glg investments plc - fonds professionell glg investments plc (an investment company with variable...

GLG INVESTMENTS PLC (An Investment Company with Variable Capital)

Annual Report and Audited Financial Statements for the year ended 31 December 2012

GLG Investments plc Additional Information for Investors in the Federal Republic of Germany For the following sub-funds of GLG Investments plc no notification for public distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be publicly offered to investors within the scope of the German investment law. As a consequence, the following sub-funds are NOT available to investors in Germany:

GLG Balanced

GLG Capital Appreciation

GLG North American Equity

GLG UK Select Equity

GLG Global Emerging Markets Equity

GLG Mena Equity

GLG Emerging Asia Equity

GLG Emerging Europe Equity

GLG Frontier Markets Equity

GLG Global Investment Grade Bond

GLG Latin American Equity

BHF-BANK Aktiengesellschaft, Bockenheimer Landstrasse 10, D-60323 Frankfurt am Main has undertaken the function of Paying and Information Agent for the Company in the Federal Republic of Germany (the “German Paying and Information Agent”). Applications for the redemptions and conversion of shares may be sent to the German Paying and Information Agent. All payments to investors, including redemption proceeds and potential distributions, may, upon request, be paid through the German Paying and Information Agent. The prospectus, the Key Investor Information Documents, the Memorandum and Articles of Association of the Company and the annual and semi-annual reports may be obtained, free of charge, in hardcopy form at the office of the German Paying and Information Agent during normal opening hours. The statement of changes in the composition of the investment portfolio is also free of charge upon request at the office of the German Paying and Information Agent available. Issue, redemption and conversion prices of the shares, and any other information to the shareholders, are also available, free of charge, from the German Paying and Information Agent. The issue, redemption and conversion prices of the shares will be published on the following website www.glgpartners.com.

Any other information to the shareholders will be sent to the shareholders by post.

GLG Investments plc

Fund and Class of Shares ISIN:

GLG Global Equity Class D USD IE00B01D9881 GLG Global Equity Class D H EUR IE00B01D9B17 GLG Global Equity Class I USD IE00B29Z0874 GLG Global Equity Class D H GBP IE00B06GXG83 GLG Global Equity Class I GBP IE00B7BXNN07 GLG Global Equity Class I EUR IE0033281415 GLG Global Equity Class I H EUR IE00B29Z0981 GLG Global Equity Class I H GBP IE00B4VSNG77 GLG Global Convertible UCITS Class DL H EUR IE00B01D9113 GLG Global Convertible UCITS Class DL USD IE00B01D8Z85 GLG Global Convertible UCITS Class IL H EUR IE00B29Z0C19 GLG Global Convertible UCITS Class IL USD IE00B29Z0B02 GLG Global Convertible UCITS Class IM USD IE00B4Q68161 GLG Global Convertible UCITS Class IM H EUR IE00B4Q68831 GLG Global Convertible UCITS Class IM H GBP IE00B4Q69243 GLG Global Convertible UCITS Class DL H GBP IE00B7510G27 GLG European Equity Class D EUR IE00B01D9G61 GLG European Equity Class I EUR IE00B29Z0J87 GLG European Equity Class D H GBP IE00B08F1W51 GLG European Equity Class D H NOK IE00B3S8HZ08 GLG European Equity Class D H USD IE00B01D9D31 GLG European Equity Class I H USD IE00B29Z0H63 GLG Global Sustainability Equity Class D EUR IE00B1KKKK60 GLG Global Sustainability Equity Class IH GBP IE00B3ZS9W47 GLG Japan CoreAlpha Equity Class I JPY IE00B5649G90 GLG Japan CoreAlpha Equity Class D JPY IE00B5649C52 GLG Japan CoreAlpha Equity Class DH USD IE00B56CKP98 GLG Japan CoreAlpha Equity Class IH USD IE00B5646799 GLG Japan CoreAlpha Equity Class IH EUR IE00B578XK25 GLG Japan CoreAlpha Equity Class DH EUR IE00B5648R31 GLG Japan CoreAlpha Equity Class IH GBP IE00B64XDT64 GLG Japan CoreAlpha Equity Class DH GBP IE00B665M716 GLG Japan CoreAlpha Equity Class I GBP IE00B62QF466 GLG Japan CoreAlpha Equity Class I USD IE00B3QXQG18 GLG Japan CoreAlpha Equity Class I EUR IE00B45R5B91 GLG Japan CoreAlpha Equity Class IH CHF IE00B464TQ22 GLG Japan CoreAlpha Equity Class DH CHF IE00B46RNT22 GLG Global Emerging Markets Equity Class I H GBP IE00B44QRP58 GLG MENA Equity Class I H GBP IE00B44FHD08 GLG MENA Equity Class I USD IE00B44FBD87 GLG Frontier Markets Equity Class I H GBP IE00B3XHFH03

GLG Investments plc Contents

1

Page

General Information 2

Investment Manager’s Report 3

Directors’ Report 8

Statement of Assets and Liabilities 15

Statement of Operations 38

Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 42

Notes to the Financial Statements 46 Independent Auditors Report 124

Statement of Custodian Report 126

Portfolio Statements GLG Global Equity GLG Global Convertible UCITS GLG European Equity GLG Global Sustainability Equity GLG Japan CoreAlpha Equity GLG Global Emerging Markets Equity

127 134 145 150 154 160

Statements of Significant Purchases and Sales GLG Global Equity GLG Global Convertible UCITS GLG European Equity GLG Global Sustainability Equity GLG Japan CoreAlpha Equity GLG Emerging Asia Equity GLG Frontier Markets Equity GLG Global Emerging Markets Equity GLG Latin American Equity GLG MENA Equity

163 165 167 169 171 173 174 176 178 180

GLG Investments plc General Information

2

Directors: Aniello Bianco (American) Alun Davies (British) Michael Jackson (Irish) Gerald O’Mahony (Irish) Victoria Parry (British) (appointed on 5 October 2012)

Secretary and Registered Office:

Matsack Trust Limited, 70 Sir John Rogerson’s Quay, Dublin 2, Ireland.

Manager: GLG Partners Asset Management Limited, 70 Sir John Rogerson’s Quay, Dublin 2, Ireland.

Investment Manager and Distributor:

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

Custodian:

BNY Mellon Trust Company (Ireland) Limited, Guild House, Guild Street, IFSC, Dublin 1, Ireland.

Administrator:

BNY Mellon Fund Services (Ireland) Limited, Guild House, Guild Street, IFSC, Dublin 1, Ireland.

Legal Advisers as to matters of Irish law:

Matheson, 70 Sir John Rogerson’s Quay, Dublin 2, Ireland.

Independent Auditors:

Ernst & Young, Chartered Accountants, Ernst & Young Building, Harcourt Centre, Harcourt Street, Dublin 2, Ireland.

Sponsoring Irish Stock Exchange Broker:

Davy Stockbrokers Davy House, 49 Dawson Street, Dublin 2, Ireland.

Any capitalized terms used but not defined herein shall have the meaning given to them in the prospectus of GLG Investments Plc dated 19 December 2012.

GLG Investments plc Investment Manager’s Report

3

GLG Global Equity - Annual Report Commentary Market Review, Outlook and Positioning Risk assets in 2012 were largely in thrall to the newsflow surrounding a few key over-arching issues, notably: the actions of the ECB, the slowdown in China and the US “fiscal cliff”, which threatens the US with an almost certain recession should it be allowed to proceed – it would be a 5% fiscal tightening relative to GDP. The most important marginal change we see is that the Eurozone seems to be going through a slow but steady healing process. Unit labour costs within the region are starting to converge, with tremendous progress having been made to restructure Spain, Ireland and Portugal. This has prompted a major recovery in current account balances especially in all three countries, back to balance in Spain and Portugal and into a 3% of GDP surplus in Ireland. We note that this rebalancing was initially achieved via a collapse in consumption, but for the last three years has been driven by rising exports: Spanish export volumes are up 40% since early 2009. And on the other side of this, German unit labour costs are gently rising, with low unemployment increasing bargaining power for the unions. The rebalancing is also happening in real estate and other real asset prices. Spanish real estate inflated in the 2000s because Spain had in appropriately low German interest rates. German real estate is inflating now because Germany has inappropriately low Spanish interest rates. For the first time in a generation, German consumers are enjoying negative real interest rates at both ends of the curve. I personally doubt that we are far from the trough in Spanish and Irish real estate prices. Much of the mark to market has by now happened, and some may not need to happen. This all shows up in the so-called TARGET2 balances of national central banks’ claims and liabilities at the ECB clearing system. Here too progress is finally being made. After an explosion of PIGS countries’ liabilities / German claims over the period since pre Lehman crisis, balances have finally started to fall. This to our mind is a key measure of European healing. The most important leg of our market outlook is that we expect equities to outperform bonds from this starting point, and within that we expect Eurozone equities to lead, along possibly with Japan. We expect to be cutting our US allocation further. Performance and Attribution Global Equity underperformed the MSCI World by -75bp in 2012, with positive contribution from stock selection, especially from Emerging Europe and Technology in North America and the UK. This was offset by negative Market attribution. Among our main outperformers were: Visa: Quarter 1 results beat consensus on lower incentives and a good turn-out from international fees, while financial year guidance was upgraded. After that, optimism built around the strength of the business model (high margins, very healthy cash position), market position and structural growth opportunities. Consumer spending & confidence datapoints were more encouraging as the year progressed and Quarter 4 results in November 2012 beat expectations. Apple: performed well early in the year on speculation over what management might do with their cash (they announced a quarterly dividend and $10bn buyback), as well as continued optimism around iPad momentum (with strong sales numbers for the third iPad). Over the summer, the stock was supported by anticipation ahead of the iPhone 5 and iPad Mini launches, though it sold off towards year-end on the back of fiscal cliff concerns and fears over demand levels for the new iPhone. News Corp: speculation surrounding a separation of its publishing business from its entertainment holdings (confirmed later in the year and expected to complete in June 2013) pushed the stock higher, while buybacks provided a helpful support and the market became more optimistic about a recovery in advertising trends. Mail.ru: strong top line expansion (as well as continued growth in online usage in Russia) and healthy margins reassured investors of impressive growth trends, while the August announcement of a $3.89/share special dividend (worth $795m in total) also boosted the stock. ABInBev: performed very strongly in June after confirming it will buy the remaining 50% of Grupo Modelo it doesn't already own for ~$20bn. Sell-side commentary around the deal was very positive, pointing to market share gains, margin expansion and potential to grow exports for Corona outside of North America. Among our main underperformers were: Eutelsat: suffered in January 2012 as Abertis sold down around half of its stake (~16% of the company at €27.85/share). It was further hit in May on the back of the downgrade to its full-year sales and EBITDA targets on tougher competition in the Balkans & Africa, as well as some delayed roll-outs of services. We have since closed our position. Nokia: their Quarter 1 profit warning exposed a very poor performance from the Lumia product (average selling price around 30% below expectations and a weak US launch) and pressure on the lower-end business from Android (prompting a guidance cut for Devices & Services margins). We have since exited the position. Chow Tai Fook: suffered on concerns over Chinese luxury spending earlier in the year, prompting analysts to worry about a possible slowdown in earnings (also compounded by commentary from peer, Luk Fook). We have exited this position. Walter Energy: suffered on concerns over slowing Chinese demand and declining coal prices in June (on rumours of inventory build)

prompted worries about a supply/demand imbalance. We have exited this position.

GLG Investments plc Investment Manager’s Report (continued)

4

GLG Global Convertible UCITS - Annual Report Commentary It has been a positive year for markets and for GLG Global Convertible UCITS (the “Fund”). The year was really dominated by the events that happened towards the end of 2011, namely the introduction of the 3 year LTRO facility. This stabilised asset prices and gave investors’ the confidence to return to markets. The ECB took a much more active involvement in markets with not only the long-term refinancing operation (LTRO) but also Draghi’s July speech saying the ECB would “do whatever it takes” to save the Euro and the introduction of the Outright Monetary Transactions (OMT) programme. Central banks across the world have maintained and expanded their loose monetary policy with some moving to an inflation or employment targeting model. Notwithstanding all the central banking support the year has had its’ problems. The case for reform and austerity was not universally accepted by electorates, over 65% of global GDP had elections or leadership changes in 2012, with many countries voting for a slower introduction of austerity measures. It was not surprising that convincing voters of the benefits of austerity was hardest in the periphery and markets were more nervous during election periods. Global growth has remained at historically low levels with emerging markets unable to pick up the slack caused by the consumer deleveraging in the developed world. In addition, unemployment has remained high and continues to deteriorate in Europe. On the bright side there does seem to be some employment growth in the US. Also, the TARGET2 balances of central bank claims and liabilities at the ECB clearing system is starting to normalise with the peripheral liabilities and German claims finally starting to fall which shows confidence returning to the system. Markets came into the year with low expectations following the sell-off in the second half of 2011 and have rallied fairly steadily during the year with the occasional bout of risk off sentiment usually driven by a crisis in Greece. Equities had a strong year with Europe outperforming and surprisingly emerging markets lagging. Less surprising was that financials was the top performing sector while the more defensive sectors such as utilities struggled. The low interest rate environment has encouraged companies to refinance debt and this trend started the year in the investment grade credit and spread during the year into the higher yielding issuers. This access to the markets with very strong flows into bond funds has made for a virtuous circle of low defaults and increasing returns which has attracted more flows to the asset class. This led to credit markets having their second best year since 1999, the best being 2009, with financials again the standout performer. Volatilities, both implied and realised fell dramatically during the year as investors began to believe that the central banks had taken ‘tail risk’ out of the equation and re-priced assets accordingly. Convertibles performed well, richening steadily over the year. While there was little activity in the primary market as treasurers sought to refinance through straight bonds rather than convertibles this balance sheet restructuring led to opportunities in the secondary market and the fund actively participated in tenders and buy-backs. This shrinkage in the market combined with strong flows to the asset class gave a strong technical backing to a market that started the year fundamentally cheap. Our outlook for next year is that we expect new issuance will pick up and if the ‘great rotation’ from bonds to stocks does take place then equity exposure will be the key driver of returns as the aggressive yield compression will not be repeated this year. Global growth will remain below trend and volatility is likely to increase. New issuance was light in the convertible universe mainly due to the low interest rate environment which led companies to fund themselves mainly in the straight market. There was 54bn USD of issuance during the year which while exceeding 2011 it is the second worst year in the last 14. It is interesting that Europe exceeded the US for the first time (23.6bn vs 21bn). However, there seems to be more optimism for the coming year with Europe remaining the focus of attention. The outperformance of the fund was mainly driven by stock selection with all regions outperforming their relevant benchmarks but it was the US that generated most of the excess returns. The areas that held back performance were a small cash position and sectorial allocation where an underweight in financials adversely impacted performance. The interest rate and equity hedges made small losses. The regional exposure was a positive contributor to performance with the overweight in Japan the main factor. GLG European Equity - Annual Report Commentary Risk assets in 2012 were largely in thrall to the newsflow surrounding a few key over-arching issues, notably: the actions of the ECB, the slowdown in China and the US “fiscal cliff”, which threatens the US with an almost certain recession should it be allowed to proceed – it would be a 5% fiscal tightening relative to GDP. The most important marginal change we see is that the Eurozone seems to be going through a slow but steady healing process. Unit labour costs within the region are starting to converge, with tremendous progress having been made to restructure Spain, Ireland and Portugal. This has prompted a major recovery in current account balances especially in all three countries, back to balance in Spain and Portugal and into a 3% of GDP surplus in Ireland. We note that this rebalancing was initially achieved via a collapse in consumption, but for the last three years has been driven by rising exports: Spanish export volumes are up 40% since early 2009. And on the other side of this, German unit labour costs are gently rising, with low unemployment increasing bargaining power for the unions. The rebalancing is also happening in real estate and other real asset prices. Spanish real estate inflated in the 2000s because Spain had in appropriately low German interest rates. German real estate is inflating now because Germany has inappropriately low Spanish interest rates. For the first time in a generation, German consumers are enjoying negative real interest rates at both ends of the curve. I personally doubt that we are far from the trough in Spanish and Irish real estate prices. Much of the mark to market has by now happened, and some may not need to happen. This all shows up in the so-called TARGET2 balances of national central banks’ claims and liabilities at the ECB clearing system. Here too progress is finally being made. After an explosion of PIGS countries’ liabilities / German claims over the period since pre Lehman crisis, balances have finally started to fall. This to our mind is a key measure of European healing. The most important leg of our market outlook is that we expect equities to outperform bonds from this starting point, and within that we expect Eurozone equities to lead, along possibly with Japan. We expect to be cutting our US allocation further.


5

GLG European Equity - Annual Report Commentary (continued) Performance and Attribution The Fund underperformed the MSCI Europe in 2012 by -222bp, with positive industry attribution, notably in Pharma, Tech and Telcos, offset by negative impact from stock selection in Media and Materials as well as negative market attribution. Among our main outperformers were: Frontier Silicon: we had a write-up on our 95bp position in Frontier Silicon. It was marked at 14p, but following the completion of Toumaz’s acquisition, we marked up our position to the final price (67.6p) and marked the debt portion up from 70 to 100. GN Store Nord: performed well in the first 9 months of the year after delivering reassuringly strong Quarter 1 and Quarter 2 results, prompting sell-side analyst forecast upgrades on expected margin expansion and compelling valuation. Anticipation also built of market share gains in advance of the launch of their new premium hearing-aid line, ReSound Verso. After weaker-than-forecast Quarter 3 results and a cut to guidance, the stock sold off into year-end. ASML: outperformed from mid-October onwards after announcing the acquisition of Cymer Inc to enhance their EUV tool offering (and likely enhance profitability). Novo Nordisk: was boosted into year-end by the early-November AdCom recommendation to the FDA to approve Tresiba (insulin analogue). Earlier in the year, financial year results beat expectations, while optimism around Novo’s potential in the obesity market built over the course of the year after the FDA approved Lorcaserin (from Arena Pharmaceuticals) in June. Credit Agricole: benefitted from the outperformance of the European Financials sector in early September as optimism around ECB intervention in the Eurozone crisis accelerated. The stock also outperformed strongly on successful restructuring measures, such as the disposals of Emporiki and CLSA. Among our main underperformers were: Eutelsat: suffered in January as Abertis sold down around half of its stake (~16% of the company at €27.85/share). It was further hit in May on the back of the downgrade to its full-year sales and EBITDA targets on tougher competition in the Balkans & Africa, as well as some delayed roll-outs of services. We have since closed our position. Nokia: their Q1 profit warning exposed a very poor performance from the Lumia product (average selling price around 30% below expectations and a weak US launch) and pressure on the lower-end business from Android (prompting a guidance cut for Devices & Services margins). We have since exited the position. Rockhopper: announced disappointing results from their farm-out process. We have closed this position. African Minerals: fell after announcing that their CEO, Alan Watling, had left the company. The market feared that his departure was attributable to operational difficulties. We have since exited this position. EDF: persistent worries about French energy policy held the stock back in H2 2012, alongside a downgrade to their FY 2012 French atomic energy output target and guidance for little change YoY for 2013e profit. Towards the end of November, the stock was impacted by worries over regulatory changes and press rumours they had over-charged customers since 2009. We still think the stock now discounts the negative newsflow and has compelling valuation support.

GLG Global Sustainability Equity - Annual Report Commentary The Fund was up 15.06% for the twelve months ending December 31, 2012, underperforming its benchmark (MSCI World ACWI) by 31bps. Stock selection positively contributed to performance while sector attribution represented the most significant detractor, a function of the Fund’s general preference to run greater exposure to noncyclical, non-financial sectors causing it to miss out on part of the Quarter 4 2012 risk rally. Market Review: The first half of 2012 was marked by a crisis of confidence in the Europe’s ability to resolve the sovereign debt crisis, followed by the ECB’s commitment in September to support markets at all costs. The notional support of simultaneous quantitative easing efforts by central banks removed the worst case scenario—an ECB breakup—driving a sustained rotation into value and risk assets through the remainder of the year. Concerns around US political and policy outcomes were defused, at least through the first half of 2013, with Obama’s presidential advancing Democratic policy goals around income redistribution and tax reform. Outlook and Positioning: Having run with high exposure to defensive and non-cyclical sectors through much of 2012, the Fund cautiously increased its weighting in cyclical sectors, and rotating some of its US regional exposure to Europe and Japan. The US remains overweight in the Fund, reflecting the strength in discreet investment themes with sustained growth outlook like housing and energy-related investment. The Fund exited 2012 overweight Japan, recognizing that a number of idiosyncratic consumer staples stories benefit from a weaker Yen tailwind, as well as infrastructure reinvestment.


6

GLG Japan CoreAlpha Equity - Annual Report Commentary The Thai floods, disputes with China, and the strong yen all led to a difficult 2012 for Japan, with a decrease in export demand affecting several major stocks. In Quarter 4 2012 however, events such as December’s election and a weakening Yen helped lift the market, and exports have recovered slightly. We now wait to see what policies the new government can successfully implement in the coming year and if a new governor (to be appointed in April 2013) might bring about a looser monetary policy. The dominant influence on economic and financial conditions in Japan since 1990 has been the contraction of the banking system. With that devastating process now over – and asset values crushed by it – the stage is set for long-awaited progression. Once the banking system shifts from being cash flow negative to cash flow positive, be it ever so gently at first, it then has the capacity to help restore more favourable conditions. This prospect puts Japan in a quite different position in the banking cycle from the rest of the industrialised world. It is also a story that has been obscured over the past five years by the string of extreme pressures that have included the western financial crisis in 2007-8 and the earthquake and tsunami of 2011. Nor is this the end of the story. Within the stock market, there have been three major trends: large companies have underperformed small; Growth (high price to book ratio) has outperformed Value (low price to book ratio); and commodity and China-related stocks have outperformed domestic and financial stocks. In fact, the scale and length of underperformance by the Large Cap Value part of the market is now so great that it is matched only twice over the last 30 years, while the financial sectors account for their smallest proportion of the market since the end of the 1960s. These are the opportunities that the Japan CoreAlpha strategy is positioned to exploit. And they are big opportunities. In 2012, GLG Japan CoreAlpha Equity (the “Fund”), underperformed TOPIX by 4.7%*. Holdings in Electric Appliances suffered this year: Sony was the largest detracting stock in the portfolio, with Panasonic and Rohm also significantly dampening performance. All stocks held in Other Products detracted from returns but Nintendo was a notable laggard. Zero weighting in Real Estate further weighed on performance. In direct contrast to 2011, Nomura Holdings was this year’s top contributing stock. In fact, all stocks held in financials returned positive results and as a consequence, overweight positions in Securities, Banks and Insurance considerably assisted performance. Returns were also enhanced by positive contributions from Ricoh, and an underweight position in Retail Trade. As at the end of December 2012, the Fund's largest positions included Sony, Mitsubishi UFJ Financial and Sumitomo Mitsui Financial. Activity during the year was modest; eight new holdings were added to the CoreAlpha Model during 2012. The most significant were Asahi Glass and Nippon Electric Glass, which ended the year with 1.0% and 0.8% weightings respectively. There were six complete disposals during the year; the largest of these was Elpida Memory. The Fund had a small position in the stock, which was being reduced when the company unexpectedly filed for bankruptcy in February 2012. This cost the Fund around 0.5%. Total changes in weightings amounted to 15.4% of the Model. Our contrarian approach to investment management leads us to build up weightings in underperforming stocks. This means that the current shape of the CoreAlpha Model is the best guide to where we see opportunities in the market. The portfolio is Large Cap, low price to book, and high beta. These style tilts will continue to play a major part in our future returns. The largest sector overweights are now Electric Appliances and Banks, with substantial investments in Securities and Insurance. Transport Equipment continues to be the largest underweight, along with BRIC-related Machinery and Wholesale Trading. Japanese equity valuations remain near all-time lows and we retain our opinion that the Japanese economy is in a relatively strong position in an ever-changing environment. *GLG Japan CoreAlpha Equity retail share class (D JPY), net of fees. GLG Global Emerging Markets Equity - Annual Report Commentary In the financial year ending 31 December 2012 the sub-fund was managed by GLG Partners LP until March 2012. From November 2012 the sub-fund was managed by GLG Inc. For the period from January through February 2012, the fund slightly under-performed its benchmark, ending up 17.65% while the MSCI Global Emerging Markets Index was up 18.01% for the same period. During the period March to November 2012 the sub-fund held no assets. Between 14 November 2012 and the end of the year. Emerging Markets had a strong finish to the year with the MSCI Global Emerging Markets Index up over 7.5% . In terms of country performance, among the larger markets, China, Taiwan, Russia, South Korea and Hong Kong were up strongly while India and Brazil lagged. Among smaller markets, Poland, Thailand and Turkey were strong. In terms of sectors, Financials, Materials, Industrials and Consumer Discretionary did well while Health Care, Utilities and Telecommunication Services lagged. In terms of positioning, from 14 November 2012 through the end of the year, the Fund was significantly overweight in China. Other overweighted markets included Mexico and Thailand. The Fund was underweighted, among others, in Chile, Malaysia, South Africa, Poland and South Korea. In terms of sectors, the Fund was overweight Financials as well as, to a smaller degree, Industrials and Consumer Discretionary. Telecommunication Services, Utilities and Energy were all underweights.


7

GLG Global Emerging Markets Equity - Annual Report Commentary (continued) For the period of 14 November 2012 to year-end, the GLG Global Emerging Markets Equity Fund (the “Fund”) was up 8.08% outperforming its benchmark, the MSCI Global Emerging Markets Index by 0.51%. Positive contributions came from the Fund’s positions in South Africa, where stock selection was particularly helpful, Mexico and Hong Kong where stock selection also helped and China where the decision to overweight a strongly performing market added to performance. The Fund’s Brazil exposure helped both through stock selection as well as the decision to underweight that market. Taiwan detracted from performance, primarily due to stock selection as did the Fund’s underweight in Poland, a market which performed well. At a sector level, performance was helped through stock selection in Consumer Discretionary and Consumer Staples and overweight in Financials. The Fund’s Materials exposure detracted from performance. *Please note that this Fund contained no investment monies as of 22nd February 2012. GLG Partners LP, One Curzon Street, London, W1J 5HB, England. February 2013

GLG Investments plc Directors’ Report for the year ended 31 December 2012

8

The Directors of GLG Investments plc (the “Fund”) herewith submit their annual report together with the audited financial statements for the year ended 31 December 2012.

Principal activities and review of the development of the business

The Fund was incorporated as an investment company with variable capital and with segregated liability between sub-funds under the laws of Ireland as a public limited company on 1 August 1996 under registration number 252520. The Fund has been authorised by the Central Bank of Ireland (the “Central Bank”) as an Undertaking for Collective Investment in Transferable Securities (“UCITS”), pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the “Regulations”). The Fund is structured as an umbrella fund with segregated liability between sub-funds (each a “Portfolio”), and to date sixteen Portfolios have been established: GLG Balanced, GLG Capital Appreciation, GLG Global Equity, GLG Global Convertible UCITS, GLG European Equity, GLG North American Equity, GLG UK Select Equity, GLG Japan CoreAlpha Equity, GLG Global Sustainability Equity, GLG Global Emerging Markets Equity, GLG MENA Equity, GLG Emerging Asia Equity, GLG Emerging Europe Equity, GLG Frontier Markets Equity, GLG Latin American Equity and GLG Global Investment Grade Bond. As at 31 December 2012 there were six Portfolios in operation: GLG Global Equity, GLG Global Convertible UCITS, GLG European Equity, GLG Global Sustainability Equity, GLG Japan CoreAlpha Equity and GLG Global Emerging Markets Equity.

Results for the year and state of affairs at 31 December 2012

For a detailed commentary on the results for the year and the state of affairs of the Fund at 31 December 2012 see the Investment Manager’s Report on pages 3 to 7, the Statement of Assets and Liabilities on pages 15 to 37, the Statement of Operations on pages 38 to 41 and the Portfolio Statements on pages 127 to 166.

At the year end the Fund’s Net Assets Attributable to Holders of Redeemable Participating Shares (the “Shareholders”) amounted to US$134,582,829 (2011: US$34,557,328) for GLG Global Equity, US$329,751,511 (2011: US$273,810,767) for GLG Global Convertible UCITS, €17,110,773 (2011: €23,010,705) for GLG European Equity, €25,107,658 (2011: €20,342,436) for GLG Global Sustainability Equity, ¥134,039,513,064 (2011: ¥85,984,461,314) for GLG Japan CoreAlpha Equity, US$Nil (2011: US$10,487,379) for GLG Emerging Asia Equity, US$Nil (2011: US$9,401,241) for GLG Emerging Europe Equity, US$Nil (2011: US$12,005,793) for GLG Frontier Markets Equity, US$31,786,584 (2011: US$10,493,264) for GLG Global Emerging Markets Equity and US$Nil (2011: US$10,528,036) for GLG Latin American Equity.

The returns of the classes of all the sub-funds for the year end are disclosed in the tables below: 2012 2011

GLG Global Equity Previous Name Re-designated to Class I T USD Shares Class I USD - -11.68%Class D T USD2 Shares Class D USD - -12.79%Class I H T EUR Shares Class I H EUR - -12.48%Class D H T EUR2 Shares Class D H EUR - -13.59%Class D T USD Shares Class D USD - -13.00%Class D H T EUR Shares Class D H EUR - -13.86%Class D H EUR Shares - -13.78%Class D H GBP Shares 14.16% 2.07%Class I USD Shares 15.03% -14.73%Class D USD Shares 14.16% -12.98%Class D H EUR Shares 13.46% -Class I EUR Shares 1.29% -Class I H EUR Shares 9.77% -Class I GBP Shares -1.18% -Class I H GBP Shares 2.92% -

GLG Global Convertible UCITS Previous Name Re-designated to Class IL T USD Shares Class IL USD - -8.77%Class DL T USD2 Shares Class DL USD - -9.89%Class IL H T EUR-B Shares Class IL H EUR - -8.89%Class DL H T EUR1 Shares Class DL H EUR - -9.55%Class DL H T EUR2 Shares Class DL H EUR - -9.81%Class DL H EUR2 Shares Class DL H EUR - -9.90%Class DL T USD Shares Class DL USD - -9.81%Class DL USD Shares 11.08% -9.99%Class DL H T EUR Shares Class DL H EUR - -9.84%Class DL H EUR Shares 11.13% -9.90%Class DL H T GBP Shares Class DL H GBP - -9.95%Class DL H GBP Shares 5.34% -Class IL USD Shares 12.66% -8.76%Class IL H EUR Shares 12.11% -8.97%Class IL H T EUR Shares Class IL H EUR - -8.82%Class IM T USD Shares Class IM USD - -8.58%Class IM USD Shares 13.27% -8.59%Class IM H T EUR Shares Class IM H EUR - -8.65%Class IM H EUR Shares 12.58% -8.66%Class IM H GBP Shares 12.91% -8.51%

GLG Investments plc Directors’ Report for the year ended 31 December 2012 (continued)

9

Results for the year and state of affairs at 31 December 2012 (continued) 2012 2011GLG European Equity Previous Name Re-designated to Class I H T USD Shares Class I H USD - -12.07%Class I T EUR Shares Class I EUR - -12.39%Class D T EUR2 Shares Class D EUR - -13.55%Class D EUR2 Shares Class D EUR - -13.66%Class D H T USD Shares Class D H USD - -13.47%Class D T EUR Shares Class D EUR - -13.56%Class D EUR Shares 12.34% -13.51%Class D H GBP Shares 12.99% -15.61%Class I EUR Shares 13.19% -12.59%Class I H USD Shares 10.39% - Class D H USD Shares 0.73% - Class D H NOK Shares 9.41% - GLG Global Sustainability Equity Previous Name Class D EUR Shares 13.79% -16.27%Class DT EUR Shares Class D EUR - -16.01%Class I H GBP Shares 15.06% -17.64% GLG Japan CoreAlpha Equity Class D JPY Shares 16.17% -21.44%Class I JPY Shares 17.07% -20.85%Class D H USD Shares 14.63% -21.50%Class I H USD Shares 15.52% -20.97%Class D H EUR Shares 12.71% -21.50%Class I H EUR Shares 13.56% -20.65%Class D H GBP Shares 14.23% -21.30%Class I H GBP Shares 15.12% -20.68%Class I GBP Shares -0.46% -7.91%Class I USD Shares 2.07% -13.66%Class I EUR Shares 2.38% -2.67%Class I H CHF Shares 17.01% -Class D H CHF Shares 14.46% - GLG Emerging Asia Equity Class I H GBP Shares - -23.18% GLG Emerging Europe Equity Class I H GBP Shares - -30.12% GLG Frontier Markets Equity Class I H GBP Shares - -13.80% GLG Global Emerging Markets Equity Class I H GBP Shares 22.01% -22.48% GLG Latin American Equity Class I H GBP Shares - -19.52% Dividends The Directors do not propose to pay a dividend at this time (2011: US$Nil). Future developments The Fund will continue to pursue the Portfolios’ investment objectives as outlined in note 1 on pages 43 to 49. Significant events during the year Board of Directors With effect from 5 October 2012 Ms. Victoria Parry was appointed as director of the Fund. Prospectus A new Prospectus was issued on 21 February 2012 and on 19 December 2012 (the “Prospectus”). These provide details of a new portfolio named GLG Global Investment Grade Bond.


10

Significant events during the year (continued)

Portfolios GLG MENA Equity Portfolio has been launched and commenced operations on 23 January 2012, however, the Shares were fully redeemed on 13 November 2012 and the Portfolio ceased its operations.

GLG Emerging Europe Equity Shares were fully redeemed on 23 February 2012 and the Portfolio ceased its operations.

GLG Global Latin American Equity Shares were fully redeemed on 23 February 2012 and the Portfolio ceased its operations.

GLG Global Emerging Markets Equity Shares were fully redeemed on 29 March 2012 and Portfolio was re-launched on 14 November 2012.

GLG Emerging Asia Equity Shares were fully redeemed on 29 March 2012 and the Portfolio ceased its operations.

GLG Frontier Markets Shares were fully redeemed on 13 November 2012 and the Portfolio ceased its operations.

Share classes The following new Share Classes have been launched and listed on the Irish Stock Exchange in GLG MENA Equity: I H GBP and I USD on 30 January 2012.

The following new Share Classes have been launched in GLG Global Equity: D H GBP, I GBP, I EUR, I USD and I H GBP on 21 December 2011, 5 April 2012, 18 April 2012, 27 July and 19 September 2012 respectively; and listed on the Irish Stock Exchange on 16 March 2012, 19 April 2012, 25 April 2012, 27 July and 19 September 2012 respectively. Share Class I H EUR was re-launched on 29 June 2012 and was listed on the Irish Stock Exchange on 10 July 2012.

The following new Share Classes have been launched in GLG European Equity: DH NOK, I H USD and D H USD on 20 June 2012, 29 June 2012 and 26 September 2012 respectively; and listed on the Irish Stock Exchange on 22 June 2012, 10 July 2012 and on 26 September 2012 respectively.

The following new Share Class has been launched and listed on Irish Stock Exchange in GLG Global Convertible UCITS: DL H GBP on 10 July 2012.

The following new Share Classes have been launched and listed on the Irish Stock Exchange in GLG Japan CoreAlpha Equity: D H CHF and I H CHF on 3 December 2012 and I GBP and I USD on 13 December 2012.

The following New Share class has been launched and listed on the Irish Stock Exchange in GLG Global Sustainability Equity: I H GBP on 13 December 2012.

Change of name of Share Classes With effect from 28 February 2012 name of certain share classes of GLG Japan CoreAlpha Equity have been changed from Class D T JPY to D JPY and Class I T JPY to I JPY.

