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GLG EMERGING MARKETS STRATEGY September 2010

GLG Partners LP One Curzon Street: London: W1J 5HB: United Kingdom Tel +44 (0)20 7016 7000: Fax +44 (0) 20 7016 7200 GLG Partners Corp. 20 th Floor: 390 Park Avenue: New York: NY 10022: USA Tel +1 212 224 7200: Fax +1 212 224 7210 Agenda

 Overview 3

 Portfolio managers 4

 Team overview 5

 Investment process 6 - 7

 Risk management process 8

 Risk management framework 9

 Investment goals 10

 Fund performance overview 11

 We believe now is a unique time 12

 Fund terms 13

 GLG Emerging Markets team 15 - 18

 Advantages of GLG 19

 GLG risk framework 20

 Valuation policy 21

 Important information 22 - 26

2 Overview

 A macro Emerging Markets (“EM”) strategy focused primarily on liquid assets in currencies, fixed income (“FI”), credit, equity and their derivatives

 Monthly liquidity

 Experienced portfolio managers

 Seasoned team of eight traders/analysts with relevant regional and asset class expertise

 Supported by GLG Partners LP (“GLG”) platform covering infrastructure, operations and legal

 Dozen strong team of GLG company analysts, economists and investment strategists

 Strong and independent risk management framework

Source: GLG Partners LP.

3 Portfolio managers

Portfolio Manager, Portfolio Manager, Co-Head Global Co-Head Global Emerging Markets Emerging Markets

Karim Abdel-Motaal Bart Turtelboom

Karim joined GLG in September 2008 from Morgan Stanley where he was the Bart joined GLG in September 2008 from Morgan Stanley where he was the Global Co-Head of Emerging Markets. Before he moved to Morgan Stanley, Global Co-Head of Emerging Markets. He joined Morgan Stanley in 2004 from Karim was a Portfolio Manager at Tudor Capital where he managed one of the Vega Asset Management where he was an emerging markets Portfolio firm’s emerging markets trading books. Prior to Tudor, Karim was the Global Manager. Prior to this, he was a Director at Deutsche Bank in London from 1998 Head of Emerging Local Markets Research at J.P. Morgan, and a member of until 2003 . Bart held a variety of positions at Deutsche Bank, culminating in his the firm's Emerging Markets Management Committee. During this time, he was responsibility for coverage of the firm's largest emerging markets clients. Prior responsible for building J.P. Morgan's local currency research effort and to Deutsche Bank, Bart was an Economist for the International Monetary Fund in developing a suite of models and indices that have become benchmarks for the Washington D.C. from 1994 until 1997. Bart received a Ph.D. in Economics from asset class. Karim received a Ph.D. in Economics from Harvard University Columbia University

The portfolio managers, Karim Abdel-Motaal and Bart Turtelboom, joined GLG in September 2008 having previously worked together at Morgan Stanley. Whilst at Morgan Stanley, Karim and Bart managed the emerging markets sales and trading business taking positions across all regions and asset classes

4 Team members’ expertise

Equity Fixed FX Derivatives Credit Quantitative Experience (years) LATAM EMEA ASIA Income Portfolio Managers Karim Abdel-Motaal         15+ Bart Turtelboom         15+ Investment Analysts Al-Wadhah Al Adawi    8 Akhilesh Baveja   5 Mark Diab   10 Rowan Logan   5 Leonardo Marroni     7 Anuj Mutreja  10 Mazen Nomura      10 Tal Sandhu        8 Wim Vandenhoeck     15 Kelvin Woo     25 Yongbin Xu  1

5 Investment process: three steps to portfolio construction

Investment ideas Trade sizing Liquidity analysis and scaling

 Twenty to forty trades are identified  Upside/downside of the trade is identified  OTC data is used to put boundaries around the possible size of a trade  Each trade small relative to NAV (eg. Attempt to  Confidence in upside/downside established make 50bps, tolerate a loss of 25bps)  High confidence trades tend to be attempts to  Longs and shorts make 50-75bps

 Geographically diversified  Historical volatility used to back out the relevant size, place the stop and target, and risk manage  Liquid (gap up and down)

Portfolio construction

 We are risk budgeters. We work to a 10% annualised volatility target and try to maximise return on this budget in liquid emerging markets

