Boss AG (26,809) (0.02) 6,733 IVG Immobilien AG (1,279) (0.00) (1,356) Lanxess AG (4,653) (0.00) (2,534) MAN SE (13,638) (0.01) 8 Metro AG (1) (0.00) (11,835) MTU Aero Engines Holding AG (26,938) (0.02) 151,600 Premiere AG (32,454) (0.03) 22,928 RWE AG (50,081) (0.04) 19,331 SAP AG (40,687) (0.03) (18,434) Siemens AG (17,824) (0.02) (9,496) Stada Arzneimittel AG (13,221) (0.01) (284,046) (0.22)

Guernsey 28,625 Etalon Group Limited (35,513) (0.03)

Hong Kong (270,000) AIA Group Limited (10,511) (0.01)

Ireland (57,326) CRH Plc (67,960) (0.06) (74,602) Experian Group Limited (88,057) (0.10) (29,809) Seagate Technology Holdings (7,054) (0.01) (163,071) (0.17)

Israel 2,269 Teva Pharmaceutical Industries Limited (3,029) (0.00)

241

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GLG European Equity Alternative (continued)

Financial liabilities at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Contracts for difference (continued) Italy 131,732 Ansaldo STS SpA (5,172) (0.00) 665,695 Banca Popolare di Milano Scarl (2,379) (0.00) 1,571 Enel SpA (161) (0.00) 69 Fiat SpA (8) (0.00) 1,583,751 Iren SpA (129,801) (0.11) (3,712) Luxottica Group SpA (2,020) (0.00) (181,350) Mediaset SpA (31,486) (0.03) 180,809 Pirelli & C SpA (25,255) (0.02) (23,147) Saipem SpA (152,626) (0.15) 10,926 Salvatore Ferragamo Italia SpA (1,194) (0.00) 656,558 Terna SpA (14,131) (0.01) (364,233) (0.32)

Jersey 13,993 ETFS Gold (16,982) (0.01)

Luxembourg (1,432) Oriflame Cosmetics SA (230) (0.00) (72,107) Tenaris SA (218,897) (0.21) (219,127) (0.21)

Netherlands 48,869 Aegon NV (116) (0.00) (8,936) Koninklijke DSM NV (16,268) (0.01) (131) Qiagen NV (73) (0.00) (10,615) Royal Dutch Shell Plc-A Shares (16,852) (0.01) (6,668) Royal Dutch Shell Plc-B Shares (7,510) (0.01) (2,179) Unilever NV (4,644) (0.00) (45,463) (0.03)

Norway (13,318) DNB ASA (9,720) (0.01) 243,481 Kvaerner ASA (32,890) (0.03) 203,118 Marine Harvest ASA (2,457) (0.00) (45,067) (0.04)

242

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Portfolio Statement as at 31 December 2011

GLG European Equity Alternative (continued)

Financial liabilities at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Contracts for difference (continued) Portugal (1,660,746) Banco Comercial Portugues SA (19,846) (0.02) (86,637) Banco Espirito Santo SA (Barclay) (116,960) (0.10) (183,537) Banco Espirito Santo SA (Credit Suisse) (24,764) (0.02) (161,570) (0.04)

Russia 38,871 Mail.ru Group Limited (88,710) (0.08)

Spain 10,347 Amadeus IT Holding SA (571) (0.00) (37,144) Banco Bilbao Vizcaya Argentaria SA (248,122) (0.23) (83,080) Banco de Sabadell SA (25,576) (0.02) (69,228) Banco Santander SA (406,368) (0.37) (107,857) Gamesa Corporation Tecnologica SA (21,534) (0.02) (154,889) Gas Natural SDG SA (132,610) (0.11) (3,964) Inditex SA (6,741) (0.01) 13,835 Melia Hotels International SA (12,507) (0.01) 66,520 Red Electrica Corporation SA (17,670) (0.02) (85,352) Repsol YPF SA (158,511) (0.14) (1,030,210) (0.93)

Sweden (40,912) Assa Abloy AB (50,515) (0.04) (6,913) Autoliv Inc (11,234) (0.01) (11,097) Elekta AB (24,080) (0.02) (7,325) Hennes & Mauritz AB (12,611) (0.01) (61,011) Husqvarna AB (397) (0.00) (97,191) LM Ericsson-B Shares (44,585) (0.04) 56,171 Sandvik AB (8,134) (0.01) (70,170) SKF AB (86,805) (0.07) (1,438) Swedish Match AB (1,145) (0.00) 69,123 Swedish Orphan Biovitrum AB (3,784) (0.00) 55,129 Volvo AB (25,163) (0.02) (268,453) (0.22)

243

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Portfolio Statement as at 31 December 2011

GLG European Equity Alternative (continued)

Financial liabilities at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Contracts for difference (continued) Switzerland 6,511 Adecco SA (3,624) (0.00) (1,841) Cie Financiere Richemont SA (3,701) (0.00) 1,933 Dufry AG (8,517) (0.01) 478 Ferrexpo Plc (187) (0.00) (2,515) Geberit AG (775) (0.00) (5,859) Lonza Group AG (542) (0.00) (11,385) Novartis AG (22,366) (0.02) (3,487) Roche Holding AG (12,687) (0.01) (9,273) Sonova Holding AG (84,993) (0.07) (6,220) Straumann Holding AG (95,873) (0.08) (233,265) (0.19)