Re-designation of Share Classes With effect from 2 July 2012, the share class names have been re-designated as follows:

GLG Global Equity Previous Name New Name Class I T USD Class I USD Class D T USD 2 Class D USD Class D T USD Class D USD Class D H T EUR 2 Class D H EUR Class D H T EUR Class D H EUR Class I H T EUR Class I H EUR

GLG Global Convertible UCITS Previous Name New Name Class IL T USD Class IL USD Class DL T USD 2 Class DL USD Class DL T USD Class DL USD Class DL H T EUR 1 Class DL H EUR Class DL H T EUR 2 Class DL H EUR Class DL H EUR 2 Class DL H EUR Class DL H T EUR Class DL H EUR Class IL H T EUR A Class IL H EUR Class IL H T EUR B Class IL H EUR Class IL H T EUR Class IL H EUR Class IM T USD Class IM USD Class IM H T EUR Class IM H EUR Class DL H T GBP Class DL H GBP


11

Significant events during the year (continued) Re-designation of Share Classes (continued)

GLG European Equity (continued) Previous Name New Name Class I H T USD Class I H USD Class I T EUR Class I EUR Class D T EUR 2 Class D EUR Class D EUR 2 Class D EUR Class D T EUR Class D EUR Class D H T USD Class D H USD

Global Sustainability Equity Previous Name New Name

Class D H T USD Class D H USD Class D T EUR Class D EUR

De-listing of Share Classes With effect from 19 July 2012, the following Share classes have been delisted from the Irish Stock exchange:

GLG Global Equity Class I T USD Class D T USD 2 Class D T USD Class D H T EUR 2 Class D H T EUR Class I H T EUR GLG Global Convertible UCITS Class IL T USD Class DL T USD 2 Class DL T USD Class DL H T EUR 1 Class DL H T EUR 2 Class DL H EUR 2 Class DL H T EUR Class IL H T EUR A Class IL H T EUR B Class IL H T EUR Class IM T USD Class IM H T EUR Class DL H T GBP

GLG European Equity Class I H T USD Class I T EUR Class D T EUR 2 Class D EUR 2 Class D T EUR Class D H T USD

Global Sustainability Equity

Class D H T USD Class D T EUR

With effect from 24 July 2012, the following Share classes have been delisted from the Irish Stock exchange.

GLG Latin America Equity Class I H GBP GLG Emerging Europe Equity Class IH GBP


12

Important events since the year end New Prospectus A new Prospectus was issued on 18 February 2013. New portfolio GLG Global Investment Grade Bond was launched and commenced operations on 7 January 2013. Share classes The following new Share Classes have been launched and listed in GLG Global Investment Grade Bond on the Irish Stock Exchange: Class D USD and Class I USD on 8 January 2013. De-listing of Share Classes All the Share Classes of GLG Emerging Asia Equity and GLG MENA Equity were delisted with effect from 9 January 2013. Share Class I H GBP of GLG Frontier Markets Equity has been delisted with effect from 10 January 2013. Investment objectives The Fund’s investment objectives are as stated in note 1 to the financial statements. Investment in the Fund carries with it a degree of risk including but not limited to the risks referred to in note 11 to the 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. Directors’ interests Neither the Directors, nor their families, nor the Investment Manager had any interests in the Shares of the Fund during the year ended 31 December 2012. Michael Jackson is a director of the Manager and is a partner in Matheson, Legal Advisers to the Fund. Mr Jackson has also been a director of Matsack Trust Limited, the secretary of the Fund, during this financial year. Alun Davies has been a director of the Manager of the Fund until 11 September 2012. Victoria Parry is the Global Head of Product Legal for Man Group plc and a director of the Manager of the Fund. Directors’ responsibilities The Directors are responsible for preparing the Directors’ Report and the financial statements in accordance with Irish law and regulations. Irish company law requires the Directors to prepare financial statements giving a true and fair view of the state of affairs of the company and the profit or loss of the company for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with Irish Generally Accepted Accounting Practice (accounting standards issued by the Financial Reporting Council and promulgated by the Institute of Chartered Accountants in Ireland and Irish law). In preparing these financial statements, the Directors are required to:

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

business. The Directors are responsible for keeping proper books of account that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Acts 1963 to 2012 (together the “Companies Act”). They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website. Legislation in Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 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. Independent Auditors The Independent Auditors, Ernst & Young, Chartered Accountants, will continue in office in accordance with Section 160 (2) of the Companies Act 1963.


13

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, 1963-2012 which are available for inspection at the registered office of the Fund; ii) The Articles of Association of the Fund which are available for inspection at the registered office of the Fund; iii) The Central Bank in their UCITS Notices and Guidance Notes which can be obtained from the Central Bank 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). 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 and the Irish Stock Exchange. The statutory financial statements are required to be audited by independent auditors who reports 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. 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.

GLG Investments plc Statement of Assets and Liabilities as at 31 December 2012

15

GLG

Global

Equity

GLG

Global

Convertible

UCITS

GLG

European

Equity

GLG

Global

Sustainability

Equity

GLG

Japan CoreAlpha

Equity

GLG

Emerging

Asia

Equity

GLG

Emerging

Europe

Equity

GLG

Frontier

Markets

Equity Notes US$ US$ € € ¥ US$ US$ US$ Assets

Financial assets at fair value through profit or loss:

Equities and managed funds 3,4 105,223,777 16,853,115 7,933,246 23,090,779 129,559,023,052 - - - Interest bearing securities 3,4 - 305,950,740 - - - - - Derivatives 3,4,8 3,575,521 3,526,654 654,173 531,341 4,683,060,939 - - -

Cash 12 26,520,674 6,521,366 8,645,096 2,126,402 279,624,785 1,435 - 108,052 Due from brokers 12 972,194 4,669,526 271,240 393,894 129,419,977 - - - Accrued income 28,398 2,006,183 792 17,107 54,411,634 - - 354 Other receivables 6 23,186 37,942 - 92 91,838,737 - - 339 Total Assets 136,343,750 339,565,526 17,504,547 26,159,615 134,797,379,124 1,435 - 108,745 Liabilities

Financial liabilities at fair value through profit or loss: Equities and managed funds 3,4 - - - - - - - - Interest bearing securities 3,4 - - - - - - - - Derivatives 3,4,8 960,733 4,119,217 174,553 134,055 96,830,791 - - -

Due to brokers 12 450,029 577,111 8,744 839,904 234,536,713 - - 4,219 Due to Lehman and associated entities - 2,753,135 - - - - - - Accrued expenses 349,520 1,655,463 208,772 76,664 175,059,610 1,435 - 104,526 Other payables 7 639 709,089 1,705 1,334 251,438,946 - - - Liabilities (excluding Net Assets Attributable to Holders of Redeemable Participating Shares) 1,760,921 9,814,015 393,774 1,051,957 757,866,060 1,435 - 108,745 Net Assets Attributable to Holders of Redeemable Participating Shares 134,582,829 329,751,511 17,110,773 25,107,658 134,039,513,064 - - -

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

GLG Investments plc Statement of Assets and Liabilities as at 31 December 2012 (continued)

16

GLG

Global

Emerging

Markets

Equity

GLG

Latin

American

Equity

GLG

MENA

Equity

Combined

Company Notes US$ US$ US$ US$ Assets

Financial assets at fair value through profit or loss:

Equities and managed funds 3,4 28,676,748 - - 1,690,653,350

Interest bearing securities 3,4 - - - 305,950,740

Derivatives 3,4,8 624,897 - - 63,473,059

Cash 12, 2,561,204 - 66,404 53,215,446

Due from brokers 12 - - - 8,016,016

Accrued income 35,573 - 244 2,723,892

Other receivables 6 - 21 5 1,124,188

Total Assets 31,898,422 21 66,653 2,125,156,691

Liabilities

Financial liabilities at fair value through profit or loss:

Equities and managed funds 3,4 - - -

Interest bearing securities 3,4 - - -

Derivatives 3,4,8 40,264 - - 6,647,412

Due to brokers 12 3 21 108 4,863,929

Due to Lehman and associated entities - - 2,753,135

Accrued expenses 71,564 - 66,545 4,650,810

Other payables 7 7 - 3,622,892 Liabilities (excluding Net Assets Attributable to Holders of Redeemable Participating Shares) 111,838 21 66,653 22,538,178

Net Assets Attributable to Holders of Redeemable Participating Shares 31,786,584 - - 2,102,618,513



17

Net Asset Value per Redeemable Participating Shares Notes

GLG

Global

Equity

GLG

Global

Convertible

UCITS

GLG

European

Equity

GLG

Global

Sustainability

Equity

GLG

Japan

CoreAlpha

Equity

GLG

Emerging

Asia

Equity

GLG

Emerging

Europe

Equity

GLG

Frontier

Markets

Equity

Number of Class D EUR Redeemable Participating Shares in Issue 9 - - 96,626 5,419 - - - - Net Asset Value per Class D EUR Redeemable Participating Share 14 - - €118.71 €63.09 - - - -

Number of Class D H CHF Redeemable Participating Shares in Issue 9 - - - - 244,763 - - -

Net Asset Value per Class D H CHF Redeemable Participating Share 14 - - - - CHF114.46 - - -

Number of Class D H EUR Redeemable Participating Shares in Issue 9 147,158 - - 831,406 - - Net Asset Value per Class D H EUR Redeemable Participating Share 14 €108.55 - - € 87.96 - -

Number of Class D H EUR2 Redeemable Participating Shares in Issue 9 - - - - - - - - Net Asset Value per Class D H EUR2 Redeemable Participating Share 14 - - - - - - - -

Number of Class D H GBP Redeemable Participating Shares in Issue 9 - - - - 1,171,729 - - Net Asset Value per Class D H GBP Redeemable Participating Share 14 - - - - GBP 82.95 - -

Number of Class D H GBP Redeemable Participating Shares in Issue 9 836 - 318 - - - - - Net Asset Value per Class D H GBP Redeemable Participating Share 14 GBP116.52 - GBP95.35 - - - - - Number of Class D H USD Redeemable Participating Shares in Issue 9 - - 40,711 482,625 - - - Net Asset Value per Class D H USD Redeemable Participating Share 14 - - US$100.73 US$88.56 - - - Number of Class D JPY Redeemable Participating Shares in Issue 9 - - - - 231,681 - - - Net Asset Value per Class D JPY Redeemable Participating Share 14 - - - - ¥ 9,132.49 - - - Number of Class D USD Redeemable Participating Shares in Issue 9 155,394 - - - - - - Net Asset Value per Class D USD Redeemable Participating Share 14 US$121.80 - - - - - -



18

Net Asset Value per Redeemable Participating Shares (continued) Notes

GLG

Global

Equity

GLG

Global

Convertible

UCITS

GLG

European

Equity

GLG

Global

Sustainability

Equity

GLG

Japan

CoreAlpha

Equity

GLG

Emerging

Asia

Equity

GLG

Emerging

Europe

Equity

GLG

Frontier

Markets

Equity

Number of Class DL H EUR Redeemable Participating Shares in Issue 9 - 460,612 - - - - - - Net Asset Value per Class DL H EUR Redeemable Participating Share 14 - €118.30 - - - - - - Number of Class DL H GBP Redeemable Participating Shares in Issue 9 - 6,053 - - - - - - Net Asset Value per Class DL H GBP Redeemable Participating Share 14 - GBP 105.34 - - - - - - Number of Class DL USD Redeemable Participating Shares in Issue 9 - 402,167 - - - - - - Net Asset Value per Class DL USD Redeemable Participating Share 14 - US$131.36 - - - - - - Number of Class I EUR Redeemable Participating Shares in Issue 9 305,829 - 4,109 - 231,552 - - - Net Asset Value per Class I EUR Redeemable Participating Share 14 €101.29 - €78.43 - € 99.64 - - - Number of Class I GBP Redeemable Participating Shares in Issue 9 217,587 - - - 192,592 - - - Net Asset Value per Class I GBP Redeemable Participating Share 14 GBP98.82 - - - GBP91.67 - - - Number of Class I H CHF Redeemable Participating Shares in Issue 9 - - - - 10,000 - - - Net Asset Value per Class I H CHF Redeemable Participating Share 14 - - - - CHF 117.01 - - - Number of Class I H GBP Redeemable Participating Shares in Issue 9 75,442 - - 211,978 3,595,134 - - - Net Asset Value per Class I H GBP Redeemable Participating Share 14 GBP102.92 - - GBP94.76 GBP 88.72 - - - Number of Class I H EUR Redeemable Participating Shares in Issue 9 12,988 - - - 933,090 - - -Net Asset Value per Class I H EUR Redeemable Participating Share 14 €109.77 - - - € 90.09 - - - Number of Class I H USD Redeemable Participating Shares in Issue 9 - - 540 - 2,680,460 - - -Net Asset Value per Class I H USD Redeemable Participating Share 14 - - US$110.39 - US$ 92.33 - - - Number of Class I JPY Redeemable Participating Shares in Issue 9 - - - - 2,413,730 - - -Net Asset Value per Class I JPY Redeemable Participating Share 14 - - - - ¥ 9,333.71 - - -



19


GLG

Global

Equity

GLG

Global

Convertible

UCITS

GLG

European

Equity

GLG

Global

Sustainability

Equity

GLG

Japan

CoreAlpha

Equity

GLG

Emerging

Asia

Equity

GLG

Emerging

Europe

Equity

GLG

Frontier

Markets

Equity

Number of Class I USD Redeemable Participating Shares in Issue 9 60,915 - - - 2,710 - - - Net Asset Value per Class I USD Redeemable Participating Share 14 US$ 67.99 - - - US$ 88.12 - - - Number of Class IH Redeemable Participating Shares in Issue 9 - - - - - - - - Net Asset Value per Class IH Redeemable Participating Share 14 - - - - - - - - Number of Class IL H EUR Redeemable Participating Shares in Issue 9 - 896,414 - - - - - - Net Asset Value per Class IL H EUR Redeemable Participating Share 14 - € 99.76 - - - - - - Number of Class IL H JPY Redeemable Participating Shares in Issue 9 - - - - - - - - Net Asset Value per Class IL H JPY Redeemable Participating Share 14 - - - - - - - - Number of Class IL USD Redeemable Participating Shares in Issue 9 - 17,972 - - - - - - Net Asset Value per Class IL USD Redeemable Participating Share 14 - US$104.57 - - - - - - Number of Class IM H EUR Redeemable Participating Shares in Issue 9 - 432,103 - - - - - - Net Asset Value per Class IM H EUR Redeemable Participating Share 14 - €130.28 - - - - - - Number of Class IM H GBP Redeemable Participating Shares in Issue 9 - 9,537 - - - - - - Net Asset Value per Class IM H GBP Redeemable Participating Share 14 - GBP133.35 - - - - - - Number of Class IM USD Redeemable Participating Shares in Issue 9 - 60,180 - - - - - - Net Asset Value per Class IM USD Redeemable Participating Share 14 - US$132.55 - - - - - - Number of Class N Redeemable Participating Shares in Issue 9 - - - - - - - - Net Asset Value per Class N Redeemable Participating Share 14 - - - - - - - - Number of Class DH NOK Redeemable Participating Shares in Issue 9 - - 142,491 - - - - - Net Asset Value per Class DH NOK Redeemable Participating Share 14 - - NOK109.41 - - - - -



20


GLG

Global

Emerging

Markets

Equity

GLG

Latin

American

Equity

GLG

MENA

Equity Number of Class D EUR Redeemable Participating Shares in Issue 9 - - -Net Asset Value per Class D EUR Redeemable Participating Share 14 - - - Number of Class D H CHF Redeemable Participating Shares in Issue 9 - - -Net Asset Value per Class D H CHF Redeemable Participating Share 14 - - - Number of Class D H EUR Redeemable Participating Shares in Issue 9 - - -Net Asset Value per Class D H EUR Redeemable Participating Share 14 - - - Number of Class D H EUR2 Redeemable Participating Shares in Issue 9 - - -Net Asset Value per Class D H EUR2 Redeemable Participating Share 14 - - - Number of Class D H GBP Redeemable Participating Shares in Issue 9 - - -Net Asset Value per Class D H GBP Redeemable Participating Share 14 - - - Number of Class D H T GBP Redeemable Participating Shares in Issue 9 - - -Net Asset Value per Class D H T GBP Redeemable Participating Share 14 - - - Number of Class D H USD Redeemable Participating Shares in Issue 9 - - -Net Asset Value per Class D H USD Redeemable Participating Share 14 - - - Number of Class D T JPY Redeemable Participating Shares in Issue 9 - - -Net Asset Value per Class D T JPY Redeemable Participating Share 14 - - - Number of Class D USD Redeemable Participating Shares in Issue 9 - - -Net Asset Value per Class D USD Redeemable Participating Share 14 - - - Number of Class DL H EUR Redeemable Participating Shares in Issue 9 - - -Net Asset Value per Class DL H EUR Redeemable Participating Share 14 - - - Number of Class DL H GBP Redeemable Participating Shares in Issue 9 - - -Net Asset Value per Class DL H GBP Redeemable Participating Share 14 - - -



21


GLG

Global

Emerging

Markets

Equity

GLG

Latin

American

Equity

GLG

MENA

Equity Number of Class DL USD Redeemable Participating Shares in Issue 9 - - -Net Asset Value per Class DL USD Redeemable Participating Share 14 - - -

Number of Class I EUR Redeemable Participating Shares in Issue 9 - - -Net Asset Value per Class I EUR Redeemable Participating Share 14 - - -

Number of Class I GBP Redeemable Participating Shares in Issue 9 - - -Net Asset Value per Class I GBP Redeemable Participating Share 14 - - -

Number of Class I H CHF Redeemable Participating Shares in Issue 9 - - -Net Asset Value per Class I H CHF Redeemable Participating Share 14 - - - Number of Class I H GBP Redeemable Participating Shares in Issue 9 206,749 -Net Asset Value per Class I H GBP Redeemable Participating Share 14 GBP94.58 - Number of Class I H EUR Redeemable Participating Shares in Issue 9 - - -Net Asset Value per Class I H EUR Redeemable Participating Share 14 - - -

Number of Class I H USD Redeemable Participating Shares in Issue 9 - - -Net Asset Value per Class I H USD Redeemable Participating Share 14 - - -

Number of Class I T JPY Redeemable Participating Shares in Issue 9 - - -Net Asset Value per Class I T JPY Redeemable Participating Share 14 - - -

Number of Class I USD Redeemable Participating Shares in Issue 9 - - -Net Asset Value per Class I USD Redeemable Participating Share 14 - - -

Number of Class IH Redeemable Participating Shares in Issue 9 - - -Net Asset Value per Class IH Redeemable Participating Share 14 - - -

Number of Class IL H EUR Redeemable Participating Shares in Issue 9 - - -Net Asset Value per Class IL H EUR Redeemable Participating Share 14 - - -


GLG Investments plc Statement of Assets and Liabilities as at 31 December 2011

23

GLG

Balanced

GLG

Capital

Appreciation

GLG

Global

Equity

GLG

Global

Convertible

UCITS

GLG

European

Equity

GLG

North

American

Equity

GLG

UK Select

Equity

GLG

Global

Sustainability

Equity Notes US$ US$ US$ US$ € US$ £ € Assets Financial assets at fair value through profit or loss:

Equities and managed funds 3,4 - - 28,058,473 10,684,036 11,223,844 - - 16,979,093 Interest bearing securities 3,4 - - - 255,612,338 79,705 - - - Derivatives 3,4,8 - - 1,107,336 4,178,591 1,275,786 - - 786,959

Cash 12 38,877 193 6,920,296 8,088,274 10,237,591 21,566 30,424 2,927,268 Due from brokers 12 - 86,635 768,508 3,794,581 864,488 44,236 1,487 105,247 Accrued income 126 8,317 53,888 2,613,594 86,934 774 6,333 7,481 Other receivables 6 - - 7,632 27,164 42,961 - - 5,509 Total Assets 39,003 95,145 36,916,133 284,998,578 23,811,309 66,576 38,244 20,811,557 Liabilities Financial liabilities at fair value through profit or loss:

Equities and managed funds 3,4 - - - - - - - 37,801 Derivatives 3,4,8 - - 1,071,307 3,579,320 569,597 - - 307,057

Due to brokers 12 8,176 30,337 121,392 13,340 67,659 3,763 18,049 52,924 Due to Lehman and associated entities - - - 2,753,135 - - - - Accrued expenses 30,827 64,808 181,498 1,460,196 163,318 62,813 20,195 71,339 Other payables 7 - - 984,608 3,381,820 30 - - - Liabilities (excluding Net Assets Attributable to Holders of Redeemable Participating Shares) 39,003 95,145 2,358,805 11,187,811 800,604 66,576 38,244 469,121 Net Assets Attributable to Holders of Redeemable Participating Shares - - 34,557,328 273,810,767 23,010,705 - - 20,342,436



24

GLG

Japan

CoreAlpha

Equity

GLG

Emerging

Asia

Equity

GLG

Emerging

Europe

Equity

GLG

Frontier

Markets

Equity

GLG

Global

Emerging

Markets

Equity

GLG

Latin

American

Equity

2011 Combined

Company Notes ¥ US$ US$ US$ US$ US$ US$ Assets Financial assets at fair value through profit or loss:

Equities and managed funds 3,4 86,913,740,192 7,227,323 7,719,289 6,745,875 8,323,898 9,963,422 1,244,963,920 Interest bearing securities 3,4 - - - - - - 255,715,807 Derivatives 3,4,8 99,413,998 3,259,548 1,460,296 5,210,506 2,214,886 568,588 21,969,591

Cash 12 159,144,355 103,993 324,222 148,074 51,055 76,731 34,978,880 Due from brokers 12 - - - - - - 5,955,128 Accrued income 21,538 911 5,916 504 8,654 28,573 2,853,944 Other receivables 73,216,309 - - - - - 1,049,320 Total Assets 87,245,536,392 10,591,775 9,509,723 12,104,959 10,598,493 10,637,314 1,567,486,590 Liabilities Financial liabilities at fair value through profit or loss:

Equities and managed funds 3,4 - - - - - - 49,071 Derivatives 3,4,8 971,032,677 30,607 33,469 24,637 32,880 35,775 18,566,667

Due to brokers 12 1,618,704 284 295 291 292 292 384,085 Due to Lehman and associated entities - - - - - - 2,753,135 Accrued expenses 121,780,476 73,505 74,718 74,238 72,057 73,184 4,086,646 Other payables 7 166,643,221 - - - - 27 6,532,379 Liabilities (excluding Net Assets Attributable to Holders of Redeemable Participating Shares) 1,261,075,078 104,396 108,482 99,166 105,229 109,278 32,371,983 Net Assets Attributable to Holders of Redeemable Participating Shares 85,984,461,314 10,487,379 9,401,241 12,005,793 10,493,264 10,528,036 1,535,114,607



25

Net Asset Value per Redeemable Participating Shares Notes

GLG

Balanced

GLG

Capital

Appreciation

GLG

Global

Equity

GLG

Global

Convertible

UCITS

GLG

European

Equity

GLG

North

American

Equity

GLG

UK Select

Equity

GLG

Global

Sustainability

Equity

Number of Class D EUR Redeemable Participating Shares in Issue 9 - - - - 35,666 - - 298 Net Asset Value per Class D EUR Redeemable Participating Share 14 - - - - €105.67 - - €55.44 Number of Class D EUR2 Redeemable Participating Shares in Issue 9 - - - - 4,389 - - - Net Asset Value per D EUR2 GBP Redeemable Participating Share 14 - - - - €124.09 - - - Number of Class D H EUR Redeemable Participating Shares in Issue 9 - - 48,878 - - - - - Net Asset Value per Class D H EUR Redeemable Participating Share 14 - - €95.67 - - - - - Number of Class D H EUR2 Redeemable Participating Shares in Issue 9 - - - - - - - - Net Asset Value per Class D H EUR2 Redeemable Participating Share 14 - - - - - - - - Number of Class D H GBP Redeemable Participating Shares in Issue 9 - - - - - - - - Net Asset Value per Class D H GBP Redeemable Participating Share 14 - - - - - - - - Number of Class D H T EUR Redeemable Participating Shares in Issue 9 - - 109,518 - - - - - Net Asset Value per Class D H T EUR Redeemable Participating Share 14 - - €103.89 - - - - - Number of Class D H T EUR2 Redeemable Participating Shares in Issue 9 - - 1,841 - - - - - Net Asset Value per Class D H T EUR2 Redeemable Participating Share 14 - - €114.23 - - - - - Number of Class D H T GBP Redeemable Participating Shares in Issue 9 - - 445 - 469 - - - Net Asset Value per Class D H T GBP Redeemable Participating Share 14 - - GBP102.07 - GBP84.39 - - - Number of Class D H T USD Redeemable Participating Shares in Issue 9 - - - - 34,079 - - - Net Asset Value per Class D H T USD Redeemable Participating Share 14 - - - - US$114.11 - - -



26


GLG

Balanced

GLG

Capital

Appreciation

GLG

Global

Equity

GLG

Global

Convertible

UCITS

GLG

European

Equity

GLG

North

American

Equity

GLG

UK Select

Equity

GLG

Global

Sustainability

Equity

Number of Class D H USD Redeemable Participating Shares in Issue 9 - - - - - - - - Net Asset Value per Class D H USD Redeemable Participating Share 14 - - - - - - - - Number of Class D T EUR Redeemable Participating Shares in Issue 9 - - - - 48,509 - - 5,604 Net Asset Value per Class D T EUR Redeemable Participating Share 14 - - - - €108.43 - - €60.00 Number of Class D T EUR2 Redeemable Participating Shares in Issue 9 - - - - 3,946 - - - Net Asset Value per Class D T EUR2 Redeemable Participating Share 14 - - - - €125.03 - - - Number of Class D T JPY Redeemable Participating Shares in Issue 9 - - - - - - - - Net Asset Value per Class D T JPY Redeemable Participating Share 14 - - - - - - - - Number of Class D T USD Redeemable Participating Shares in Issue 9 - - 42,945 - - - - - Net Asset Value per Class D T USD Redeemable Participating Share 14 - - US$116.41 - - - - - Number of Class D T USD2 Redeemable Participating Shares in Issue 9 - - 2,569 - - - - - Net Asset Value per Class D T USD2 Redeemable Participating Share 14 - - US$132.27 - - - - - Number of Class D USD Redeemable Participating Shares in Issue 9 - - 15,521 - - - - - Net Asset Value per Class D USD Redeemable Participating Share 14 - - US$106.69 - - - - - Number of Class DL H EUR Redeemable Participating Shares in Issue 9 - - - 219,044 - - - - Net Asset Value per Class DL H EUR Redeemable Participating Share 14 - - - €106.45 - - - - Number of Class DL H EUR2 Redeemable Participating Shares in Issue 9 - - - 17,520 - - - - Net Asset Value per Class DL H EUR2 Redeemable Participating Share 14 - - - €114.83 - - - - Number of Class DL H T EUR Redeemable Participating Shares in Issue 9 - - - 349,893 - - - - Net Asset Value per Class DL H T EUR Redeemable Participating Share 14 €109.10 - Number of Class DL H T EUR1 Redeemable Participating Shares in Issue 9 - - - 10,114 - - - - Net Asset Value per Class DL H T EUR1 Redeemable Participating Share 14 - - - €160.21 - - - -



27


GLG

Balanced

GLG

Capital

Appreciation

GLG

Global

Equity

GLG

Global

Convertible

UCITS

GLG

European

Equity

GLG

North

American

Equity

GLG

UK Select

Equity

GLG

Global

Sustainability

Equity

Number of Class DL H T EUR2 Redeemable Participating Shares in Issue 9 - - - 28,146 - - - - Net Asset Value per Class DL H T EUR2 Redeemable Participating Share 14 - - - €149.26 - - - -

Number of Class DL H T GBP Redeemable Participating Shares in Issue 9 - - - 3,812 - - - - Net Asset Value per Class DL H T GBP Redeemable Participating Share 14 - - - GBP87.29 - - - -

Number of Class DL T USD Redeemable Participating Shares in Issue 9 - - - 53,280 - - - - Net Asset Value per DL T USD Redeemable Participating Share 14 - - - US$118.92 - - - -

Number of Class DL T USD2 Redeemable Participating Shares in Issue 9 - - - 23,210 - - - - Net Asset Value per Class DL T USD2 Redeemable Participating Share 14 - - - US$171.34 - - - -

Number of Class DL USD Redeemable Participating Shares in Issue 9 - - - 153,943 - - - - Net Asset Value per Class DL USD Redeemable Participating Share 14 - - - US$118.26 - - - -

Number of Class I EUR Redeemable Participating Shares in Issue 9 - - - - 121,079 - - - Net Asset Value per Class I EUR Redeemable Participating Share 14 - - - - €69.29 - - - Number of Class I GBP Redeemable Participating Shares in Issue 9 - - - - - - - - Net Asset Value per Class I GBP Redeemable Participating Share 14 - - - - - - - - Number of Class I H EUR Redeemable Participating Shares in Issue 9 - - - - - - - - Net Asset Value per Class I H EUR Redeemable Participating Share 14 - - - - - - - - Number of Class I H GBP Redeemable Participating Shares in Issue 9 - - - - - - - 202,745 Net Asset Value per Class I H GBP Redeemable Participating Share 14 - - - - - - - GBP82.36



28


GLG

Balanced

GLG

Capital

Appreciation

GLG

Global

Equity

GLG

Global

Convertible

UCITS

GLG

European

Equity

GLG

North

American

Equity

GLG

UK Select

Equity

GLG

Global

Sustainability

Equity

Number of Class I H T EUR Redeemable Participating Shares in Issue 9 - - 10,297 - - - - - Net Asset Value per Class I H T EUR Redeemable Participating Share 14 - - €159.20 - - - - - Number of Class I H T USD Redeemable Participating Shares in Issue 9 - - - - 8,767 - - - Net Asset Value per Class I H T USD Redeemable Participating Share 14 - - - - US$180.03 - - - Number of Class I H USD Redeemable Participating Shares in Issue 9 - - - - - - - - Net Asset Value per Class I H USD Redeemable Participating Share 14 - - - - - - - - Number of Class I T EUR Redeemable Participating Shares in Issue 9 - - - - 1,858 - - - Net Asset Value per Class I T EUR Redeemable Participating Share 14 - - - - €159.09 - - - Number of Class I T JPY Redeemable Participating Shares in Issue 9 - - - - - - - - Net Asset Value per Class I T JPY Redeemable Participating Share 14 - - - - - - - - Number of Class I T USD Redeemable Participating Shares in Issue 9 - - 9,930 - - - - - Net Asset Value per Class I T USD Redeemable Participating Share 14 - - US$257.92 - - - - - Number of Class I USD Redeemable Participating Shares in Issue 9 - - 28,576 - - - - - Net Asset Value per Class I USD Redeemable Participating Share 14 - - US$59.11 - - - - -

Number of Class IL H EUR Redeemable Participating Shares in Issue 9 - - - 762,524 - - - - Net Asset Value per Class IL H EUR Redeemable Participating Share 14 - - - €88.99 - - - -

Number of Class IL H T EUR Redeemable Participating Shares in Issue 9 - - - 37,099 - - - - Net Asset Value per Class IL H T EUR Redeemable Participating Share 14 - - - €131.86 - - - -



29


GLG

Balanced

GLG

Capital

Appreciation

GLG

Global

Equity

GLG

Global

Convertible

UCITS

GLG

European

Equity

GLG

North

American

Equity

GLG

UK Select

Equity

GLG

Global

Sustainability

Equity

Number of Class IL H T EUR-B Redeemable Participating Shares in Issue 9 - - - 42,037 - - - - Net Asset Value per Class IL H T EUR-B Redeemable Participating Share 14 - - - €183.25 - - - - Number of Class IL T USD Redeemable Participating Shares in Issue 9 - - - 2,681 - - - - Net Asset Value per Class IL T USD Redeemable Participating Share 14 - - - US$199.42 - - - - Number of Class IL USD Redeemable Participating Shares in Issue 9 - - - 31,105 - - - - Net Asset Value per Class IL USD Redeemable Participating Share 14 - - - US$92.82 - - - - Number of Class IM H EUR Redeemable Participating Shares in Issue 9 - - - 201,182 - - - - Net Asset Value per Class IM H EUR Redeemable Participating Share 14 - - - €115.72 - - - - Number of Class IM H GBP Redeemable Participating Shares in Issue 9 - - - 732 - - - - Net Asset Value per Class IM H GBP Redeemable Participating Share 14 - - - GBP118.10 - - - - Number of Class IM H T EUR Redeemable Participating Shares in Issue 9 - - - 23,885 - - - - Net Asset Value per Class IM H T EUR Redeemable Participating Share 14 - - - €100.41 - - - - Number of Class IM T USD Redeemable Participating Shares in Issue 9 - - - 2,500 - - - - Net Asset Value per Class IM T USD Redeemable Participating Share 14 - - - US$95.35 - - - - Number of Class IM USD Redeemable Participating Shares in Issue 9 - - - 112,859 - - - - Net Asset Value per Class IM USD Redeemable Participating Share 14 - - - US$117.02 - - - -



30


GLG

Japan

CoreAlpha

Equity

GLG

Emerging

Asia

Equity

GLG

Emerging

Europe

Equity

GLG

Frontier

Markets

Equity

GLG

Global

Emerging

Markets

Equity

GLG

Latin

American

Equity

Number of Class D EUR Redeemable Participating Shares in Issue 9 - - - - - -Net Asset Value per Class D EUR Redeemable Participating Share 14 - - - - - - Number of Class D EUR2 Redeemable Participating Shares in Issue 9 - - - - - -Net Asset Value per D EUR2 GBP Redeemable Participating Share 14 - - - - - -

Number of Class D H EUR Redeemable Participating Shares in Issue 9 609,074 - - - - -Net Asset Value per Class D H EUR Redeemable Participating Share 14 €78.04 - - - - - Number of Class D H EUR2 Redeemable Participating Shares in Issue 9 - - - - - -Net Asset Value per Class D H EUR2 Redeemable Participating Share 14 - - - - - - Number of Class D H GBP Redeemable Participating Shares in Issue 9 1,287,659 - - - - -Net Asset Value per Class D H GBP Redeemable Participating Share 14 GBP72.62 - - - - - Number of Class D H T EUR Redeemable Participating Shares in Issue 9 - - - - - -Net Asset Value per Class D H T EUR Redeemable Participating Share 14 - - - - - - Number of Class D H T EUR2 Redeemable Participating Shares in Issue 9 - - - - - -Net Asset Value per Class D H T EUR2 Redeemable Participating Share 14 - - - - - - Number of Class D H T GBP Redeemable Participating Shares in Issue 9 - - - - - -Net Asset Value per Class D H T GBP Redeemable Participating Share 14 - - - - - - Number of Class D H T USD Redeemable Participating Shares in Issue 9 - - - - - -Net Asset Value per Class D H T USD Redeemable Participating Share 14 - - - - - -



31


GLG

Japan

CoreAlpha

Equity

GLG

Emerging

Asia

Equity

GLG

Emerging

Europe

Equity

GLG

Frontier

Markets

Equity

GLG

Global

Emerging

Markets

Equity

GLG

Latin

American

Equity

Number of Class D H USD Redeemable Participating Shares in Issue 9 331,263 - - - - - Net Asset Value per Class D H USD Redeemable Participating Share 14 US$77.26 - - - - - Number of Class D T EUR Redeemable Participating Shares in Issue 9 - - - - - - Net Asset Value per Class D T EUR Redeemable Participating Share 14 - - - - - - Number of Class D T EUR2 Redeemable Participating Shares in Issue 9 - - - - - - Net Asset Value per Class D T EUR2 Redeemable Participating Share 14 - - - - - - Number of Class D T JPY Redeemable Participating Shares in Issue 9 511,124 - - - - - Net Asset Value per Class D T JPY Redeemable Participating Share 14 ¥7,861 - - - - - Number of Class D T USD Redeemable Participating Shares in Issue 9 - - - - - Net Asset Value per Class D T USD Redeemable Participating Share 14 - - - - - Number of Class D T USD2 Redeemable Participating Shares in Issue 9 - - - - - - Net Asset Value per Class D T USD2 Redeemable Participating Share 14 - - - - - - Number of Class D USD Redeemable Participating Shares in Issue 9 - - - - - - Net Asset Value per Class D USD Redeemable Participating Share 14 - - - - - - Number of Class DL H EUR Redeemable Participating Shares in Issue 9 - - - - - - Net Asset Value per Class DL H EUR Redeemable Participating Share 14 - - - - - - Number of Class DL H EUR2 Redeemable Participating Shares in Issue 9 - - - - - - Net Asset Value per Class DL H EUR2 Redeemable Participating Share 14 - - - - - - Number of Class DL H T EUR Redeemable Participating Shares in Issue 9 - - - - - - Net Asset Value per Class DL H T EUR Redeemable Participating Share 14 - - - - - - Number of Class DL H T EUR1 Redeemable Participating Shares in Issue 9 - - - - - - Net Asset Value per Class DL H T EUR1 Redeemable Participating Share 14 - - - - - -