 We do not target return. We target risk

 Trades enter the portfolio if they raise its risk-adjusted return

 If a trade leads the portfolio to violate the volatility and market neutrality parameters, it is eliminated, re-sized, or combined with an offsetting trade

 Adding and subtracting trades leads to a portfolio with an expected volatility of 10% and expected of zero

A portfolio of diversified trades is implemented, balanced across longs and shorts

6 Investment process: four factor approach to idea generation

Asset prices Fundamentals Position technicals Local contacts

1. Managers and team of 1. Managers and team of 1. Broker dealer surveys are 1. Managers and team maintain analysts/traders filter the universe analysts/traders evaluate macro- conducted high level of interaction with of Emerging Market asset prices fundamentals official circles: Treasuries/ 2. Surveys of domestic market Ministries of Finance, Central 2. Significant price moves in relation 2. Managers and team evaluate participants are conducted Banks and regulators to history are flagged for further bottom up fundamentals analysis 3. Team draws on internal and 2. Managers and team maintain 3. Team draws on in house and external databases of debt flows, high quality dialogue with local 3. Significant price moves in relation external economics expertise coupon payments and bank and company to fair value are flagged for amortisations managements further analysis 4. Team draws on GLG team of company and sector analysts 4. Team draws on internal and 3. Team travels extensively to 4. Analysis is at times quantitative industry databases of balance of Emerging Markets countries to and at other times purely payment flows, foreign direct and develop and maintain contacts qualitative portfolio investment flows

Twenty to forty trades are identified

7 Risk management process: portfolio diversification and drawdown control

 Each trade enters the portfolio with a predefined stop loss and target, which can be quite wide

 The rules governing the evolution of the stop and the target are discussed ex-ante when we do the trade, i.e. what is the plan in the catastrophe and spectacular scenario?

 Stops and targets are dynamic conditional on sets of fundamental and technical developments

 A portfolio level peak to trough drawdown of 5% time can trigger an unwind of a minimum of 80% of the portfolio risk and re-assessment*

 Normal times volatility  VaR constraints

 Catastrophic jumps and event risk  Single name constraints

 Defaults  FX, Equity and Credit Concentration limits  Devaluations

 Liquidity  Liquidity constraints

* This is a general guideline that may be amended from time to time by GLG Partners LP without prior notice to investors.

8 Risk management framework details*

 10% in single name

Equity limits  25% per sector

 25% per country (not region)

Credit limits Jump to default risk limits based on implied credit riskiness of the issuer

FX & IR Limits FX & Interest rate limits based of CCY Tiers

Value at Risk ( VaR ) 3% daily limit, with 98% confidence interval

Liquidity: Entire portfolio can ideally be unwound in five normal business days or less assuming usual market conditions

*This risk management framework is indicative only. These guidelines are for informational purposes only and reflect the current internal GLG risk management framework. There is no requirement that GLG or the Fund observe these guidelines, or that any action be taken if a guideline limit is reached or exceeded. These guidelines are indicative, subject to change and may be altered at any time, without prior notice, by GLG. Please refer to the Funds prospectus for the Funds investment restrictions.

9 Investment goals consistent with the team’s trading experience

The portfolio management team will aim to achieve the following*:

Expected annual volatility (net of fees): 10%

Expected maximum drawdown: 5%

We have a risk budgeting approach: we strive to deploy 10% annualised volatility and maximise return on that risk. We target RISK not RETURN

* There can be no guarantee that these objectives will be met nor that these targets will be achieved and a decision to invest in the Strategy should not be based on the Strategy’s target volatility. The Strategy’s performance may be volatile and future returns are not guaranteed and loss of principle may occur.