Taiwan (90,000) Asustek Computer Inc (14,921) (0.01) 36,630 Taiwan Semiconductor Manufacturing Company Limited (1,504) (0.00) 35,000 Toray Industries Inc (39,204) (0.03) (55,629) (0.04)

United Kingdom 32 Anglo American Plc (18) (0.00) 99,491 Aviva Plc (9,108) (0.01) (142,152) BAE Systems Plc (21,871) (0.02) (21,009) British Sky Broadcasting Group Plc (4,216) (0.00) 27,924 Britvic Plc (1,846) (0.00) (5,915) Bunzl Plc (6,847) (0.01) 3 Burberry Group Plc (3) (0.00) 11,704 Carnival Plc (3,163) (0.00) (77,496) Compass Group Plc (32,694) (0.03) (498,341) EnQuest Plc (19,269) (0.02) (33,541) G4S Plc (6,792) (0.01) (279,201) GKN Plc (24,909) (0.02) (42,605) GlaxoSmithKline Plc (35,039) (0.03) (80,303) Hikma Pharmaceuticals Plc (14,927) (0.01) 28,466 Imperial Innovations Group Plc (5,781) (0.00) 77,633 Inchcape Plc (5,849) (0.01) (135,850) International Power Plc (12,249) (0.01)

244

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Portfolio Statement as at 31 December 2011

GLG European Equity Alternative (continued)

Financial liabilities at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Contracts for diffrence (continued) United Kingdom (continued) (79,980) John Wood Group Plc (9,855) (0.01) (226,031) Melrose Plc (113,948) (0.10) 227,865 Nautical Petroleum Plc (34,395) (0.03) (56,933) Ophir Energy Plc (23,721) (0.02) (8,412) Pennon Group Plc (1,681) (0.00) 91,042 Perform Group Plc (3,031) (0.00) 115,053 Persimmon Plc (3,312) (0.00) (32,593) Petrofac Limited (92,825) (0.08) (33,703) Prudential Corporation Plc (9,637) (0.01) 12,971 Reckitt Benckiser Group Plc (5,044) (0.00) 94,323 Redrow Plc (2,854) (0.00) 28,946 Rio Tinto Plc (6,504) (0.01) 768,143 Royal & Sun Alliance Life Insurance (4,323) (0.00) (3,431) SABMiller Plc (1,273) (0.00) (18,826) Shire Plc (26,288) (0.02) 530,934 SIG Plc (14,553) (0.01) (12,227) Standard Chartered Plc (7,207) (0.01) (58,171) Subsea 7 SA (23,578) (0.02) 40,824 Travis Perkins Plc (23,311) (0.02) (26,500) Unilever Plc (38,763) (0.03) 89,651 Valiant Petroleum Plc (26,358) (0.02) (677,042) (0.57)

United States 205,482 Boart Longyear Group (82,746) (0.07) 11,335 EMC Corporation (13,146) (0.01) (11,872) Industrial Select Sector SPDR Fund (3,050) (0.00) (166,281) Intel Corporation (161,308) (0.14) (67,741) Microsoft Corporation (8,808) (0.01) (15,377) Plantronics Inc (36,975) (0.03) 2,758 Red Hat Inc (16,101) (0.01) 1,501 Salesforce.com Inc (17,831) (0.02) (15,679) SPDR S&P Metals & Mining ETF (858) (0.00) (14,802) SPDR S&P Oil & Gas Exploration & Production ETF (29,028) (0.02) 3,288 Teradata Corporation (12,112) (0.01) 4,138 VMware Inc (32,555) (0.03)

245

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Portfolio Statement as at 31 December 2011

GLG European Equity Alternative (continued)

Financial liabilities at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Contracts for difference (continued) United States (continued) (15,404) Western Digital Corporation (4,679) (0.00) (419,197) (0.35)

Total contracts for difference (6,026,294) (5.17)

Corporate bonds France (200,000) BNP Paribas SA 8.667% 29 September 2049 (181,988) (0.18) (200,000) Societe Generale SA 9.375% 29 September 2049 (151,800) (0.15) (333,788) (0.33)

Total corporate bonds (333,788) (0.33)

Exchange-traded futures Europe (46) DAX Index Future 16 March 2012 (97,750) (0.08) (57) Euro Stoxx 50 16 March 2012 (16,830) (0.01) (6) FTSE/MIB Index Future 16 March 2012 (9,390) (0.01) (123,970) (0.10)

Taiwan (21,000) Asustek Computer Inc 31 December 2049 (5,617) (0.00)

United Kingdom (168) 90 Day Sterling Future 19 December 2012 (16,771) (0.01) (120) FTSE 100 Index Future 16 March 2012 (198,989) (0.19) (215,760) (0.20)

United States (31) S&P 500 E-mini Futures 16 March 2012 (46,853) (0.04) (4) US 10 Year Note Future 21 March 2012 (3,095) (0.00) (49,948) (0.04)

Total exchange-traded futures (395,295) (0.34)

246

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Portfolio Statement as at 31 December 2011

GLG European Equity Alternative (continued)

Financial liabilities at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Options Europe (32) Call on 2650 SX5E Index 20 January 2012 (224) (0.00)