32


GLG

Japan

CoreAlpha

Equity

GLG

Emerging

Asia

Equity

GLG

Emerging

Europe

Equity

GLG

Frontier

Markets

Equity

GLG

Global

Emerging

Markets

Equity

GLG

Latin

American

Equity Number of Class DL H T EUR2 Redeemable Participating Shares in Issue 9 - - - - - -Net Asset Value per Class DL H T EUR2 Redeemable Participating Share 14 - - - - - - - - - - - -Number of Class DL H T GBP Redeemable Participating Shares in Issue 9 - - - - - -Net Asset Value per Class DL H T GBP Redeemable Participating Share 14 - - - - - - - - - - - -Number of Class DL T USD Redeemable Participating Shares in Issue 9 - - - - - -Net Asset Value per DL T USD Redeemable Participating Share 14 - - - - - - - - - - - -Number of Class DL T USD2 Redeemable Participating Shares in Issue 9 - - - - - -Net Asset Value per Class DL T USD2 Redeemable Participating Share 14 - - - - - - - - - - - -Number of Class DL USD Redeemable Participating Shares in Issue 9 - - - - - -Net Asset Value per Class DL USD Redeemable Participating Share 14 - - - - - - Number of Class I EUR Redeemable Participating Shares in Issue 9 127,931 - - - - -Net Asset Value per Class I EUR Redeemable Participating Share 14 €97.33 - - - - - Number of Class I GBP Redeemable Participating Shares in Issue 9 242,301 - - - - -Net Asset Value per Class I GBP Redeemable Participating Share 14 GBP92.09 - - - - - Number of Class I H EUR Redeemable Participating Shares in Issue 9 648,088 - - - - -Net Asset Value per Class I H EUR Redeemable Participating Share 14 €79.33 - - - - - Number of Class I H GBP Redeemable Participating Shares in Issue 9 2,627,732 87,849 86,561 89,615 87,102 84,179Net Asset Value per Class I H GBP Redeemable Participating Share 14 GBP77.07 GBP76.82 GBP69.88 GBP86.20 GBP77.52 GBP80.47



33


GLG

Japan

CoreAlpha

Equity

GLG

Emerging

Asia

Equity

GLG

Emerging

Europe

Equity

GLG

Frontier

Markets

Equity

GLG

Global

Emerging

Markets

Equity

GLG

Latin

American

Equity

Number of Class I H T EUR Redeemable Participating Shares in Issue 9 - - - - - - Net Asset Value per Class I H T EUR Redeemable Participating Share 14 - - - - - -

Number of Class I H T USD Redeemable Participating Shares in Issue 9 - - - - - - Net Asset Value per Class I H T USD Redeemable Participating Share 14 - - - - - - Number of Class I H USD Redeemable Participating Shares in Issue 9 1,094,134 - - - - - Net Asset Value per Class I H USD Redeemable Participating Share 14 US$79.93 - - - - -

Number of Class I T EUR Redeemable Participating Shares in Issue 9 - - - - - - Net Asset Value per Class I T EUR Redeemable Participating Share 14 - - - - - -

Number of Class I T JPY Redeemable Participating Shares in Issue 9 3,019,530 - - - - - Net Asset Value per Class I T JPY Redeemable Participating Share 14 ¥7,973 - - - - -

Number of Class I T USD Redeemable Participating Shares in Issue 9 - - - - - -

Net Asset Value per Class I T USD Redeemable Participating Share 14 - - - - - -

Number of Class I USD Redeemable Participating Shares in Issue 9 321 - - - - - Net Asset Value per Class I USD Redeemable Participating Share 14 US$86.34 - - - - - Number of Class IL H EUR Redeemable Participating Shares in Issue 9 - - - - - -Net Asset Value per Class IL H EUR Redeemable Participating Share 14 - - - - - - Number of Class IL H T EUR Redeemable Participating Shares in Issue 9 - - - - - -Net Asset Value per Class IL H T EUR Redeemable Participating Share 14 - - - - - -



34


GLG

Japan

CoreAlpha

Equity

GLG

Emerging

Asia

Equity

GLG

Emerging

Europe

Equity

GLG

Frontier

Markets

Equity

GLG

Global

Emerging

Markets

Equity

GLG

Latin

American

Equity Number of Class IL H T EUR-B Redeemable Participating Shares in Issue 9 - - - - - -

Net Asset Value per Class IL H T EUR-B Redeemable Participating Share 14 - - - - - -

Number of Class IL T USD Redeemable Participating Shares in Issue 9 - - - - - -

Net Asset Value per Class IL T USD Redeemable Participating Share 14 - - - - - -

Number of Class IL USD Redeemable Participating Shares in Issue 9 - - - - - -

Net Asset Value per Class IL USD Redeemable Participating Share 14 - - - - - -

Number of Class IM H EUR Redeemable Participating Shares in Issue 9 - - - - - -

Net Asset Value per Class IM H EUR Redeemable Participating Share 14 - - - - - -

Number of Class IM H GBP Redeemable Participating Shares in Issue 9 - - - - - -

Net Asset Value per Class IM H GBP Redeemable Participating Share 14 - - - - - -

Number of Class IM H T EUR Redeemable Participating Shares in Issue 9 - - - - - -

Net Asset Value per Class IM H T EUR Redeemable Participating Share 14 - - - - - -

Number of Class IM T USD Redeemable Participating Shares in Issue 9 - - - - - -

Net Asset Value per Class IM T USD Redeemable Participating Share 14 - - - - - -

Number of Class IM USD Redeemable Participating Shares in Issue 9 - - - - - -

Net Asset Value per Class IM USD Redeemable Participating Share 14 - - - - - -


GLG Investments plc Statement of Operations for the year ended 31 December 2012 (continued)

36

GLG

Global

Emerging

Markets

Equity

GLG

Latin American

Equity

GLG

MENA

Equity

Combined

Company Notes US$ US$ US$ US$ Income Net gain/(loss) on financial assets and liabilities at fair value through profit or loss 15 4,695,333 1,949,195 2,471,304 251,438,705 Interest income on due from brokers 67 5,174 21 1,507,931 Total income 4,695,400 1,954,369 2,471,325 252,946,636 Expenses Management fees 5 47,362 11,177 120,009 17,450,284 Administration fees 5 28,964 12,251 48,004 5,244,756 Custody fees 5 47,311 5,544 65,990 1,002,415 Legal fees 20,446 5,895 17,161 950,543 Other expenses 259 (3,840) 62,945 789,821 Audit fees 9,449 2062 10,000 394,357 Performance fees 5 - - - 972,526 Directors' fees 1,781 (188) 127 32,072 Distribution fees 5 (15,992) - 5,523 Interest expense on due to brokers - - 1,111 241,627 Dividend expense - - - Interest expense on overdrafts 4,287 347 1,746 897,418 Formation cost - - - - Liquidation cost - - - 7,000 Total expenses 143,867 33,248 327,093 27,988,343 Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares from Operations 4,551,533 1,921,121 2,144,232 224,958,293 All recognised gains and losses for the year arose solely from continuing operations.


GLG Investments plc Statement of Operations for the year ended 31 December 2011

37

GLG

Balanced

GLG

Capital

Appreciation

GLG

Global

Equity

GLG

Global

Convertible

UCITS

GLG

European

Equity

GLG

North

American

Equity

GLG

UK Select

Equity

GLG

Global

Sustainability

Equity Notes US$ US$ US$ US$ € US$ £ € Income Net gain/(loss) on financial assets and liabilities at fair value through profit or loss 15 156,006 (112,352) (2,408,688) (32,936,175) (6,340,369) 8,704 (578) (5,834,596) Interest income on due from brokers - - 2,108 193,774 75,682 - - 18,947 Total income 156,006 (112,352) (2,406,580) (32,742,401) (6,264,687) 8,704 (578) (5,815,649) Expenses Management fees 5 52,301 221,207 971,070 7,316,260 763,115 105,797 19,285 324,340 Administration fees 5 59,227 63,388 149,919 1,623,597 145,977 72,814 37,764 78,029 Performance fees 5 - 446 92,749 869,364 146,753 28,137 - - Custody fees 5 15,913 3,797 82,471 204,730 (37,982) 37,227 11,490 30,733 Other expenses (10,617) 44,238 68,429 152,183 64,128 55,093 42,511 52,296 Legal fees 49,617 24,793 37,941 159,725 58,218 100,098 13,095 50,366 Distribution fees 5 2,554 17,016 13,260 320,529 35,001 - - - Interest expense on due to brokers - - 24,830 - 153,471 - - 9,773 Interest expense on overdrafts - - 92,487 719,971 17,853 143 44,528 26,764 Audit fees 11,917 7,823 16,955 18,917 7,204 33,062 15,693 16,462 Directors' fees 4,879 4,482 4,988 5,984 6,005 2,553 2,893 2,992 Total expenses 185,791 387,190 1,555,099 11,391,260 1,359,743 422,545 187,259 591,755 Decrease in Net Assets Attributable to Holders of Redeemable Participating Shares from Operations (29,785) (499,542) (3,961,679) (44,133,661) (7,624,430) (426,220) (187,837) (6,407,404) All recognised gains and losses for the year arose solely from continuing operations.


GLG Investments plc Statement of Operations for the year ended 31 December 2011 (continued)

38

GLG

Japan

CoreAlpha Equity

GLG

Emerging

Asia

Equity

GLG

Emerging

Europe

Equity

GLG

Frontier

Markets

Equity

GLG

Global

Emerging

Markets

Equity

GLG

Latin

American

Equity

Combined

Company Notes ¥ US$ US$ US$ US$ US$ US$ Income Net gain/(loss) on financial assets and liabilities at fair value through profit or loss 15 (26,828,985,130) (4,173,822) (5,262,370) (2,653,037) (4,169,772) (3,869,640) (362,460,505) Interest income on due from brokers - 16 - - 1,015 - 328,505 Total income (26,828,985,130) (4,173,806) (5,262,370) (2,653,037) (4,168,757) (3,869,640) (362,132,000) Expenses Management fees 5 829,110,017 44,470 43,065 48,813 44,688 44,287 20,848,735 Administration fees 5 266,047,442 24,390 24,499 24,495 24,419 24,387 5,804,766 Performance fees 5 - - - - - - 1,194,772 Custody fees 5 42,454,449 13,300 21,791 17,847 17,682 21,791 978,125 Other expenses 5,752,214 18,881 20,881 22,869 24,561 20,881 719,731 Legal fees (1,089,503) 29,827 29,827 29,827 29,827 29,827 679,626 Distribution fees 5 - - - - - - 402,032 Interest expense on due to brokers 2,160,639 - - - - - 278,976 Interest expense on overdrafts 8,292,919 3,249 2,628 3,621 3,104 267,453 1,330,279 Audit fees 2,042,404 20,942 9,942 9,942 9,942 9,942 233,117 Directors' fees 325,052 3,977 3,977 3,977 3,977 3,977 64,005 Total expenses 1,155,095,633 159,036 156,610 161,391 158,200 423,418 32,534,164 Decrease in Net Assets Attributable to Holders of Redeemable Participating Shares from Operations (27,984,080,763) (4,332,842) (5,418,980) (2,814,428) (4,326,957) (4,292,185) (394,666,164) All recognised gains and losses for the year arose solely from continuing operations.


GLG Investments plc Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the year ended 31 December 2012

39

GLG

Global

Equity

GLG

Global

Convertible

UCITS

GLG

European

Equity

GLG

Global

Sustainability

Equity

GLG

Japan

CoreAlpha

Equity

GLG

Emerging

Asia

Equity

GLG

Emerging

Europe

Equity

GLG

Frontier

Markets

Equity Notes US$ US$ € € ¥ US$ US$ US$ Net Assets Attributable to Holders of Redeemable Participating Shares at beginning of year 34,557,328 273,810,767 23,010,705 20,342,436 85,984,461,314 10,487,379 9,401,241 12,005,793 Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares from Operations 8,583,153 37,301,046 2,943,549 3,858,120 26,007,541,798 1,453,076 1,686,529 927,684 Subscriptions 9 123,019,721 222,053,072 19,127,710 1,324,580 75,784,187,959 - - - Redemptions 9 (31,577,373) (203,413,374) (27,971,191) (417,478) (53,736,678,007) (11,940,455) (11,087,770) (12,933,477) Net Assets Attributable to Holders of Redeemable Participating Shares at end of year 134,582,829 329,751,511 17,110,773 25,107,658 134,039,513,064 - - -


GLG Investments plc Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the year ended 31 December 2012 (continued)

40

GLG

Global

Emerging

Markets

Equity

GLG

Latin

American

Equity

GLG

MENA

Equity

Combined

Company Notes US$ US$ US$ US$ Net Assets Attributable to Holders of Redeemable Participating Shares at beginning of year 10,493,264 10,528,036 - 1,535,114,607 Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares from Operations 4,551,533 1,921,121 2,144,232 224,958,293 Subscriptions 9 28,775,870 - 23,726,885 1,374,192,150 Redemptions 9 (12,034,083) (12,449,157) (25,871,117) (1,031,646,537) Net Assets Attributable to Holders of Redeemable Participating Shares at end of year 31,786,584 - - 2,102,618,513


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

41

GLG

Balanced

GLG

Capital

Appreciation

GLG

Global

Equity

GLG

Global

Convertible

UCITS

GLG

European

Equity

GLG

North

American

Equity

GLG

UK Select

Equity

GLG

Global

Sustainability

Equity Notes US$ US$ US$ US$ € US$ £ € Net Assets Attributable to Holders of Redeemable Participating Shares at beginning of year 3,481,806 14,711,036 109,984,630 617,456,645 66,352,739 7,044,454 2,899,791 14,924,578 Decrease in Net Assets Attributable to Holders of Redeemable Participating Shares from Operations (29,785) (499,542) (3,961,679) (44,133,661) (7,624,430) (426,220) (187,837) (6,407,404) Subscriptions 9 - 56,132 3,807,888 287,343,858 16,612,395 64,765 238,134 24,406,513 Redemptions 9 (3,452,021) (14,267,626) (75,273,511) (586,856,075) (52,329,999) (6,682,999) (2,950,088) (12,581,251) Net Assets Attributable to Holders of Redeemable Participating Shares at end of year - - 34,557,328 273,810,767 23,010,705 - - 20,342,436


GLG Investments plc Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the year ended 31 December 2011 (continued)

42

GLG

Japan

CoreAlpha

Equity

GLG

Emerging

Asia

Equity

GLG

Emerging

Europe

Equity

GLG

Frontier

Markets

Equity

GLG

Global

Emerging

Markets

Equity

GLG

Latin

American

Equity

Combined

Company Notes ¥ US$ US$ US$ US$ US$ US$ Net Assets Attributable to Holders of Redeemable Participating Shares at beginning of year 39,889,424,855 - - - - - 1,358,080,194 Decrease in Net Assets Attributable to Holders of Redeemable Participating Shares from Operations (27,984,080,763) (4,332,842) (5,418,980) (2,814,428) (4,326,957) (4,292,185) (394,666,164) Subscriptions 9 140,148,455,467 20,049,000 20,049,000 20,049,000 20,049,000 20,049,000 2,209,205,409 Redemptions 9 (66,069,338,245) (5,228,779) (5,228,779) (5,228,779) (5,228,779) (5,228,779) (1,637,504,832) Net Assets Attributable to Holders of Redeemable Participating Shares at end of year 85,984,461,314 10,487,379 9,401,241 12,005,793 10,493,264 10,528,036 1,535,114,607


GLG Investments plc Notes to the Financial Statements for the year ended 31 December 2012

43

1. Establishment GLG Investments plc (the “Fund”) was incorporated as an investment company with variable capital and with segregated liability between sub-funds under the laws of Ireland as a public limited company on 1 August 1996 under registration number 252520. 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 (Undertaking for Collective Investment in Transferable Securities) Regulations 2011 (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 2, 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 eighteen Portfolios have been established. The investment objectives and policies of each Portfolio are detailed below. GLG Global Equity GLG Global Equity’s investment objective is to provide a high total return, measured in US Dollars, (for Class I USD, Class B, Class D USD and Class DH USD shares), in euro (for Class I EUR, Class DH EUR and Class IH EUR Shares) and in Sterling (for Class I GBP, Class IH GBP and Class D H GBP Shares) for a suitable long term appreciation of the investor’s capital. The Portfolio invests primarily in common stock and other equity securities but also invests in money market instruments, government and corporate bonds, bonds convertible into common stock, preferred shares and other fixed income and equity linked investments, which may include but are not limited to such instruments as stock options and equity swaps. The Portfolio invests in securities listed or traded on Recognised Markets in OECD member states and other countries. The Portfolio will be diversified with no more than 15% of the Portfolio’s investment in securities listed or traded on Recognised Markets in non-OECD countries and with no country outside the G-8 countries amounting to more than 15% of the Portfolio’s investments. The Portfolio may also hold ancillary liquid assets. The Portfolio’s net asset allocation can respond dynamically to the Investment Manager’s analysis of changing market trends and opportunities. The Investment Manager aims to achieve performance through owning a limited number of concentrated investments, subject to the restrictions described in the Prospectus of the Fund. The Portfolio may use currency transactions including forward currency contracts, currency swaps, foreign currency and other currency derivatives to alter the foreign currency exposure characteristics of the Portfolio or to maintain an active currency hedging strategy in respect of the Portfolio’s Share classes. As at 31 December 2012 Classes D USD, I USD, I EUR, D H EUR, I H EUR, D H GBP, I GBP and I H GBP were in operation and listed on the official list of the Irish Stock Exchange. GLG Global Convertible UCITS GLG Global Convertible UCITS’s investment objective is to achieve compounded appreciation of the investor’s capital measured in US Dollars (for Class IL USD, Class B, Class DL USD, and Class IM USD Shares), in euro (for Class DL H EUR, Class IL H EUR and Class IM H EUR Shares), in Sterling (for Class DL H GBP and Class IM H GBP Shares) and in Japanese Yen (for Class DL H JPY and Class IL H JPY Shares) through investing globally in an actively managed portfolio of convertible bonds, convertible preference shares, debt securities, warrants and other equity-linked securities, which may include but are not limited to such instruments as stock options and equity swaps, with less volatility than a portfolio of the underlying equities in the international securities markets. The Portfolio invests primarily in securities listed or traded on Recognised Markets in OECD member states and other countries. The Portfolio will be diversified with no more than 30% of the Portfolio’s investments in securities listed or traded on Recognised Markets in non-OECD countries. The Investment Manager will seek to reduce the Portfolio’s volatility through diversification and through active management of the three principal risk parameters; credit rating, conversion premium and premium to yield support. The Portfolio’s investments will be in accordance with the concentration and other restrictions described in the Prospectus of the Fund. In addition, the Directors have determined that no more than 30% of the net assets of the Portfolio will be held in non-investment grade. For the avoidance of doubt, the exposure will take into account direct or indirect exposure to non-investment grade securities, including convertible bonds and convertible preference securities, and shall be reduced by any relevant hedges, including synthetic short equity exposures. For these purposes, “investment grade” is defined as a rating of at least BBB- by S&P or Baa3 by Moodys or, where no such rating exists, as determined by the Investment Manager in good faith. The Portfolio may use currency transactions including forward currency contracts, currency swaps, foreign currency and other currency derivatives to alter the foreign currency exposure characteristics of the Portfolio or to maintain an active currency hedging strategy in respect of the Portfolio’s Share classes. The Portfolio may from time to time invest in asset swapped convertible options transactions (“ASCOTs”). An ASCOT consists of an option on a convertible bond that is used to separate the convertible bond into its two constituent parts, i.e. the bond and the option to acquire stock. ASCOTs will be used by the Investment Manager in an effort to protect the Portfolio against the potential impact of credit risk or interest rate risk in a particular convertible bond. In an ASCOT transaction, the Investment Manager sells a convertible bond in return for a combination of a cash payment and a call option which entitles the Investment Manager to repurchase the convertible bond on demand. The convertible bond is repurchased when the Investment Manager determines that it wishes to realise the value of any gain or loss on this call option. As at 31 December 2012 DL USD, IL USD, IM USD, DL H EUR, IL H EUR, IM H EUR, DL H GBP and IM H GBP were in operation and listed on the official list of the Irish Stock Exchange.

GLG Investments plc Notes to the Financial Statements for the year ended 31 December 2012 (continued)

44

1. Establishment (continued) GLG European Equity GLG European Equity’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 (for Class I H USD, Class B, Class C, and Class D H USD Shares), in euro (for Class I EUR, Class D EUR, Class J Shares), in Sterling (for Class D H T GBP Shares) and in NOK (for Class DH NOK Shares). The Portfolio invests at least two thirds of the net assets (after deduction of ancillary liquid assets) in equity securities (excluding securities convertible into equity securities) of issuers with a registered office in Europe or of issuers which derive a predominant part of their revenues from activities in Europe. 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 securities. The Portfolio invests not more than one third of its net assets (after deducting if ancillary liquid assets) in transferable money market securities (including certificates of deposit, commercial paper and bankers acceptances), government and corporate bonds, bonds convertible into common stock, preferred shares and other fixed income and equity linked investments, which may include but are not limited to such instruments as stock options and equity swaps, listed or traded on Recognised Markets. The Portfolio will be diversified with no more than 30% of the Portfolio’s investments in securities listed or traded on Recognised Markets in non-OECD countries. The Portfolio may also hold ancillary liquid assets such as time deposits. The Portfolio’s net asset allocation can respond dynamically to the Investment Manager’s analysis of changing market trends and opportunities. The Investment Manager aims to achieve performance through owning a limited number of concentrated investments, subject to the restrictions described in the Prospectus. The Portfolio may use currency transactions including forward currency contracts, currency swaps, foreign currency and other currency derivatives to alter the foreign currency exposure characteristics of the Portfolio or to maintain an active currency hedging strategy in respect of the Portfolio’s Share classes. As at 31 December 2012, Classes I H USD, D H USD, D EUR, I EUR, D H GBP and D H NOK were in operation and listed on the official list of the Irish Stock Exchange. GLG Global Sustainability Equity GLG Global Sustainability Equity’s investment objective is to provide investors with long term capital appreciation measured in euro (for Class D and Class DT Shares) and in Sterling (for Class IH Shares). The Portfolio will seek to achieve its investment objective by investing primarily in securities of issuers with exposure to capital investment in sustainability themes or who stand to benefit from such capital investment. For the purposes of this investment policy, "sustainability" is defined as the capital investment required to address demographic and environmental change through functional and cost efficiencies on a long-term basis. Sustainable companies are viewed as those best able to benefit economically both from industry trends, regulatory change, product cycle innovation and cost efficiencies as a result of the better management of energy, resources, environmental and demographic trends. There will be an emphasis on investment in securities of companies with exposure to sustainability themes that include (without limitation): (i) transportation, (ii) energy, (iii) food and agriculture, (iv) waste and water management, (v) manufacturing and industrials efficiencies, (vi) materials, (vii) resources management and (viii) demographic driven change. The Portfolio will seek to achieve its investment objective through a strategy of investment in listed equities. The Portfolio shall invest primarily in mid-to large-capitalisation common stocks and other equity and equity-linked securities (which may include but are not limited to such instruments as options and swaps) which are listed, traded or dealt on Recognised Markets and are issued by entities which the Investment Manager determines will stand to benefit from investment in sustainability strategies. The Portfolio will have a global focus and will not prioritise investment in any one geographical region. While the Portfolio will primarily invest in equity and equity-linked securities, it may also invest in other instruments such as global currencies, money market instruments (including certificates of deposit, commercial paper and bankers acceptances), fixed and floating rate instruments, investment grade and non-investment grade instruments, government or corporate bonds, bonds convertible into common stock, preferred shares and other fixed income investments rated above investment grade by a Recognised Rating Agency or determined by the Investment Manager to be of comparable quality. The Portfolio may hold ancillary liquid assets including term deposits. While the Portfolio will primarily invest in equity and equity-linked securities, it may also invest in open-ended collective investment schemes subject to the restrictions set out in paragraph (iii) of the section of the Prospectus entitled "Investment Powers and Restrictions". Investment in any one collective investment scheme will not exceed 10% of the Net Asset Value of the Portfolio. Subject to the preceding sentence, the Portfolio may invest in exchange-traded funds, which are typically open-end funds or unit investment trusts, listed on a Recognised Market.


45

1. Establishment (continued) GLG Global Sustainability Equity (continued) While the intention of the Investment Manager is to invest, in normal circumstances, in the investments referred to above, in exceptional market conditions or where the Investment Manager is of the opinion that there are insufficient investment opportunities in such securities, the Investment Manager may retain a significant proportion of the Portfolio in cash and/or invest a significant proportion of the Portfolio in liquid assets including cash equivalents and money market instruments. The Investment Manager may also hold cash and/or invest in liquid assets in order to comply with the requirements of the Prospectus, the UCITS Regulations and/or the Central Bank in relation to leverage and the cover of positions held through FDI. Subject to complying with the Portfolio's investment objective, the Portfolio may use financial derivative instruments ("FDI") to (i) obtain exposure to equity and other investments outlined above where the Investment Manager determines that the use of FDI is more efficient or cost effective than direct investment, (ii) take exposure to equity instruments related to the investment theme outlined above, (iii) take advantage of the Investment Manager's thematic analysis of sustainability investment, (iv) enter into currency transactions including forward currency contracts, currency swaps, currency options and foreign currency and other currency derivatives to alter the foreign currency exposure characteristics of the Portfolio or to maintain an active currency hedging strategy in respect of Share classes, or (v) for hedging purposes. For the avoidance of doubt, investment in FDI may not always meet sustainability criteria. Derivative instruments which may be used by the Portfolio include swaps (including contracts for differences), exchange traded and OTC call and put options and exchange traded and OTC futures and forward contracts. For example, contracts for differences may be used to secure a profit or avoid a loss by reference to fluctuations in the value or price of property of any description or in an index or other factor designated for that purpose in the contract. Swaps (including swaptions) may be used to achieve a profit as well as to hedge existing long positions. Where the Portfolio undertakes a "total return swap" in respect of equities, bonds or commodity indices, it will obtain a return which is based principally on the performance of the underlying assets of the swap plus or minus the financing charges agreed with the counterparty. Such swap arrangements involve the Portfolio taking on the same market risk as it would have if it held the underlying assets of the swap itself and the return sought is the same financial rewards as if the Portfolio held the underlying security or index, plus or minus the financing costs that would have occurred had the transaction been fully funded from the outset. Options may be used to hedge or to achieve exposure to a particular market instead of using a physical security. Futures contracts may be used to hedge against market risk or to gain exposure to a particular market or risk type. For example, the Investment Manager may use equity index futures to gain exposure to the desired equity markets. Forward contracts may be used to hedge or to gain exposure to a change in the value of an asset, currency or deposit. For the avoidance of doubt, any reference in this investment objective and policies to investment in securities by the Portfolio may be deemed also to refer to indirect investment in such securities through the use of FDI. The Investment Manager may take synthetic short positions to hedge certain long positions within the Portfolio. As with the Portfolio’s direct investments, the Investment Manager expects to take synthetic short positions primarily in respect of securities listed or traded on Recognised Markets. As at 31 December 2012, Classes D EUR and I H GBP were in operation and listed on the official list of the Irish Stock Exchange. GLG Japan CoreAlpha Equity The GLG Japan CoreAlpha Equity’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 (for Class D H USD, Class I USD and Class I H USD), in euro (for Class D H EUR, Class I EUR and Class I H EUR), in Yen (for Class D JPY and Class I JPY) and in Sterling (for Class D H GBP, Class I GBP and Class I H GBP). The Portfolio invests primarily in securities of issuers in Japan or of issuers which derive a substantial part of their revenues from activities in Japan. The Portfolio invests predominantly in common stocks, ADRs and other equity securities but may also invest in transferable money market securities (including certificates of deposit, commercial paper and bankers acceptances), fixed and floating rate government and corporate bonds, bonds convertible into common stock, preferred shares and other fixed income and equity linked investments, which may include but are not limited to such instruments as stock options and equity swaps, listed or traded on Recognised Markets. The Portfolio will be diversified with no more than 30% of the Portfolio’s investments in securities listed or traded on Recognised Markets in non-OECD countries. The Portfolio may also hold ancillary liquid assets such as time deposits. The Portfolio’s net asset allocation can respond dynamically to the Investment Manager’s analysis of changing market trends and opportunities. The Investment Manager aims to achieve performance through owning a limited number of concentrated investments, subject to the restrictions described in the Prospectus. The Portfolio may use currency transactions including forward currency contracts, currency swaps, foreign currency and other currency derivatives to alter the foreign currency exposure characteristics of the Portfolio or to maintain an active currency hedging strategy in respect of the Portfolio’s Share classes. As at 31 December 2012, Classes D H USD, I H USD, I USD, D H EUR, I H EUR, I EUR, D H GBP, I H GBP, I GBP, D JPY, I JPY, Class I H CHF and Class D H CHF were in operation and were listed on the official list of the Irish Stock Exchange.


46

1. Establishment (continued) GLG Global Emerging Markets Equity GLG Global Emerging Markets Equity’s investment objective is to provide long term capital appreciation.

The Portfolio will seek to achieve its investment objective by investing primarily in securities of issuers in emerging markets in Europe, Latin America, the Middle East, North Africa and the Pacific Basin or other emerging market regions (each a “Global Emerging” region) including without limitation, Brazil, Chile, Mexico, Russia, Turkey, Poland, Hungary, the Czech Republic, China, India, Korea, Taiwan, Thailand, South Africa, Saudi Arabia, Kuwait, Egypt, Qatar, and UAE or of issuers which derive a substantial part of their revenues from activities in Global Emerging regions.

The Portfolio will seek to achieve its investment objective by investing primarily in common stock and other equity and equity-linked securities (which may include but are not limited to warrants, convertible bonds, depository receipts, unleveraged participation notes designed to provide a return directly linked to the performance of a particular security, options and swaps) which are listed, traded or dealt on Recognised Markets and relate to a Global Emerging region. In determining whether a particular security or issuer relates to a Global Emerging region, the Investment Manager may have regard not only to the principal trading market for the stock or the place or incorporation of the issuer but also the location of its principal activities and business interests, source or revenue and location of its substantial assets. The Portfolio may invest the remainder in issuers or markets located outside Global Emerging regions. On 29 March 2012 GLG Global Emerging Markets Equity Shares were fully redeemed and Fund ceased its operations. However it was re-launched on 14 November 2012. As at 31 December 2012, Class I H GBP was in operation and were listed on the official list of the Irish Stock Exchange. GLG Frontier Markets Equity (ceased operations on 13 November 2012) GLG Frontier Markets Equity’s investment objective is to provide long term capital appreciation of the investor’s capital measured in Sterling (for Class I H GBP). The Portfolio will seek to achieve its investment objective by investing primarily in securities of issuers in countries deemed by the Investment Manager to be frontier markets (“Frontier Markets”), including without limitation, Kuwait, Qatar, the United Arab Emirates, Nigeria, Argentina, Pakistan, Oman, Kenya, Kazakhstan, Lebanon, Slovenia, Vietnam, Croatia, Bangladesh, Sri Lanka, Jordan, Romania, Trinidad & Tobago, Ukraine, Mauritius, Tunisia, Bahrain, Estonia, Serbia, Bulgaria, Lithuania, and Saudi Arabia or of issuers which derive a substantial part of their revenues from activities in Frontier Markets. The Investment Manager considers that Frontier Markets are similar to emerging markets. However, they have smaller and fewer companies, fewer investors and less trading than emerging markets. There is also less regulation, information on companies and transparency in Frontier Markets. It is generally expected that Frontier Markets will be the next generation of emerging markets. The Portfolio will seek to achieve its investment objective by investing primarily in common stock and other equity and equity-linked securities (which may include but are not limited to warrants, convertible bonds, depository receipts, unleveraged participation notes designed to provide a return directly linked to the performance of a particular security, options and swaps) which are listed, traded or dealt on Recognised Markets and relate to a Frontier Market. In determining whether a particular security or issuer relates to a Frontier Market, the Investment Manager may have regard not only to the principal trading market for the stock or the place or incorporation of the issuer but also the location of its principal activities and business interests, source or revenue and location of its substantial assets. The Portfolio may invest the remainder in issuers or markets located outside Frontier Markets. On 13 November 2012 GLG Frontier Markets Equity Shares were fully redeemed and Fund ceased its operations. GLG MENA Equity (ceased operations on 13 November 2012) GLG MENA Equity’s investment objective is to provide long term capital appreciation of the investor’s capital measured in Sterling (for Class I H GBP). The Portfolio will seek to achieve its investment objective by investing primarily in securities of issuers in Middle Eastern and North African countries (“MENA Countries”), including without limitation, Saudi Arabia, Kuwait, Egypt, Qatar, the United Arab Emirates, Morocco, Oman, Lebanon, Jordan, Bahrain, and Tunisia or of issuers which derive a substantial part of their revenues from activities in MENA Countries. The Portfolio will seek to achieve its investment objective by investing primarily in common stock and other equity and equity-linked securities (which may include but are not limited to warrants, convertible bonds, depository receipts, unleveraged participation notes designed to provide a return directly linked to the performance of a particular security, options and swaps) which are listed, traded or dealt on Recognised Markets and relate to a MENA Country. In determining whether a particular security or issuer relates to a MENA Country, the Investment Manager may have regard not only to the principal trading market for the stock or the place or incorporation of the issuer but also the location of its principal activities and business interests, source or revenue and location of its substantial assets. The Portfolio may invest the remainder in issuers or markets located outside MENA Countries. On 13 November 2012 GLG MENA Equity Shares were fully redeemed and Fund ceased its operations. GLG Emerging Asia Equity (ceased operations 29 March 2012) GLG Emerging Asia Equity’s investment objective is to provide long term capital appreciation. The Portfolio will seek to achieve its investment objective by investing primarily in securities of issuers in emerging Asian countries (“Emerging Asian Countries”), including without limitation, China, India, Indonesia, Korea, Malaysia, Philippines, Taiwan, and Thailand or of issuers which derive a substantial part of their revenues from activities in Emerging Asian Countries.


47

1. Establishment (continued)

GLG Emerging Asia Equity (ceased operations 29 March 2012) (continued) The Portfolio will seek to achieve its investment objective by investing primarily in common stock and other equity and equity-linked securities (which may include but are not limited to warrants, convertible bonds, depository receipts, unleveraged participation notes designed to provide a return directly linked to the performance of a particular security, options and swaps) which are listed, traded or dealt on Recognised Markets and relate to an Emerging Asian Country. In determining whether a particular security or issuer relates to an Emerging Asian Country, the Investment Manager may have regard not only to the principal trading market for the stock or the place or incorporation of the issuer but also the location of its principal activities and business interests, source or revenue and location of its substantial assets. The Portfolio may invest the remainder in issuers or markets located outside Emerging Asian Countries.

On 29 March 2012 GLG Emerging Asia Equity Shares were fully redeemed and Fund ceased its operations. GLG Latin American Equity (ceased operations on 23 February 2012) GLG Latin American Equity’s investment objective is to provide long term capital appreciation. The Portfolio will seek to achieve its investment objective by investing primarily in securities of issuers in Latin American countries (“Latin American Countries”), including without limitation, Brazil, Chile, Columbia, Mexico, and Peru or of issuers which derive a substantial part of their revenues from activities in Latin American Countries. The Portfolio will seek to achieve its investment objective by investing primarily in common stock and other equity and equity-linked securities (which may include but are not limited to warrants, convertible bonds, depository receipts, unleveraged participation notes designed to provide a return directly linked to the performance of a particular security, options and swaps) which are listed, traded or dealt on Recognised Markets and relate to a Latin American Country. In determining whether an particular security or issuer relates to a Latin American Country, the Investment Manager may have regard not only to the principal trading market for the stock or the place or incorporation of the issuer but also the location of its principal activities and business interests, source or revenue and location of its substantial assets. The Portfolio may invest the remainder issuers or markets located outside Latin American Countries. On 23 February 2012 GLG Latin American Equity Shares were fully redeemed and Fund ceased its operations.

GLG Emerging Europe Equity (ceased operations on 23 February 2012) GLG Emerging Europe Equity’s investment objective is to provide long term capital appreciation.

The Portfolio will seek to achieve its investment objective by investing primarily in securities of issuers in emerging European Countries (“Emerging European Countries”), including without limitation, Russia, Turkey, Poland, Hungary, and the Czech Republic or of issuers which derive a substantial part of their revenues from activities in Emerging European Countries.

The Portfolio will seek to achieve its investment objective by investing primarily in common stock and other equity and equity-linked securities (which may include but are not limited to warrants, convertible bonds, depository receipts, unleveraged participation notes designed to provide a return directly linked to the performance of a particular security, options and swaps) which are listed, traded or dealt on Recognised Markets and relate to an Emerging European Country.

