GLG Partners LP

FEES AND COMPENSATION

               A fee schedule is omitted because this Brochure is being delivered only to qualified
purchasers, as defined in section 2(a)(51)(A) of the 1940 Act.

              The Firm does not maintain a basic fee schedule. The following is a general
overview of the types of fees the Firm charges its clients.

A.     Advisory Fees and Compensation

                 Fees for each client are determined on a case-by-case basis. Fees for institutional
managed accounts are negotiated directly with each managed account and generally consist of a
fee based on assets under management, investment performance or a combination of both. In
addition, the Firm provides sub-advisory services to certain affiliated Funds which are subject to
a fee structure that involves a passthrough of certain expenses associated with the hiring or
retaining of investment talent; namely, (i) investment team performance-based compensation and
(ii) talent acquisition costs. Performance-based fees, if applicable, will be charged in compliance
with Rule 205-3 of the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The
Firm’s fees and compensation will be shared from time to time with its affiliates.

       Funds

               Fees charged to the Funds are fully described in the respective Funds' governing
documents. Generally, with respect to the Funds, the Firm or its affiliates (i) charge a monthly or
quarterly management fee in arrears at annualized rates generally ranging from 0.5% to 2.75%,
and (ii) charge performance fees generally up to 25% of net profits. For certain Funds where
multiple portfolio managers manage the assets of the Fund, performance fees are calculated and
payable with reference to discrete portions of the portfolio and as such performance fees may be
payable even if the net asset value of the Fund or portfolio as a whole has not increased (see Item
6 for further details). In some cases, payment of a performance fee is subject to a “benchmark
return”, “high water mark” or “hurdle rate” calculated and payable annually or at the time of a
redemption/withdrawal. Actual fees may be more or less than the range stated.

                Certain share classes of the Funds charge performance fees on a class-by-class (or
series-by-series) basis in order to maintain a single net asset value per share within each class (or
series, as applicable). In general, this calculation is effected by taking the aggregate amount of
appreciation in net asset value with respect to all shares within a class or series, as applicable, for
the relevant performance period, and then charging a performance fee to the class or series, as
applicable, as a whole. This means that, where a performance fee is payable in respect of a class
or series, as applicable, the net asset value per share of all shares in that class or series, as
applicable, is reduced equally to reflect the payment of the per share average of the aggregate
performance fee for the class or series, as applicable, as a whole, and not the individual

performance of those shares, during the relevant performance period. Since the net asset value per
share of all shares within such class is reduced to reflect the payment of the performance fee
attributable to such class or series, as applicable, it is possible that (i) the net asset value of the
shares in such class or series, as applicable, that are held by an investor may reflect the payment
of a performance fee even though the net asset value of such shares experienced no appreciation
or even depreciated during the relevant period, and (ii) the net asset value of shares held by an
investor may bear a disproportionate amount of the performance fee relative to the actual
appreciation that such shares experienced during the relevant period. In these cases, the
performance fee attributable to a share that is redeemed at any time other than at a date as of which
the performance fee is calculated (a "Calculation Date") shall be determined separately for the
share that is being redeemed. Accordingly, when a share is redeemed at any time other than at a
Calculation Date: (i) the performance fee attributable to such share could be different from the
performance fee that would be payable if such share was not redeemed until the Calculation Date;
and (ii) the holder redeeming such share would not get the benefit of, or suffer the disadvantage
of, the allocation of the performance fee across the class or series, as applicable, as a whole.

                In the alternative, certain share classes of the Funds charge performance fees using
the full equalization method, which computes fees on a share-by-share basis so that performance
fees are only paid on shares that have appreciated in value during the relevant performance period.

               Affiliated ETFs pay a unitary advisory fee to the Firm’s affiliate which serves as
the investment adviser to cover all expenses of the ETF including the Firm’s management fee, but
excluding interest expenses, acquired fund fees and expenses, taxes, trading fees, brokerage
expenses, distribution fees or expenses (if any), litigation expenses and other non-routine or
extraordinary expenses, as further described in the ETF’s Prospectus and Statement of Additional
Information.

                Certain affiliated UCITS funds pay an administration fee to the non-U.S. based
manager of the UCITS funds which is an affiliate of the Firm (the “Manager”) of 0.30% per annum
of average net asset value payable monthly in arrears. The administration fee is used to pay the
services of the administrator and administrative services of the Manager as further described in the
UCITS funds’ prospectus.

                Certain non-U.S. share classes of certain Funds are subject to up-front sales charges
of up to 5% of the initial amount invested and may be subject to contingent deferred sales charges
...

TYPES OF CLIENTS

                The Firm provides investment advisory services primarily to U.S. and non-U.S.
Funds including Private Funds, UCITS funds, UK OEICs, closed-ended drawdown funds and
CLOs and U.S. and non-U.S. institutional managed accounts which include pension plans and
sovereign wealth funds, on a discretionary basis. The Firm also provides sub-advisory services to
unaffiliated investment companies, uncluding ETFs,registered under the 1940 Act.

               The securities of the Funds are not registered under the Securities Act of 1933. In
addition, the Funds are not registered under the 1940 Act, and may or may not be continuously
offered.

               Redemption rights with respect to each Fund are set forth in the offering
memorandum for each Fund. Termination rights with respect to each managed account are set
forth in the investment management agreement for each managed account. Investments in the
Funds may be subject to certain qualifications and a minimum investment requirement which
under certain conditions may be waived as set forth in the Fund’s offering memorandum.
Currently, the Firm does not have a pre-determined account minimum for managed accounts.