France (82) Call on 54 SA1 FP Equity 20 January 2012 (25,338) (0.02) (37) Call on 56 SA1 FP Equity 20 January 2012 (5,772) (0.00) (138) Put on 16 GA1 FP Equity 20 January 2012 (138) (0.00) (176) Put on 17 DF1 FP Equity 20 January 2012 (1,408) (0.00) (138) Put on 17 GA1 FP Equity 20 January 2012 (276) (0.00) (121) Put on 18 DF1 FP Equity 20 January 2012 (2,783) (0.00) (86) Put on 18 GA1 FP Equity 20 January 2012 (430) (0.00) (172) Put on 19 GA1 FP Equity 20 January 2012 (2,064) (0.00) (121) Put on 19.5 GA1 FP Equity 20 January 2012 (2,178) (0.00) (40,387) (0.02) . Germany (430) Call on 18.5 EOA GR Equity 20 January 2012 (2,580) (0.00) (85) Call on 19 EOA GR Equity 20 January 2012 (255) (0.00) (152) Call on 19.5 EOA GR Equity 20 January 2012 (304) (0.00) (82) Call on 31 RWE GR Equity 20 January 2012 (410) (0.00) (82) Call on 32 RWE GR Equity 20 January 2012 (82) (0.00) (127) Call on 48 BAY GR Equity 20 January 2012 (28,067) (0.02) (45) Call on 51 BAY GR Equity 20 January 2012 (3,105) (0.00) (14) Put on 24 RWE GR Equity 20 January 2012 (224) (0.00) (64) Put on 25 RWE GR Equity 20 January 2012 (1,856) (0.00) (52) Put on 39 BAY GR Equity 20 January 2012 (156) (0.00) (76) Put on 42 BAY GR Equity 20 January 2012 (608) (0.00) (37,647) (0.02)

Italy (138) Put on 2.7 ENE IM Equity 20 January 2012 (345) (0.00) (287) Put on 2.8 ENE IM Equity 20 January 2012 (1,306) (0.00) (149) Put on 2.9 ENE IM Equity 20 January 2012 (1,281) (0.00) (2,932) (0.00)

Switzerland (85) Put on 47 NOVN SW Equity 20 January 2012 (140) (0.00)

247

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Portfolio Statement as at 31 December 2011

GLG European Equity Alternative (continued)

Financial liabilities at fair value through profit or loss (continued)

Nominal Description Fair Value % of € Net Assets Options (continued) United Kingdom (111) Call on 171 VOD LN Equity 20 January 2012 (11,215) (0.01) (11) Call on 3600 RTZ LN Equity 20 January 2012 (658) (0.00) (11) Call on 5650 UKX Index 17 February 2012 (15,342) (0.01) (23) Call on 5850 UKX Index 20 January 2012 (3,442) (0.00) (11) Put on 1700 BLT LN 20 January 2012 (1,646) (0.00) (13) Put on 2200 SHEL LN Equity 20 January 2012 (389) (0.00) (32,692) (0.02)

United States (3) Call on 133 US 10 Year Future Option 24 Febuary 2012 (1,047) (0.00) (3) Put on 1150 SPX US Index 18 February 2012 (3,027) (0.00) (6) Put on 123 US 10 Year Future Option 24 Febaury 2012 (217) (0.00) (44) Put on 125 US 10 Year Future Option 24 Febuary 2012 (3,178) (0.00) (148) Put on 125.5 US 10 Year Future Option 24 Febuary 2012 (12,470) (0.01) (120) Put on 25 HSP US Equity 18 February 2012 (3,698) (0.00) (89) Put on 37.5 TEVA US Equity 21 January 2012 (1,508) (0.00) (60) Put on 40 TEVA US Equity 21 January 2012 (3,929) (0.00) (69) Put on 42.5 BAX US Equity 21 January 2012 (372) (0.00) (128) Put on 45 BAX US Equity 20 January 2012 (1,085) (0.00) (111) Put on 47.5 BAX US Equity 21 January 2012 (2,736) (0.00) (33,267) (0.01)

Total options (147,289) (0.07)

Total return swaps Europe (774) GS Euro Oil Services Basket (42,803) (0.04)

Taiwan (165,000) Compal Electronics Inc (12,021) (0.01) (37,000) Shin Zu Shing Company Limited (3,782) (0.00) (119,000) Wistron Corporation (1,655) (0.00) (17,458) (0.01)

Total total return swaps (60,261) (0.05)

248

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Portfolio Statement as at 31 December 2011

GLG European Equity Alternative (continued)

Financial liabilities at fair value through profit or loss (continued)

Forward currency contracts (note 8) * Unrealised Non Class Specific loss % of Amount Receivable Amount Payable Maturity Date Contracts € Net Assets €7,987 CHF9,733 31 January 2012 1 (34) (0.00) €3,992,948 GBP3,387,857 17 January 2012 1 (61,700) (0.05) €14,462 GBP12,166 31 January 2012 2 (95) (0.00) €1,327,506 HKD13,633,050 17 January 2012 1 (24,584) (0.02) €4,248 NOK33,000 31 January 2012 1 (6) (0.00) €3,930 SEK35,560 31 January 2012 1 (58) (0.00) €17,624,117 US$23,290,816 17 January 2012 3 (315,164) (0.29) €1,587,555 US$2,087,174 31 January 2012 5 (19,883) (0.02) NOK33,484 €4,322 31 January 2012 1 (6) (0.00) US$1,297,840 €1,000,000 17 January 2012 1 (365) (0.00)

Total unrealised gain on forward currency contracts (421,895) (0.38)

Total financial liabilities at fair value through profit or loss (7,384,822) (6.34)

Total financial assets at fair value through profit or loss 29,941,570 25.69

Total financial liabilities at fair value through profit or loss (7,384,822) (6.34)

Other net assets 93,991,495 80.65

Net Assets Attributable to Holders of Redeemable Participating Shares 116,548,243 100.00

*The forward currency contracts are held with The Bank of New York Mellon, Brussels.