10 Fund performance overview: returns uncorrelated with major benchmarks*

GLG Emerging Markets Fund GLG Emerging Markets Fund Period Return Period Return † vs. S&P 500 Index vs. JPM Global Bond Index November 2008 2.05% January 2010 1.62% 8% 4% December 2008 2.97% February 2010 0.03% 4% Total return 2008 5.08% March 2010 7.15% 2% 0% January 2009 2.54% April 2010 0.84% -4% February 2009 0.37% May 2010 (4.50)% -1% -8% March 2009 (2.84)% June 2010 0.22% -12% -3% April 2009 4.89% July 2010 2.96%

% Returns(S&P500) % -5% 0% 5% 10% -5% 0% 5% 10% May 2009 3.58% August 2010 0.31% June 2009 1.65% September 2010 1.37%

% Return (GLG EM Fund) Index) GB Returns(JPM % % Return (GLG EM Fund) July 2009 4.43% Total return 2010 10.06% GLG Emerging Markets Fund GLG Emerging Markets Fund August 2009 (0.28)% Since November 2008 56.14% vs. MSCI EM Index vs. JPM EMBI+ Index September 2009 5.20% Realised annualised 11.59%** volatility 10% 4% October 2009 (1.48)% November 2009 5% 2% 1.47% December 2009 0% 11.63%** 0% Total return 2009 35.00% -5% Index) -2% -10% -5% 0% 5% 10% -4% % Returns (JPM EMBI+ EMBI+ Returns(JPM % % Return (MSCI EM) Return(MSCI % -5% 0% 5% 10% % Return (GLG EM Fund) % Return (GLG EM Fund) Source: GLG Partners LP, all returns are expressed in US dollar terms. †The Fund’s inception is October 2007. The current portfolio management team assumed responsibility on 1 November 2008. *The net returns are calculated net of management fees of 2% per annum, and performance fees of 20% and represents the period 1 November 2008 to 30 September 2010. Performance of the GLG Emerging Markets Fund reflects a share class that is not eligible to invest in “new issues” and as a result may differ from a share class that is eligible to invest in “new issues”. **The Claim Resolution Agreement ("CRA") between International (Europe) ("LBIE") and its clients became unconditional 29 December 2009. Based upon the valuation methodology established in the CRA and as a result of detailed reconciliation work between LBIE and GLG with respect to OTC positions, the GLG Emerging Markets Fund was able to book a gain of 8.3% to the NAV of Class A Unrestricted shares as at 31 December 2009. The realised annualised volatility number excludes this CRA related result. Past performance is not a reliable indicator of future results. Please refer to Important Information at the end of the presentation. Market indices have been chosen to represent general market data. No representation is being made that these indices are appropriate for comparison to the Fund. The description of the indices are listed below: 1The S&P 500 is a value weighted index of the prices of 500 large-cap common stocks actively traded in the United States. The stocks included in the S&P 500 are those of large publicly held companies that trade on either of the two largest American stock markets, the New York Stock Exchange and NASDAQ. 2 The JPM GABI consists of the JPM GABI US, a U.S. dollar denominated, investment-grade index spanning asset classes from developed to emerging markets, and the JPM GABI extends the U.S. index to also include multi-currency, investment-grade instruments. 3The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. 4The EMBI+ tracks returns for actively traded external debt instruments in emerging market, and is also J.P. Morgan's most liquid U.S-dollar emerging markets debt benchmark. The index segments further the universe of emerging markets as defined by the broader EMBI Global and EMBI Global Diversified, by placing a strict liquidity requirement rule for inclusion. Included in the EMBI+ are US-dollar denominated Brady bonds, Eurobonds, and traded loans issued by sovereign entities. 11 We believe now is a unique time

Technical factors

 Risk capital is impaired: banks are still deleveraging under massive public sector scrutiny. Asset managers suffered massive outflows which have not yet been replenished

 Regulatory change-post Basel II promises to raise dramatically the capital banks need to held against risk assets

 Legacy proprietary and special situations positions are complicating the lives of traders

Fundamental factors

 We are, in our opinion, in an historic macro trading environment. With the debate on the great depression and the great inflation underway and unresolved, there is the potential for continued large tradable moves in interest rates, currencies and stocks

 Contagion from the G-10 credit crisis has caused significant mispricings in EM, particularly in the credit space

 The majority of the EM policy makers are not printing money and/or raising their budget deficits dramatically. This has historic multiyear implications for EM real exchange rates, share of world output and share of world capitalisation

 We believe some of the structural bullishness on EM as an asset class is warranted. We are in a period of integration into world trade and capital markets of a number of large economies with rising number of, young, healthy, middle classes. Public finances are in our view in the best shape in a generation to withstand further global macroeconomic uncertainty