In determining whether a particular security or issuer relates to an Emerging European Country, the Investment Manager may have regard not only to the principal trading market for the stock or the place or incorporation of the issuer but also the location of its principal activities and business interests, source or revenue and location of its substantial assets. The Portfolio may invest the remainder in issuers or markets located outside Emerging European Countries.

On 23 February 2012 GLG Emerging Europe Equity Shares were fully redeemed and Fund ceased its operations.

GLG Balanced (ceased operations on 6 December 2011) GLG Balanced ’s investment objective is to seek long term capital preservation through a combination of investments in money market instruments, government and corporate bonds, equities, bonds convertible into common stock, preferred shares, warrants and other fixed income and equity linked investments, which may include but are not limited to such instruments as stock options and equity swaps, in a balanced asset allocation seeking inflation adjusted growth of capital. The Portfolio may invest substantially in either fixed income or equity securities.

The Portfolio invests primarily in securities listed or traded on Recognised Markets in OECD member states and other countries. The Portfolio will be diversified with no more than 15% of the Portfolio’s investment in securities listed or traded on Recognised Markets in non-OECD countries and with no country outside the G-8 countries amounting to more than 15% of the Portfolio’s investments. The Portfolio may use currency transactions including forward currency contracts, currency swaps and foreign currency to alter the exposure characteristics of transferable securities held by the Portfolio.

On 6 December 2011 GLG Balanced Shares were fully redeemed and the Fund ceased its operations.

GLG Capital Appreciation (ceased operations on 6 December 2011) GLG Capital Appreciation’s investment objective is to provide long term appreciation of the investor’s capital. The Portfolio’s asset allocation will respond dynamically to the Investment Manager’s analysis of changing market trends and opportunities. The Portfolio invests primarily in common stock and other equity securities but may also invest in money market instruments, government or corporate bonds, bonds convertible into common stock, preferred shares and other fixed income and equity linked investments, which may include but are not limited to such instruments as stock options and equity swaps.


48

1. Establishment (continued) GLG Capital Appreciation (ceased operations on 6 December 2011) (continued) The Portfolio invests primarily in securities listed or traded on Recognised Markets in OECD member states and other countries. The Portfolio will be diversified with no more than 15% of the Portfolio’s investment in securities listed or traded on Recognised Markets in non-OECD countries and with no country outside the G-8 countries amounting to more than 15% of the Portfolio’s investments. The Portfolio may also hold ancillary liquid assets. The Investment Manager will seek to reduce the Portfolio’s volatility by diversification of its investments. The Portfolio may use currency transactions including forward currency contracts, currency swaps, foreign currency and other currency derivatives to alter the foreign currency exposure characteristics of the Portfolio or to maintain an active currency hedging strategy in respect of the Portfolio’s Share classes. On 6 December 2011 GLG Capital Appreciation Shares were fully redeemed and the Fund ceased its operations. GLG North American Equity (ceased operations on 6 December 2011) GLG North American Equity’s investment objective is to provide a high total return for a suitable long term appreciation of the investor’s capital. The Portfolio invests primarily in securities of issuers in North America or of issuers which derive a substantial part of their revenues from activities in North America. The Portfolio invests primarily in securities listed or traded on Recognised Markets in North America, Canada and Mexico. The Portfolio invests predominantly in common stocks and other equity securities but may also invest in transferable money market securities (including certificates of deposit, commercial paper and bankers acceptances), government and corporate bonds, bonds convertible into common stock, preferred shares and other fixed income and equity linked investments, which may include but are not limited to such instruments as stock options and equity swaps, listed or traded on Recognised Markets. The Portfolio will be diversified with no more than 30% of the Portfolio’s investments in securities listed or traded on Recognised Markets in countries other than North America, Canada and Mexico. The Portfolio may also hold ancillary liquid assets such as time deposits. The Portfolio’s net asset allocation can respond dynamically to the Investment Manager’s analysis of changing market trends and opportunities. The Investment Manager aims to achieve performance through owning a limited number of concentrated investments, subject to the restrictions described in the Prospectus. The Portfolio may use currency transactions including forward currency contracts, currency swaps, foreign currency and other currency derivatives to alter the foreign currency exposure characteristics of the Portfolio or to maintain an active currency hedging strategy in respect of the Portfolio’s Share Classes.

On 6 December 2011 GLG North American Equity Shares were fully redeemed and the Fund ceased its operations. GLG UK Select Equity (ceased operations on 10 October 2011) GLG UK Select Equity’s investment objective is to provide a high total return for a suitable long term appreciation of the investor’s capital. The Portfolio invests primarily in securities of issuers in the UK or of issuers which derive a substantial part of their revenues from activities in the UK. The Portfolio invests predominantly in common stocks, ADRs and other equity securities but may also invest in transferable money market securities (including certificates of deposit, commercial paper and bankers acceptances), fixed and floating rate government and corporate bonds, bonds convertible into common stock, preferred shares and other fixed income and equity linked investments, which may include but are not limited to such instruments as stock options and equity swaps, listed or traded on Recognised Markets. The Portfolio will use financial derivative instruments in the form of contracts for difference from time to time as they provide a cost efficient method of obtaining exposure to UK securities

A “contract for difference” is a contract intended to secure a profit or avoid a loss by reference to fluctuations in the value of a price or property of description or in an index or other factor designated for that purpose in the contract. The Portfolio will be diversified with no more than 30% of the Portfolio’s investments in securities listed or traded on Recognised Markets in non-OECD countries. The Portfolio may also hold ancillary liquid assets such as time deposits. The Portfolio’s net asset allocation can respond dynamically to the Investment Manager’s analysis of changing market trends and opportunities.

The Investment Manager aims to achieve performance through owning a limited number of concentrated investments, subject to the restrictions described in the Prospectus. The Portfolio may use currency transactions including forward currency contracts, currency swaps, foreign currency and other currency derivatives to alter the foreign currency exposure characteristics of the Portfolio or to maintain an active currency hedging strategy in respect of the Portfolio’s Share classes.

On 10 October 2011 GLG UK Select Equity Shares were fully redeemed and the Fund ceased its operations. GLG Global Investment Grade Bond (not commenced operations at 31 December 2012) GLG Global Investment Grade Bond’s investment objective is to provide long term capital appreciation. The Portfolio will seek to achieve its investment objective by investing primarily, either directly or indirectly through the use of derivatives, in a global portfolio of investment grade debt securities and foreign currencies. For these purposes, “investment grade” is defined as a rating of at least BBB- by S&P or Baa3 by Moody’s or, where no such rating exists, as determined by the Investment Manager in good faith to be equivalent. The Portfolio has a global focus in so far as it does not limit its investments to any region or country. Investment by the Portfolio in issuers in emerging market countries will not exceed 10% of the Net Asset Value of the Portfolio. For the avoidance of doubt, the Portfolio may have significant currency exposures.


49

1. Establishment (continued) GLG Global Investment Grade Bond (not commenced operations at 31 December 2012) (continued) The Portfolio may invest in credit and interest rate instruments globally including, without limitation, fixed and floating rate debt securities (from corporate and government issuers), convertible bonds and convertible preference shares, inflation-linked securities, asset-backed securities (including, without limitation, mortgage-backed securities), money market instruments (including, without limitation, certificates of deposit, commercial paper and bankers acceptances), deposits and cash. The Portfolio may also invest in equity securities (including, without limitation, common stock and warrants). Investment in non-investment grade debt securities will not exceed 10% of the Net Asset Value of the Portfolio.

2. Accounting Policies

(a). Accounting Convention The financial statements are prepared in accordance with Irish Generally Accepted Accounting Practice (accounting standards issued by the Financial Reporting Council and promulgated by the Institute of Chartered Accountants in Ireland and Irish law, “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 2012.

(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.

(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”).


50

2. Accounting Policies (continued)

(f). Valuation of Investments (continued) Financial assets and liabilities at fair value through profit or loss (continued) 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. According to the Fund’s 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 2012, 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 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). Transaction Costs and Commissions Transaction costs are incremental costs, which are separately identifiable and directly attributable to the acquisition, issue or disposal of a financial asset or financial liability. Transaction costs incurred by the Fund during the year are recognised in the Statement of Operations.

(k). 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$), euro (€), Pound Sterling (£) or Japanese Yen (¥). The combined Fund balances are expressed in US$, 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. (l). 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.


51

2. Accounting Policies (continued)

(l). Taxation (continued) 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. (m). Securities Sold under Agreements to Repurchase and Securities Purchased under Agreements to Resell 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 and is 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. (n). 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 as the Fund fulfils the three conditions relating to the liquidity of investments held, whether they are held at market value and whether a statement of changes in net assets is provided.

(o). 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.

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 2012:

GLG Global Equity

2012 2011

Fair Value Fair Value Note US$ US$

Financial assets at fair value through profit or loss

Held for trading:

Equities and managed funds

Equity securities 103,338,956 27,867,089Collective investment schemes 1,884,821 -Preferred stocks - 191,384

Total equities and managed funds 105,223,777 28,058,473

Derivatives

Contracts for difference - unfunded 8 2,019,584 953,447Forward currency contracts 8 1,555,937 153,889

Total derivatives 3,575,521 1,107,336

Total financial assets held at fair value through profit or loss 108,799,298 29,165,809


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

GLG Global Equity(continued)

2012 2011

Fair Value Fair Value Note US$ US$Financial liabilities at fair value through profit or loss

Held for trading:

Derivatives Forward currency contracts 8 (683,998) (933,331)Contracts for difference - unfunded 8 (276,735) (137,976)

Total derivatives (960,733) (1,071,307) Total financial liabilities at fair value through profit or loss (960,733) (1,071,307)

GLG Global Convertible UCITS 2012 2011 Fair Value Fair Value

Note US$ US$Financial assets at fair value through profit or loss Held for trading: Equities and managed funds

Equity securities 10,833,415 2,056,169Preferred stocks 3,114,613 5,809,438Warrants 2,905,087 2,818,429

Total equities and managed funds 16,853,115 10,684,036 Financial assets at fair value through profit or loss Held for trading (continued): Interest bearing securities

Convertible bonds 305,950,740 245,832,284Corporate bonds - 9,780,054

Total interest bearing securities 305,950,740 255,612,338 Derivatives

Forward currency contracts 8 1,457,268 822,802Contracts for difference-unfunded 8 852,839 835,763Options 8 735,231 2,190,863Credit default swaps 8 220,572 250,195Future contract 8 187,544 -ASCOTs 8 73,200 78,968

Total derivatives 3,526,654 4,178,591 Total financial assets held at fair value through profit or loss 326,330,509 270,474,965 Financial liabilities at fair value through profit or loss Held for trading:

Derivatives Forward currency contracts 8 (2,503,055) (2,122,840)Contracts for difference – unfunded 8 (1,504,661) (528,495)Future contract 8 (76,000) (200,531)Credit default swaps 8 (35,501) (396,341)Total return swaps 8 - (331,113)

Total derivatives (4,119,217) (3,579,320)

Total financial liabilities at fair value through profit or loss (4,119,217) (3,579,320)


53


GLG European Equity 2012 2011 Fair Value Fair Value

Note € €Financial assets at fair value through profit or loss

Held for trading:


Equity securities 7,933,246 10,731,384 Private placement - 131,600 Preferred stock - 360,860

Total equities and managed funds 7,933,246 11,223,844 Interest bearing security

Corporate bond - 79,705 Total interest bearing security - 79,705 Derivatives

Contracts for difference - unfunded 8 630,845 849,434 Forward currency contracts 8 23,028 426,352 Future contract 8 300 -

Total derivatives 654,173 1,275,786 Total financial assets held at fair value through profit or loss 8,587,419 12,579,335 Financial liabilities at fair value through profit or loss

Held for trading:

Derivatives Contracts for difference - unfunded 8 (95,047) (286,504) Forward currency contracts 8 (79,506) (283,093)

Total derivatives (174,553) (569,597)

Total financial liabilities at fair value through profit or loss (174,553) (569,597) GLG European Equity Fund portfolio does not hold any private investments and other similar securities as at 31 December 2012 (31 December 2011: 0.57%). Such investment positions in general do not have readily assessable market values. In these circumstances the IPC determines the fair value of the securities as outlined in note 2(f). The valuation of illiquid securities is inherently subjective and such valuations may vary from similar valuations performed by independent third parties for similar types of securities. There is no guarantee that the value determined represents the value that will be realised by the Fund on the eventual disposition of these investment positions.


54


GLG Global Sustainability Equity 2012 2011 Fair Value Fair Value

Note € €Financial assets at fair value through profit or loss

Held for trading:


Equity securities 23,090,779 16,979,093Total equities and managed funds 23,090,779 16,979,093

Derivatives

Forward currency contracts 8 341,967 589,817Contracts for difference - unfunded 8 189,374 197,142

Total derivatives 531,341 786,959


Financial liabilities at fair value through profit or loss

Held for trading:


Equity security - (37,801)Total equities and managed funds - (37,801)

Derivatives Forward currency contracts 8 (122,306) (306,440)Contract for difference - unfunded 8 (11,749) (617)


Total financial liabilities at fair value through profit or loss (134,055) (344,858)

GLG Japan CoreAlpha Equity 2012 2011 Fair Value Fair Value

Note ¥ ¥Financial assets at fair value through profit or loss

Held for trading:

Equities and managed funds Equity securities 129,559,023,052 86,913,740,192

Total equities and managed funds 129,559,023,052 86,913,740,192 Derivatives

Forward currency contracts 8 4,683,060,939 99,413,998Total derivatives 4,683,060,939 99,413,998

Total financial assets held at fair value through profit or loss 134,242,083,991 87,013,154,190


Held for trading: Derivatives

Forward currency contracts 8 (96,830,791) (971,032,677)Total derivatives (96,830,791) (971,032,677)

Total financial liabilities at fair value through profit or loss (96,830,791) (971,032,677)


55


GLG Global Emerging Markets Equity 2012 2011 Fair Value Fair Value


Equity securities 25,270,764 7,227,194Preferred stocks 2,100,110 1,096,704Warrants 1,305,874 -

Total equities and managed funds 28,676,748 8,323,898

Derivatives

Forward currency contracts 8 518,062 3,347Total return swaps 106,835 -Participatory notes 8 - 2,211,539

Total derivatives 624,897 2,214,886


Financial liabilities at fair value through profit or loss Held for trading: Derivatives

Total return swaps (26,935) -Forward currency contracts 8 (13,329) (32,880)


Total financial liabilities at fair value through profit or loss (40,264) (32,880)

GLG Emerging Asia Equity 2012 2011 Fair Value Fair Value

Note US$ US$Financial assets at fair value through profit or loss

Held for trading:


Equity securities - 7,227,323Total equities and managed funds - 7,227,323

Derivatives

Forward currency contracts 8 - 3,261Participatory notes 8 - 3,256,287

Total derivatives - 3,259,548 Total financial assets held at fair value through profit or loss - 10,486,871


Forward currency contracts 8 - (30,607)Total derivatives - (30,607)

Total financial liabilities at fair value through profit or loss - (30,607)


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GLG Emerging Europe Equity 2012 2011 Fair Value Fair Value


Equity securities - 7,719,289Total equities and managed funds - 7,719,289 Derivatives

Participatory notes 8 - 1,452,134Forward currency contracts 8 - 8,162

Total derivatives - 1,460,296 Total financial assets held at fair value through profit or loss - 9,179,585




GLG Frontier Markets Equity 2012 2011 Fair Value Fair Value


Equity securities - 6,745,875Total equities and managed funds - 6,745,875 Derivatives

Participatory notes 8 - 5,210,506Total derivatives - 5,210,506

Total financial assets held at fair value through profit or loss - 11,956,381





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GLG Latin American Equity 2012 2011 Fair Value Fair Value


Equity securities - 6,086,800Preferred stocks - 3,876,622

Total equities and managed funds - 9,963,422 Derivatives

Forward currency contracts 8 - 3,556Participatory notes - 565,032

Total derivatives - 568,588

Total financial assets held at fair value through profit or loss - 10,532,010




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.


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4. Fair Value of Financial Instruments (continued)

GLG Global Equity 31 December 2012 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 103,338,956 - - 103,338,956Collective investment scheme 1,884,821 - - 1,884,821

Total equities and managed funds 105,223,777 - - 105,223,777

Derivatives Contracts for difference - unfunded - 2,019,584 - 2,019,584Forward currency contracts - 1,555,937 - 1,555,937

Total derivatives - 3,575,521 - 3,575,521

Total financials assets at fair value through profit or loss 105,223,777 3,575,521 - 108,799,298

Financial liabilities at fair value through profit or loss: Derivatives

Forward currency contracts - (683,998) - (683,998)Contracts for difference - unfunded - (276,735) - (276,735)

Total derivatives - (960,733) - (960,733)

Total financial liabilities at fair value through profit or loss - (960,733) - (960,733)

31 December 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 27,867,089 - - 27,867,089Preferred stocks 191,384 - - 191,384


Derivatives Contracts for difference - unfunded - 953,447 - 953,447Forward currency contracts - 153,889 - 153,889


Total financials assets at fair value through profit or loss 28,058,473 1,107,336 - 29,165,809


Forward currency contracts - (933,331) - (933,331)Contracts for difference -unfunded - (137,976) - (137,976)

Total derivatives - (1,071,307) - (1,071,307)

Total financial liabilities at fair value through profit or loss - (1,071,307) - (1,071,307)


59


GLG Global Convertible UCITS 31 December 2012 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 10,833,415 - - 10,833,415Preferred stocks 3,111,713 2,900 - 3,114,613Warrants - 2,472,113 432,974 2,905,087

Total equities and managed funds 13,945,128 2,475,013 432,974 16,853,115

Interest bearing securities Convertible bonds - 299,413,885 6,536,855 305,950,740

Total interest bearing securities - 299,413,885 6,536,855 305,950,740

Derivatives Forward currency contracts - 1,457,268 - 1,457,268Contracts for difference – unfunded - 514,812 338,027 852,839Options 48,813 686,418 - 735,231Credit default swaps - 220,572 - 220,572Future contracts 187,544 - - 187,544ASCOTs - 73,200 - 73,200

Total derivatives 236,357 2,952,270 338,027 3,526,654 Total financial assets at fair value through profit or loss 14,181,485 304,841,168 7,307,856 326,330,509


Contracts for difference-unfunded - (1,504,661) - (1,504,661)Forward currency contracts - (2,503,055) - (2,503,055)Credit default swaps - (35,501) - (35,501)Future contract (76,000) - - (76,000)

Total derivatives (76,000) (4,043,217) - (4,119,217)

Total financials liabilities at fair value through profit or loss (76,000) (4,043,217) - (4,119,217)


60


GLG Global Convertible UCITS (continued) 31 December 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

Preferred stocks 5,809,438 - - 5,809,438Warrants 2,668,303 150,126 - 2,818,429Equity securities 2,056,169 - - 2,056,169

Total equities and managed funds 10,533,910 150,126 - 10,684,036

Interest bearing securities Convertible bonds - 245,594,524 237,760 245,832,284Corporate bonds - 9,780,054 - 9,780,054

Total interest bearing securities - 255,374,578 237,760 255,612,338

Derivatives Options 1,301,189 889,674 - 2,190,863 Contracts for difference - unfunded - 835,763 - 835,763 Forward currency contracts - 822,802 - 822,802 Credit default swaps - 250,195 - 250,195 ASCOTs - 78,968 - 78,968

Total derivatives 1,301,189 2,877,402 - 4,178,591

Total financial assets at fair value through profit or loss 11,835,099 258,402,106 237,760 270,474,965


Forward currency contracts - (2,122,840) - (2,122,840) Contracts for difference - unfunded - (528,495) - (528,495) Credit default swaps - (396,341) - (396,341) Total return swaps - (331,113) - (331,113) Future contracts (200,531) - - (200,531)

Total derivatives (200,531) (3,378,789) - (3,579,320)

Total financials liabilities at fair value through profit or loss (200,531) (3,378,789) - (3,579,320)


61


GLG European Equity 31 December 2012 Level 1 Level 2 Level 3 Total € € € €Financial assets at fair value through profit or loss: Equities and managed funds

Equity securities 7,933,246 - - 7,933,246 Total equities and managed funds 7,933,246 - - 7,933,246

Derivatives

Contracts for difference - unfunded - 630,845 - 630,845 Forward currency contracts - 23,028 - 23,028 Future contracts 300 - - 300

Total derivatives 300 653,873 - 654,173 Total financial assets at fair value through profit or loss 7,933,546 653,873 - 8,587,419


Contracts for difference - unfunded - (95,047) - (95,047) Forward currency contracts - (79,506) - (79,506)




62


GLG European Equity (continued) 31 December 2011 Level 1 Level 2 Level 3 Total € € € € Financial assets at fair value through profit or loss: Equities and managed funds

Equity securities 10,731,384 - 10,731,384 Preferred stocks 360,860 - 360,860 Private placements - - 131,600 131,600

Total equities and managed funds 11,092,244 - 131,600 11,223,844

Interest bearing securities Corporate bonds - - 79,705 79,705

Total interest bearing securities - - 79,705 79,705 Derivatives

Contracts for difference - unfunded - 849,434 - 849,434 Forward currency contracts - 426,352 - 426,352

Total derivatives - 1,275,786 - 1,275,786 Total financial assets at fair value through profit or loss 11,092,244 1,275,786 211,305 12,579,335


Contracts for difference - unfunded - (286,504) - (286,504) Forward currency contracts - (283,093) - (283,093)




63


GLG Global Sustainability Equity 31 December 2012 Level 1 Level 2 Level 3 Total € € € €Financial assets at fair value through profit or loss: Equities and managed funds

Equity securities 23,090,779 - - 23,090,779Total equities and managed funds 23,090,779 - - 23,090,779

Derivatives

Forward currency contracts - 341,967 - 341,967Contracts for difference - unfunded - 189,374 - 189,374

Total derivatives - 531,341 - 531,341

Total financial assets at fair value through profit or loss 23,090,779 531,341 - 23,622,120


Forward currency contracts - (122,306) - (122,306)Contracts for difference - unfunded - (11,749) - (11,749)

Total derivatives - (134,055) - (134,055) Total financial liabilities at fair value through profit or loss - (134,055) - (134,055) 31 December 2011 Level 1 Level 2 Level 3 Total € € € €Financial assets at fair value through profit or loss: Equities and managed funds


Derivatives Forward currency contracts - 589,817 - 589,817Contracts for difference - unfunded - 197,142 - 197,142


Total financial assets at fair value through profit or loss 16,979,093 786,959 - 17,766,052

Financial liabilities at fair value through profit or loss: Equities and managed funds

Equity securities (37,801) - - (37,801)Total equities and managed funds (37,801) - - (37,801)

Derivatives

Forward currency contracts - (306,440) - (306,440)Contracts for difference - unfunded - (617) - (617)


Total financial liabilities at fair value through profit or loss (37,801) (307,057) - (344,858)


64


GLG Japan CoreAlpha Equity 31 December 2012 Level 1 Level 2 Level 3 Total ¥ ¥ ¥ ¥Financial assets at fair value through profit or loss: Equities and managed funds

Equity securities 129,559,023,052 - - 129,559,023,052Total equities and managed funds 129,559,023,052 - - 129,559,023,052

Derivatives

Forward currency contracts - 4,683,060,939 - 4,683,060,939Total derivatives - 4,683,060,939 - 4,683,060,939

Total financial assets at fair value through profit or loss 129,559,023,052 4,683,060,939 - 134,242,083,991 Financial liabilities at fair value through profit or loss: Derivatives

Forward currency contracts - (96,830,791) - (96,830,791)Total derivatives - (96,830,791) - (96,830,791)

Total financial liabilities at fair value through profit or loss - (96,830,791) - (96,830,791) 31 December 2011 Level 1 Level 2 Level 3 Total ¥ ¥ ¥ ¥Financial assets at fair value through profit or loss: Equities and managed funds

Equity securities 86,913,740,192 - - 86,913,740,192Total equities and managed funds 86,913,740,192 - - 86,913,740,192

Derivatives

Forward currency contracts - 99,413,998 - 99,413,998Total derivatives - 99,413,998 - 99,413,998

Total financial assets at fair value through profit or loss 86,913,740,192 99,413,998 - 87,013,154,190 Financial liabilities at fair value through profit or loss: Derivatives

Forward currency contracts - (971,032,677) - (971,032,677)Total derivatives - (971,032,677) - (971,032,677)

Total financial liabilities at fair value through profit or loss - (971,032,677) - (971,032,677)


65

4. Fair Value of Financial Instruments (continued) GLG Emerging Asia Equity The fund did not hold any financial assets or liabilities at fair value through profit and loss as at 31 December 2012, as it ceased operations on 30 March 2012. 31 December 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 7,227,323 - - 7,227,323Total equities and managed funds 7,227,323 - - 7,227,323 Derivatives

Participatory notes - 3,256,287 - 3,256,287Forward currency contracts - 3,261 - 3,261


Total financial assets at fair value through profit or loss 7,227,323 3,259,548 - 10,486,871 Financial liabilities at fair value through profit or loss: Derivatives

Forward currency contracts - (30,607) - (30,607)Total derivatives - (30,607) - (30,607)



66

4. Fair Value of Financial Instruments (continued) GLG Emerging Europe Equity The fund did not hold any financial assets or liabilities at fair value through profit and loss as at 31 December 2012, as it ceased operations on 23 February 2012. 31 December 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


Derivatives



Total financial assets at fair value through profit or loss 7,719,289 1,460,296 - 9,179,585 Financial liabilities at fair value through profit or loss:

Derivatives

Forward currency contracts - (33,469) -- (33,469)Total derivatives - (33,469) - (33,469)

Total financial liabilities at fair value through profit or loss - (33,469) - (33,469) GLG Frontier Markets Equity The fund did not hold any financial assets or liabilities at fair value through profit and loss as at 31 December 2012, as it ceased operations on 13 November 2012. 31 December 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 6,745,875 - - 6,745,875

Total equities and managed funds 6,745,875 - - 6,745,875 Derivatives

Participatory notes - 5,210,506 - 5,210,506 Total derivatives - 5,210,506 - 5,210,506 Total financial assets at fair value through profit or loss 6,745,875 5,210,506 - 11,956,381 Financial liabilities at fair value through profit or loss: Derivatives

Forward currency contracts - (24,637) - (24,637) Total derivatives - (24,637) - (24,637) Total financial liabilities at fair value through profit or loss - (24,637) - (24,637)


67

4. Fair Value of Financial Instruments (continued) GLG Global Emerging Markets Equity 31 December 2012 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 25,270,764 - - 25,270,764Preferred stocks 2,100,110 - 2,100,110Warrants - 1,305,874 - 1,305,874

Total equities and managed funds 27,370,874 1,305,874 - 28,676,748

Derivatives

Forward currency contracts - 518,062 - 518,062Total return swaps - 106,835 - 106,835

Total derivatives - 624,897 - 624,897 Total financial assets at fair value through profit or loss 27,370,874 1,930,771 - 29,301,645 Financial liabilities at fair value through profit or loss: Derivatives

Total return swaps - (26,935) - (26,935)Forward currency contracts - (13,329) - (13,329)

Total derivatives - (40,264) - (40,264) Total financial liabilities at fair value through profit or loss - (40,264) - (40,264) 31 December 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 7,227,194 - - 7,227,194Preferred stocks 1,096,704 - - 1,096,704


Derivatives


Total derivatives - 2,214,886 - 2,214,886 Total financial assets at fair value through profit or loss 8,323,898 2,214,886 - 10,538,784 Financial liabilities at fair value through profit or loss: Derivatives

Forward currency contracts - (32,880) - (32,880)Total derivatives - (32,880) - (32,880) Total financial liabilities at fair value through profit or loss - (32,880) - (32,880)


68

4. Fair Value of Financial Instruments (continued) GLG Latin American Equity The fund did not hold any financial assets or liabilities at fair value through profit and loss as at 31 December 2012, as it ceased operations on 23 February 2012.

31 December 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 6,086,800 - - 6,086,800Preferred stocks 3,876,622 - - 3,876,622


Derivatives Participatory notes - 565,032 - 565,032Forward currency contracts - 3,556 - 3,556


Total financial assets at fair value through profit or loss 9,963,422 568,588 - 10,532,010 Financial liabilities at fair value through profit or loss: Derivatives

Forward currency contracts - (35,775) - (35,775)Total derivatives - (35,775) - (35,775)

Total financial liabilities at fair value through profit or loss - (35,775) - (35,775) The following tables show a reconciliation of all movements in the fair value of financial instruments categorised within Level 3 between the beginning and the end of the reporting year (there were no significant transfers between levels 1 and 2):

GLG Global Convertible UCITS

2012 2012 2012 2012

Equities and

managed funds Interest bearing

securitiesDerivative

instruments Total US$ US$ US$ US$Financial assets at fair value through profit or loss: Opening balance - 237,760 - 237,760Total gains and losses - - -- realised - - - -- unrealised - - - -Purchases - - - -Sales - - - -Transfers into Level 3 432,974 6,299,095 338,027 7,070,096Transfers out of Level 3 - - - -Closing Balance 432,974 6,536,855 338,027 7,307,856


69


GLG Global Convertible UCITS (continued)

2011 2011 2011 2011

Equities and



instruments Total US$ US$ US$ US$Financial assets at fair value through profit or loss: Opening balance 348,514 5,988,315 - 6,336,829Total gains and losses - realised - 5,414,200 - 5,414,200- unrealised - (951,040) - (951,040)Purchases - - - -Sales - (8,380,000) - (8,380,000)Transfers into Level 3 - - - -Transfers out of Level 3 (348,514) (1,833,715) - (2,182,229)Closing Balance - 237,760 - 237,760

GLG European Equity

2012 2012 2012 2012

Equities and



instruments Total € € € €Financial assets at fair value through profit or loss: Opening balance 131,600 79,705 - 211,305Total gains and losses - realised (2,622,014) (34,159) - (2,656,173)- unrealised 2,622,014 34,159 - 2,656,173Purchases - - - -Sales (131,600) (79,705) (211,305)Transfers into Level 3 - - - -Transfers out of Level 3 - - - -Closing Balance - - - -

2011 2011 2011 2011

Equities and



instruments Total € € € €Financial assets at fair value through profit or loss: Opening balance 128,289 77,700 - 205,989Total gains and losses - realised - - - -- unrealised 3,311 2,005 5,316Purchases - - - -Sales - - - -Transfers into Level 3 - - - -Transfers out of Level 3 - - - -Closing Balance 131,600 79,705 - 211,305


70

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 management fees of 0.75%, 1%, 1.25%, 1.5% and 2.25% per annum of the average Net Asset Value of each of the Portfolios by class of shares as per the table below:

0.5% 0.75% 1% 1.25% 1.5% 2.25% GLG Balanced - - - - D USD -

GLG Capital Appreciation - - - - D USD -

GLG Global Equity -

I USD, D USD, I H EUR, D H EUR, I H EUR, I EUR, I GBP, I H CHF, I DKK, I NOK, I SEK, I H GBP, I USD Dist, I H GBP Dist

and I H EUR Dist - -

D USD, D H EUR, D H GBP, D H CHF, D DKK, DH DKK, D NOK, D H NOK, D SEK, D H SEK, D USD Dist, D H GBP Dist and D H EUR

Dist -

GLG Global Convertible UCITS - -

IL USD, DL USD, DL H EUR, DL H EUR, DL H EUR, IL H

EUR, IL H JPY, IL H EUR, IM USD, IM H EUR,IM H GBP,

IL H GBP Dist, and IM H GBP Dist - -

DL USD, DL H JPY, DL H EUR, DL H GBP Dist, DL H

GBP Inc and DL H GBP

GLG European Equity -

I H USD, I EUR. I H USD, I USD, I H GBP, I H CHF, I DKK, I NOK

and I SEK D EUR -

D H USD, D EUR, D H GBP, D H CHF, D DKK, D H DKK, D NOK, D H NOK, D SEK and D H SEK -

GLG North American Equity - - - - D USD

GLG Japan CoreAlpha Equity -

I H USD, I H EUR, I JPY, I H GBP, I USD, I EUR, I GBP, I H CHF, I DKK, I NOK and I SEK - -

D H USD, D H EUR, D JPY, D H GBP, D GBP, D H CHF, D DKK, D H DKK, D NOK, D H NOK, D

SEK and D H SEK -

GLG UK Select Equity - I H EUR D H EUR, D H USD, and D

GBP - -

GLG Global Sustainability Equity - I H USD, I EUR, I H GBP, I H CHF, I DKK, I NOK and I SEK - -

D H USD, D H T USD, D EUR, D H GBP, D H CHF, D DKK, D H DKK, D NOK, D H NOK, D

SEK and D H SEK -


71

5. Management, Performance, Administration, Custody and Distribution Fees (continued) 0.5% 0.75% 1% 1.25% 1.5% 2.25%

GLG Global Emerging Markets Equity -

I USD, I EUR, I H EUR, I H GBP, I H CHF, I DKK, I NOK, I SEK and I

H AUD - -

D USD, D H EUR, D H GBP, D H CHF, D DKK, D H DKK, D NOK, D H NOK, D SEK and D H SEK -

GLG MENA Equity - I USD, I H EUR, I H GBP and I H

CHF - D USD, D H EUR, D H GBP and

D H CHF

GLG Emerging Asia Equity - I USD, I H EUR, I H GBP and I H

CHF - - D USD, D H EUR, D H GBP and

D H CHF -

GLG Emerging Europe Equity - I USD, I H EUR, I H GBP and I H


D H CHF -

GLG Frontier Markets Equity - I USD, I H EUR, I H GBP and I H


D H CHF -

GLG Latin American Equity - I USD, I H EUR, I H GBP and I H


D H CHF -

GLG Global Investment Grade Bond

I USD, I USD Dist, I H EUR, I EUR, I H EUR

Dist, I H GBP, I GBP, I H CHF, I CHF, I H

CHF Dist, I H NOK, I NOK, I H SEK, I SEK, I H DKK, I DKK, I H JPY

and I JPY - -

D USD, D USD Dist, D H EUR, D EUR, D H EUR Dist, D H GBP, D

GBP, D H CHF. D CHF, D H CHF Dist, D H NOK, D NOK, D H

SEK, D SEK, D H DKK, D DKK, D H JPY and D JPY - -

The Manager only receives a performance fee for each of the Share Classes of GLG Global Convertible UCITS (except for Class I M USD, I M H EUR, I M H GBP, I M H GBP Inc, I L H GBP Dist and I M H GBP Dist) calculated as an amount equal to 20% of the aggregate appreciation in value on each investor’s relevant Shares over the amount of the investors’ benchmark return for those Shares (which is based on a 3 month LIBOR/EURIBOR rate of the functional currency of the relevant Share Class of each Portfolio). 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 year. The Manager receives a performance fee for the Class IM USD Shares, Class IM H EUR Shares, Class IM H GBP Shares, I L H GBP Dist Shares and I M H GBP Dist Shares of the Global Convertible UCITS equal to 20% of the aggregate appreciation in value on each investor’s Shares in the aforementioned classes over the amount of the investor’s benchmark for those Shares (which is based on the Global Focus Hedged Sub-Index of the UBS Global Convertible Bond Index) provided that any such appreciation is limited by the amount by which such benchmark has appreciated over the same performance year (see the Fund’s Prospectus for more detail).