249

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Portfolio Statement as at 31 December 2011

GLG European Equity Alternative (continued)

% of Total Assets Analysis of Total Assets Transferable securities listed on an official stock exchange 21.20 Transferable securities as described in # above 0.50 Exchange traded financial derivative instruments described in classification (a) above 1.38 OTC financial derivative instruments described in classification (b) above 0.68 Other Current Assets 76.24 100.00

Analysis of Total Assets rather than Net Assets is required under UCITS Notice 8.2 appendix B.

250

GLG INVESTMENTS VI PLC

Statement of Significant Purchases for the year ended 31 December 2011

GLG European Alpha Alternative

Security Nominal Cost € CAC40 Euro Future January 2011 1,409 55,882,870 CAC40 Euro Future May 2011 1,347 52,982,995 CAC40 Euro Future July 2011 1,294 49,688,730 CAC40 10 Euro Future August 2011 1,240 46,800,700 CAC40 10 Euro Future September 2011 1,440 46,178,950 Tecnicas Reunidas SA 1,240,910 44,597,860 CAC40 10 Euro Future April 2011 1,157 44,018,785 CAC40 10 Euro Future March 2011 1,043 42,740,550 BP Plc 6,891,721 33,897,625 Anheuser-Busch Inbev 819,056 33,743,863 Lafarge SA 820,528 33,367,488 Amadeus Holding SA 2,520,929 33,342,493 Atlas Copco 2,101,504 33,036,554 CAC40 10 Euro Future December 2011 1,080 32,727,705 CAC40 10 Euro Future November 2011 1,020 32,432,535 Sanofi 633,629 31,812,178 CAC40 10 Euro Future October 2011 1,080 31,179,550 MAN SE 363,331 30,675,412 Vodafone Group Plc 15,546,601 30,102,641 Telefonica SA 1,793,728 30,037,571

The Statement of Significant Purchases and Sales reflects the aggregate purchases of a security exceeding one per cent of the total value of purchases and aggregate disposals greater than one per cent of the total value of the sales for the period. At minimum the largest 20 purchases and 20 sales must be given or all purchases and all sales if less than 20. 251

GLG INVESTMENTS VI PLC

Statement of Significant Sales for the year ended 31 December 2011

GLG European Alpha Alternative

Security Nominal Proceeds € Tecnicas Reunidas SA 1,324,228 38,230,895 Amadeus IT Holding SA 2,896,217 37,594,700 MAN SE 399,181 35,028,962 Vodafone Group Plc 17,162,101 33,775,007 Anheuser-Busch InBev NV 801,025 33,477,275 BP Plc 6,891,721 33,302,640 Anheuser-Busch InBev NV 819,056 33,064,516 Lafarge SA 820,528 31,595,347 Telefonica SA 1,793,728 30,037,571 Carrefour SA 1,255,804 30,015,483 Sanofi 555,335 29,003,538 SXPP -DJS 63,000 28,256,295 Diageo Plc 1,977,453 28,092,083 Imperial Tobacco Group 1,130,355 27,437,189 Atlas Copco AB 1,653,020 26,916,041 Koninklijke Philips Electronics NV 1,383,606 26,372,877 LVMH Moet Hennessy Louis 219,301 25,963,380 Groupe Danone 525,749 25,748,819 Reckitt Benckiser Group Plc 659,455 24,932,464 Societe Generale SA 686,112 24,822,796

GLG INVESTMENTS VI PLC

Statement of Significant Purchases for the year ended 31 December 2011

GLG EM Diversified Alternative

Security Nominal Cost US$ iShares MSCI Emerging Market Index Fund 14,702,022 469,868,823 EURO STOXX 50 June 2011 9,220 260,368,150 EURO STOXX 50 September 2011 9,710 239,037,490 90 Day Sterling Future June 2012 1,540 214,965,488 EURO STOXX 50 December 2011 8,831 197,685,040 3 Month Euro EURIBOR June 2012 704 171,471,600 3 Month Euro EURIBOR December 2012 680 166,112,013 EURO Bond Future June 2011 1,273 157,673,700 EURO STOXX 50 March 2011 4,489 133,232,560 Euro Bond Future September 2011 926 117,078,030 Euro Bond 10 Year Futures 809 100,356,350 3 Month Euro EURIBOR March 2012 405 99,074,050 Eurodollar March 2011 - April 2011 720 77,304,285 US 10 Year Future 22 March 2011 2,590 75,796,842 Russian 7.5% 03/31/2030 77,117,100 64,669,896 3 Month Euro EURIBOR June 2011 240 59,028,338 iShares MSCI Brazil Index Fund 1,089,365 58,638,621 iShares FTSE / Xinhua China Index Fund 1,693,450 53,568,057 Gazprom OAO 3,987,982 45,945,618 S&P 500 E-mini Future June 2011 2,109 36,499,310