12 Strategy terms*

Launch Date 29 October 2005**

Structure Subscriptions

Name GLG Emerging Markets Fund Minimum Subscription Amount USD 100,000 or currency equivalent

Domicile Cayman Islands Minimum Incremental Subscription USD 5,000 or currency equivalent

Listing Not listed Redemptions

Status Cayman Islands exempted company Redemption Notice Period 30 calendar days

Shares Classes USD, EUR , GBP, CNY Frequency of Redemptions Monthly

Valuation Monthly Redemption fees / Lock up None

Service providers Fees

Manager GLG Partners (Cayman) Limited Management Fee 2% per annum

Investment Manager GLG Partners LP Performance Fee 20% per annum

Distributor GLG Partners Services LP

Fund Administrator International Fund Services (Ireland) Limited

Prime Broker(s) / Deutsche Bank AG, Goldman Sachs Custodian(s) International, Morgan Stanley & Co International

Auditors Ernst & Young

* Please refer to the Prospectus of the Fund for more detail. ** The current portfolio management team assumed responsibility on 1 November 2008.

13 Appendix Team history

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Karim Abdel-Motaal JP Morgan Tudor Morgan Stanley GLG Partners LP Co-Head Global Emerging Head of Emerging Markets Research, member of proprietary Capital Co-Head Emerging Markets Markets trading activities and European Emerging Market Management Committee

Bart Turtelboom International Monetary Fund Deutsche Bank Vega Asset Morgan Stanley GLG Partners LP Co-Head Global Emerging Research Department Emerging Markets Group Manager Co-Head Emerging Markets Markets Responsible for senior client relationships

Al-Wadhah Al-Adawi HSBC Asset Management EMSO Partners Morgan GLG Partners LP Equity Specialist Equity and Index Trading Limited Stanley LATAM Specialist

Akhilesh Baveja Unit Trust of India Al-Rajhi Financial Services GLG Partners Equity Analyst Investment Advisory LP

Mark Diab Ernst & Young Dell Computer SDC Group Amwal G Equity Specialist Auditor EMEA Finance Portfolio Manager Managing Director Asset Management L EMEA & Asia Division G

Rowan Logan SGAM UK GLG Partners Equity Analyst Equity Analyst LP

15 Team history

1985-1988 1992 1994 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Leonardo Marroni Banca Caboto Barclays Capital GLG Derivatives &Structuring Fixed income derivatives, equity structured products Commodity structuring Specialist

Anuj Mutreja Morgan Stanley GLG Partners LP Equity Specialist Equity Division Asia Specialist

Mazen Nomura Nomura International Morgan Stanley GLG Partners LP Derivatives and Credit Credit Investment Group Emerging Markets Trader Specialist, Asia Expert

Tal Sandhu Sanpaolo-IMI Banca Intesa Morgan Stanley GLG Partners LP Derivatives and Interest Rate Equity Derivatives Trader EM Complex Structured Credit Derivatives Trader Specialist, EMEA Expert

Wim Vandenhoeck Banque Bank Harvell Capital Management LLC Aravali Partners LLC Six Seasons G Fixed Income & Credit Paribas Brussel Portfolio Manager Portfolio Manager GAM L Specialist Lambert Portfolio G Manager Analyst

Kelvin Woo Bankers Chase Manhattan Bank Morgan Stanley Consultant G Fixed Income Specialist Trust North Asia EM Division Managing Director of EM Division for GLG L Trader G

Yongbin Xu M G Quantitative Analyst C L E G

16 Team members

Al-Wadhah Al-Adawi Akhilesh Baveja Mark Diab Equity Specialist Equity Specialist Equity Specialist