72

5. Management, Performance, Administration, Custody and Distribution Fees (continued) 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 5. 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 will 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 pages 35 to 38. Amounts unpaid by the Fund at the year end relating to management, performance, administration, custody and distribution fees are shown below:

2012 Combined Fund

2011 Combined Fund

US$ US$

Management fees 1,688,935 1,372,444Performance fees 876,446 7,353Administration fees 939,195 871,740Custody fees 366,636 362,314Distribution fees - 18,418

6. Other Receivables The breakdown of other receivables is as follows:

GLG Global Equity

GLG Global

ConvertibleUCITS

GLGEuropean

Equity

GLG Global

Sustainability Equity

GLG Japan

CoreAlpha Equity

GLG Emerging

Asia Equity

GLGEmerging

Europe Equity

2012 US$ US$ € € ¥ US$ US$Subscriptions receivable 429 25,050 - - 90,499,151 - -Unrealised gain on spot currency contracts - 11 - 92 - - -Other receivables 22,757 12,881 - - 1,339,586 - - 23,186 37,942 - 92 91,838,737 - -

GLG Frontier Markets

Equity

GLG Global Emerging

Markets Equity

GLG Latin American

EquityGLG

MENA Equity

Combined Company

2012

2012 (continued) US$ US$ US$ US$ US$ Subscriptions receivable - - - - 1,072,554 Unrealised gain on spot currency contracts - - - - 132 Other receivables 339 - 21 5 51,502

339 - 21 5 1,124,188


73

6. Other Receivables (continued)

GLG

Balanced

GLG Capital

Appreciation

GLG Global Equity

GLG GlobalConvertible

UCITS

GLG European

Equity

GLG North

AmericanEquity

GLGUK Select

Equity

2011 US$ US$ US$ US$ € US$ £Subscriptions receivable - 462 16,585 - - -Unrealised gain on spot currency contracts - - - 8,319 - - -Other receivables - - 7,170 2,260 42,961 - - - - 7,632 27,164 42,961 - -

GLG Global


GLG Japan

CoreAlpha Equity

GLG Emerging

Asia Equity

GLGEmerging

Europe Equity


Equity

GLG Global

Emerging Markets

Equity

GLG Latin American

Equity

Combined Company

2012

€ ¥ US$ US$ US$ US$

US$ US$Subscriptions receivable - 72,962,065 - - - - - 965,345Unrealised gain on spot currency contracts - 598 - - - -

- 8,327

Other receivables 5,509 253,646 - - - - - 75,648

5,509 73,216,309 - - - - - 1,049,320

6. Other Payables The breakdown of other payables is as follows:

GLG Global Equity


UCITS

GLGEuropean

Equity

GLG Global


GLG Japan

CoreAlpha Equity

GLG Emerging

Asia Equity

GLG Emerging

Europe Equity

2012 US$ US$ € € ¥ US$ US$Redemptions payable 705,088 30 - 244,943,286 - -Unrealised loss on spot currency contracts 1,980 - 11 - - -Other payables 639 2,021 1,675 1,323 6,495,660 - 2 639 709,089 1,705 1,334 251,438,946 - 2


Equity

GLG Global Emerging

Markets Equity

GLG Latin American

Equity

GLG MENA Equity

Combined Company

2012

US$ US$ US$ US$ US$ Redemptions payable - - - - 3,539,121 Unrealised loss on spot currency contracts - 7 - - 2,043 Other payables - - - 81,728

- 7 - - 3,622,892


74

7. Other Payables (continued)

GLG

Balanced

GLG Capital

Appreciation

GLG Global Equity


UCITS

GLG European

Equity

GLG North

American Equity

GLGUK

SelectEquity

2011 US$ US$ US$ US$ € US$ £Redemptions payable - - 975,314 3,376,510 30 - -Unrealised loss on spot currency contracts - - - - - -

-

Other payables - - 9,294 5,310 - - - - - 984,608 3,381,820 30 - -

GLG Global


GLG Japan

CoreAlpha Equity

GLG Emergin

g Asia Equity

GLG Emerging

Europe Equity


Equity

GLG Global

Emerging Markets

Equity

GLG Latin American

Equity

Combined Company

2011

€ ¥ US$ US$ US$ US$

US$ US$Redemptions payable - 166,588,977 - - - - - 6,517,043Unrealised loss on spot currency contracts - 419 - - - -

24 29

Other payables - 53,825 - - - - 3 15,307

- 166,643,221 - - - - 27 6,532,379

8. Derivative Contracts As of 31 December 2012, derivative contracts were included in the Fund’s Statement of Assets and Liabilities at fair value through profit or loss

Fair Value Fair Value Notional

Value Notional

Value Assets Liabilities Assets Liabilities 2012 2012 2012 2012GLG Global Equity US$ US$ US$ US$Contracts for difference- unfunded 2,019,584 (276,735) 26,287,444 2,213,657Forward currency contracts 1,555,937 (683,998) (60,336,043) (26,676,003) 3,575,521 (960,733) (34,048,599) (24,462,346)

Fair Value Fair Value Notional

Value Notional

Value Assets Liabilities Assets Liabilities 2011 2011 2011 2011 US$ US$ US$ US$Contracts for difference- unfunded 953,447 (137,976) 6,309,895 859,768Forward currency contracts 153,889 (933,331) (1,369,448) (34,022,195) 1,107,336 (1,071,307) 4,940,447 (33,162,427)

Fair Value Fair Value Notional Value Notional Value Assets Liabilities Assets Liabilities 2012 2012 2012 2012

GLG Global Convertible UCITS US$ US$ US$ US$ASCOTs 73,200 - 7,404,800 - Contracts for difference-unfunded 852,839 (1,504,661) (193,115) (7,712,673) Credit default swaps 220,572 (35,501) 3,500,000 3,500,000 Forward currency contracts 1,457,268 (2,503,055) (55,471,052) (331,837,062) Future contract 187,544 (76,000) (39,682,087) (11,360,000) Options 735,231 - 18,596 -

3,526,654 (4,119,217) (84,422,858) (347,409,735)


75

8. Derivative Contracts (continued)

Fair Value Fair ValueNotional

Value Notional Value Assets Liabilities Assets Liabilities 2011 2011 2011 2011

GLG Global Convertible UCITS (continued) US$ US$ US$ US$ASCOTs 78,968 - 212,206,446 -Contracts for difference-unfunded 835,763 (528,495) (6,166,347) (454,832)Credit default swaps 250,195 (396,341) 7,000,000 8,750,000Future contracts - (200,531) - (276)Forward currency contracts 822,802 (2,122,840) (48,180,112) (279,096,620)Options 2,190,863 - 23,759 -Total return swaps - (331,113) - (819,113)

4,178,591 (3,579,320) 164,883,746 (271,620,841)


Value Notional

ValueAssets Liabilities Assets Liabilities

2012 2012 2012 2012GLG European Equity € € € €Contracts for difference-unfunded 630,845 (95,047) 7,172,053 1,843,760Forward currency contracts 23,028 (79,506) (1,831,025) (7,102,802)Future contract 300 - 392,250 - 654,173 (174,553) 5,733,278 (5,259,042)


Value Notional

ValueAssets Liabilities Assets Liabilities

2011 2011 2011 2011 € € € €Contracts for difference-unfunded 849,434 (286,504) 9,628,791 2,004,292Forward currency contracts 426,352 (283,093) (15,861,338) 7,539,946 1,275,786 (569,597) (6,232,547) 9,544,238


GLG Global Sustainability Equity € € € €Contracts for difference-unfunded 189,374 (11,749) 1,557,687 513,251Forward currency contracts 341,967 (122,306) (23,556,942) (23,325,175) 531,341 (134,055) (21,999,255) (22,811,924)


€ € € €Contracts for difference-unfunded 197,142 (617) 2,375,106 199,058Forward currency contracts 589,817 (306,440) (18,864,144) (15,882,533) 786,959 (307,057) (16,489,038) (15,683,475)


GLG Japan Core Alpha Equity ¥ ¥ ¥ ¥Forward currency contracts 4,683,060,939 (96,830,791) (99,500,812,391) 2,401,587,735

4,683,060,939 (96,830,791) (99,500,812,391) 2,401,587,735


¥ ¥ ¥ ¥Forward currency contracts 99,413,998 (971,032,677) 6,147,278,829 (61,028,540,924)

99,413,998 (971,032,677) 6,147,278,829 (61,028,540,924)


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8. Derivative Contracts (continued) GLG Emerging Asia Equity did not hold any derivative contracts as at 31 December 2012 as it ceased operations on 30 March 2012.

Fair Value Fair Value Notional Value Notional Value Assets Liabilities Assets Liabilities

2011 2011 2011 2011GLG Emerging Asia Equity US$ US$ US$ US$Forward currency contracts 3,261 (30,607) (326,817) 11,035,569Participatory notes 3,256,287 - 1,896,160 - 3,259,548 (30,607) 1,569,343 11,035,569

GLG Emerging Europe Equity did not hold any derivative contracts as at 31 December 2012 as the fund ceased operations on 23 February 2012.


GLG Emerging Europe Equity US$ US$ US$ US$Forward currency contracts 8,162 (33,469) (716,214) 10,338,031Participatory notes 1,452,134 - 39,115,965 - 1,460,296 (33,469) 38,399,751 10,338,031

GLG Frontier Markets Equity GLG Frontier Markets Equity did not hold any derivative contracts as at 31 December 2012 as the fund ceased operations on 13 November 2012.

Fair Value Fair Value Notional Value Notional Value Assets Liabilities Assets Liabilities 2011 2011 2011 2011 US$ US$ US$ US$Forward currency contracts - (24,637) - 11,936,041Participatory notes 5,210,506 - 5,071,948 -

5,210,506 (24,637) 5,071,948 11,936,041

Fair Value Fair Value Notional Value Notional Value Assets Liabilities Assets Liabilities 2012 2012 2012 2012GLG Global Emerging Markets Equity US$ US$ US$ US$Forward currency contracts 518,062 (13,329) 32,372,303 (728,648)Total Return swaps 106,835 (26,935) 1,895,606 631,124 624,897 (40,264) 34,267,909 (97,524)

Fair Value Fair Value Notional Value Notional Value Assets Liabilities Assets Liabilities 2011 2011 2011 2011 US$ US$ US$ US$Forward currency contracts 3,347 (32,880) (489,363) 11,193,904Participatory notes 2,211,539 - 2,502,963 - 2,214,886 (32,880) 2,013,600 11,193,904

GLG Latin American Equity GLG Latin American Equity did not hold any derivative contracts as at 31 December 2012 as the fund ceased operations on 23 February 2012.

Fair Value Fair Value Notional Value Notional

Value Assets Liabilities Assets Liabilities 2011 2011 2011 2011 US$ US$ US$ US$Forward currency contracts 3,556 (35,775) (629,305) 11,388,676Participatory notes 565,032 - 1,251,104 - 568,588 (35,775) 621,799 11,388,676


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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 year 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. The Fund may also hold investment positions through total return swaps, to reduce its long-term exposure to market risk and credit risk, details of which are shown in the Portfolio Statements. Total return swaps are contracts in which the Fund pays or receives a series of cash flows 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. 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. The Fund has sold protection to third parties over credit instruments with a dollar equivalent notional value of US$Nil (2011: US$15,750,000) An ASCOT, or Asset Swapped Convertible Option Transaction, is an option on a convertible bond that is used to separate a convertible bond into its two components: a bond and an option to acquire stock. When the bond is stripped of its conversion feature, the holder has a bond featuring fairly stable returns on debt, and a volatile, but potentially very valuable, option. 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 €38,092.14 divided into 30,000 Subscriber Shares of €1.269 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. The Directors have determined that as of 3 May 2005, the following Share Classes are closed to further subscriptions: Class A Shares, Class B Shares, Class D Shares, Class E Shares, Class J Shares in each Portfolio; Class C Shares and Class F Shares in GLG Balanced, GLG Capital Appreciation, GLG Global Equity and GLG Global Bond; Class I Shares in GLG Capital Appreciation and GLG Global Equity; and Class T Shares in GLG Global Convertible UCITS; and, as of 1 March 2010, Class K, Class L, Class M, Class N, Class P, Class Q, Class O, Class R and Class S Shares in the GLG Japan CoreAlpha Equity. Investors may be subject to an upfront sales charge of up to 5% of their proposed subscription, payable to the Manager in respect of any subscription for any Class of Shares.


78

9. Redeemable Participating Shares Number of Shares Class IT Class DT Class IHT Class DHT Class DT Class D Class I H GLG Global Equity USD USD2 EUR EUR 2 USD USD GBPShares in issue 1 January 2012 9,930 2,569 10,297 1,841 42,945 15,521 -Subscriptions for year 183 - - - 170,631 75,442Redemptions for year (10,113) (2,569) (10,297) (1,841) (42,945) (30,758) -Shares in issue 31 December 2012

- - - - -

155,394

75,442

Number of Shares Class I Class IH

EURClass DHT Class DH Class I Class DHT

Class IGLG Global Equity EUR EUR EUR EUR USD GBP GBPShares in issue 1 January 2012 - - 109,518 48,878 28,576 445 - Subscriptions for year 305,829 12,988 105,472 44,123 744 217,587 Redemptions for year - - (109,518) (7,192) (11,784) (353) Shares in issue 31 December 2012

305,829 12,988 - 147,158 60,915 836 217,587

Number of Shares Class IT Class DT Class IH T Class DHT Class DT Class D GLG Global Equity USD USD2 EUR EUR 2 USD USDShares in issue 1 January 2011 10,817 5,051 16,768 2,593 109,480 21,572Subscriptions for year - - - - 1,042 856Redemptions for year (887) (2,482) (6,471) (752) (67,577) (6,907)Shares in issue 31 December 2011 9,930 2,569 10,297 1,841 42,945 15,521

Number of Shares Class DHT Class DH Class I Class DHT GLG Global Equity EUR EUR USD GBP Shares in issue 1 January 2011 469,162 55,824 - - Subscriptions for year 526 9,487 28,576 445 Redemptions for year (360,170) (16,433) - - Shares in issue 31 December 2011 109,518 48,878 28,576 445

Number of Shares Class IL T Class DL T Class IL H T Class DL H

T Class DL H T GLG Global Convertible UCITS USD USD2 EUR-B EUR1 EUR2Shares in issue 1 January 2012 2,681 23,210 42,037 10,114 28,146Subscriptions for year - 1,818 26 - -Redemptions for year (2,681) (25,028) (42,063) (10,114) (28,146)Shares in issue 31 December 2012 - - - - -

Number of Shares Class DL H Class DL T Class DL Class DL H

T

Class DL H GLG Global Convertible UCITS EUR2 USD USD EUR EUR Shares in issue 1 January 2012 17,520 53,280 153,943 349,893 219,044 Subscriptions for year 3,448 - 309,877 3,147 410,538 Redemptions for year (20,968) (53,280) (61,653) (353,040) (168,971) Shares in issue 31 December 2012 - - 402,167 - 460,612

Number of Shares Class DL H T Class IL Class IL H Class IL H T Class I MTGLG Global Convertible UCITS GBP USD EUR EUR USDShares in issue 1 January 2012 3,812 31,105 762,524 37,099 2,500Subscriptions for year 2,217 17,606 600,217 - -Redemptions for year (6,029) (30,739) (466,326) (37,099) (2,500)Shares in issue 31 December 2012 - 17,972 896,415 - -

Number of Shares Class DL H Class IMClass IM H

T Class IM H

Class IM H GLG Global Convertible UCITS GBP USD EUR EUR GBP Shares in issue 1 January 2012 - 112,859 23,885 201,182 732 Subscriptions for year 6,425 27,166 11,500 239,223 8,883 Redemptions for year (372) (79,845) (35,385) (8,302) (79) Transfer in/out - - - - - Shares in issue 31 December 2012 6,053 60,180 - 432,103 9,536


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9. Redeemable Participating Shares (continued)

Number of Shares Class IL T Class DL T Class IL H T Class DL H

T Class DL H T GLG Global Convertible UCITS USD USD2 EUR-B EUR1 EUR2Shares in issue 1 January 2011 3,881 8,176 337,459 10,898 150,678Subscriptions for year - 21,944 - - 1,315Redemptions for year (1,200) (6,910) (295,422) (784) (123,847)Shares in issue 31 December 2011 2,681 23,210 42,037 10,114 28,146

Number of Shares Class DL H Class IL H

T Class DL T Class DL Class DL H

T GLG Global Convertible UCITS EUR2 EUR-A USD USD EUR Shares in issue 1 January 2011 27,016 250 61,045 30,915 408,108 Subscriptions for year 20,056 - 11,796 142,008 63,364 Redemptions for year (29,552) (250) (19,561) (18,980) (121,579) Shares in issue 31 December 2011 17,520 - 53,280 153,943 349,893

Number of Shares Class DL H Class DL H

T Class IL Class IL H Class IL H T GLG Global Convertible UCITS EUR GBP USD EUR EUR Shares in issue 1 January 2011 507,842 7,052 112,099 1,633,555 40,874 Subscriptions for year 137,374 1,361 9,995 1,369,926 230 Redemptions for year (426,172) (4,601) (90,989) (2,240,957) (4,005) Shares in issue 31 December 2011 219,044 3,812 31,105 762,524 37,099

Number of Shares Class IM T Class IM Class IM H

T Class IM H Class IM H GLG Global Convertible UCITS USD USD EUR EUR GBPShares in issue 1 January 2011 2,500 81,251 235,370 251,289 8,401Subscriptions for year - 96,951 17,971 106,438 732Redemptions for year - (65,343) (229,456) (156,545) (8,401)Shares in issue 31 December 2011 2,500 112,859 23,885 201,182 732

Number of Shares Class I H T Class I T Class D T Class D Class D H T GLG European Equity USD EUR EUR2 EUR2 USDShares in issue 1 January 2012 8,767 1,858 3,946 4,389 34,079Subscriptions for year 1,609 - - -Redemptions for year (8,767)) (3,467) (3,946) (4,389) (34,079)Shares in issue 31 December 2012 - - - - - Number of Shares Class D H T Class D T Class D Class I Class D HGLG European Equity GBP EUR EUR EUR NOKShares in issue 1 January 2012 469 48,509 35,666 121,079 -Subscriptions for year 84 194 87,678 4,918 142,491

Redemptions for year (234) (48,703) (26,717) (121,888) -

Shares in issue 31 December 2012 319 - 96,627 4,109 142,491 Number of Shares Class I H Class D H GLG European Equity USD USDShares in issue 1 January 2012 - -Subscriptions for year 15,731 76,242Redemptions for year (15,190) (35,531)Shares in issue 31 December 2012 541 40,711 Number of Shares Class I H T Class I T Class D T Class D Class D H T GLG European Equity USD EUR EUR2 EUR2 USDShares in issue 1 January 2011 11,343 4,939 10,247 152 81,335Subscriptions for year - - 300 24,895 69,436Redemptions for year (2,576) (3,081) (6,601) (20,658) (116,692)Shares in issue 31 December 2011 8,767 1,858 3,946 4,389 34,079


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9. Redeemable Participating Shares (continued) Number of Shares Class D H T Class D T Class D Class I Class I GLG European Equity GBP EUR EUR EUR USDShares in issue 1 January 2011 - 109,434 76,185 393,466 -Subscriptions for year 469 591 31,632 42,159 100,000

Redemptions for year - (61,516) (72,151) (314,546) (100,000)

Shares in issue 31 December 2011 469 48,509 35,666 121,079 - Number of Shares Class IH Class D Class D TGLG Global Sustainability GBP EUR EURShares in issue 1 January 2012 202,745 298 5,604Subscriptions for year 9,233 6,136 -Redemptions for year - (1,015) (5,604)Shares in issue 31 December 2012 211,978 5,419 - Number of Shares Class IH Class D Class D TGLG Global Sustainability GBP EUR EURShares in issue 1 January 2011 - 298 208,643Subscriptions for year 209,780 - 4,677Redemptions for year (7,035) - (207,716)Shares in issue 31 December 2011 202,745 298 5,604 Number of Shares Class D Class I Class D Class I H Class D H GLG Japan CoreAlpha Equity JPY JPY USD USD EURShares in issue 1 January 2012 511,124 3,019,530 331,263 1,094,134 609,074Subscriptions for year 137,888 1,760,401 326,278 1,941,775 621,782Redemptions for year (417,331) (2,366,201) (174,916) (355,449) (399,450)Shares in issue 31 December 2012 231,681 2,413,730 482,625 2,680,460 831,406 Number of Shares Class I H Class D H Class I H Class I GLG Japan CoreAlpha Equity EUR GBP GBP GBP Shares in issue 1 January 2012 648,088 1,287,659 2,627,732 242,301 Subscriptions for year 1,292,890 281,723 1,939,775 71,115 Redemptions for year (1,007,888) (397,653) (972,373) (120,824) Shares in issue 31 December 2012 933,090 1,171,729 3,595,134 192,592 Number of Shares Class I Class I Class IH Class DH GLG Japan CoreAlpha Equity USD EUR CHF CHF Shares in issue 1 January 2012 321 127,931 - - Subscriptions for year 4,589 220,023 10,000 249,175

Redemptions for year (2,200) (116,402) - (4,412)

Shares in issue 31 December 2012 2,710 231,552 10,000 244,763

Number of Shares Class D T Class I T Class D Class I H Class D H GLG Japan CoreAlpha Equity JPY JPY USD USD EURShares in issue 1 January 2011 191,869 1,096,230 65,624 244,292 48,569Subscriptions for year 631,590 4,363,843 434,695 1,113,712 803,960Redemptions for year (312,335) (2,440,543) (169,056) (263,870) (243,455)Shares in issue 31 December 2011 511,124 3,019,530 331,263 1,094,134 609,074

Number of Shares Class I H Class D H Class I H Class I GLG Japan CoreAlpha Equity (continued) EUR GBP GBP GBP Shares in issue 1 January 2011 44,665 751,815 1,181,787 - Subscriptions for year 2,056,998 1,100,107 2,956,504 251,109 Redemptions for year (1,453,575) (564,263) (1,510,559) (8,808) Shares in issue 31 December 2011 648,088 1,287,659 2,627,732 242,301

Number of Shares Class I Class I GLG Japan CoreAlpha Equity USD EURShares in issue 1 January 2011 - -Subscriptions for year 321 145,313Redemptions for year - (17,382)Shares in issue 31 December 2011 321 127,931


81


Number of Shares Class IH GLG Emerging Asia Equity GBP Shares in issue 1 January 2012 87,849 Subscriptions for year - Redemptions for year (87,849) Shares in issue 31 December 2012 -

Number of Shares Class IH GLG Emerging Asia Equity GBP Shares in issue 1 January 2011 - Subscriptions for year 125,000 Redemptions for year (37,151) Shares in issue 31 December 2011 87,849

Number of Shares Class IH GLG Emerging Europe Equity GBPShares in issue 1 January 2012 86,561Subscriptions for year -Redemptions for year (86,561)Shares in issue 31 December 2012 -

Number of Shares Class IH GLG Emerging Europe Equity GBPShares in issue 1 January 2011 -Subscriptions for year 125,000Redemptions for year (38,439)Shares in issue 31 December 2011 86,561

Number of Shares Class IH

GLG Frontier Markets Equity GBPShares in issue 1 January 2012 89,615Subscriptions for year -Redemptions for year (89,615)Shares in issue 31 December 2012 -


GLG Frontier Markets Equity GBPShares in issue 1 January 2011 -Subscriptions for year 125,000Redemptions for year (35,385)Shares in issue 31 December 2011 89,615


GLG Global Emerging Markets Equity GBPShares in issue 1 January 2012 87,102Subscriptions for year 206,749Redemptions for year (87,102)Shares in issue 31 December 2012 206,749


GLG Global Emerging Markets Equity GBPShares in issue 1 January 2011 -Subscriptions for year 125,000Redemptions for year (37,898)Shares in issue 31 December 2011 87,102


82



GLG Latin American Equity GBPShares in issue 1 January 2012 84,179Subscriptions for year Redemptions for year (84,179)Shares in issue 31 December 2012 -


GLG Latin American Equity GBPShares in issue 1 January 2011 -Subscriptions for year 125,000Redemptions for year (40,821)Shares in issue 31 December 2011 84,179


GLG MENA Equity GBPShares in issue 1 January 2012 -Subscriptions for year 128,581Redemptions for year (128,581)Shares in issue 31 December 2012 -

GLG MENA Equity commenced operations on 23 January 2012 and ceased operations on 13 November 2012 and, as such, there are no comparatives presented for 31 December 2011. 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 The Fund’s objectives for managing capital are: To invest the capital in investments meeting the description and risk indicated in the 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 Michael Jackson is a director of the Manager and is a partner in Matheson, Legal Advisers to the Fund. Mr Jackson has also been a director of Matsack Trust Limited, the secretary of the Fund, during this financial year. Alun Davies has been a director of the Manager of the Fund until 11 September 2012. Victoria Parry is the Global Head of Product Legal for Man Group plc and a director of the Manager of the Fund. During the year Aniello Bianco, Alun Davies, Michael Jackson and Gerald O’Mahony earned Directors’ fees of €8,000 each. These were paid in July 2012. During the year fees of €311,023 were paid to Matheson, Legal Advisers to the Fund. The Manager, GLG Partners (Cayman) Limited, receives fees as outlined in note 5.

11. Risks Associated with Financial Instruments In pursuing their investment objectives referred to in note 1, each of the Portfolios invests in transferable securities which 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 125 to 164 are representative of the type of investments held during the year. (a) Market price risk Market risk can include equity risk, commodity risk, interest rate risk, credit spread risk, volatility and foreign currency risk. The Portfolio’s exposure to these factors is measured and monitored using Monte Carlo Value at Risk. Global exposure is a measure designed to limit either the incremental exposure and leverage generated by a UCITS through the use of financial derivative instruments (“FDI”) or the market risk of the UCITS portfolio. The Fund utilizes the commitment approach to monitor global exposure on a daily basis.


83

11. Risks Associated with Financial Instruments (continued) (b) Market price risk (continued) Breaches of the exposure limits, if any, are identified using commitment approach, addressed by the investment manager and reported to the directors. An annual FDI report is provided to the Central Bank detailing any exposures breached during the year and any material changes to the risk monitoring process. During the year, there were no material breaches of the FDI exposure limits. Please see the credit risk section for a review of the risk and related measurements related to FDI counterparties as of 31 December 2012. Please refer to Note 6 of the financial statements for the level of leverage employed, i.e. the sum of the notional amounts of the derivatives used. The table below identifies the Value at Risk (“VaR”) calculated on the Portfolio as at 31 December, 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 and relate only to the positions held as at the close of business on 31 December. These positions inevitably change over time. GLG Global Equity As of 31 December, the following table represents the Portfolio 1 day VaR as a percentage of Net Assets: 2012 2011 Fund 1 Day VaR as a % of Net Assets 1.46% 3.44% As of 31 December, the following table represents the Market Risk Factor Stand Alone VaR: 2012 2011 Equity 1.46% 3.40% Foreign Exchange 0.02% 0.05% Cross correlation between risk factors result in a Fund VaR number that is less than the sum of the parts. GLG Global Convertible UCITS As of 31 December the following table represents the Portfolio 1 day VaR as a percentage of Net Assets: 2012 2011 Fund 1 Day VaR as a % of Net Assets 0.60% 1.56% As of 31 December, the following table represents the Market Risk Factor Stand Alone VaR: 2012 2011 Credit Spread 0.15% 0.52% Equity 0.44% 1.25% Foreign Exchange 0.03% 0.03% Interest Rates 0.05% 0.06% Volatility 0.13% 0.26% Cross correlation between risk factors result in a Fund VaR number that is less than the sum of the parts. GLG European Equity As of 31 December, the following table represents the Portfolio 1 day VaR as a percentage of Net Assets: 2012 2011 Fund 1 Day VaR as a % of Net Asset 1.56% 3.43% As of 31 December, the following table represents the Market Risk Factor Stand Alone VaR: 2012 2011 Equity 1.56% 3.42% Foreign Exchange 0.00% 0.01% Credit Spread 0.00% 0.01% Cross correlation between risk factors result in a Fund VaR number that is less than the sum of the parts.


84

11. Risks Associated with Financial Instruments (continued) (a) Market price risk (continued) GLG Global Sustainability Equity As of 31 December, the following table represents the Portfolio 1 day VaR as a percentage of Net Assets: 2012 2011 Fund 1 Day VaR as a % of Net Assets 1.05% 3.04% As of 31 December, the following table represents the Market Risk Factor Stand Alone VaR: 2012 2011 Equity 1.04% 2.99% Foreign Exchange 0.01% 0.05% Cross correlation between risk factors result in a Fund VaR number that is less than the sum of the parts. GLG Japan CoreAlpha Equity As of 31 December, the following table represents the Portfolio 1 day VaR as a percentage of Net Assets: 2012 2011 Fund 1 Day VaR as a % of Net Assets 1.05% 2.43% As of 31 December, the following table represents the Market Risk Factor Stand Alone VaR: 2012 2011 Equity 1.04% 2.52% Foreign Exchange 0.01% 1.36% Cross correlation between risk factors result in a Fund VaR number that is less than the sum of the parts.

GLG Emerging Asia Equity 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 Assets 3.72% As of 31 December, the following table represents the Market Risk Factor Stand Alone VaR: 2011 Equity 3.22% Foreign Exchange 0.71% Cross correlation between risk factors result in a Fund VaR number that is less than the sum of the parts. The Portfolio ceased operations on 30 March 2012 and, as such, there is no VaR analysis presented as at 31 December 2012..

GLG Emerging Europe Equity 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 Assets 4.72% As of 31 December, the following table represents the Market Risk Factor Stand Alone VaR: 2011 Equity 3.43% Foreign Exchange 1.62% Cross correlation between risk factors result in a Fund VaR number that is less than the sum of the parts. The Portfolio ceased operations on 23 February 2012 and, as such, there is no VaR analysis presented as at 31 December 2012.


85

11. Risks Associated with Financial Instruments (continued) (a) Market price risk (continued)

GLG Frontier Markets Equity 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 Assets 1.47% As of 31 December, the following table represents the Market Risk Factor Stand Alone VaR: 2011 Equity 1.42% Foreign Exchange 0.13% Cross correlation between risk factors result in a Fund VaR number that is less than the sum of the parts. The Portfolio ceased operations on 13 November 2012 and, as such, there is no VaR analysis presented as at 31 December 2012. GLG Global Emerging Markets Equity As of 31 December, the following table represents the Portfolio 1 day VaR as a percentage of Net Assets: 2012 2011 Fund 1 Day VaR as a % of Net Assets 1.77% 3.94% As of 31 December, the following table represents the Market Risk Factor Stand Alone VaR: 2012 2011 Equity 1.41% 3.00% Foreign Exchange 0.40% 1.21% Cross correlation between risk factors result in a Fund VaR number that is less than the sum of the parts. GLG Latin American Equity 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 Assets 4.54% As of 31 December, the following table represents the Market Risk Factor Stand Alone VaR: 2011 Equity 3.17% Foreign Exchange 1.93% Cross correlation between risk factors result in a Fund VaR number that is less than the sum of the parts. The Portfolio ceased operations on 23 February 2012 and, as such, there is no VaR analysis presented as at 31 December 2012.

(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 Global Equity There was no exposure to interest bearing securities at 31 December 2012 and 31 December 2011 except cash balances which are subject to agreed prevailing rates with each broker.


86

11. Risks Associated with Financial Instruments (continued)

(a) Market price risk (continued)

(i) Interest rate risk (continued)


Fixed interest bearing

securitiesFloating interest

bearing securitiesNon-interest

bearing securities TotalCurrency 2012 2012 2012 2012 US$ US$ US$ US$Canadian Dollar (CAD) 1,915,062 - - 1,915,062Chinese Yuan Renminbi (CNY) 5,339,085 - - 5,339,085Euro (€) 62,458,847 2,967,164 5,059,157 70,485,168Pound Sterling (GBP) 5,881,891 - 2,244,684 8,126,575Hong Kong Dollar (HKD) 2,756,991 - - 2,756,991Japanese Yen (JPY) 25,366,575 3,563,971 2,300,246 31,230,792Norwegian Krone (NOK) - - 3,619 3,619Singapore Dollar (SGD) 7,803,929 - - 7,803,929US Dollar (US$) 184,551,850 3,345,375 6,652,846 194,550,071 296,074,230 9,876,510 16,260,552 322,211,292

Fixed interest bearing

securitiesFloating interest


bearing securities TotalCurrency 2011 2011 2011 2011 US$ US$ US$ US$Australian Dollar (AUD) 6,430,698 - - 6,430,698Canadian Dollar (CAD) 8,335,095 - - 8,335,095Chinese Yuan Renminbi (CNY) 4,709,247 - - 4,709,247Euro (€) 35,551,742 2,705,215 643,864 38,900,821Pound Sterling (GBP) 2,367,086 - 434,975 2,802,061Hong Kong Dollar (HKD) 5,521,818 - - 5,521,818Japanese Yen (JPY) 21,486,850 4,036,408 435,690 25,958,948

Norwegian Krone(NOK) - - 2,790 2,790Singapore Dollar (SGD) 6,370,744 - - 6,370,744Swiss Franc (CHF) - - 531,280 531,280US Dollar (US$) 155,416,185 2,681,250 9,234,708 167,332,143 246,189,465 9,422,873 11,283,307 266,895,645

GLG European Equity There was no exposure to fixed interest bearing securities at 31 December 2012.

Fixed interest


bearing securities Total 2011 2011 2011 Currency € € € Danish Krone (DKK) - 1,374,949 1,374,949 Euro (€) - 7,288,141 7,288,141 Norwegian Krone (NOK) - 1,676,149 1,676,149 Pound Sterling (GBP) 79,705 695,877 775,582 Swedish Krona (SEK) - 331,729 331,729 Swiss Franc (CHF) - 407,126 407,126 US Dollar (US$) - 156,062 156,062 79,705 11,930,033 12,009,738

GLG Global Sustainability Equity There was no exposure to fixed interest bearing securities at 31 December 2012 and 31 December 2011. GLG Japan CoreAlpha Equity There was no exposure to fixed interest bearing securities at 31 December 2012 and 31 December 2011. GLG Emerging Asia Equity The Fund ceased operations on 30 March 2012 and, as such, there are no figures presented for 31 December 2012. There was no exposure to fixed interest bearing securities at 31 December 2011. GLG Emerging Europe Equity The Fund ceased operations on 23 February 2012 and, as such, there are no figures presented for 31 December 2012. There was no exposure to fixed interest bearing securities at 31 December 2011.


87



(i) Interest rate risk (continued) GLG Frontier Markets Equity The Fund ceased operations on 13 November 2012 and, as such, there are no figures presented for 31 December 2012. There was no exposure to fixed interest bearing securities at 31 December 2011. GLG Global Emerging Markets Equity There was no exposure to fixed interest bearing securities at 31 December 2012 and 31 December 2011. GLG Latin American Equity The Fund ceased operations on 23 February 2012 and, as such, there are no figures presented for 31 December 2012.There was no exposure to fixed interest bearing securities at 31 December 2011. GLG MENA Equity The Fund ceased operations on 13 November 2012 and, as such, there are no exposures to fixed interest bearing securities at 31 December 2012.