GLG INVESTMENTS VI PLC

Statement of Significant Sales for the year ended 31 December 2011

GLG EM Diversified Alternative

Security Nominal Proceeds US$ iShares MSCI Emerging Market Index Fund 14,702,022 468,437,493 90 Day Sterling Future June 2012 1,540 171,185,714 EURO STOXX 50 June 2011 9,220 112,532,930 US 10 Year Future 22 March 2011 2,594 111,709,948 EURO STOXX 50 December 2011 8,831 92,657,150 Russian 7.5% 03/31/2030 77,117,100 65,429,910 EURO STOXX 50 September 2011 9,710 65,216,050 3 Month Euro EURIBOR June 2011 240 59,088,000 Eurodollar March 2011 720 57,267,600 iShares MSCI Brazil Index Fund 1,061,160 54,874,038 Euro Bond Future September 2011 926 53,553,330 iShares FTSE / Xinhua China Index Fund 1,693,450 52,011,626 US 10 Year Future 21 June 2011 2,247 48,387,587 3 Month Euro EURIBOR March 2012 405 47,981,375 Gazprom OAO- 3,987,982 44,512,769 Industrial & Commercial Bank of China 69,807,114 37,122,359 S&P 500 E-mini Future June 2011 2,109 36,414,904 MMC Norilsk Nickel 2,072,586 35,598,519 Edz2 Commodity 334 33,691,795 US 10 Year Future 21 September 2011 1,573 33,100,926

GLG INVESTMENTS VI PLC

Statement of Significant Purchases for the year ended 31 December 2011

GLG EM Equity Alternative

Security Nominal Cost US$ iShares MSCI Emerging Markets Index Fund 896,041 39,287,571 Gazprom OAO 1,208,072 19,256,539 iShares MSCI Brazil 119,377 8,049,805 Lukoil OAO 121,819 7,618,301 Noble Group Limited 4,350,000 7,256,922 VTB Bank OJSC 1,110,994 6,544,892 Turkiye Garanti Bankasi 1,455,140 6,503,613 CIA Siderurgica NACL 427,436 6,233,767 MMC Norilsk Nickel JSC 213,983 5,299,851 SBER Bank 1,470,734 5,129,037 Evraz Group SA 131,523 4,889,494 iShares FTSE / Xinhua China 25 Index Fund 102,966 4,289,790 Vale SA 143,586 4,263,654 Rosneft OJSC 468,308 3,678,220 Impala Platinum Holdings 104,563 3,014,262 KOC Holding AS 542,605 2,343,578 Itau Unibanco Holding 133,666 2,309,112 iShares MSCI Taiwan Index 154,631 2,262,778 United States Oil Fund 54,901 2,165,450 Anglo American Platinum 20,634 2,125,784

GLG INVESTMENTS VI PLC

Statement of Significant Sales for the year ended 31 December 2011

GLG EM Equity Alternative

Security Nominal Proceeds US$ iShares MSCI Emerging Markets Index Fund 833,991 36,056,616 Gazprom OAO 1,208,072 18,849,661 Lukoil OAO 121,819 7,520,535 Noble Group Limited 4,350,000 7,286,050 Turkiye Garanti Bankasi AS 1,455,140 6,486,211 CIA Siderurgica NACL 427,436 6,038,502 VTB Bank OJSC 1,110,994 5,947,359 iShares MSCI Brazil 80,760 5,798,768 MMC Norilsk Nickel JSC 242,405 5,420,798 SBER Bank 1,470,734 4,962,425 Evraz Group SA 131,523 4,951,140 iShares FTSE / Xinhua China 25 Index Fund 102,966 4,223,712 Vale SA 143,586 4,132,679 Rosneft OJSC 468,308 3,253,199 Itau Unibanco Holding 162,046 2,930,660 Impala Platinum Holdings 104,563 2,769,189 KOC Holding AS 542,605 2,422,569 iShares MSCI Taiwan Index 154,631 2,264,900 United States Oil Fund 54,901 2,158,292 Anglo American Platinum 20,634 2,038,122

GLG INVESTMENTS VI PLC

Statement of Purchase for the year ended 31 December 2011

GLG Emerging Markets Equity II

Security Nominal Cost € Eurasia Drilling Company Limited 3,304 72,894

GLG INVESTMENTS VI PLC

Statement of Sales for the year ended 31 December 2011

GLG Emerging Markets Equity II

Security Nominal Proceeds € iShares MSCI Emerging Market Index 7,320 246,091 Eurasia Drilling Company Limited 3,304 77,906 MMC Norilsk Nickel 656 14,539

GLG INVESTMENTS VI PLC

Statement of Significant Purchases for the year ended 31 December 2011

GLG EM Currency & Fixed Income Alternative

Security Nominal Cost € EUR Call USD Put 1.38 23 February 2011 17,500,000 184,625 Receive Swap ZAR 1 Year 6.43 BNP 700,000,000 176,527 USD Call/BRL Put 1.8 11 September 2011 11,500,000 156,646 USD Call/BRL Put 1.69 10 April 2011 9,200,000 153,451 EZIC 97.75 16 December 2011 160 148,577 Pay ZAR 2 Year 6.25 JPM 335,000,000 128,540 USD Call/ZAR Put 7.4 10 April 2011 9,200,000 113,737 USD Call/MXN Put 13.75 13 October 2011 21,750,000 105,954 Euro-Bund Option February 2011 350 96,898 USD Call /TRY Put 1.82 10 May 2011 DB 9,200,000 90,043 USD Call/ MXN Put 13.05 10 May 2011 MS 9,200,000 78,754 EUR Call/HUF Put 285 10 April 2011 HSBC 7,250,000 76,125 AUD Put/USD Call 1.055 September 2011 JPM 3,825,000 74,123 EUR Put/CHF Call 1.0825 September 2011 JPM 3,825,000 72,006 DUH1C 108.30 28 February 2011 875 71,313 EURO 1 Year P98.75 10 June 2011 325 70,294 EUR Call/ZAR Put 10.15 September 2011 7,000,000 64,925 TYV1 Put 127 290 63,949 EUR Call/PLN Put 4.325 10 April 2011 JPM 4,600,000 63,940 EUR Call/MXN Put 1736 9 January 2011 UBS 7,000,000 63,875