Al-Wadhah Al-Adawi joined GLG in November 2008 Akhilesh joined SGAM Bahrain in October 2008 as an Mark joined GLG in August of 2010 from Amwal Qatar from Morgan Stanley where he was a Proprietary Equity analyst specialising in Saudi Arabian equities. Prior to where he was Managing Director of Asset Management, Trader in Global Emerging Markets. Before he moved to joining SGAM Bahrain, he was a Senior Analyst and responsible for their Equity Asset Management Division Morgan Stanley he was a Portfolio Manager at EMSO Associate Director with Al-Rajhi Financial Services including the management of two mutual funds, several Partners Limited, a specialist Emerging Market Fund Company in Riyadh for two and a half years, primarily institutional client portfolios and Amwal’s own proprietary part of Citigroup Alternative Investments. Prior to EMSO covering the Saudi market. He also spent four years on capital. A member of the Investment Committee, he also he worked with HSBC Asset Management as a Country equity and equity research at Unit Trust of represented the company as a Director on the Board of Analyst in the Global Emerging Market Team. Al- India Investment Advisory Services. Akhilesh holds a several companies including Gulf Formaldehyde, a Wadhah received a double major in Economics and Master of Management Science in Finance. Akhilest subsidiary of QAFCO. Previously Mark was a Vice Finance from Boston University. He is also a CFA Baveia joined GLG following the acquisition of SGAM’s President with SDC Group in London responsible for Charter Holder. UK asset management business in April 2009. their listed equity investments and direct investment activities globally. Mark began his career as an Auditor with Ernst & Young in Abu Dhabi. He holds an MBA from the University of Cambridge, and a BA in Economics from the American University of Beirut.

Rowan Logan Leonardo Marroni Anuj Mutreja Investment Analyst Derivatives Specialist Equity Specialist

Following his BSc (Hons) in Investment and Financial Leonardo joined GLG in January 2010 from Barclays Anuj joined GLG as an Analyst for the GLG Emerging Risk Management at Cass Business School in London, Capital where he was working in the Commodity Investor Markets Fund, focusing mainly on Asia. He previously Rowan joined Société Générale Asset Management UK Structuring team as responsible for product development worked at Morgan Stanley, most recently running the Limited in 2004 as a Risk Manager focusing on their and execution of commodity investment derivatives. European small and mid cap research team and working range of equity portfolios. In 2007, Rowan joined the Before joining Barclays Capital, Leonardo was working on the Asian and European technology teams in prior Global Emerging Markets team as an Investment in the Equity Structured Product Trading team at Banca years. Anuj graduated from St. Anne's College, Oxford Analyst studying equity investments for their range of Caboto in London where he was responsible for with an MEng and also holds a MSc. (Finance) from City global and regional specific Emerging Market portfolios. structuring and trading of algorithmic products. Prior to University Business School. Rowan joined GLG following the acquisition of SGAM’s this, Leonardo was part of the Interest Rates Derivatives UK asset management business in April 2009. Trading team at Banca Caboto in Milan. Leonardo graduated in Economics from Bocconi University, Milan.

17 Team members (cont’d)

Mazen Nomura Tal Sandhu Wim Vandenhoeck Derivatives & Credit Specialist Derivatives Specialist Fixed Income & Credit Specialist

Mazen Nomura joined GLG in December 2008 from Tal joined GLG in December 2008 from Morgan Stanley Wim joined GLG in June 2010 from Six Seasons GAM Morgan Stanley where he was Head of EEMEA where he was an Executive Director and Head of where he was a Portfolio Manager. Prior to this venture Emerging Markets Credit Trading. During his 5 years at Complex Products in Emerging Markets. Before joining he managed fixed income, credit and derivative Morgan Stanley he has traded EM credits Morgan Stanley, Tal was Co-Head of Equity Structured portfolios as a Partner in two investment advisors. He and structured credits as well as spending several years Product Trading at Banca Intesa in London. Prior to this, also spent time at Bank Brussels Lambert and Paribas as a liability-side structurer. Mazen started his trading Tal traded Interest Rate Derivatives at Bank mainly in the capacity of Credit Analyst. Wim career at Nomura International's Credit Investment Sanpaolo IMI Bank. Tal graduated with graduated in Economics from Katholieke Universiteit Group, a specialist credit desk, where he a MSc. Economics and Finance from the University of Leuven, Belgium and holds an MBA from Cornell traded Asian sovereign and corporate credits. He has Warwick and a BSc (hons) in Economics and Finance University. an MA in Political Science from Columbia University and from Brunel University. a BA in Economics from Rutgers University.