(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 balance sheet values of positions held on the Fund were as follows:

GLG Global Equity 2012 2011

Currency US$ US$ US Dollar (US$) 87,752,991 10,729,281 Euro (€) 10,541,250 23,274,398 Pound Sterling (GBP) 2,557,770 154,880 Japanese Yen (JPY) 13,176,120 (145,253) Canadian Dollar (CAD) 1 1 Swiss Franc (CHF) 6,735,170 3 Australian Dollar (AUD) - - Hong Kong Dollar (HKD) 4,098,728 (107,222) Singapore Dollar (SGD) 1,563,370 10 Swedish Krona (SEK) 4,549,245 20,274 Danish Krone (DKK) 3,608,219 172,959 Norwegian Krone (NOK) (36) 246,793 Israel Shekel (ILS) - - New Zealand Dollar (NZD) 1 - Brazilian Real (BRL) - 211,204 134,582,829 34,557,328

GLG Global Convertible UCITS 2012 2011Currency US$ US$Euro (€) 69,413,358 226,490,886US Dollar (US$) 202,711,678 41,094,623Chinese Yuan Renminbi (CNY) 5,394,364 4,760,918Pound Sterling (GBP) 8,508,661 (117,585)Australian Dollar (AUD) - 1,121,130Japanese Yen (JPY) 31,176,057 (389,501)Singapore Dollar (SGD) 7,828,251 (22,464)Hong Kong Dollar (HKD) 2,756,991 238,842Swiss Franc (CHF) (1) 531,520Canadian Dollar (CAD) 1,958,415 69,509Norwegian Krone (NOK) 3,737 32,888South African Rand (ZAR) 1 1Swedish Krona (SEK) (1) -

329,751,511 273,810,767


88



(ii) Foreign currency risk (continued)

GLG European Equity 2012 2011

Currency € €Euro (€) 17,212,306 18,368,627 US Dollar (US$) (97,274) 4,163,518 Norwegian Krone (NOK) 66,708 56,814 Pound Sterling (GBP) 27,800 112,478 Swiss Franc (CHF) 30,184 82,686 Czech Koruna (CZK) 6 6 Danish Krone (DKK) (52,364) 183,595 Swedish Krona (SEK) (76,593) 42,981 17,110,773 23,010,705

GLG Global Sustainability Equity 2012 2011Currency € €Pound Sterling (GBP) 135,099 109,826US Dollar (US$) 14,477,997 5,633Danish Krone (DKK) 2,648,071 23,128Hong Kong Dollar (HKD) 519,373 (91,644)Singapore Dollar(SGD) 733,657 -Norwegian Krone (NOK) 242,608 -Swedish Krona (SEK) 440,407 40,540Japanese Yen (JPY) 3,042,378 36,777Euro (€) 2,868,071 20,292,097Israel Shekel (ILS) (3) (3)Swiss Franc (CHF) - (73,918) 25,107,658 20,342,436

GLG Japan CoreAlpha Equity 2012 2011Currency ¥ ¥Pound Sterling (GBP) 2,645,707,774 35,351,120,966Japanese Yen (JPY) 130,561,544,089 32,073,903,083US Dollar (US$) (45,935,048) 8,689,046,699Euro (€) 733,297,330 9,870,390,522Swiss Franc (CHF) 144,898,875 35Danish Krone (DKK) 18 9Norwegian Krone (NOK) 15 -Swedish Krona (SEK) 11 - 134,039,513,064 85,984,461,314

GLG Emerging Asia Equity GLG Emerging Asia Equity ceased operations on 30 March 2012 and as such there are no figures presented for 31 December 2012. 2011

Currency US$Pound Sterling (GBP) 10,708,752Hong Kong Dollar (HKD) 3,108,045Korean Won (KRW) 2,678,894Malaysian Ringgit (MYR) 710,453Indonesia Rupiah (IDR) 476,969Philippine Pesos (PHP) 178,820Taiwan dollar (TWD) 82,070Swiss Franc (CHF) 1,375Euro (€) (284)US Dollar (US$) (7,457,715)

10,487,379


89




GLG Emerging Europe Equity GLG Emerging Europe Equity ceased operations on 23 February 2012 and, as such, there are no figures presented for 31 December 2012. 2011 Currency US$Pound Sterling (GBP) 9,621,874 Polish Zloty (PLN) 1,452,364 Turkish Lira (TRL) 1,205,465 Hungary Forint (HUF) 300,206 Czech koruna (CZK) 56,449 Euro (€) (290) US Dollar (US$) (3,234,827) 9,401,241

GLG Frontier Markets Equity GLG Frontier Markets Equity ceased operations on 13 November 2012 and, as such, there are no figures presented for 31 December 2012. 2011Currency US$Pound Sterling (GBP) 12,315,404 Qatari Riyal (QAR) 4,055,888 Nigerian Naira (NGN) 844,684 Kenya Shilling (KES) 410,461 Croatian Kuna (HRK) 225,141 Argentine Peso (ARS) 184,540 Euro (€) (289) US Dollar (US$) (6,030,036)

12,005,793

GLG Global Emerging Markets Equity 2012 2011Currency US$ US$Pound Sterling (GBP) 319,609 10,704,540 Hong Kong Dollar (HKD) 8,086,416 1,792,007 Korean Won (KRW) 4,385,267 1,655,936 Brazilian Real (BRL) 3,686,046 1,722,331 Taiwan dollar (TWD) 2,829,509 65,656 South African Rand (ZAR) 1,937,465 835,310 Mexican Neuvo Peso (MXN) 2,254,650 407,294 Malaysian Ringgit (MYR) 593,422 283,697 Indonesia Rupiah (IDR) 782,955 291,315 Turkish Yeni (TRY) 874,233 165,997 Chilean Peso (CLP) - - Russian Ruble (RUB) - - Polish Zloty (PLN) - 121,796 Indian Rupee (INR) - - Colombian Peso (COL) - 97,715 Philippine Peso (PHP) 236,704 - Swiss Franc (CHF) 171 262 Euro (€) 18 (290) Thai Baht (THB) - - US Dollar (US$) 5,800,119 (7,737,949) Czech Koruna (CZK) - 42,010 Hungary Forint (HUF) - 27,119 Moroccan Dirham (MAD) - 18,304 Norwegian Krone (NOK) - 214

31,786,584 10,493,264


90




GLG Latin American Equity GLG Latin American Equity ceased operations on 23 February 2012 and, as such, there are no figures presented for 31 December 2012. 2011 Currency US$Pound Sterling (GBP) 10,759,369 Brazilian Real (BRL) 6,310,056 Mexican Neuvo Peso (MXN) 2,223,297 Colombian Peso (COL) 369,082 Norwegian Krone (NOK) 214 Euro (€) (290) US Dollar (US$) (9,133,692) 10,528,036

(iii) Other price risk Other 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. 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 creditworthiness of the Counterparty. Credit risk also arising on transactions with brokers relates 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. As at 31 December 2012, the majority of the Fund's assets were held with The Bank of New York Mellon (London), The Bank of New York Mellon (Brussels), Credit Suisse Securities (Europe) Limited, Morgan Stanley & Co. International Plc, Nomura, Citibank and Goldman Sachs International. All of 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 Global Equity 2012 2011Financial assets at fair value through profit or loss Held for trading: US$ US$Derivatives 3,575,521 1,107,336 Cash 26,520,674 6,920,296 Due from brokers 972,194 768,508 Dividend receivables 27,942 52,590 Subscriptions receivables 429 - Interest receivable - 6 Other receivables 23,213 8,030 Total credit exposure 31,119,973 8,856,766


91


(b) Credit/counterparty risk (continued)

GLG Global Convertible UCITS 2012 2011 Financial assets at fair value through profit or loss Held for trading US$ US$ Interest bearing securities 305,950,740 255,612,338 Derivatives 3,526,654 4,178,591 Cash 6,521,366 8,088,274 Due from brokers 4,669,526 3,794,581 Interest receivables 2,006,178 2,613,594 Subscriptions receivables 25,050 16,585 Other receivables 12,897 10,579 Total credit exposure 322,712,411 274,314,542

GLG European Equity 2012 2011 Financial assets at fair value through profit or loss Held for trading: € € Interest bearing securities - 79,705 Derivatives 654,173 1,275,786 Cash 8,645,096 10,237,591 Due from brokers 271,240 864,488 Dividend receivables 679 86,264 Interest receivables 5 72 Other receivables 108 43,559 Total credit exposure 9,571,301 12,587,465

GLG Global Sustainability Equity 2012 2011 Financial assets at fair value through profit or loss Held for trading: € € Derivatives 531,341 786,959 Cash 2,126,402 2,927,268 Due from brokers 393,894 105,247 Dividend receivables 17,107 6,611 Interest receivables - 870 Other receivables 92 5,509 Total credit exposure 3,068,836 3,832,464

GLG Japan CoreAlpha Equity 2012 2011 Financial assets at fair value through profit or loss Held for trading: ¥ ¥ Derivatives 4,683,060,939 99,413,998 Cash 279,624,785 159,144,355 Due from brokers 129,419,977 - Dividend receivable 22,904,944 - Interest receivable 24,824,151 - Subscriptions receivable 90,499,151 72,962,065 Other receivables 7,134,745 254,244 Total credit exposure 5,237,468,692 331,774,662

GLG Emerging Asia Equity GLG Emerging Asia Equity ceased operations on 30 March 2012 and, as such, there are no credit risk exposure presented for 31 December 2012.

2011Financial assets at fair value through profit or loss Held for trading: US$Derivatives 3,259,548 Cash 103,993 Dividend receivables 911 Total credit exposure 3,364,452

GLG Emerging Europe Equity GLG Emerging Europe Equity ceased operations on 23 February 2012 and, as such, there are no credit risk exposure presented for 31 December 2012. 2011Financial assets at fair value through profit or loss Held for trading: US$Derivatives 1,460,296 Cash 324,222 Dividend receivables 5,916 Total credit exposure 1,790,434


92

11. Risks Associated with Financial Instruments (continued) (b) Credit/counterparty risk (continued)

GLG Frontier Markets Equity GLG Frontier Markets Equity ceased operations on 13 November 2012 and, as such, there are no credit risk exposure presented for 31 December 2012. 2011Financial assets at fair value through profit or loss Held for trading: US$Derivatives 5,210,506 Cash 148,074 Dividend receivables 504 Total credit exposure 5,359,084

GLG Global Emerging Markets Equity 2012 2011Financial assets at fair value through profit or loss Held for trading: US$ US$Cash 2,561,204 51,055 Derivatives 624,897 2,214,886 Dividend receivables 19,581 8,654 Total credit exposure 3,205,682 2,274,595

GLG Latin American Equity GLG Latin American Equity ceased operations on 23 February 2012 and, as such, there are no credit risk exposure presented for 31 December 2012. 2011 Financial assets at fair value through profit or loss Held for trading: US$ Derivatives 568,588 Cash 76,731 Dividend receivables 28,573 Total credit exposure 673,892

The below table shows the breakdown by Credit Spread of all credit securities held in the portfolio. This does not include any non-credit hedges held against these (for example equity securities) or deposits held with credit institutions. 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 Global Convertible UCITS Spread

Credit Securities 2012

Credit Securities 2011

0-25 (18,430,570) (23,393,818) 25-100 111,039,210 32,019,588 100-200 77,040,370 68,603,909 200-300 20,694,577 26,029,106 300-400 17,622,830 26,279,045 400-500 11,189,631 15,499,972 500-700 18,466,565 18,327,958 700-1000 20,841,466 19,952,769 >1000 19,379,915 41,251,647 277,843,995 224,570,177 As at 31 December 2012, the value of the Portfolio’s assets which were considered to be past due or impaired was US$1,391,665. The table below shows the analysis of age of financial assets which are considered to be past due:

1y-3y US$237,760


93

11. Risks Associated with Financial Instruments (continued) (b) Credit/counterparty risk (continued) The following table analyse all the securities (excluding forward currency contracts) held in the Fund’s portfolios by geographical distribution:

GLG Global Equity 2012 2011United States 53% 50%European Union (excluding United Kingdom) 17% 19%Japan 13% 11%Switzerland 6% 2%Hong Kong 4% 4%Russia 4% 1%Singapore 2% - United Kingdom 1% 2%China - 3%Canada - 2%Bermuda - 2%Norway - 2%Macau - 1%Brazil - 1%South Africa - - 100% 100%

GLG Global Convertible UCITS 2012 2011United States 33% 39%European Union (excluding United Kingdom) 32% 16%Japan 10% 10%Jersey channel Islands 4% 3%Taiwan 3% 5%Cayman Islands 3% 4%Bermuda 3% 3%British Virgin Islands 2% 4%Singapore 2% 3%United Kingdom 2% 2%China 2% 1%Others 2% -Canada 1% 5%Mexico 1% 1%Australia - 2%Marshall Islands - 1%Israel - 1% 100% 100%

GLG European Equity 2012 2011European Union (excluding United Kingdom) 61% 77%Switzerland 27% 4%United Kingdom 4% 10%Russia 4% -United States 4% -Bermuda - 5%Norway - 4% 100% 100%

GLG Global Sustainability Equity 2012 2011United states 59% 53%European Union (excluding United Kingdom) 20% 21%Japan 14% 10%Singapore 3% -Hong Kong 2% 3%Norway 1% -United Kingdom 1% 1%China - 4%Canada - 3%Brazil - 2%Israel - 2%Switzerland - 1% 100% 100%


94


GLG Japan CoreAlpha Equity 2012 2011Japan 100% 100% 100% 100%

GLG Emerging Asia Equity GLG Emerging Asia Equity ceased its operations on 30 March 2012 and did not hold any investments as at 31 December 2012.

2011South Korea 25% China 22% Taiwan 19% India 10% Hong Kong 7% Malaysia 7% Indonesia 5% Thailand 3% Philippines 2% 100%

GLG Emerging Europe Equity GLG Emerging Europe Equity ceased its operations on 23 February 2012 and did not hold any investments as at 31 December 2012.

2011Russia 52% European Union (excluding United Kingdom) 33% Turkey 13% United Kingdom 2% 100%

GLG Frontier Markets Equity GLG Frontier Markets Equity ceased its operations on 13 November 2012 and did not hold any investments as at 31 December 2012.

2011 Qatar 35% Saudi Arabia 16% United Arab Emirates 8% Nigeria 7% Kuwait 6% Sri Lanka 5% Argentina 4% Pakistan 4% Kenya 3% Bangladesh 2% Croatia 2% Oman 2% Kazakhstan 2% Canada 1% Jordan 1% Lebanon 1% Ukraine 1% 100%


95


GLG Global Emerging Markets Equity 2012 2011 China 20% 12% South Korea 15% 14% Brazil 13% 16% Taiwan 10% 12% Mexico 8% 4% South Africa 7% 8% Hong Kong 7% 5% Thailand 4% 2% Russia 3% 7% Indonesia 3% 3% Turkey 3% 2% Malaysia 2% 3% Others 2% 2% European Union (excluding United Kingdom) 1% 2% United Kingdom 1% - United States 1% - India - 6% Chile - 2% 100% 100%

GLG Latin American Equity GLG Latin American Equity ceased its operations on 23 February 2012 and did not hold any investments as at 31 December 2012.

2011 Brazil 61% Mexico 24% Chile 7% Peru 4% Colombia 3% United States of America 1% 100%

The following table analyse all the securities (excluding forward currency contracts) held in the Fund’s portfolios by industrial distribution:

GLG Global Equity 2012 2011 Financials 40% 10% Consumer, Non-cyclical 19% 23% Information Technology 11% 17% Consumer, Cyclical 11% 11% Telecommunication Services 10% 14% Materials 5% 5% Industrials 2% 10% Utilities 2% 1% Energy - 9% 100% 100%


96

11. Risks Associated with Financial Instruments (continued) (b) Credit/counterparty risk (continued) GLG Global Convertible UCITS 2012 2011 Financials 26% 34% Consumer, Non-cyclical 16% 10% Energy 15% 8% Information Technology 14% 13% Industrials 8% 7% Materials 7% 8% Consumer, Cyclical 7% 8% Telecommunication Services 7% 12% 100% 100% GLG European Equity 2012 2011 Financials 43% 8% Consumer, Non-cyclical 28% 28% Telecommunication Services 11% 17% Materials 7% 9% Information Technology 7% 6% Industrials 4% 9% Energy - 11% Consumer, Cyclical - 6% Utilities - 6% 100% 100% GLG Global Sustainability Equity 2012 2011 Consumer, Non-cyclical 31% 54% Consumer, Cyclical 16% 2% Industrials 12% 15% Materials 11% 5% Financials 10% 1% Telecommunication Services 9% 12% Information Technology 7% 9% Utilities 4% 1% Energy - 1% 100% 100% GLG Japan CoreAlpha Equity 2012 2011 Financials 32% 32% Consumer, Cyclical 24% 23% Industrials 15% 12% Information Technology 8% 12% Telecommunication Services 7% 8% Materials 7% 4% Consumer, Non-cyclical 4% 6% Energy 2% 2% Utilities 1% 1% 100% 100% GLG Emerging Asia Equity GLG Emerging Asia Equity ceased its operations on 30 March 2012 and did not hold any investments as at 31 December 2012. 2011 Financials 19% Consumer, Cyclical 17% Energy 14% Consumer, Non-cyclical 12% Industrials 11% Materials 10% Telecommunication Services 9% Information Technology 6% Utilities 2% 100%


97

11. Risks Associated with Financial Instruments (continued) (b) Credit/counterparty risk (continued) GLG Emerging Europe Equity GLG Emerging Europe Equity ceased its operations on 23 February 2012 and did not hold any investments as at 31 December 2012. 2011 Energy 43% Financials 24% Materials 10% Telecommunication Services 10% Consumer, Non-cyclical 5% Utilities 5% Industrials 2% Consumer, Cyclical 1% 100% GLG Frontier Markets Equity GLG Frontier Markets Equity ceased its operations on 13 November 2012 and did not hold any investments as at 31 December 2012. 2011 Financials 41% Telecommunication Services 15% Energy 14% Materials 12% Consumer, Non-cyclical 9% Industrials 5% Utilities 4% 100% GLG Global Emerging Markets Equity 2012 2011 Financials 29% 25% Energy 10% 15% Materials 12% 13% Telecommunication Services 8% 12% Consumer, Cyclical 10% 11% Information Technology 12% 9% Consumer, Non-cyclical 10% 7% Industrials 7% 6% Utilities 2% 2% 100% 100% GLG Latin American Equity GLG Latin American Equity ceased its operations on 23 February 2012 and did not hold any investments as at 31 December 2012. 2011 Financials 30% Materials 19% Consumer, Non-cyclical 13% Energy 13% Telecommunication Services 13% Consumer, Cyclical 6% Utilities 4% Industrials 2% 100%


98

11. Risks 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 Global Equity As at 31 December 2012, there were no securities whose value may not be readily realisable (2011: US$ Nil). The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2012:

Maturity on

demand Less than 1

month1 to 3

months3 to 6

months6 to 12 months

1 to 5 years

Over 5 years Total

US$ US$ US$ US$ US$ US$ US$ US$Financial liabilities Forward currency contracts - 683,998 - - - - - 683,998Contracts for difference - unfunded - - - - - - 276,735 276,735Due to brokers - 450,029 - - - - - 450,029Other liabilities 350,159 - - - - - - 350,159Total 350,159 1,134,027 - - - - 276,735 1,760,921 Redeemable shares - 134,582,829 - - - - - 134,582,829 Liquidity exposure 350,159 135,716,856 - - - - 276,735 136,343,750

The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2011:

Maturity on

demand Less than 1

month1 to 3

months3 to 6


1 to 5 years

Over 5 years Total

US$ US$ US$ US$ US$ US$ US$ US$Financial liabilities Forward currency contracts - 933,331 - - - - - 933,331Contracts for difference - - - - - - 137,976 137,976Due to brokers - 121,392 - - - - - 121,392Other liabilities 1,166,106 - - - - - - 1,166,106Total 1,166,106 1,054,723 - - - - 137,976 2,358,805 Redeemable shares - 34,557,328 - - - - - 34,557,328 Liquidity exposure 1,166,106 35,612,051 - - - - 137,976 36,916,133 There are no other known significant concentrations of liquidity risk.


99

11. Risks Associated with Financial Instruments (continued) (c) Liquidity risk (continued) GLG Global Convertible UCITS As at 31 December 2012 there were no securities whose value may not be readily realisable (2011: Nil). The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2012:

Maturity on

demand Less than

1 month1 to 3

months3 to 6


1-5 Years

Over 5 year Total

US$ US$ US$ US$ US$ US$ US$ US$Financial liabilities Contracts for difference-unfunded - - - - - 1,504,661 1,504,661Forward currency contracts - 2,503,055 - - - - - 2,503,055Future contract - - 76,000 - - - - 76,000Due to brokers - 577,111 - - - - - 577,111Due to Lehman and associated entities - 2,753,135 - - - - - 2,753,135Other liabilities 2,364,552 - - - - - - 2,364,552Total 2,364,552 5,833,301 76,000 - - - 1,504,661 9,778,514

Gross settled derivatives Credit default swap - - 35,501 - - - - 35,501Total - - 35,501 - - - - 35,501

Redeemable shares - 329,751,511 - - - - - 329,751,511

Liquidity exposure 2,364,552 335,584,812 111,501 - - - 1,504,661 339,565,526

The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2011:

Maturity

on demand Less than

1 month1 to 3

months3 to 6


1-5 Years

Over 5 year Total

US$ US$ US$ US$ US$ US$ US$ US$Financial liabilities Forward currency contracts - 2,122,840 - - - - - 2,122,840Contracts for difference-unfunded - - - - - - 528,495 528,495Future contracts - - 200,531 - - - - 200,531Due to brokers - 13,340 - - - - - 13,340Due to Lehman and associated entities - 2,753,135 - - - - - 2,753,135Other liabilities 4,842,016 - - - - - - 4,842,016Total 4,842,016 4,889,315 200,531 - - - 528,495 10,460,357

Gross settled derivatives Credit default swap - - - - - 396,341 - 396,341Total return swap - - - - - 331,113 - 331,113Total - - - - - 727,454 - 727,454

Redeemable shares - 273,810,767 - - - - - 273,810,767

Liquidity exposure 4,842,016 278,700,082 200,531 - - 727,454 528,495 284,998,578

There are no other known significant concentrations of liquidity risk.


100

11. Risks Associated with Financial Instruments (continued) (c) Liquidity risk (continued) GLG European Equity As at 31 December 2012 there were no securities whose value may not be readily realisable (2011: €131,600). The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2012:

Maturity

on demand Less than

1 month1 to 3

months3 to 6


1 to 5 years

Over 5 years Total

€ € € € € € € €Financial liabilities Contracts for difference-unfunded - - - - - - 95,047 95,047Forward currency contracts - 79,506 - - - - - 79,506Due to brokers - 8,744 - - - - - 8,744Other liabilities 210,477 - - - - - - 210,477Total 210,477 88,250 - - - - 95,047 393,774 Redeemable shares - 17,110,773 - - - - - 17,110,773

Liquidity exposure 210,477 17,199,023 - - - - 95,047 17,504,547 The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2011:

Maturity

on demand Less than 1

month1 to 3

months3 to 6


1 to 5 years

Over 5 years Total

€ € € € € € € €Financial liabilities Contracts for difference-unfunded - - - - - - 286,504 286,504Forward currency contracts - 283,093 - - - - - 283,093Due to brokers - 67,659 - - - - - 67,659Other liabilities 163,348 - - - - - - 163,348Total 163,348 350,752 - - - - 286,504 800,604 Redeemable shares - 23,010,705 - - - - - 23,010,705

Liquidity exposure 163,348 23,361,457 - - - - 286,504 23,811,309 There are no known significant concentrations of liquidity risk. GLG Global Sustainability Equity As at 31 December 2012 there were no securities whose value may not be readily realisable (2011: €Nil). The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2012:

Maturity on

demandLess than 1

month1 to 3

months3 to 6


1 to 5 years

Over 5 years Total

€ € € € € € € €Financial liabilities Forward currency contracts - 122,306 - - - - 122,306Contracts for difference - unfunded - - - - - - 11,749 11,749Due to brokers - 839,904 - - - - - 839,904Other liabilities 77,998 - - - - - - 77,998Total 77,998 962,210 - - - - 11,749 1,051,957 Redeemable shares - 25,107,658 - - - - - 25,107,658 Liquidity exposure 77,998 26,069,868 - - - - 11,749 26,159,615


101

11. Risks Associated with Financial Instruments (continued) (c) Liquidity risk (continued) GLG Global Sustainability Equity (continued) The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2011.

Maturity on

demandLess than 1

month1 to 3

months3 to 6


1 to 5 years

Over 5 years Total

€ € € € € € € €Financial liabilities Forward currency contracts - 306,440 - - - - - 306,440Equity 37,801 - - - - - - 37,801Contracts for difference - - - - - - 617 617Due to brokers - 52,924 - - - - - 52,924Other liabilities 71,339 - - - - - - 71,339Total 109,140 359,364 - - - - 617 469,121 Redeemable shares - 20,342,436 - - - - - 20,342,436 Liquidity exposure 109,140 20,701,800 - - - - 617 20,811,557 There are no known significant concentrations of liquidity risk. GLG Japan CoreAlpha Equity As at 31 December 2012 there were no securities whose value may not be readily realisable (2011: nil). The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2012:

Maturity


month 1 to 3

months 3 to 6

months 6 to 12 months

1 to 5 years

Over 5 years Total

¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ Financial liabilities Forward currency contracts - 96,830,791 - - - - - 96,830,791 Due to brokers - 234,536,713 - - - - - 234,536,713 Other liabilities 426,498,556 - - - - - - 426,498,556 Total 426,498,556 331,367,504 - - - - - 757,866,060 Redeemable shares - 134,039,513,064 - - - - - 134,039,513,064

Liquidity exposure 426,498,556 134,370,880,568 - - - - - 134,797,379,124 The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2011:

Maturity


month 1 to 3

months 3 to 6


1 to 5 years

Over 5 years Total

¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ Financial liabilities Forward currency contracts - 971,032,677 - - - - - 971,032,677 Due to brokers - 1,618,704 - - - - - 1,618,704 Other liabilities 288,423,697 - - - - - - 288,423,697 Total 288,423,697 972,651,381 - - - - - 1,261,075,078 Redeemable shares - 85,984,461,314 - - - - - 85,984,461,314

Liquidity exposure 288,423,697 86,957,112,695 - - - - - 87,245,536,392 There are no known significant concentrations of liquidity risk.


102

11. Risks Associated with Financial Instruments (continued) (c) Liquidity risk (continued) GLG Emerging Asia Equity GLG Emerging Asia Equity ceased operations on 30 March 2012 and did not hold any positions as at 31 December 2012. The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2011:

Maturity


month 1 to 3

months 3 to 6


1 to 5 years

Over 5 years Total

US$ US$ US$ US$ US$ US$ US$ US$

Financial liabilities Forward currency contracts - 30,607 - - - - - 30,607 Due to brokers - 284 - - - - - 284 Other liabilities 73,505 - - - - - - 73,505 Total 73,505 30,891 - - - - - 104,396 Redeemable shares - 10,487,379 - - - - - 10,487,379 Liquidity exposure 73,505 10,518,270 - - - - - 10,591,775 GLG Emerging Europe Equity GLG Emerging Europe Equity ceased operations on 23 February 2012 and did not hold any positions as at 31 December 2012. The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2011:

Maturity

on demand Less than

1 month 1 to 3

months 3 to 6


1 to 5 years

Over 5 years Total

US$ US$ US$ US$ US$ US$ US$ US$ Financial liabilities Forward currency contracts - 33,469 - - - - - 33,469 Due to brokers - 295 - - - - - 295 Other liabilities 74,718 - - - - - - 74,718 Total 74,718 33,764 - - - - - 108,482 Redeemable shares - 9,401,241 - - - - - 9,401,241 Liquidity exposure 74,718 9,435,005 - - - - - 9,509,723 GLG Frontier Markets Equity GLG Frontier Markets Equity ceased operations on 13 November 2012 and did not hold any positions as at 31 December 2012. The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2011:

Maturity


month 1 to 3

months 3 to 6


1 to 5 years

Over 5 years Total

US$ US$ US$ US$ US$ US$ US$ US$ Financial liabilities Forward currency contracts - 24,637 - - - - - 24,637 Due to brokers - 291 - - - - - 291 Other liabilities 74,238 - - - - - - 74,238 Total 74,238 24,928 - - - - - 99,166 Redeemable shares - 12,005,793 - - - - - 12,005,793 Liquidity exposure 74,238 12,030,721 - - - - - 12,104,959


103

11. Risks Associated with Financial Instruments (continued) (c) Liquidity risk (continued) GLG Global Emerging Markets Equity As at 31 December 2012 there were no securities whose value may not be readily realisable (2011: Nil). The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2012:

Maturity on

demand Less than

1 month1 to 3

months3 to 6


1 to 5 years

Over 5 years Total


Financial liabilities Forward currency contracts - 13,329 - - - - - 13,329 Due to brokers - 3 - - - - - 3 Other liabilities 71,571 - - - - - - 71,571 Total 71,571 13,332 - - - - - 84,903 Gross settled derivatives Total return swaps - - - - - - 26,935 26,935 Total - - - - - - 26,935 26,935 Redeemable shares - 31,786,584 - - - - - 31,786,584 Liquidity exposure 71,571 31,799,916 - - - - 26,935 31,898,422 The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2011:

Maturity on

demand Less than

1 month1 to 3

months3 to 6


1 to 5 years

Over 5 years Total


Financial liabilities Forward currency contracts - 32,880 - - - - - 32,880 Due to brokers - 292 - - - - - 292 Other liabilities 72,057 - - - - - - 72,057 Total 72,057 33,172 - - - - - 105,229 Redeemable shares - 10,493,264 - - - - - 10,493,264 Liquidity exposure 72,057 10,526,436 - - - - - 10,598,493 GLG Latin American Equity GLG Latin American Equity ceased operations on 23 February 2012 and did not hold any positions as at 31 December 2012. The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2011:

Maturity on

demand Less than

1 month1 to 3

months3 to 6


1 to 5 years

Over 5 years Total


Financial liabilities Forward currency contracts - 35,775 - - - - - 35,775 Due to brokers - 292 - - - - - 292 Other liabilities 73,187 24 - - - - - 73,211 Total 73,187 36,091 - - - - - 109,278 Redeemable shares - 10,528,036 - - - - - 10,528,036 Liquidity exposure 73,187 10,564,127 - - - - - 10,637,314


104

11. Risks Associated with Financial Instruments (continued) (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.

12. Cash and Cash Equivalents and Due from/to Brokers All cash balances at the year end were held at The Bank of New York Mellon (London branch). The due from brokers and due to broker balances were held with The Bank of New York Mellon (Brussels), Credit Suisse Securities (Europe) Limited, Morgan Stanley & Co. International Plc, JP Morgan Clearing Corp, Deutsche Bank AG and Goldman Sachs International. These includes amounts transferred as collateral against open futures and forward contracts and other derivatives. Amounts receivable from short sales and collateral 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 Global Equity 2012 2011 Due from brokers US$ US$ Margin balances 969,690 46,659 Securities sold receivable 2,504 721,849 972,194 768,508

GLG Global Convertible UCITS 2012 2011Due from brokers US$ US$Margin balances 4,669,526 3,034,785Securities sold receivable - 759,796 4,669,526 3,794,581

GLG European Equity 2012 2011 Due from brokers € € Margin balances 270,483 705,357 Securities sold receivable 757 159,131 271,240 864,488

GLG Global Sustainability Equity 2012 2011 Due from brokers € € Margin balances 142,459 105,247 Securities sold receivable 251,435 - 393,894 105,247

GLG Japan CoreAlpha Equity 2012 2011 Due from brokers ¥ ¥ Securities sold receivable 129,419,977 - 129,419,977 -

GLG MENA Equity 2012 2011 Due from brokers ¥ ¥ Margin balances 66,404 - 66,404 -


105

12. Cash and Cash Equivalents and Due to Brokers (continued)

GLG Global Equity 2012 2011 Due to brokers US$ US$ Overdrafts 450,029 121,392 450,029 121,392

GLG Global Convertible UCITS 2012 2011 Due to brokers US$ US$ Overdrafts 577,111 13,340 577,111 13,340

GLG European Equity 2012 2011 Due to brokers € € Overdrafts 8,744 67,659 8,744 67,659

GLG Global Sustainability Equity 2012 2011 Due to brokers € € Overdrafts 76 52,924 Securities purchased payable 839,828 - 839,904 52,924

GLG Japan CoreAlpha Equity 2012 2011 Due to brokers ¥ ¥ Overdrafts 543,671 1,618,704 Securities purchased payable 233,993,042 - 234,536,713 1,618,704

GLG Emerging Asia Equity 2012 2011 Due to brokers US$ US$ Overdrafts 284 284

GLG Emerging Europe Equity 2012 2011 Due to brokers US$ US$ Overdrafts 2 295 2 295

GLG Frontier Markets Equity 2012 2011 Due to brokers US$ US$ Overdrafts 4,219 291 4,219 291

GLG Global Emerging Markets Equity 2012 2011 Due to brokers US$ US$ Overdrafts 3 292 3 292

GLG Latin American Equity 2012 2011 Due to brokers US$ US$ Overdrafts 21 292 21 292

GLG MENA Equity 2012 2011 Due to brokers US$ US$ Overdrafts 108 - 108


106

13. Exchange Rates The following exchange rates were used to translate foreign currency assets and liabilities in the GLG Global Equity, GLG Global Convertible UCITS, GLG Emerging Asia Equity, GLG Emerging Europe Equity, GLG Frontier Markets Equity, GLG Global Emerging Markets Equity, GLG Latin American Equity and GLG MENA Equity at 31 December 2012: US$1 = AUD0.96321 US$1 = HUF220.88525 US$1 = £0.61520 US$1 = CAD0.99570 US$1 = ILS3.73110 US$1 = SEK6.50545 US$1 = CHF0.91535 US$1 = JPY86.46500 US$1 = SGD1.221500 US$1 = CNY6.23030 US$1 = KWD0.28120 US$1 = THB30.59000 US$1 = DKK5.65910 US$1 = MYR3.05800 US$1 = ZAR8.48440 US$1 = €0.75850 US$1 = NOK5.56525 US$1 = HKD7.75085 US$1 = PHP41.06250 The following exchange rates were used to translate foreign currency assets and liabilities in the GLG European Equity and GLG Global Sustainability Equity at 31 December 2012: €1 = CHF1.20680 €1 = ILS4.91908 €1 = SEK8.57679 €1 = CZK25.09555 €1 = JPY113.99548 €1 = US$1.31840 €1 = DKK7.46096 €1 = NOK7.33723 €1 = HKD10.21872 €1 = £0.81107 The following exchange rates were used to translate foreign currency assets and liabilities in the GLG Balanced, GLG Capital Appreciation, GLG Global Equity, GLG Global Convertible UCITS, GLG North American Equity, GLG Emerging Asia Equity, GLG Emerging Europe Equity, GLG Frontier Markets Equity, GLG Global Emerging Markets Equity and GLG Latin American Equity at 31 December 2011: US$1 = AUD0.97541 US$1 = HUF242.47200 US$1 = £0.64345 US$1 = CAD1.01825 US$1 = ILS3.82375 US$1 = SEK6.85530 US$1 = CHF0.93510 US$1 = JPY76.94000 US$1 = SGD1.29665 US$1 = CNY6.29400 US$1 = KWD0.27855 US$1 = THB31.55000 US$1 = DKK5.72535 US$1 = MYR3.17000 US$1 = ZAR8.07340 US$1 = €0.77032 US$1 = NOK5.96795 US$1 = HKD7.76660 US$1 = PHP43.85500 The following exchange rates were used to translate foreign currency assets and liabilities in the GLG European Equity and GLG Global Sustainability Equity at 31 December 2011: €1 = CHF1.21390 €1 = ILS4.96380 €1 = SEK8.89921 €1 = CZK25.50255 €1 = JPY99.87966 €1 = US$1.29815 €1 = DKK7.43236 €1 = NOK7.74729 €1 = HKD10.08221 €1 = £0.83530


107

14. Net Asset Valuation Comparison

GLG Global Equity

Class IT USD NAV

Class IT USD NAV

per Share

Class DT USD 2

NAV

Class DT USD 2 NAV

per Share

Class I EUR NAV

Class I EUR NAV

per Share

Class IH EUR NAV

Class IH EUR NAV

per Share

Class IHT EUR NAV

Class IHT EUR NAV per Share

Class DHT EUR 2

NAV

Class DHT EUR 2

NAV per Share

31 December 2012 - - - - €30,978,080 €101.29 €1,425,740 €109.77 - - - - 31 December 2011 US$2,561,016 US$257.92 US$339,778 US$132.27 - - - - €1,639,151 €159.20 €210,338 €114.23 31 December 2010 US$3,158,944 US$292.04 US$766,059 US$151.66 - - - - €3,050,064 €181.90 €342,801 €132.20

GLG Global Equity

Class DT USD NAV

Class DT USD NAV

per Share

Class D USD NAV

Class D USDNAV

per Share

Class DHT EUR

NAV

Class DHT EUR NAV per Share

Class DH EUR NAV

Class DH EURNAV

per Share

Class I USD NAV

Class I USD NAV

per Share

31 December 2012 - - US$18,927,083 US$121.80 - - €15,974,144 €108.55 US$4,141,758 US$67.99 31 December 2011 US$4,999,412 US$116.41 US$1,655,845 US$106.69 €11,377,628 €103.89 €4,676,373 €95.67 US$1,689,139 US$59.1131 December 2010 US$14,648,394 US$133.80 US$2,645,043 US$122.61 €56,580,237 €120.60 €6,194,155 €110.96 - -

GLG Global Equity

Class I GBP NAV

Class I GBP NAV

per Share

Class IH GBP NAV

Class IHGBP NAV

per Share

Class DHT GBP NAV

Class DHT GBP NAV

per Share

31 December 2012 GBP21,502,941 GBP98.82 GBP7,764,776 GBP102.92 GBP97,438 GBP116.52 31 December 2011 - - - - GBP45,384 GBP102.07 31 December 2010 - - - - - -


Class IL T USD NAV

Class IL T USD NAV

per Share

Class DL T USD2 NAV

Class DL T USD2

NAV per Share

Class IL H T EUR-B

NAV

Class IL H T EUR

B NAV

per Share

Class DL H T EUR1 NAV


per Share

31 December 2012 - - - - - - - - 31 December 2011 US$534,602 US$199.42 US$3,976,995 US$171.34 €7,703,264 €183.25 €1,620,369 €160.21 31 December 2010 US$848,259 US$218.58 US$1,554,539 US$190.14 €67,871,971 €201.13 €1,930,407 €177.13