GLG INVESTMENTS VI PLC

Statement of Sales for the year ended 31 December 2011

GLG EM Currency & Fixed Income Alternative

Security Nominal Proceeds € Voltality Swap EUR USD K=12.03% 50,033 96,000 Voltality Swap EUR CHF K=10.50% 24,034 60,000 Voltality Swap NZD CHF K=18% 120,852 35,000 Voltality Swap EUR PLN K=11.10% 37,743 29,842 Voltality Swap EUR ZAR K=11% 104,565 26,250 Voltality Swap EUR SEK K=7.75% 31,659 26,250 Voltality SwapUSD COP K=10% 39,223 17,500 Voltality SwapUSD CLP K=9.40% 25,906 17,500 Voltality SwapUSD MXN K=14.05% 8,461 7,000

260

GLG INVESTMENTS VI PLC

Statement of Significant Purchases for the year ended 31 December 2011

GLG EM Credit Opportunity Alternative

Security Nominal Cost € Republic of South Africa 13.5% 15 September 2015 184,000,000 23,979,916 Russian Federation 7.5% 31 March 2030 21,634,300 18,417,078 Republic of Turkey 11.88% 15 January 2030 6,900,000 8,843,391 Republic of Hungary 6% 11 January 2019 5,120,000 5,087,027 Republic of Chile 3.25 % September 2021 7,200,000 5,085,089 Mitusbishi Corporation 2.25% 14 September 2016 5,760,000 4,081,408 Lotte Shopping 3.875% 7 April 2016 4,875,000 3,412,154 National Agriculture 3.5% 8 Febuary 2017 4,830,000 3,386,506 Kazkommertsbank 7.5% 29 November 2016 4,565,000 3,043,949 Banco de Bogotá 5% January 2017 3,780,000 2,828,536 Inversiones.com 4.75% 19 January 2018 3,680,000 2,746,621 Qatar 4.50% January 2022 3,600,000 2,671,340 FGB Sukuk Company Limited 3.797% 2 August 2016 3,400,000 2,347,175 TAQA 4.125% March 2017 3,150,000 2,327,229 Skysea International 4.875% December 2021 3,150,000 2,286,373 City Of Kyiv 9.375% November 2016 3,200,000 2,207,123 Gaz Capital 8.63% 28 April 2034 2,300,000 2,167,420 Qatar 3.125% January 2017 2,880,000 2,153,659 US Treasury Bill 0.875% 30 November 2016 2,835,000 2,115,848 Hana Bank 4.25% June 2017 2,835,000 2,105,696

GLG INVESTMENTS VI PLC

Statement of Significant Sales for the year ended 31 December 2011

GLG EM Credit Opportunity Alternative

Security Nominal Proceeds € Republic of South Africa 13.5% 15 September 2015 184,000,000 24,223,194 Russian Federation 7.5% 31 March 2030 21,634,300 18,254,528 Republic of Turkey 11.88% 15 January 2030 6,900,000 8,662,459 Republic of Chile 3.25 % September 2021 7,200,000 5,239,570 Republic of Hungary 6% 11 January 2019 5,120,000 5,111,194 Mitusbishi Corporation 2.25% 14 September 2016 5,760,000 4,201,449 Lotte Shopping 3.875% 7 April 2016 4,875,000 3,394,102 National Agriculture 3.5% 8 Febuary 2017 4,830,000 3,387,968 Kazkommertsbank 7.5% 29 November 2016 4,565,000 3,048,956 Banco de Bogotá 5% January 2017 3,780,000 2,887,827 Qatar 4.50% January 2022 3,600,000 2,647,624 Inversiones.com 4.75% 19 January 2018 3,680,000 2,642,924 FGB Sukuk Company Limited 3.797% 2 August 2016 3,400,000 2,417,517 TAQA 4.125% March 2017 3,150,000 2,402,661 Skysea International 4.875% December 2021 3,150,000 2,320,760 City Of Kyiv 9.375% November 2016 3,200,000 2,297,755 Hana Bank 4.25% June 2017 2,835,000 2,183,513 Qatar 3.125% January 2017 2,880,000 2,134,001 US Treasury 0.875% 30 November 2016 2,835,000 2,126,237 Gaz Capital 8.63% 28 April 2034 2,300,000 2,105,605