Kelvin Woo Yongbin Xu Fixed Income Specialist Quantitative Analyst

Kelvin is an Asset Manager for the GLG Emerging Yongbin joined GLG in August 2010 from Macquarie Markets team. He began working with GLG in May 2009 Capital Europe where he was a Quantitative Analyst in as consultant for the team, and joined the firm in May Equity Research. Yongbin received a D.Phil in 2010 to work out of GLG's Hong Kong office focusing on Mathematics from Oxford University. FX and Fixed Income in Asia. Prior to joining GLG, Kelvin was a Managing Director at Morgan Stanley, where he built their Emerging Markets business in Hong Kong, and was in charge of all Asia-related trading activities. Prior to Morgan Stanley, Kelvin was at Chase Manhattan Bank in Hong Kong, where he had overall responsibility for the firms North Asia Emerging Markets business. Before Chase Manhattan Bank, Kelvin worked at Bankers Trust in Hong Kong as an Analyst in the Fixed Income Division. Kelvin received a Bachelor of Social Sciences (Economics) from the University of Hong Kong in 1984.

18 Advantages of GLG

 A focus on absolute returns Performance  An attractive track record of investment performance in both traditional and alternative strategies  Winner of numerous major industry awards

 A clear and explicit investment approach combining with tactical trading  Synergy of ideas across different strategies with specialised analysts working by both region and sector Process  Emphasis on both qualitative and quantitative assessment of investment opportunities  Dominant position with brokerage community provides enhanced access to third party resources  Relationships with other external consultants and information providers

 An experienced and respected team People  Single team, performance-oriented culture which continually attracts and retains top quality talent  Opportunity for individual managers to leverage off other GLG investment specialists and analysts

 Dedicated client services team with direct access to the investment management team and risk team  Real time portfolio valuation Client Focus  Individual client needs matched with tailored portfolios with detailed risk reports available each month  Active asset and strategy allocation overlay

 As at 30 September 2010, 408 staff supported by an institutional infrastructure  A strong and independent risk management framework and deep resources in all support areas Infrastructure  A strong and independent compliance function, with robust policies and procedures including conflicts, market abuse, KYC/AML  Ongoing commitment to leading edge technology in front and back office, and support areas  Support from the industry’s leading service providers

19 GLG risk framework

GLG has adopted a risk framework for consistently evaluating and managing the risks applicable to its business. The framework covers portfolio, operational and outsourcing risks

 Policy to monitor portfolio risks to ensure alignment with established risk limits  Risk Committee (“RC“) headed by Emmanuel Roman, Co-CEO  RC meets bi-monthly and considers firm-wide risk, sets individual Fund risk limits, adjudicates on risk breaches and advises on risk Portfolio risks developments and enhancements  Risk Management (“RM“) headed by David Benjamin reports to RC  Independence of portfolio risk monitoring from portfolio management  Liquidity risk management, market risk management and event risk management

 Policy to manage and mitigate operational risk including breakdown in internal controls, systems and corporate governance  SYSC Committee (Systems and Controls) headed by Emmanuel Roman, Co -CEO meets monthly to review regulatory matters affecting or arising within GLG and to act as a channel of communication between senior executives within the business so that significant strategic, operational, financial or regulatory issues can be considered and reviewed on a regular basis Operational risks  Controls over business continuity and disaster recovery, IT systems and data loss/error, fraud and financial crime prevention; trade and trade processing, counterparty risk, legal and regulatory risk and financial model risk  Significant breaches reported to Chief Operating Officer, Simon White  Experienced Compliance Officer, Robyn Grew

 Policy to ensure that adequate due diligence and ongoing monitoring on third party service providers  Significant risks reported to Chief Operating Officer, Simon White  Service level agreements with all third party fund administrators Outsourcing risks  Diversification and ongoing review of prime brokers and other trading counterparties  Disclosure of third party service providers in Fund’s prospectus  Independent auditors

20 Valuation policy

 The Directors of the GLG Funds have appointed an Independent Pricing Committee (“IPC”) which has responsibility for approving prices and pricing mechanisms for the GLG Funds. The IPC meets monthly or on an adhoc basis, as required and is comprised of a GLG Fund director, a representative from each Fund Administrator and a representative from both senior management and risk management from GLG

 Ernst & Young are invited to attend and receive minutes from each meeting of the IPC

 IPC minutes are approved by all parties and final minutes are circulated to the Board of Directors of the GLG Funds