108

14. Net Asset Valuation Comparison (continued)

GLG Global Convertible UCITS (continued)



per Share

Class DL H EUR2 NAV

Class DL H EUR2

NAV per Share

Class IL H T EUR-A

NAV

Class IL H T EUR-A

NAV per Share

Class DL T USD NAV

Class DL T USD NAV

per Share

Class DL US NAV

31 December 2012 - - - - - - - - US$52,829,793 31 December 2011 €4,201,123 €149.26 €2,011,864 €114.83 - - US$6,336,141 US$118.92 US$18,205,114 31 December 2010 €24,937,807 €165.50 €3,443,031 €127.45 €35,174 €140.70 US$8,048,958 US$131.85 US$4,061,722


Class DL USD NAV

per Share

Class DL H T EUR

NAV

Class DL H T EUR

NAV per Share

Class DL H EUR

NAV

Class DL H EUR

NAV per Share

Class DL H GBP NAV

Class DL H GBP NAV

per Share

Class DL HT GBP NAV

Class DL H GBP NAV

per Share 31 December 2012 US$131.36 - - € 54,491,855 € 118.30 GBP 637,600 GBP 105.34 - - 31 December 2011 US$118.26 €38,172,355 €109.10 €23,318,343 €106.45 - - GBP332,755 GBP87.29 31 December 2010 US$131.38 €49,386,813 €121.01 €60,003,183 €118.15 - - GBP683,683 GBP96.94


Class IL USD NAV

Class IL USD NAV

per Share

Class IL H EUR NAV

Class IL H EUR

NAV per Share

Class IL H T EUR

NAV

Class IL H T EUR

NAV per Share

Class IM T USD

NAV

Class IM T USD NAV

per Share

31 December 2012 US$1,879,404 US$104.57 €89,428,727 € 99.76 - - - - 31 December 2011 US$2,887,091 US$92.82 €67,860,142 €88.99 €4,891,929 €131.86 US$238,375 US$95.35 31 December 2010 US$11,404,012 US$101.73 €159,701,731 €97.76 €5,911,034 €144.62 US$260,758 US$104.30


Class IM USD NAV

Class IM USD NAV

per Share

Class IM H T EUR

NAV

Class IM H T EUR

NAV per Share

Class IM H EUR

NAV

Class IM H EUR

NAV per Share

Class IM H GBP NAV

Class IM H GBP NAV

per Share

31 December 2012 US$7,976,750 US$132.55 - - € 56,294,708 € 130.28 GBP 1,271,711 GBP 133.35 31 December 2011 US$13,206,682 US$117.02 €2,398,325 €100.41 €23,281,436 €115.72 GBP86,480 GBP118.10 31 December 2010 US$10,400,927 US$128.01 €25,871,029 €109.92 €31,836,230 €126.69 GBP1,084,528 GBP129.09

GLG European Equity

Class I H T USD NAV

Class I H T USD NAV

per Share

Class I H USD NAV

Class I H USD NAV

per Share

Class I T EUR NAV

Class I T EUR NAV

per Share

Class D T EUR2 NAV

Class D T EUR2

NAV per Share

31 December 2012 - - US$59,663 US$110.39 - - - -31 December 2011 US$1,578,352 US$180.03 - - €295,642 €159.09 €493,436 €125.0331 December 2010 US$2,322,420 US$204.75 NA NA €896,753 €181.58 €1,482,023 €144.63


109


GLG European Equity (continued)

Class D EUR2 NAV

Class D EUR2 NAV

per Share

Class D H USD NAV

Class D H USD NAV

per Share

Class D H T USD NAV

Class D H T USD NAV

per Share

Class D H T GBP NAV

Class D H T GBP NAV

per Share 31 December 2012 - - US$4,100,645 US$100.73 - - GBP30,342 GBP95.3531 December 2011 €544,654 €124.09 - - US$3,888,729 US$114.11 GBP39,557 GBP84.3931 December 2010 €21,847 €143.73 - - US$10,725,464 US$131.87 - -

GLG European Equity

Class D T EUR NAV

Class D T EUR NAV

per Share

Class D EUR NAV

Class D EUR NAV

per Share

Class I EUR NAV

Class I EUR NAV

per Share

Class D H NOK NAV

Class D H NOK NAV

per Share 31 December 2012 - - €11,470,671 €118.71 €322,273 €78.43 NOK15,590,486 NOK109.41 31 December 2011 €5,259,572 €108.43 €3,769,001 €105.67 €8,389,613 €69.29 - - 31 December 2010 €13,727,092 €125.44 €9,307,318 €122.17 €31,191,777 €79.27 - -

GLG Global Sustainability Equity

Class DT EUR NAV

Class DT EUR NAV

per Share

Class D EUR NAV

Class D EUR NAV

per Share

Class IH GBP NAV

Class IH GBP NAV

per Share

31 December 2012 - - € 341,857 € 63.09 GBP20,087,056 GBP94.76 31 December 2011 €336,233 €60.00 €16,525 €55.44 GBP16,697,387 GBP82.36 31 December 2010 €14,904,857 €71.44 €19,735 €66.21 - -

GLG Japan CoreAlpha Equity

Class D JPY NAV

Class D JPY NAV per Share

Class D H USDNAV

Class D H USD NAV

per Share

Class D H CHF NAV

Class D H CHF

NAV per Share

Class D H EUR

NAV

Class D H EUR NAV

per Share

Class D H GBP NAV

Class D H GBP NAV per Share

31 December 2012 ¥ 2,115,827,793 ¥ 9,132.49 US$42,742,814 US$88.56 CHF28,014,564 CHF114.46 € 73,130,425 € 87.96 GBP 97,198,408 GBP 82.95 31 December 2011 ¥ 4,018,193,157 ¥ 7,861.48 US$25,592,577 US$77.26 - - €47,531,804 €78.04 GBP93,511,651 GBP72.62 31 December 2010 ¥ 1,920,128,867 ¥100,007.50 US$6,458,444 US$98.42 - - €4,828,195 €99.41 GBP69,367,552 GBP92.27

GLG Japan CoreAlpha Equity

Class I JPY NAV Class I JPY NAV

per Share

Class I H USD NAV

Class I HUSD NAV

per Share

Class I H CHF NAV

Class I H CHFNAV

per Share

Class I H EUR NAV

Class I H EUR NAV

per Share

Class I H GBP NAV

Class I H GBP NAV

per Share

31 December 2012 ¥ 22,529,048,477 ¥9,333.71 US$247,492,215 US$92.33 CHF1,170,136 CHF117.01 € 84,060,904 € 90.09 GBP 318,966,093 GBP 88.72 31 December 2011 ¥24,074,598,764 ¥7,972.96 US$87,448,646 US$79.93 - - €51,411,970 €79.33 GBP202,525,894 GBP77.07 31 December 2010 ¥11,042,028,169 ¥10,073.00 US$24,708,467 US$101.14 - - €4,465,432 €99.98 GBP114,818,133 GBP97.16


110


GLG Japan CoreAlpha Equity (continued)

Class I USD NAV

Class IUSDNAV

per Share

Class I EURNAV

Class I EURNAV

per Share

Class I GBPNAV

Class I GBPNAV

per Share

31 December 2012 US$238,848 US$88.12 € 23,072,932 € 99.64 GBP17,654,011 GBP 91.6731 December 2011 US$27,719 US$86.34 €12,451,173 €97.33 GBP22,313,858 GBP92.0931 December 2010 - - - - - -

GLG Emerging Asia Equity

Class IH GBP NAV

Class IH GBPNAV

per Share

31 December 2012 - - 31 December 2011 GBP6,748,104 GBP76.81 31 December 2010 - -

GLG Emerging Europe Equity

Class IH GBP NAV

Class IH GBPNAV

per Share


GLG Frontier Markets Equity

Class IH GBP NAV

Class IH GBPNAV

per Share


GLG Global Emerging Markets Equity

Class IH GBP NAV

Class IH GBPNAV

per Share

31 December 2012 GBP19,554,984 GBP94.58 31 December 2011 GBP6,751,891 GBP77.52 31 December 2010 - -


111


GLG Latin American Equity

Class IH GBP NAV

Class IH GBPNAV

per Share

31 December 2012 - - 31 December 2011 GBP6,774,265 GBP80.47 31 December 2010 N/A N/A

15. Net (Loss)/Gain on Financial Assets and Liabilities at Fair Value through Profit or Loss

GLG Global Equity

GLG Global

Convertible UCITS

GLG European

Equity

GLG Global


GLG Japan CoreAlpha

Equity

GLG Emerging

Asia Equity

GLG Emerging

Europe Equity

2012 2012 2012 2012 2012 2012 2012 US$ US$ € € ¥ US$ US$Investment income Interest income 12,229 8,796,973 9,695 1,471 882,726 25 1,568Dividend income 1,502,336 268,380 310,523 341,742 2,589,081,102 28,214 -Dividend expense (295,297) (341,982) (51,424) (83,673) (193,471,718) (3,193) (252)Total net investment income 1,219,268 8,723,371 268,794 259,540 2,396,492,110 25,046 1,316 Realised and unrealised (loss)/gain on investments Net realised (loss)/gain on investments 122,326 (3,482,804) 700,384 2,115,807 (12,337,658,923) (1,154,918) (1,500,275)Net realised currency gain/(loss) 1,741,591 16,742,210 (387,610) 2,641,188 19,656,177,130 (55,566) (318,290)Total net realised gain/(loss) 1,863,917 13,259,406 312,774 4,756,995 7,318,518,207 (1,210,484) (1,818,565) Movement in net unrealised gain/(loss) on investments 7,493,958 35,711,278 2,463,273 1,204,971 25,463,130,269 2,333,899 2,745,931Movement in net unrealised currency gain/(loss) (381,765) (13,043,325) 512,574 (1,952,757) (7,955,878,036) 372,435 798,976Total net movement in unrealised gain/(loss) 7,112,193 22,667,953 2,975,847 (747,786) 17,507,252,233 2,706,334 3,544,907 Net gain/(loss) on financial assets and liabilities at fair value through profit or loss 10,195,378 44,650,730 3,557,415 4,268,749 27,222,262,550 1,520,896 1,727,658


112

15. Net (Loss)/Gain on Financial Assets and Liabilities at Fair Value through Profit or Loss (continued)


Equity

GLG Global Emerging

MarketsEquity

GLG Latin

American Equity

GLG MENA Equity

Combined Company

2012 2012 2012 2012 2012 US$ US$ US$ US$ US$Investment income Interest income 159,232 2,436 800 713,104 9,711,786Dividend income 238,198 67,133 14,998 324,196 35,748,747Dividend expense (9,866) (9,528) (1,149) (308) (3,261,321)Total net investment income 387,564 60,041 14,649 1,036,992 42,199,212 Realised and unrealised gain/(loss) on investments Net realised (loss)/gain on investments (566,466) (646,033) 518,373 1,396,081 (156,408,920)Net realised currency gain/(loss) 111,729 (43,577) (558,193) 377,733 98,896,769 Total net realised gain/(loss) (454,737) (689,610) (39,820) 1,773,814 (57,512,151) Movement in net unrealised gain/(loss) on investments 1,246,913 3,734,046 406,634 (339,500) 377,354,810 Movement in net unrealised currency gain/(loss) 109,392 1,590,856 1,567,732 (2) (110,603,166)Total net movement in unrealised gain/(loss) 1,356,305 5,324,902 1,974,366 (339,502) 266,751,644 Net gain/(loss) on financial assets and liabilities at fair value through profit or loss 1,289,132 4,695,333 1,949,195 2,471,304 251,438,705


113


GLG Balanced

GLG Capital

Appreciation

GLG Global Equity

GLG Global

Convertible UCITS

GLG European

EquityGLG North

American Equity

GLG UK Select

Equity 2011 2011 2011 2011 2011 2011 2011 US$ US$ US$ US$ € US$ £Investment income Interest income 2,955 171,757 50,842 515,366 101,164 28,373 -Dividend income 5,935 160,764 916,302 14,868,266 1,303,796 125,037 43,998Dividend expense - - (39,732) (94,653) (95,172) (36,886) (4,664)Total net investment income 8,890 332,521 927,412 15,288,979 1,309,788 116,524 39,334 Realised and unrealised gain/(loss) on investments Net realised gain/(loss) on investments 97,158 (438,131) 9,082,068 9,934,231 19,572 495,827 215,027Net realised currency gain/(loss) 74,165 274,122 3,401,192 15,189,888 (1,089,152) 130,455 56,470Total net realised gain/(loss) 171,323 (164,009) 12,483,260 25,124,119 (1,069,580) 626,282 271,497 Movement in net unrealised gain/(loss) on investments 134 (222,494) (14,243,340) (62,566,216) (7,131,282) (696,964) (266,909)Movement in net unrealised currency (loss)/gain (24,341) (58,370) (1,576,020) (10,783,057) 550,705 (37,138) (44,500)Total net movement in unrealised loss (24,207) (280,864) (15,819,360) (73,349,273) (6,580,577) (734,102) (311,409) Net gain/(loss) on financial assets and liabilities at fair value through profit or loss 156,006 (112,352) (2,408,688) (32,936,175) (6,340,369) 8,704 (578)


114


GLG Global


GLG Japan

CoreAlpha Equity

GLG Emerging

Asia Equity

GLG Emerging

Europe Equity


Equity

GLG Global Emerging

MarketsEquity

GLG Latin

American Equity

Combined Company

2011 2011 2011 2011 2011 2011 2011 2011 € ¥ US$ US$ US$ US$ US$ US$Investment income Interest income 9,515 - - - 715 83 - 15,276,902Dividend income 507,271 2,242,024,931 45,996 53,382 54,250 101,133 175,346 32,902,396Dividend expense (88,147) (184,556,897) (4,257) (7,543) (5,278) (66,864) (873) (2,836,526)Total net investment income 428,639 2,057,468,034 41,739 45,839 49,686 34,352 174,473 45,342,772 Realised and unrealised (loss)/gain on investments Net realised (loss)/gain on investments (5,489,803) (9,164,006,156) (1,239,758) (1,567,776) (1,038,840) (1,223,037) (1,562,106) (109,822,340)Net realised currency (loss)/gain (1,014,419) (3,506,807,094) (269,467) (267,635) (352,680) (296,131) (507,641) 17,360,326Total net realised (loss)/gain (6,504,222) (12,670,813,250) (1,509,225) (1,835,411) (1,391,520) (1,519,168) (2,069,747) (92,462,014) Movement in net unrealised gain/(loss) on investments 81,588 (16,145,671,743) (2,678,988) (3,447,490) (1,287,057) (2,655,357) (1,941,661) (302,760,532)Movement in net unrealised currency gain/(loss) 159,399 (69,968,171) (27,348) (25,308) (24,146) (29,599) (32,705) (12,580,731)Total net movement in unrealised gain/(loss) 240,987 (16,215,639,914) (2,706,336) (3,472,798) (1,311,203) (2,684,956) (1,974,366) (315,341,263) Net (loss)/gain on financial assets and liabilities at fair value through profit or loss (5,834,596) (26,828,985,130) (4,173,822) (5,262,370) (2,653,037) (4,169,772) (3,869,640) (362,460,505)


115

16. Segregation of Liabilities between Portfolios At an Extraordinary General Meeting held on 22 May 2007, the Fund availed of the provisions of the Investment Funds, Companies and Miscellaneous Provisions Act, 2005 to segregate liabilities between each Portfolio. The Fund will not be liable as a whole to third parties for the liability of each Portfolio.

17. Securities Owned and Securities Sold, Not Yet Purchased Possession of securities owned is maintained by major multinational broker-dealers as at 31 December 2012. Securities sold, not yet purchased represent obligations of the Fund to purchase the securities at prevailing market prices. The future satisfaction of such obligations may be for an amount greater than the amount recorded.

18. 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.

19. Significant Events During the Year Board of Directors With effect from 5 October 2012, Ms. Victoria Parry was appointed as director of the Fund. Prospectus A new Prospectus was issued on 21 February 2012 and on 19 December 2012 (the “Prospectus”). These provide details of a new portfolio named GLG Global Investment Grade. Portfolios GLG MENA Equity Portfolio was launched and commenced operations on 23 January 2012, however the Shares were fully redeemed on 13 November 2012 and the Portfolio ceased its operations. GLG Emerging Europe Equity Shares were fully redeemed on 23 February 2012 and the Portfolio ceased its operations. GLG Global Latin American Equity Shares were fully redeemed on 23 February 2012 and the Portfolio ceased its operations. GLG Global Emerging Markets Equity Shares were fully redeemed on 29 March 2012 and was re-launched on 14 November 2012. GLG Emerging Asia Equity Shares were fully redeemed on 29 March 2012 and the Portfolio ceased its operations. GLG Frontier Markets Shares were fully redeemed on 13 November 2012 and the portfolio ceased its operations. Share Classes The Following new Share Classes have been launched and listed on the Irish Stock Exchange in GLG MENA Equity: I H GBP and I USD on 30 January 2012.

The following new Share Classes have been launched in GLG Global Equity: D H GBP, I GBP, I EUR, I USD and I H GBP on 21 December 2011, 5 April 2012, 18 April 2012, 27 July and 19 September 2012 respectively; and listed on the Irish Stock Exchange on 16 March 2012, 19 April 2012, 25 April 2012, 27 July and 19 September 2012 respectively. Share Class I H EUR was re-launched on 29 June 2012 and was listed on the Irish Stock Exchange on 10 July 2012.

The following new Share Classes have been launched in GLG European Equity: DH NOK, I H USD and D H USD on 20 June 2012, 29 June 2012 and 26 September 2012 respectively; and listed on the Irish Stock Exchange on 22 June 2012, 10 July 2012 and on 26 September 2012 respectively.

The following new Share Class has been launched and listed on Irish Stock Exchange in GLG Global Convertible UCITS: DL H GBP on 10 July 2012.

The following new Share Classes have been launched and listed on the Irish Stock Exchange in GLG Japan Core Alpha Equity: D H CHF and I H CHF on 3 December 2012 and I GBP and I USD on 13 December 2012.

The following New Share class has been launched and listed on the Irish Stock Exchange in GLG Global Sustainability Equity: I H GBP on 13 December 2012.

Change of name of Share Classes With effect from 28 February 2012 name of certain share classes of GLG Japan CoreAlpha Equity have been changed from Class D T JPY to D JPY and Class I T JPY to I JPY.


116

19. Significant Events During the Year (continued) Re-designation of Share Classes With effect from 2 July 2012, the share class names have been re-designated as follows

GLG Global Equity Previous Name New Name Class I T USD Class I USD Class D T USD 2 Class D USD Class D T USD Class D USD Class D H T EUR 2 Class D H EUR Class D H T EUR Class D H EUR Class I H T EUR Class I H EUR GLG Global Convertible UCITS Previous Name New Name Class IL T USD Class IL USD Class DL T USD 2 Class DL USD Class DL T USD Class DL USD Class DL H T EUR 1 Class DL H EUR Class DL H T EUR 2 Class DL H EUR Class DL H EUR 2 Class DL H EUR Class DL H T EUR Class DL H EUR Class IL H T EUR A Class IL H EUR Class IL H T EUR B Class IL H EUR Class IL H T EUR Class IL H EUR Class IM T USD Class IM USD Class IM H T EUR Class IM H EUR Class DL H T GBP Class DL H GBP

GLG European Equity Previous Name New Name Class I H T USD Class I H USD Class I T EUR Class I EUR Class D T EUR 2 Class D EUR Class D EUR 2 Class D EUR Class D T EUR Class D EUR Class D H T USD Class D H USD

Global Sustainability Equity Previous Name New Name

Class D H T USD Class D H USD Class D T EUR Class D EUR

De-listing of Share Classes With effect from 19 July 2012, the share class have been delisted from the ISE Stock exchange as follows:

GLG Global Equity Class I T USD Class D T USD 2 Class D T USD Class D H T EUR 2 Class D H T EUR Class I H T EUR GLG Global Convertible UCITS Class IL T USD Class DL T USD 2 Class DL T USD Class DL H T EUR 1 Class DL H T EUR 2 Class DL H EUR 2 Class DL H T EUR Class IL H T EUR A Class IL H T EUR B Class IL H T EUR Class IM T USD Class IM H T EUR Class DL H T GBP


117

19. Significant Events During the Year (continued) De-listing of Share Classes (continued)

GLG European Equity Class I H T USD Class I T EUR Class D T EUR 2 Class D EUR 2 Class D T EUR Class D H T USD

Global Sustainability Equity

Class D H T USD Class D T EUR

20. Important Events Since the year End New Portfolio GLG Global Investment Grade Bond was launched and commenced operations on 7 January 2013. Share Classes Share Classes have been launched in GLG Global Investment Grade Bond and listed on the Irish Stock Exchange: Class D USD and Class I USD on 8 January 2012.

All the Share Classes of GLG Emerging Asia Equity and GLG MENA Equity were de-listed with effect from 9 January 2013.

Share Class I H GBP of GLG Frontier Markets Equity has been delisted with effect from 10 January 2013.

21. Auditors’ Remuneration 2012 2011 GLG Global Equity US$25,435 US$16,955 GLG Global Convertible UCITS US$66,375 US$18,917 GLG European Equity €45,426 €7,204 GLG Global Sustainability Equity €21,081 €16,462 GLG Japan CoreAlpha Equity ¥14,369,721 ¥2,042,404 GLG Emerging Asia Equity - US$20,942 GLG Emerging Europe Equity - US$9,942 GLG Frontier Markets Equity US$25,275 US$9,942 GLG Global Emerging Markets Equity US$9,449 US$9,942 GLG Latin American Equity - US$9,942 GLG MENA Equity US$10,000 -

22. Transaction Costs

For the year ended 31 December 2012, the Fund incurred transaction costs, disclosed in the Statement of Operations as part of net gain/(loss) on financial assets and liabilities at fair value through profit or loss, as follows:

2012 2011 GLG Global Equity US$530,147 US$140,571 GLG Global Convertible UCITS US$35,965 US$227,663 GLG European Equity €94,250 €206,876 GLG Global Sustainability Equity €142,045 €256,468 GLG Japan CoreAlpha Equity ¥203,553,692 ¥237,551,209 GLG Emerging Asia Equity US$5,224 US$40,194 GLG Emerging Europe Equity US$18,954 US$37,217 GLG Frontier Markets Equity US$40,401 US$57,380 GLG Global Emerging Markets Equity US$36,832 US$30,753 GLG Latin American Equity US$7,814 US$44,169 GLG MENA Equity US$45,593 - GLG Balanced - US$683 GLG Capital Appreciation - US$21,407 GLG UK Select Equity - £6,673


118

23. Stock Lending The Fund may enter into stock lending programmes organised by generally recognised International Central Securities Depositaries Systems provided that the programme is subject to a guarantee from the system operator.

24. Dividends There were no proposed dividends for the year ended 31 December 2012 or the year ended 31 December 2011.

25. Contingent Liabilities and Commitments There were no contingent liabilities or commitments other than those already disclosed in these financial statements as at 31 December 2012.

25 Reclassification of Prior Year Comparative Figure Certain prior year comparatives have been reclassified to conform to the current year presentation.

26. Approval of Financial Statements The Directors approved the financial statements on 24 April 2013.

GLG Investments plc Portfolio Statement as at 31 December 2012 GLG Global Equity

122


Nominal Description Fair Value % of

US$ Net Assets

Collective investment scheme

Japan

186,040 Nomura TOPIX Exchange Traded Fund 1,884,821 1.40

Total collective Investment Scheme 1,884,821 1.4

Contracts for difference - unfunded(b)

France

130,636 Carrefour SA 9,474 0.01

15,371 Cie Generale des Etablissements Michelin 108,163 0.08

104,344 European Aeronautic Defence and Space Company NV 224,554 0.17

33,095 Safran SA 227,885 0.17

570,076 0.43

Ireland

227,885 WPP Plc 164,717 0.12

Spain

36,462 Red Electrica Corporation SA 164,832 0.12

Switzerland

237,923 Glencore International Plc 24,450 0.02

United Kingdom

149,498 ARM Holdings Plc 515,799 0.39

482,785 Barclays Plc 29,725 0.02

17,413 Imperial Tobacco Group Plc 5,492 0.00

37,724 Reckitt Benckiser Group Plc 259,643 0.19

25,346 Rio Tinto Plc 172,833 0.13

49,151 Shire Plc 5,934 0.00

121,685 Tate & Lyle Plc 106,083 0.08

1,095,509 0.81

Total contracts for difference - unfunded 2,019,584 1.50

The counterparty for the contracts for difference is Credit Suisse (Europe) Limited.

Equity securities

Belgium

23,687 Anheuser-Busch InBev NV 2,052,991 1.53

GLG Investments plc Portfolio Statement as at 31 December 2012 GLG Global Equity (continued)

123

Financial assets at fair value through profit or loss (continued)


US$ Net Assets

Equity securities (continued)

China

3,419,429 China Construction Bank Corporation 2,744,066 2.04

Denmark

144,950 GN Store Nord A/S 2,095,193 1.56

9,327 Novo Nordisk A/S 1,510,522 1.12

3,605,715 2.68

Germany

94,562 Rhoen Klinikum AG 1,909,330 1.42

Hong Kong

347,100 AIA Group Limited 1,354,661 1.01

181,125 Melco Crown Entertainment Limited 3,050,145 2.26

4,404,806 3.27

Italy

293,234 UniCredit SpA 1,432,739 1.06

Japan

136,206 Mitsubishi Estate Company Limited 3,227,735 2.40

459,140 Mitsubishi UFJ Financial Group Inc 2,447,968 1.82

57,192 Seven & I Holdings Company Limited 1,611,946 1.20

173,493 T&D Holdings Inc 2,088,778 1.55

72,048 Toyo Suisan Kaisha Limited 1,914,836 1.42

11,291,263 8.39

Netherlands

19,598 ASML Holding NV 1,240,224 0.92

310,053 ING Groep NV 2,886,353 2.15

4,126,577 3.07

Russia

47,627 Mail.ru Group Limited 1,643,132 1.22

92,100 MegaFon OAO 2,191,980 1.63

178,605 RusPetro Plc 229,355 0.17

4,064,467 3.02

Singapore

686,927 Global Logistic Properties Limited 1,563,370 1.16


124



US$ Net Assets


Sweden

36,294 Assa Abloy AB 1,355,143 1.01

124,285 Svenska Cellulosa AB 2,693,770 1.99

14,272 Swedish Match AB 478,699 0.36

4,527,612 3.36

Switzerland

115,547 Credit Suisse Group AG 2,809,937 2.08

31,282 Novartis AG 1,963,348 1.46

125,845 UBS AG 1,961,881 1.46

6,735,166 5.00

United States

36,579 ADT Corporation 1,700,558 1.26

60,810 American Water Works Company Inc 2,257,875 1.68

4,452 Apple Inc 2,373,049 1.76

222,601 Bank of America Corporation 2,582,172 1.92

33,091 Capital One Financial Corporation 1,916,962 1.42

123,980 Citigroup Inc 4,904,649 3.64

85,316 EMC Corporation/MA 2,158,495 1.60

51,368 Express Scripts Holding Company 2,773,872 2.06

35,800 Home Depot Inc 2,214,230 1.65

208,800 iShares MSCI Japan Index Fund 2,035,800 1.51

23,756 Market Vectors Gold Miners ETF 1,102,041 0.82

42,958 Mead Johnson Nutrition Company 2,830,503 2.11

104,627 NCR Corporation 2,665,896 1.98

69,656 News Corporation 1,779,014 1.32

20,862 PPG Industries Inc 2,823,672 2.10

55,400 Starbucks Corporation 2,970,548 2.21

42,845 TJX Company Inc 1,818,770 1.35

37,316 Visa Inc 5,656,359 4.21

31,404 VMware Inc 2,956,373 2.20

47,943 Walt Disney Company 2,387,082 1.77

34,569 Watson Pharmaceuticals Inc 2,972,934 2.21

54,880,854 40.78

Total equity securities 103,338,956 76.78


125

Financial assets at fair value through profit or loss (continued) Forward currency contracts (note 8) ** (b)

Unrealised Gain % of

Amount Receivable Amount Payable Maturity Date Contracts US$ Net Assets

Non Class Specific

US$524,743 DKK2,950,342 15 January 2013 1 3,278 0.00

US$65,962 €49,860 15 January 2013 3 218 0.00

US$3,251,580 HKD25,198,576 15 January 2013 1 281 0.00

US$13,252,096 JPY1,098,828,852 15 January 2013 3 542,121 0.40

US$1,078,309 SGD1,316,745 15 January 2013 1 366 0.00

Class DH EUR

€15,760,525 US$20,379,787 31 January 2013 2 404,707 0.30

US$106,060 €80,197 31 January 2013 2 298 0.00

Class DHT GBP

GBP96,495 US$154,524 31 January 2013 3 2,318 0.00

Class I EUR

CHF1,289,483 US$1,386,280 31 January 2013 1 23,356 0.02

DKK1,121,871 US$194,790 31 January 2013 1 3,547 0.00

€3,746,491 US$4,844,744 31 January 2013 3 96,012 0.08

GBP2,470,410 US$3,956,219 31 January 2013 2 59,111 0.04

HKD4,507,525 US$581,609 31 January 2013 1 26 0.00

ILS417,968 US$107,874 31 January 2013 1 4,018 0.00

NOK932,193 US$163,226 31 January 2013 1 4,076 0.00

NZD25,721 US$21,051 31 January 2013 1 125 0.00

SEK3,404,432 US$508,098 31 January 2013 1 14,817 0.01

SGD375,933 US$307,393 31 January 2013 1 352 0.00

Class I GBP

CHF1,122,817 US$1,207,103 31 January 2013 1 20,344 0.02

DKK951,294 US$165,172 31 January 2013 1 3,009 0.00

€3,203,000 US$4,141,914 31 January 2013 3 82,133 0.07

GBP2,114,383 US$3,386,060 31 January 2013 2 50,612 0.04

HKD3,625,694 US$467,825 31 January 2013 1 21 0.00

ILS359,540 US$92,794 31 January 2013 1 3,458 0.00

NOK783,912 US$137,262 31 January 2013 1 3,429 0.00

NZD22,697 US$18,576 31 January 2013 1 111 0.00

SEK2,959,646 US$441,715 31 January 2013 1 12,886 0.01

SGD332,915 US$272,218 31 January 2013 1 312 0.00


126

Financial assets at fair value through profit or loss (continued) Forward currency contracts (note 8) ** (b) (continued)

Unrealised Gain % of


Class IH EUR

€1,399,697 US$1,809,935 31 January 2013 2 35,942 0.03

Class IH GBP

GBP7,793,374 US$12,482,528 31 January 2013 3 184,653 0.14

Total unrealised gain on forward currency contracts 1,555,937 1.16

Total financial assets at fair value through profit or loss - trading 108,799,298 80.84


127



US$ Net Assets

Contracts for difference - unfunded

France

56,192 Electricite de France SA (150,112) (0.11)

Ireland

73,947 Experian Plc (126,623) (0.09)

Total contracts for difference - unfunded (276,735) (0.20)

The counterparty for the contracts for difference is Credit Suisse (Europe) Limited.

Forward currency contracts (note 8)** Unrealised Loss % of


Non Class Specific

GBP100,300 US$163,379 31 January 2013 1 (354) (0.00)

US$6,583,680 CHF6,095,619 15 January 2013 3 (77,745) (0.06)

US$2,746,632 DKK15,706,256 15 January 2013 1 (29,407) (0.02)

US$9,692,873 €7,433,583 15 January 2013 2 (108,921) (0.08)

US$1,778,657 GBP1,101,745 15 January 2013 1 (12,165) (0.01)

US$162,781 GBP100,300 31 January 2013 1 (244) (0.00)

US$4,568,158 SEK30,246,262 15 January 2013 2 (79,483) (0.06)

Class DH EUR

€351,835 US$466,349 31 January 2013 3 (2,356) (0.00)

US$7,009 €5,364 31 January 2013 1 (66) (0.00)

Class DHT GBP

GBP1,360 US$2,215 31 January 2013 1 (5) (0.00)

Class I EUR

AUD1,358,911 US$1,414,273 31 January 2013 1 (6,899) (0.01)

CAD1,994,293 US$2,003,972 31 January 2013 1 (2,423) (0.00)

€92,808 US$123,000 31 January 2013 1 (606) (0.00)

JPY295,202,845 US$3,606,126 31 January 2013 3 (191,049) (0.15)


128

Financial liabilities at fair value through profit or loss (continued) Forward currency contracts (note 8)** (continued)

Amount Receivable Amount Payable Maturity Date ContractsUnrealised Loss

US$ % of

Net Assets

Class I GBP

AUD1,169,763 US$1,217,419 31 January 2013 1 (5,941) (0.00 )

CAD1,710,271 US$1,718,572 31 January 2013 1 (2,078) (0.00)

€79,227 US$105,000 31 January 2013 1 (518) (0.00)

JPY252,607,353 US$3,085,777 31 January 2013 3 (163,528) (0.12)

Class IHT EUR

€31,290 US$41,474 31 January 2013 2 (210) (0.00)

Total unrealised loss on forward currency contracts (683,998) (0.51)

Total financial liabilities at fair value through profit or loss - trading (960,733) (0.71)

Fair value % of

US$ Net Assets



Other net assets 26,744,264 19.87

Net Assets Attributable to Holders of Redeemable Participating Shares 134,582,829 100.00

** The forward currency contracts are held with The Bank of New York Mellon, Brussels

Classifications:

(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 75.79

Collective investment schemes 1.38

OTC financial derivative instruments described in (b) above 2.62

Other current assets 20.21

100.00

GLG Investments plc Portfolio Statement as at 31 December 2012 GLG Global Convertible UCITS

129


Nominal Description Fair Value

US$ % of

Net Assets

ASCOTs (b)

Japan

100,000,000 Fukuyama Transporting Company Limited 47,655 0.01

South Korea

240,000,000 Lotte Shopping Company Limited 25,545 0.01

Total ASCOTs 73,200 0.02

The counterparty for Ascots are Morgan Stanley and Bank of New York Mellon

Contracts for difference – unfunded (b)

Austria

(55,810) A-TEC Industries AG 338,027 0.10

United Kingdom

(2,098,185) Max Petroleum Plc 514,812 0.16

Total contracts for difference - unfunded 852,839 0.26

The counterparty for contracts for difference is Credit Suisse

Convertible bonds

Austria

1,100,000 A-TEC Industries AG 8.75% 27/10/2014 29,005 0.01

1,100,000 Conwert Immobilien Invest SE 4.50% 06/09/2018 1,548,132 0.47

2,109,123 Immofinanz AG 4.25% 08/03/2018 3,016,467 0.91

2,800,000 Steinhoff Finance Holding GmbH 6.375% 26/05/2017 3,965,690 1.21

8,559,294 2.60

Belgium

1,750,000 Fortis Bank SA/NV 2.18% 19/12/2049 1,224,431 0.37

1,000,000 Sofina SA 1% 19/09/2016 975,640 0.30

2,200,071 0.67

Bermuda

400,000 Aquarius Platinum Limited 4% 18/12/2015 300,500 0.09

GLG Investments plc Portfolio Statement as at 31 December 2012 GLG Global Convertible UCITS (continued)

130



US$ % of

Net Assets

Convertible bonds (continued)

Bermuda (Continued)

5,910,000 Central European Media Enterprises Limited 5% 15/11/2015 * 5,466,750 1.66

44,400,000 China Green Holdings Limited/Bermuda 3% 12/04/2013 4,454,039 1.35

10,221,289 3.10

British Virgin Islands

6,200,000 Billion Express Investments Limited 0.75% 18/10/2015 6,564,250 1.99

2,245,000 ReneSola Limited 4.125% 15/03/2018 * 1,170,206 0.35

7,734,456 2.34

Canada

195,000 First Uranium Corporation 4.25% 05/10/2012 186,735 0.06

2,460,000 Gold Corporation Inc 2% 01/08/2014 * 2,732,125 0.83

490,000 Sino-Forest Corporation 4.25% 15/12/2016 * 78,400 0.02

1,675,000 Uranium One Inc 5% 13/03/2015 1,728,327 0.52

4,725,587 1.43

Cayman Islands

1,700,000 BES Finance Limited 1.625% 15/04/2013 1,725,500 0.52

1,900,000 BES Finance Limited 3.50% 06/12/2015 2,012,290 0.61

2,878,000 China Medical Technologies Inc 4% 15/08/2013 * 503,650 0.15

3,060,000 China Medical Technologies Inc 6.25% 15/12/2016 * 535,500 0.16

2,200,000 China Overseas Finance Investment Cayman Limited 0% 14/05/2014 3,345,375 1.01