GLG INVESTMENTS VI PLC

Statement of Significant Purchases for the year ended 31 December 2011

GLG Alpha Select Alternative

Security Nominal Cost £ Wells Fargo & Company 616,405 11,695,630 Bank of America Corporation 1,100,290 8,286,065 Streettracks SPDR Homebuilders 752,530 7,168,718 Origo Partners Plc 11,241,766 4,605,302 Market Vectors Agribus 124,740 4,096,713 Financial SLE SPDR 385,630 3,045,593 Goldman Sachs Group Inc 27,437 2,615,346 UKX Put 4900 18 November 2011 1,244 2,385,926 JP Morgan Chase & Company 82,756 2,291,205 Market Vectors Gold Miner 53,929 1,935,768 RBS Call 20 LN 16 December 2011 43,492 1,737,201 Tate & Lyle Plc 243,929 1,506,567 UKX Put 5000 18 November 2011 755 1,447,289 AHA Put 2200 LN 16 December 2011 805 1,446,874 AHA Put 2700 LN 21 October 2011 409 1,433,840 RIO Call 4600 LN 17 June 2011 428 1,393,393 Streettracks Gold Trust 13,900 1,140,574 RTZ Call 3600 LN 16 December 2011 407 1,121,119 UKX Call 6400 16 December 2011 1,555 1,078,324 UKX Call 5700 19 August 2011 660 1,076,746

GLG INVESTMENTS VI PLC

Statement of Significant Sales for the year ended 31 December 2011

GLG Alpha Select Alternative

Security Nominal Proceeds £ ETFS Crude Oil 1,341,302 22,937,739 Wells Fargo & Company 616,405 10,046,234 Bank of America Corporation 1,100,290 7,500,335 Streettracks SPDR Homebuilders 517,814 5,344,806 Market Vectors Agribus 124,740 4,274,928 XST Put 1200 LN 16 December 2011 981 2,959,415 UKX P5300 16 September 2011 829 2,656,182 Goldman Sachs Group Inc 27,437 2,255,364 JP Morgan Chase & Company 82,756 2,060,786 Market Vectors Gold Miner 57,163 2,050,375 WOS Call 1800 LN 17 June 2011 456 1,927,943 AHA Put 2700 LN 21 October 2011 410 1,904,097 Origo Partners Plc 3,722,426 1,833,497 XTA Put 1550 LN 17 June 2011 636 1,825,971 MCX Index Put 12127 August 2011 41 1,774,758 SPX Put 1330 US 20 August 2011 170 1,736,597 Financial SLE SPDR 192,815 1,534,826 Tate & Lyle Plc 243,929 1,474,723 UKX Put 4900 18 November 2011 1,244 1,446,054 UKX Put 5500 19 August 2011 838 1,345,605

GLG INVESTMENTS VI PLC

Statement of Significant Purchases for the year ended 31 December 2011

GLG Atlas Macro Alternative

Security Nominal Cost US$ UK TSY 4.25% 07 December 2040 17,447,000 27,798,995 SPZ 1 Put 1200 16 December 2011 1,400 26,236,600 Source Physical Markets 106,324 16,932,862 ETFS Crude Oil 381,811 11,736,924 SPV 1 Put 1100 21 October 2011 800 5,543,200 ETFS Natral Gas 18,300,000 5,423,923 NTT Docomo Inc 1,981 3,627,881 EUR Call/USD Put 1.4 21 December 2011 42,900,000 2,750,490 Market Vectors Gold Miner 40,442 2,538,856 Alcatel Lucent 510,361 2,424,690 iShares Russell Fund 30,900 2,016,781 S&P 500 Put 1260 18 March 2011 416 1,968,524 Hitachi Limited 300,000 1,815,552 Tristan Oil 10.5% 01 January 2012 2,584,000 1,563,320 EUR Put/USD Call 1.42 21 December 2011 34,000,000 1,265,405 Green Dragon Gas Limited 138,205 1,263,079 Payer Swaption JPY 5 Year 12 November 2012 93,959,581,600 1,003,850 Receive on BRL 12% 2 Year 02 January 2012 1,066,200,000 955,241 Vodaphone Group Plc 330,600 889,838 EUR Put/USD Call 1.35 14 December 2011 29,000,000 883,438

GLG INVESTMENTS VI PLC

Statement of Significant Sales for the year ended 31 December 2011

GLG Atlas Macro Alternative

Security Nominal Proceeds US$ SPZ 1 Put 1200 16 December 2011 1,400 36,859,640 UK TSY 4.25% 07 December 2040 17,447,000 29,411,444 Source Physical Markets 106,324 16,629,373 ETFS Crude Oil 381,811 11,390,828 ETFS Natural Gas 18,300,000 5,632,053 NTT Docomo Inc 1,981 3,409,294 Alcatel Lucent 510,361 2,618,830 EUR Put/USD Call 1.42 21 December 2011 34,000,000 2,517,397 Market Vectors Gold Miner 40,442 2,370,894 iShares Russell Fund 30,900 2,162,958 SPV 1 Put 1100 21 October 2011 800 1,970,600 Hitachi Limited 300,000 1,802,739 Receive EUR 2.835 15 June 2016 45,000,000 1,432,993 EUR NOK Down One Touch 7.5 06 October 2011 850,000 1,139,298 Vodaphone Group Plc 330,600 915,705 Astrazenca Plc 19,400 911,969 S&P 500 Put 1260 18 March 2011 416 890,336 EUR/NOK Dig Put 7.6 17 October 2012 200,000 651,146 RWE AG 13,482 600,047 P S 4.335% 03 August 2020 5,000,000 584,700