 There is an agreed pricing matrix for each Fund Administrator which lists the primary, secondary and tertiary (where applicable) pricing sources for all existing instrument types. Examples of primary sources are closing prices from a recognised trading exchange and for secondary sources publicly available broker quotes or Bloomberg generic prices

 Prices are reconciled on an asset line by asset line basis. Discrepancies that cannot be reconciled are referred where relevant to the IPC

 If no pricing source is available then the IPC will approve a suitable pricing methodology

 Price overrides are only approved where, for example, there has been a bad exchange mark or material news after the exchange has closed . All overrides are reported to the IPC

 Private placement positions are reviewed on a monthly basis and marked to fair value. Input from the Fund manager is expected and is considered but there is a robust review process and the IPC approves the fair value marks on all private placements. The fair value guidelines from the International Private Equity and Venture Capital (IPEVC) are used.

 Default policy is to price all securities to mid market and not to make any liquidity provision. Exceptionally where a GLG fund is facing a liquidity crisis a liquidity provision may be approved by the IPC

 Where the IPC fails to reach agreement on an issue, the matter is referred to the Board of Directors the relevant GLG Fund

21 Important Information

This document has been prepared by GLG Partners LP, 1 Curzon Street, London W1J 5HB, which is authorised and regulated by the Financial Services Authority (“FSA”).

This document is provided to you for information purposes only and should not be used or considered as an offer or a solicitation to sell or buy the securities mentioned in it. Any decision by an investor to buy shares in a Fund must be made solely on the basis of the information and terms contained in that Fund's prospectus. Nothing in this document should be construed as investment advice, or as an opinion regarding the appropriateness or suitability of any investment or strategy. This document does not take into account the particular investment objectives, restrictions, financial or tax situation or needs of any specific investor or client. No representation is made that the objectives or goals of any investment fund or strategy will be met or that an investment will be profitable or will not incur losses. Opinions expressed herein may not necessarily be shared by all personnel of GLG Partners LP and its affiliates and are subject to change without notice. There can be no guarantee that the events or circumstances envisaged in any forward looking statement will occur. Some of the GLG Funds are categorised in the United Kingdom (“UK”) as unregulated collective investment schemes for the purposes of the Financial Services and Markets Act 2000 (“FSMA”) and their Shares cannot be marketed in the UK other than in accordance with the provisions of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemption) Order 2001 or in compliance with the rules of the FSA made pursuant to FSMA. Accordingly, participants in these Funds will not have the benefit of the rights designed to protect investors under the FSMA. The securities referenced in this document may not have been registered under the Securities Act of 1933 (the “1933 Act”) or any other securities laws of any other U.S. jurisdiction. Such securities may not be sold or transferred to U.S. persons unless such sale or transfer is registered under the 1933 Act or exempt from such registration. This information does not constitute tax advice. Investors should consult their own independent advice with regard to their tax situation. The information is furnished as of the date shown or cited; no representation is made with respect to its accuracy, completeness or timeliness and no obligation to update or otherwise revise such information is being assumed. All information is based on GLG Partners LP calculations unless otherwise stated.

Performance Data Performance data of the GLG Funds is not based on audited financial data . Performance data of the Fund is based on the Fund’s Net Asset Value in accordance with the valuation methodology in the Fund’s Prospectus. Performance may be impacted by capital contributions and withdrawals and unless otherwise stated is net of management, performance and other fees as described herein and includes reinvestment of earnings. The Fund’s fees may be modified or waived for certain investors. Please refer to the Fund’s Prospectus for more information regarding the Fund’s fees and other terms. An investor’s actual performance and actual fees may differ from the data reflected herein due to among other factors, different share classes and eligibility to participate in “new issues”. It should also be noted that certain share classes of the Fund may be closed, including the share class from which the performance data presented herein has been derived.

Past performance may not necessarily be repeated and is no guarantee or projection of future results. Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up. Future returns are not guaranteed and a loss of principal may occur. Performance may be affected by economic and market conditions.