GLG INVESTMENTS VI PLC

Statement of Significant Purchases for the year ended 31 December 2011

GLG North America Equity Alternative

Security Nominal Cost US$ S&P E-mini Future December 2011 19,137 1,134,177,235 S&P 500 E-mini Future September 2011 12,040 737,047,392 S&P 500 E-mini Future June 2011 6,432 423,277,840 SPX- S&P 500 Index MS 81,984 105,747,653 S&P 500 E-mini Future March 2011 1,633 104,317,311 S&P 500 E-mini Future March 2012 1,582 97,032,814 S&P Oil Gas Exploration Production 7,510 63,345,931 IXY-AMEX Consumer Discretionary MS 115,948 43,240,271 SPDR S&P Oil and Gas Equipment 637,592 33,592,654 AMEX Consumer Select Spider Index CS 90,216 33,167,339 SPDR S&P 500 ETF Trust 228,885 29,762,154 SPSIRE S&P Retail MS 10,940 27,668,573 SPX - S&P 500 Index CS 17,786 21,767,597 SPDR Gold Trust MS 114,951 17,783,652 The Willams Companies Inc 569,356 16,355,170 IXM-AMEX Financial Select Sector Index MS 115,989 15,696,951 Long Term U.S. Treasury Bond Futures 09/21/2011 120 15,018,469 The Walt Disney Company 413,625 14,804,641 AMEX Consumer Staples SPIDER Index CS 47,511 14,547,895 OXH-Amex Oil Service Holders Index MS 98,608 14,320,580

GLG INVESTMENTS VI PLC

Statement of Significant Sales for the year ended 31 December 2011

GLG North America Equity Alternative

Security Nominal Proceeds US$ S&P E-mini Future December 2011 19,137 202,776,918 SPX- S&P 500 Index 81,984 105,588,628 S&P Oil Gas Exploration Production 7,510 64,007,933 IXY-AMEX Consumer Discretionary MS 115,948 42,963,717 S&P E-mini Future March 2011 1,633 38,072,432 SPDR S&P Oil and Gas Equipment 637,592 33,681,116 SPDR S&P 500 ETF Trust 228,885 29,719,090 SPSIRE S&P Retail MS 10,940 27,882,901 SPDR Gold Trust MS 114,951 17,783,037 The Willams Companies Inc 569,356 16,020,880 IXM-AMEX Financial Select Sector Index MS 115,989 15,698,979 The Walt Disney Company 413,625 14,527,709 OXH-Amex Oil Service Holders Index MS 98,608 14,513,450 Chesapeake Energy 442,813 13,873,428 PepsiCO Inc 194,914 12,397,335 AMEX Consumer Select Spider Index CS 94,931 12,289,420 AMEX Consumer Staples SPIDER Index MS 40,216 12,004,570 Citigroup Inc MS 944,853 10,988,205 O'Reilly Auto Parts Inc 164,904 9,983,563 Citigroup Inc 331,577 9,791,588

GLG INVESTMENTS VI PLC

Statement of Significant Purchases for the year ended 31 December 2011

GLG European Equity Alternative

Security Nominal Cost US$ DAX Index future December 2011 720 103,540,825 EURO STOXX 50 December 2011 3,477 78,576,167 EURO STOXX 50 September 2011 2,804 64,296,295 SXEP DJS 600 Oil & Gas 140,935 42,648,355 Dow Jones EURO STOXX Oil & Gas 127,291 36,513,396 CSGLIN 27,630 31,061,825 DAX Index Future September 2011 197 26,761,265 EURO STOXX 50 March 2012 955 21,547,580 MSBPIN30 INDEX 121,749 12,172,890 Statoil ASA 663,494 11,476,935 ETFS Crude Oil 687,783 10,997,020 MCX - FTSE 250 1,958 10,722,657 Rio Tinto Plc 31 December 2049 258,955 8,644,081 SXNP DJS 600 29,396 8,390,731 Rockhopper Exploration Plc 2,955,324 7,158,751 S&P500 EMINI Future September 2011 488 6,245,387 SXPP -DJS 12,938 6,010,854 Atlas Copco 281,964 5,455,338 DAX Index Future March 2012 37 5,270,425 Barclays Plc 2,658,464 5,005,239

GLG INVESTMENTS VI PLC

Statement of Significant Sales for the year ended 31 December 2011

GLG European Equity Alternative

Security Nominal Proceeds US$ Dow Jones Euro Stoxx Oil & Gas 152,258 43,405,095 SXEP DJS 600 Oil & Gas 161,469 15,371,940 MSBPIN30 Index 127,009 12,665,867 ETFS Crude Oil 687,783 11,077,702 DAX Index Future December 2011 720 11,055,763 Euro STOXX 50 September 2011 2,804 9,075,973 SXNP DJS 600 Indus 29,619 8,303,848 Rio Tinto Plc 31 December 2049 221,727 7,645,339 SXPP -DJS 14,706 6,729,825 Rockhopper Exploration Plc 2,422,901 6,172,919 Euro STOXX 50 December 2011 3,480 6,157,790 S&P500 Emini Future September 2011 488 5,797,222 CSGLIN 30,011 5,772,314 Statoil ASA 300,200 5,328,546 MCX - FTSE 250 2,671 4,702,556 Marwyn Value Investor 2,556,650 4,148,104 Siemens AG 58,140 4,129,037 Wolseley Plc 205,661 4,066,143 Barclays Plc 2,250,754 3,970,193 Vallourec 59,871 3,426,262