Market Data Information about market indices is provided for the purpose of making general market data available as a point of reference only. There is no representation that any index is an appropriate benchmark for comparison. Index returns do not take into account trading commissions and costs or other fees and expenses associated with the active management of portfolios. The volatility of indices may be materially different from the performance of the Fund. The Fund’s holdings may differ substantially from the securities that comprise the indices. Furthermore, the Fund may invest in different trading strategies from the indices and therefore it should be noted that the sector, industry, stock and country exposures, volatility, risk characteristics and holdings of the Fund may differ materially from those of the indices. The performance returns of the indices include the reinvestment of earnings and are obtained from Bloomberg and other third party sources. Although GLG believes these sources to be reliable, it is not responsible for errors or omissions from these sources.

Risks In certain jurisdictions the Fund may only be available to professional or otherwise qualified investors or entities. An investment in the Fund involves a number of risks that is outlined in the Fund’s Prospectus. There can be no guarantee that the Fund’s investment objectives will be achieved, and the investment results may vary substantially from year to year or even from month to month. The Fund may engage in investment practices or trading strategies that may increase the risk of investment loss and a loss of principal may occur. GLG will have total trading authority over the Fund, and the Fund will be dependent upon the services of GLG. The Fund’s fees and expenses as described in the Fund’s Prospectus may offset the Fund’s gains. In addition, there may be restrictions on transferring interests in the Fund, please refer to the Fund’s Prospectus for additional information. Important Information (cont’d)

Country Disclosures Unless otherwise stated, this document is communicated by GLG Partners LP, in reliance on regulatory permissions or an appropriate exemption. For investors located in:

United States: This document is communicated by GLG Partners Corp an affiliate of GLG Partners LP and GLG Inc. Unless otherwise stated the Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (“the 1933 Act”) or the securities laws of any of the states of the United States, nor is such registration contemplated. The Shares may not be offered, sold or delivered directly or indirectly in the United States or to or for the account or benefit of any “US Person” except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the 1933 Act and any applicable state laws. The Shares are being offered outside the United States pursuant to the exemption from registration under Regulation S under the 1933 Act and inside the United States in reliance on Regulation D promulgated under the 1933 Act and Section 4(2) thereof. This information does not constitute tax advice. Investors should consult their own independent advice with regard to their tax situation. There is no public market for the Shares and no such market is expected to develop in the future. The Shares offered hereby are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under the 1933 Act and applicable state securities laws pursuant to registration or exemption therefrom. The Fund has not been and will not be registered under the United States Investment Company Act of 1940, as amended (the "1940 Act") pursuant to the provisions of Section 3(c)(7) of the 1940 Act, which excludes from the definition of “investment company” a privately offered fund that is organised outside the US and whose US Person security holders consists exclusively of “qualified purchasers”, as defined in Section 2(a)(51) of the 1940 Act. As such, the Fund is not subject to or has the same regulatory requirements of US mutual funds. The Fund may arrange or permit the private placement in the United States of a portion of the Shares under the exemption provided by Section 4(2) of the 1933 Act and Regulation D promulgated thereunder to US Persons that are "accredited investors" (as defined in Rule 501(a) of Regulation D under the 1933 Act) and “qualified purchasers” (as defined in Section 2(a)(51) of the 1940 Act), under restrictions and other circumstances designed to preclude a distribution that would otherwise require registration of the Shares under the 1933 Act, cause the Fund to become subject to the registration requirements of the 1940 Act, oblige the Fund or the Investment Manager to comply with requirements under the United States Commodity Exchange Act, or cause the assets of the Fund to be "plan assets" for the purposes of the United States Employee Retirement Income Security Act of 1974 , as amended ("ERISA"), including presentation by such investors, prior to the delivery to them of Shares, of subscription documentation containing specified representations and agreements. The Fund will not accept any subscriptions from investors that are employee benefit plans subject to Title I of ERISA, certain tax qualified plans subject to Section 4975 of the United States Internal Revenue Code of 1986, as amended, or other entities deemed to hold assets of such plans (together, "Benefit Plans") if after such subscription the Shares of any class held by Benefit Plans would be 25 per cent or more of the total outstanding Shares of that class. If the Shares of any class held by Benefit Plans were to exceed this 25 per cent limit, the Fund’s assets might be considered "plan assets" under ERISA, which could result in adverse consequences to the Fund, the Investment Manager and the fiduciaries of the Benefit Plans.