3,315,000 JinkoSolar Holding Company Limited 4% 15/05/2016 * 1,703,081 0.52

1,300,000 Trina Solar Limited 4% 15/07/2013 * 1,195,305 0.36

11,020,701 3.33

China

17,900,000 China Petroleum & Chemical Corporation 0% 24/04/2014 2,756,991 0.84

3,130,000 Hanwha SolarOne Company Limited 3.5% 15/01/2018 * 2,472,700 0.75

5,229,691 1.59

Finland

5,300,000 Solidium Oy 0.50% 29/09/2015 7,137,753 2.16

France

3,880,080 Cap Gemini SA 3.50% 01/01/2014 5,717,623 1.74

657,745 Cie Generale de Geophysique - Veritas 1.25% 01/01/2019 906,564 0.27


131



US$ % of

Net Assets


France (Continued)

834,000 Cie Generale de Geophysique - Veritas 1.75% 01/01/2016 1,225,390 0.37

1,149,892 Etablissements Maurel et Prom 7.125% 31/07/2014 1,753,239 0.53

906,209 Etablissements Maurel et Prom 7.125% 31/07/2015 1,655,072 0.50

1,799,231 Eurazeo 6.25% 10/06/2014 2,825,380 0.86

1,496,986 Technip SA 0.25% 01/01/2017 2,277,906 0.69

1,670,310 Technip SA 0.5% 01/01/2016 2,706,126 0.82

2,387,907 Unibail-Rodamco SE 0.75% 01/01/2018 3,332,476 1.01

22,399,776 6.79

Germany

1,300,000 GSW Immobilien AG 2% 20/11/2019 1,823,611 0.55

1,000,000 KFW 1.50% 30/07/2014 1,621,962 0.49

3,445,573 1.04

Hong Kong

5,000,000 China Power International Development Limited 2.75% 18/09/2017 885,046 0.27

Hungary

2,300,000 Magyar Nemzeti Vagyonkezel Zrt 4.40% 25/09/2014 3,007,759 0.91

India

1,100,000 Welspun Corporation Limited 4.50% 17/10/2014 1,068,799 0.32

Isle Of Man

2,300,000 AngloGold Ashanti Holdings Finance Plc 3.50% 22/05/2014 2,390,551 0.72

Italy

1,165,671 Banco Popolare SC 4.75% 24/03/2014 1,529,905 0.46

6,800,000 Eni SpA 0.25% 30/11/2015 # 9,231,834 2.80

1,000,000 Risanamento SpA 1% 10/05/2014 1,308,512 0.40

12,070,251 3.66

Japan

144,000,000 Aeon Company Limited 0.30% 22/11/2013 1,873,674 0.57

61,000,000 Asahi Group Holdings Limited 0% 26/05/2028 737,538 0.22

210,000,000 Fukuyama Transporting Company Limited 0% 22/03/2017 2,473,660 0.75

650,000,000 KDDI Corporation 0% 14/12/2015 8,501,232 2.58


132


Nominal Description Fair Value % of US$ Net Assets


Japan (Continued)

467,000,000 ORIX Corporation 1% 31/03/2014 7,690,391 2.33

240,000,000 OSG Corporation 0% 04/04/2022 # 2,922,801 0.89

150,000,000 Sekisui House Limited 0% 05/07/2016 1,904,817 0.58

210,000,000 Unicharm Corporation 0% 24/09/2013 2,826,433 0.86

28,930,546 8.78

Jersey

1,200,000 British Land Company Jersey Limited 1.50% 10/09/2017 1,999,366 0.61

2,100,000 London Mining Jersey Plc 8% 15/02/2016 1,988,910 0.60

8,370,000 Shire Plc 2.75% 09/05/2014 9,361,845 2.84

13,350,121 4.05

Luxembourg

2,500,000 Ageasfinlux SA 1.54599864% 07/11/2072 1,443,088 0.44

1,300,000 Bank of New York Mellon Luxembourg SA 4.460% 30/12/2099 # 299,645 0.09

6,700,000 Glencore Finance Europe SA 5% 31/12/2014 8,238,555 2.50

3,344,000 Opus Securities SA 3.95% 29/10/2049 1,990,542 0.60

5,400,000 Subsea 7 SA 1% 05/10/2017 5,586,300 1.69

17,558,130 5.32

Marshall Island

1,425,000 DryShips Inc 5% 01/12/2014 * 1,128,750 0.34

Mexicon

3,000,000 Cemex SAB de CV 3.75% 15/03/2018 * 3,416,400 1.04

Netherlands

2,300,000 Deutsche Post Finance BV 0.6% 12/06/2019 3,171,807 0.96

6,500,000 Lukoil International Finance BV 2.625% 16/06/2015 7,371,650 2.24

7,250,000 Siemens Financieringsmaatschappij NV 1.65% 16/08/2019 7,594,375 2.30

18,137,832 5.50

Singapore

1,500,000 CapitaMall Trust 2.125% 19/04/2014 1,286,328 0.39

3,500,000 Ruby Assets Pte Limited 1.60% 01/02/2017 3,180,516 0.96

1,500,000 Temasek Financial III Pte Limited 0% 14/12/2013 1,209,578 0.37

2,500,000 Temasek Financial III Pte Limited 0% 24/10/2014 2,127,507 0.65

7,803,929 2.37


133




Spain

690,000 International Consolidated Airlines Group SA 5.80% 13/08/2014 1,322,361 0.40

Taiwan

1,800,000 Asia Cement Corporation 0% 27/01/2016 1,764,000 0.53

800,000 Cathay Financial Holding Company Limited 0% 14/08/2014 844,652 0.26

1,100,000 Hon Hai Precision Industry Company Limited 0% 12/10/2013 1,137,125 0.34

1,200,000 Tatung Company Limited 0% 25/03/2014 1,162,056 0.35

4,500,000 United Microelectronics Corporation 0% 24/05/2016 4,353,750 1.32

9,261,583 2.80

United Arab Emirates

500,000 Aabar Investments PJSC 4% 27/05/2016 676,092 0.21

United Kingdom

2,000,000 Dialog Semiconductor Plc 1% 12/04/2017 2,092,500 0.63

570,583 Max Petroleum Plc 6.75% 08/09/2013 319,526 0.10

1,200,000 Sportingbet Plc 7% 08/06/2016 2,560,164 0.78

4,972,190 1.51

United States

4,870,000 Amgen Inc 0.375% 01/02/2013 * 5,450,309 1.65

1,510,000 Annaly Capital Management Inc 4% 15/02/2015 * 1,751,600 0.53

1,795,000 Ares Capital Corporation 4.75% 15/01/2018 * 1,815,194 0.55

5,300,000 Atlanticus Holdings Corporation 5.875% 30/11/2035 * 2,199,500 0.67

2,310,000 Boston Properties LP 3.625% 15/02/2014 * 2,449,362 0.74

1,595,000 Cobalt International Energy Inc 2.625% 01/12/2019 * 1,594,904 0.48

1,600,000 Electronic Arts Inc 0.75% 15/07/2016 * 1,482,496 0.45

1,500,000 Health Care REIT Inc 3% 01/12/2029 * 1,845,968 0.56

1,600,000 Illumina Inc 0.25% 15/03/2016 * 1,554,000 0.47

6,225,000 Intel Corporation 3.25% 01/08/2039 * 7,322,592 2.22

2,075,000 International Game Technology 3.25% 01/05/2014 * 2,165,615 0.66

2,185,000 James River Coal Company 4.5% 01/12/2015 * 994,175 0.30

2,700,000 Lam Research Corporation 0.5% 15/05/2016 * 2,605,500 0.79

7,000,000 Liberty Interactive LLC 3.5% 15/01/2031 * 3,382,190 1.03

1,750,000 LifePoint Hospitals Inc 3.5% 15/05/2014 * 1,810,401 0.55

2,625,000 Linear Technology Corporation 3% 01/05/2027 * 2,746,406 0.83

6,880,000 Medtronic Inc 1.625% 15/04/2013 * 6,902,945 2.10

1,670,000 MGM Resorts International 4.25% 15/04/2015 * 1,771,144 0.54

2,000,000 Microchip Technology Inc 2.125% 15/12/2037 * 2,535,140 0.77


134




United States (Continued)

1,850,000 Molson Coors Brewing Company 2.50% 30/07/2013 * 1,877,852 0.57

2,265,000 Moly Corporation Inc 3.25% 15/06/2016* 1,571,140 0.48

1,500,000 Navistar International Corporation 3% 15/10/2014 * 1,370,625 0.42

4,680,000 NetApp Inc 1.75% 01/06/2013 * 5,267,621 1.60

1,635,000 Newmont Mining Corporation 1.625% 15/07/2017 * 2,142,725 0.65

1,990,000 Novellus Systems Inc 2.625% 15/05/2041 * 2,492,475 0.76

2,565,000 Priceline.com Inc 1% 15/03/2018 * 2,751,873 0.83

3,020,000 Prospect Capital Corporation 5.5% 15/08/2016 * 3,099,305 0.94

1,250,000 Prospect Capital Corporation 5.875% 15/01/2019 * 1,215,625 0.37

3,995,000 Radian Group Inc 3% 15/11/2017 * 3,543,805 1.07

3,500,000 RadioShack Corporation 2.5% 01/08/2013 * 3,240,195 0.98

888,000 Reorganized Magna Entertainment Corporation 8.55% 15/06/2010 # 17,760 0.01

11,000,000 Reorganized Magna Entertainment Corporation 8.55% 15/06/2013 # 220,000 0.07

2,105,000 Salix Pharmaceuticals Limited 1.5% 15/03/2019 * 2,041,429 0.62

2,570,000 SanDisk Corporation 1.5% 15/08/2017 * 2,997,263 0.91

2,930,000 Symantec Corporation 1% 15/06/2013 * 3,163,668 0.96

810,000 Volcano Corporation 1.75% 01/12/2017 * 820,631 0.25

3,220,000 WellPoint Inc 2.75% 15/10/2042 * 3,470,741 1.05

2,655,000 Xilinx Inc 2.625% 15/06/2017 * 3,612,035 1.10

97,296,209 29.53

Total convertible bonds 305,950,740 92.78

Credit default swap (b)

United States

3,500,000 Radioshack Corporation 20/09/2013 220,572 0.07

Total credit default swap 220,572 0.07

The counterparty for credit default swap is Credit Suisse


135



Equity securities

Belgium

137,800 UCB SA 7,852,017 2.38

France

123,436 Titus Interactive - 0.00

Israel

35,000 Teva Pharmaceutical Industries Limited 1,306,900 0.40

United Kingdom

27,050,436 Max Petroleum Plc 1,670,879 0.51

150 Subsea 7 SA 3,560 0.00

15 Veripos Inc 59 0.00

1,674,498 0.51


Exchange-traded futures (a)

Europe

(155) Euro Stoxx 50 March 2013 81,888 0.02

United States

(276) US 5 Year Note Future March 2013 105,656 0.03

Total exchange-traded futures 187,544 0.05

Options (b)

Japan

141,000 Call on JT Equity (7267) 25 February 2013 99,412 0.03

1,052,000 Call on JT Equity (8306) 22 February 2013 277,232 0.08

161,000 Call on JT Equity (8316) 25 February 2013 309,774 0.10

686,418 0.21


136


Description Fair Value % of US$ Net

Options (b) (continued)

United Kingdom

480 Call on BGG LN Equity (1200) 15 March 2013 42,913 0.01

United States

1,400 Call on Microsoft Corporation (32.50) 19 January 2013 1,400 0.00

750 Call on Microsoft Corporation (33 20) 20 April 2013 4,500 0.00

5,900 0.00

Total options 735,231 0.22

The counterparty for options are Goldman Sachs, Nomura and Morgan Stanley

Preferred stocks

United States

68,090 Apache Corporation 3,111,713 0.94

10,000 Lehman Brothers Holdings Inc # 2,900 0.00

3,114,613 0.94

Total preferred stocks 3,114,613 0.94

Warrants

France

2,968 Atari SA 4 0.00

Japan

60 JVC Kenwood Corporation # 432,974 0.13

400,000,000 Sony Corporation 1,127,624 0.34

1,560,598 0.47

United Kingdom

1,680,000 Max Petroleum Plc - 0.00

United States

2,267,927 Citigroup Inc 947,993 0.29

139,120 Zions Ban Corporation 396,492 0.12

1,344,485 0.41

Total warrants 2,905,087 0.88


137


Forward currency contracts (note 8) ** (b)

Unrealised Gain % of Amount Receivable Amount Payable Maturity Date Contracts US$ Net Assets

Non Class Specific

CHF474,928 US$511,500 15 January 2013 1 7,511 0.00

US$1,969,731 CAD1,943,189 15 January 2013 1 18,792 0.01

US$5,800,426 €4,370,706 15 January 2013 3 37,288 0.01

US$2,138,895 HKD16,575,670 15 January 2013 1 185 0.00

US$33,144,717 JPY2,748,240,167 15 January 2013 2 1,356,269 0.42

US$7,077,427 SGD8,642,388 15 January 2013 1 2,404 0.00

Class DL H EUR

€543,700 US$716,542 04 January 2013 1 298 0.00

Class DL H GBP

GBP635,537 US$1,027,677 04 January 2013 2 5,379 0.00

GBP14,000 US$22,572 31 January 2013 1 183 0.00

Class IL H EUR

€1,254,197 US$1,638,683 31 January 2013 1 15,318 0.00

€990,850 US$1,305,841 04 January 2013 1 544 0.00

US$316,255 €238,344 04 January 2013 1 2,011 0.00

Class IM H EUR

€634,350 US$836,020 04 January 2013 2 339 0.00

Class IM H GBP

GBP1,263,656 US$2,043,307 04 January 2013 2 10,747 0.00

Total unrealised gain on forward currency contracts 1,457,268 0.44



138




Belgium

(110,416) UCB SA (878,824) (0.27)

France

310,446 Atari SA (81,874) (0.02)

Hungary

(85,000) OTP Bank NYRT (523,993) (0.16)

Japan

(5,000) Sumitomo Mitsui Financial Group Inc (19,970) (0.01)

Total contracts for difference - unfunded (1,504,661) (0.46)

The counterparty for contracts for difference is Credit Suisse

Credit default swap

United states

3,500,000 Liberty Media LLC 20/03/2013 (35,501) (0.01)

Total credit default swap (35,501) (0.01)

The counterparty for credit default swaps is Credit Suisse

Exchange-traded future

United States

(160) S&P E-mini Future March 2013 (76,000) (0.02)

Total exchange-traded future (76,000) (0.02)

Forward currency contracts (note 8) **

Unrealised Loss % of Amount Receivable Amount Payable Maturity Date Contracts US$ Net Assets Non Class Specific

AUD1,359,680 US$1,430,179 15 January 2013 1 (20,237) (0.01)

JPY129,194,150 US$1,506,439 15 January 2013 1 (12,071) (0.00)

US$65,875,876 €50,474,382 15 January 2013 4 (678,776) (0.21)

US$6,728,372 GBP4,167,186 15 January 2013 2 (45,144) (0.01)

Class DL H EUR €54,022,307 US$71,696,785 04 January 2013 1 (471,112) (0.14) US$388,837 €294,929 04 January 2013 1 (12) (0.00)

Class DL H GBP US$22,526 GBP14,000 31 January 2013 1 (229) (0.00)


139

Financial liabilities at fair value through profit or loss (continued) Forward currency contracts (note 8) ** (b) (continued)

Unrealised Loss % of Amount Receivable Amount Payable Maturity Date Contracts US$ Net Assets

Class IL H EUR

€89,150,162 US$118,317,421 04 January 2013 1 (777,452) (0.24)

US$1,639,073 €1,254,495 31 January 2013 1 (15,321) (0.00)

Class IM H EUR

€55,351,164 US$73,460,404 04 January 2013 1 (482,701) (0.15)

Total unrealised loss on forward currency contracts (2,503,055) (0.76)

Total financial liabilities at fair value through profit or loss - trading (4,119,217) (1.25)






Classifications:

(a) Exchange traded 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.


% of Total

Assets



Transferable securities as described in * above 34.59

Transferable securities as described in # above 3.87

Exchange-traded financial derivative instruments described in classification (a) above 0.06

OTC financial derivative instruments described in classification (b) above 0.98


100.00

GLG Investments plc Portfolio Statement as at 31 December 2012 GLG European Equity

140


Nominal Description Fair Value % of € Net Assets


France

41,935 Carrefour SA 2,649 0.02

5,347 Cie Generale des Etablissements Michelin 29,171 0.17

24,109 European Aeronautic Defence and Space Company NV 21,433 0.13

23,077 Safran SA 120,262 0.69

173,515 1.01

Ireland

69,196 WPP Plc 81,933 0.48

Spain

16,509 Red Electrica Corporation SA 33,808 0.20

Switzerland

143,994 Glencore International Plc 11,369 0.07

United Kingdom

75,428 ARM Holdings Plc 203,267 1.19

165,456 Barclays Plc 4,150 0.02

11,883 Reckitt Benckiser Group Plc 59,447 0.35

5,418 Rio Tinto Plc 29,255 0.17

49,513 Tate & Lyle Plc 34,101 0.20

330,220 1.93


Counterparty for contracts for difference is Credit Suisse

Equity securities

Belgium

7,625 Anheuser-Busch InBev NV 501,268 2.93

Denmark

52,416 GN Store Nord A/S 574,675 3.36

2,006 Novo Nordisk A/S 246,416 1.44

821,091 4.80

Germany

5,985 Allianz SE 627,228 3.67

16,331 Rhoen Klinikum AG 250,109 1.46

877,337 5.13

GLG Investments plc Portfolio Statement as at 31 December 2012 GLG European Equity (continued)

141




Italy

208,509 Intesa Sanpaolo SpA 271,062 1.58

101,939 UniCredit SpA 377,786 2.21

648,848 3.79

Netherlands

8,681 ASML Holding NV 416,688 2.44

109,527 ING Groep NV 773,370 4.52

1,190,058 6.96

Russia

15,680 MegaFon OAO 283,058 1.66

35,994 RusPetro Plc 35,059 0.20

318,117 1.86

Sweden

6,167 Assa Abloy AB 174,654 1.02

32,824 Svenska Cellulosa AB 539,617 3.15

11,574 Swedish Match AB 294,452 1.72

1,008,723 5.89

Switzerland

40,368 Credit Suisse Group AG 744,608 4.35

10,674 Novartis AG 508,139 2.97

1,297 Swatch Group AG/The 495,673 2.90

44,129 UBS AG 521,811 3.05

2,270,231 13.27

United States

8,457 Market Vectors Gold Miners ETF 297,573 1.74


Exchange traded future (a)

15 Euro STOXX 50 March 2013 300 0.00

Total exchange traded future 300 0.00


142


Forward currency contracts (note 8) * (b)

Amount Receivable Amount Payable Maturity Date Contracts Unrealised Gain

€ % of

Net Assets

Non Class Specific

€920,132 DKK6,861,795 15 January 2013 1 354 0.00

€403,833 GBP326,127 15 January 2013 1 1,810 0.01

€618,492 US$806,492 15 January 2013 2 6,857 0.04

Class D H T GBP

GBP660 €813 31 January 2013 1 1 0.00

Class D H NOK

NOK15,833,231 €2,142,653 31 January 2013 3 12,115 0.07

Class I HUSD

€91,084 US$117,626 31 January 2013 2 1,891 0.01

Total unrealised gain on forward currency contracts 23,028 0.13



143




France

27,852 Electricite de France SA (56,313) (0.33)

Ireland

13,156 Experian Plc (17,440) (0.10)

United Kingdom

20,401 Imperial Tobacco Group Plc (12,106) (0.08)

30,025 Shire Plc # (9,188) (0.05)

(21,294) (0.13)



Forward currency contracts (note 8) **

Unrealised Loss % of Amount Receivable Amount Payable Maturity Date Contracts € Net Assets

Non Class Specific

€2,233,225 CHF2,702,810 15 January 2013 3 (6,823) (0.04)

€425,778 NOK3,128,403 15 January 2013 1 (291) (0.00)

€1,076,822 SEK9,313,273 15 January 2013 4 (8,493) (0.05)

€6,224 US$8,235 15 January 2013 1 (22) (0.00)

Class D H NOK

€11,524 NOK84,800 31 January 2013 1 (17) (0.00)

Class D H T GBP

GBP30,089 €37,254 31 January 2013 2 (170) (0.00)

Class D H USD

US$4,158,020 €3,214,820 31 January 2013 3 (61,900) (0.36)

Class I H USD

US$119,067 €92,075 31 January 2013 3 (1,790) (0.01)




144

Fair Value % of € Net Assets






Classifications:

(a) Exchange traded derivative instruments


# Transferable securities other than those listed on an official stock exchange or dealt on another regulated market.


% of Total

Assets





100.00

GLG Investments plc Portfolio Statement as at 31 December 2012 GLG Global Sustainability Equity

145



Contracts for difference – unfunded (b)

Spain

10,900 Zardoya Otis SA 533 0.00

United Kingdom

15,147 ARM Holdings Plc 54,448 0.21

20,944 Spectris Plc 35,216 0.14

81,686 Tate & Lyle Plc 99,177 0.40

188,841 0.75



Equity securities

Denmark

46,021 Chr Hansen Holding A/S 1,133,105 4.51

57,699 GN Store Nord A/S 632,597 2.52

8,432 Novo Nordisk A/S 1,035,782 4.12

2,801,484 11.15

Germany

5,447 Wacker Chemie AG 270,416 1.08

Hong Kong

1,75,449 AIA Group Limited 519,373 2.07

Japan

60,227 Ajinomoto Company Inc 603,879 2.41

1,242 NTT Urban Development Corporation 906,478 3.61

2,24,237 Obayashi Corporation 952,062 3.79

39,785 Toyo Suisan Kaisha Limited 802,014 3.19

3,264,433 13.00

Norway

22419 Gjensidige Forsikring ASA 242,608 0.97

Singapore

425000 Global Logistic Properties Limited 733,657 2.92

GLG Investments plc Portfolio Statement as at 31 December 2012 GLG Global Sustainability Fund (continued)

146




Spain

34,950 Grifols SA 687,389 2.74

12,596 Zardoya Otis SA 136,037 0.54

823,426 3.28

Sweden

39,739 Svenska Cellulosa AB 653,298 2.60

United States

21,489 ADT Corporation 757,754 3.02

33,192 American Water Works Company Inc 934,784 3.72

7,476 Ashland Inc 455,966 1.82

5,673 Cummins Inc 466,224 1.86

13,042 eBay Inc 504,705 2.01

12,270 Express Scripts Holding Company 502,564 2.00

1,769 Flowserve Corporation 196,973 0.78

13,714 Home Depot Inc 643,364 2.56

6,035 JB Hunt Transport Services Inc 273,324 1.09

13,430 Mccormick & Company Inc 647,154 2.58

11,378 Mead Johnson Nutrition Company 568,641 2.26

53,487 NCR Corporation 1,033,714 4.12

32,498 Newell Rubbermaid Inc 548,946 2.19

2,870 Nordson Corporation 137,405 0.55

10,606 PPG Industries Inc 1,088,835 4.34

16,016 SBA Communications Corporation 862,755 3.44

20,188 Starbucks Corporation 821,056 3.27

17,596 Tractor Supply Company 1,179,295 4.70

5,621 Union Pacific Corporation 536,007 2.13

6,626 VMware Inc 473,128 1.88

17,990 Walgreen Company 505,012 2.01

9,880 Watson Pharmaceuticals Inc 644,478 2.57

13,782,084 54.90


GLG Investments plc Portfolio Statement as at 31 December 2012 GLG Global Sustainability Equity (continued)

147

Financial assets at fair value through profit or loss (continued) Forward currency contracts (note 8) * (b)

Unrealised Gain % of Amount Receivable Amount Payable Maturity Date Contracts € Net Assets

Non Class Specific

€2,699,014 DKK20,128,038 15 January 2013 2 984 0.00

€142,049 GBP114,716 15 January 2013 1 637 0.00

€441,215 HKD4,458,700 15 January 2013 1 4,919 0.02

€3,176,623 JPY345,660,302 15 January 2013 5 144,431 0.58

€661,237 SGD1,052,907 15 January 2013 1 7,539 0.03

€16,347,958 US$21,316,593 15 January 2013 1 181,667 0.72

US$271,763 €206,000 15 January 2013 1 103 0.00

Class I H GBP

GBP516,500 €634,894 31 January 2013 2 1,687 0.01




148



Contract for difference - unfunded

Ireland

42478 Experian Plc (11,749) (0.05)


Counterparty for contracts for difference is Credit Suisse Forward currency contracts (note 8) *

Unrealised Loss % of Amount Receivable Amount Payable Maturity Date Contracts € Net Assets

Non Class Specific

€14,580 GBP11,860 15 January 2013 1 (40) (0.00)

€207,452 NOK1,524,254 15 January 2013 1 (142) (0.00)

€643,933 SEK5,583,728 15 January 2013 2 (6,762) (0.03)

€240,000 US$318,958 15 January 2013 1 (1,894) (0.01)

US$2,518,165 €1,911,539 15 January 2013 1 (1,787) (0.01)

Class I H GBP

GBP516,500 €634,894 31 January 2013 2 (111,681) (0.43)



Fair Value % of

€ Net Assets





*The forward currency contracts are held with The Bank of New York Mellon, Brussels.


149

Classifications:



% of Total Assets





100.00

GLG Investments plc Portfolio Statement as at 31 December 2012 GLG Japan CoreAlpha Equity

150


Nominal Description Fair Value % of ¥ Net Assets

Equity securities

Japan

18,127,000 All Nippon Airways Company Limited 3,280,987,000 2.45

1,944,000 Asahi Glass Company Limited 1,216,944,000 0.91

125,784 Central Japan Railway Company 880,488,000 0.66

206,600 Chubu Electric Power Company Inc 237,590,000 0.18

2,702,000 Dai Nippon Printing Company Limited 1,818,446,000 1.36

20,966 Dai-ichi Life Insurance Company Limited 2,513,823,400 1.88

3,928,000 Daiwa Securities Group Inc 1,865,800,000 1.39

492,700 East Japan Railway Company 2,749,266,000 2.05

3,516,800 FUJIFILM Holdings Corporation 6,059,446,400 4.52

1,101,000 Fujitsu Limited 396,360,000 0.30

803,200 Ibiden Company Limited 1,097,171,200 0.82

4,806 Inpex Corporation 2,198,745,000 1.64

1,073,900 JFE Holdings Inc 1,720,387,800 1.28

1,365,100 Kansai Electric Power Company Inc 1,238,145,700 0.92

781,000 Konica Minolta Holdings Inc 481,096,000 0.36

567,500 Marui Group Company Limited 389,872,500 0.29

2,468,000 Mitsubishi Chemical Holdings Corporation 1,051,368,000 0.78

17,967,344 Mitsubishi UFJ Financial Group Inc 8,282,945,584 6.18

7,699,000 Mitsui Chemicals Inc 1,716,877,000 1.28

4,784,000 Mitsui OSK Lines Limited 1,215,136,000 0.91

34,418,600 Mizuho Financial Group Inc 5,403,720,200 4.03

19,212,000 NEC Corporation 3,477,372,000 2.59

577,800 Nintendo Company Limited 5,298,426,000 3.95

2,351,000 Nippon Electric Glass Company Limited 1,144,937,000 0.85

1,157,000 Nippon Express Company Limited 410,735,000 0.31

7,950,000 Nippon Steel & Sumitomo Metal Corporation 1,669,500,000 1.25

1,191,200 Nippon Telegraph & Telephone Corporation 4,324,056,000 3.23

14,597,100 Nomura Holdings Inc 7,342,341,300 5.48

6,165 NTT Data Corporation 1,656,535,500 1.24

30,074 NTT DOCOMO Inc 3,729,176,000 2.78

1,532,000 Oji Holdings Corporation 453,472,000 0.34

11,576,800 Panasonic Corporation 6,043,089,600 4.51

5,761,400 Resona Holdings Inc 2,258,468,800 1.68

5,278,000 Ricoh Company Limited 4,787,146,000 3.57

1,203,336 Rohm Company Limited 3,368,137,464 2.51

409,966 Seven & I Holdings Company Limited 999,087,142 0.75

1,620,000 Shimizu Corporation 523,260,000 0.39

9,492,600 Sony Corporation 9,093,910,800 6.78

9,008,000 Sumitomo Chemical Company Limited 2,423,152,000 1.81

2,213,900 Sumitomo Mitsui Financial Group Inc 6,896,298,500 5.14

6,757,540 Sumitomo Mitsui Trust Holdings Inc 2,034,019,540 1.52

GLG Investments plc Portfolio Statement as at 31 December 2012 GLG Japan CoreAlpha Equity (continued)

151

Financial assets at fair value through profit or loss (Continued)

Nominal Description Fair Value % of ¥ Net Assets


Japan (Continued)

4,535,992 T&D Holdings Inc 4,721,967,672 3.52

605,900 Takeda Pharmaceutical Company Limited 2,335,744,500 1.74

1,344,600 Tokyo Broadcasting System Holdings Inc 1,215,518,400 0.91

2,373,000 Toppan Printing Company Limited 1,262,436,000 0.94

1,346,200 Toyota Motor Corporation 5,391,531,000 4.02

145,167 West Japan Railway Company 493,567,800 0.37

117,450 Yamada Denki Company Limited 390,521,250 0.29

Total equity securities 129,559,023,052 96.66

Forward currency contracts (note 8) ** (b)

Unrealised Gain % of Amount Receivable Amount Payable Maturity Date Contracts ¥ Net Assets

Class D H CHF

CHF28,314,349 JPY2,533,136,931 15 January 2013 10 141,943,763 0.11

JPY56,694 CHF600 04 January 2013 1 43 0.00

Class D H EUR

€500,000 JPY56,880,600 09 January 2013 1 117,543 0.00

€53,194 JPY6,051,405 04 January 2013 1 12,444 0.00

€75,787,844 JPY8,214,674,718 15 January 2013 10 424,893,849 0.32

JPY15,960,000 €140,000 10 January 2013 1 507 0.00

JPY4,070,852 €35,644 15 January 2013 1 7,512 0.00

Class D H GBP

GBP64,148 JPY8,986,845 04 January 2013 2 28,634 0.00

GBP99,285,948 JPY13,319,082,775 15 January 2013 6 633,277,143 0.47

GBP135,000 JPY18,530,343 31 January 2013 1 437,515 0.00

Class D H USD

JPY17,293,800 US$200,000 15 January 2013 1 2,990 0.00

US$108,933 JPY9,406,804 04 January 2013 2 11,807 0.00

US$43,441,903 JPY3,604,401,854 15 January 2013 10 151,345,837 0.11


152

Financial assets at fair value through profit or loss (continued) Forward currency contracts (note 8)** (b) (continued)

Unrealised Gain % of Amount Receivable Amount Payable Maturity Date Contracts ¥ Net Assets

Class I GBP

GBP5,489 JPY764,889 04 January 2013 2 6,502 0.00

GBP17,646 JPY2,412,713 15 January 2013 1 66,994 0.00

Class I H CHF

CHF1,181,178 JPY105,657,570 15 January 2013 6 5,937,665 0.00

Class I H EUR

€23,213 JPY2,640,805 04 January 2013 1 5,431 0.00

€93,437,612 JPY10,192,651,725 15 January 2013 13 458,934,008 0.34

Class I H GBP

GBP138,000 JPY18,942,128 31 January 2013 1 447,238 0.00

GBP2,642 JPY370,205 04 January 2013 1 1,147 0.00

GBP324,761,473 JPY43,610,555,463 15 January 2013 18 2,027,204,239 1.51

JPY274,072,500 GBP1,950,000 10 January 2013 1 31,912 0.00

Class I H USD

JPY31,129,200 US$360,000 10 January 2013 1 4,429 0.00

US$20,043 JPY1,731,203 04 January 2013 1 1,765 0.00

US$251,069,600 JPY20,867,969,694 15 January 2013 10 838,120,390 0.63

US$500,000 JPY43,009,600 09 January 2013 1 219,632 0.00

Total unrealised gain on forward currency contracts 4,683,060,939 3.49

Total financial assets at fair value through profit or loss - trading 134,242,083,991 100.15


153


Forward currency contracts (note 8) *

Unrealised Loss % of Amount Receivable Amount Payable Maturity Date Contracts ¥ Net Assets

Class D H CHF

JPY497,352 CHF5,283 04 January 2013 1 (1,743) (0.00)

JPY24,104,390 CHF257,672 15 January 2013 3 (240,132) (0.00)

Class D H EUR

€35,644 JPY4,071,016 04 January 2013 1 (7,712) (0.00)

€140,000 JPY15,960,770 15 January 2013 1 (1,214) (0.00)

JPY284,673,024 €2,533,793 15 January 2013 8 (4,171,236) (0.00)

Class D H GBP

JPY283,634,830 GBP2,072,853 15 January 2013 11 (7,656,088) (0.01)

Class D H USD

JPY54,670,314 US$641,096 15 January 2013 6 (755,097) (0.00)

US$200,000 JPY17,294,000 10 January 2013 1 (2,461) (0.00)

Class I EUR

€2,320 JPY264,978 04 January 2013 1 (502) (0.00)

Class I GBP

JPY2,371,782 GBP17,646 15 January 2013 1 (107,932) (0.00)

Class I H CHF

JPY940,960 CHF10,000 15 January 2013 1 (3,828) (0.00)

Class I H EUR

JPY1,001,358,248 €9,305,733 15 January 2013 4 (59,465,325) (0.04)

Class I H GBP

GBP1,950,000 JPY274,038,765 15 January 2013 1 (13,078) (0.00)

JPY328,799 GBP2,368 04 January 2013 1 (4,015) (0.00)

JPY63,869,390 GBP460,000 09 January 2013 1 (776,865) (0.00)

JPY767,551,899 GBP5,604,636 15 January 2013 6 (20,048,428) (0.01)


154

Financial liabilities at fair value through profit or loss (continued) Forward currency contracts (note 8)** (b) (continued)

Unrealised Loss % of Amount Receivable Amount Payable Maturity Date Contracts ¥ Net Assets

Class I H USD

JPY285,977,215 US$3,349,138 15 January 2013 6 (3,569,754) (0.00)

US$360,000 JPY31,128,840 15 January 2013 1 (5,382) (0.00)

Total unrealised loss on forward currency contracts (96,830,791) (0.07)


Fair Value % of

¥ Net Assets

Total financial assets at fair value through profit or loss - trading 134,242,083,991 100.15


Other net liabilities (105,740,136) (0.08)

Net Assets Attributable to Holders of Redeemable Participating Shares 134,039,513,064 100.00


Classifications:

(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





100.00

Analysis of Total Assets rather than Net Assets is required under UCITS Notice 8.2 appendix B.

GLG Investments plc Portfolio Statement as at 31 December 2012 GLG Global Emerging Markets Equity Fund

155



Equity securities

Brazil

34,433 BM&FBovespa SA 235,439 0.74

11,153 BR Malls Participacoes SA 147,181 0.46

16,933 Localiza Rent a Car SA 310,128 0.98

20,080 Mills Estruturas e Servicos de Engenharia SA 333,441 1.05

57,322 Petroleo Brasileiro SA 547,324 1.72

1,573,513 4.95

China

1,466,000 Bank of China Limited 654,426 2.06

800,000 China Construction Bank Corporation 641,994 2.02

150,000 China Life Insurance Company Limited 489,624 1.54

120,000 China Oilfield Services Limited 247,405 0.78

360,000 China Petroleum & Chemical Corporation 407,800 1.28

274,500 China Railway Construction Corporation Limited 312,010 0.98

551,000 China Railway Group Limited 322,033 1.01

36,500 China Shenhua Energy Company Limited 159,876 0.50

71,500 CITIC Securities Company Limited 180,806 0.57

143,000 CNOOC Limited 309,584 0.97

913,000 Industrial & Commercial Bank of China Limited 647,864 2.04

145,000 Jiangxi Copper Company Limited 381,636 1.20

110,000 PetroChina Company Limited 155,828 0.49

28,500 Ping An Insurance Group Company of China Limited 238,638 0.75

400,000 Prince Frog International Holdings Limited 168,240 0.53

8,300 Tencent Holdings Limited 266,642 0.84

103,000 Want Want China Holdings Limited 141,925 0.45

211,500 Zhaojin Mining Industry Company Limited 330,177 1.04

6,056,508 19.05

Cyprus

6,542 Eurasia Drilling Company Limited 233,549 0.73

Hong Kong

117,000 Belle International Holdings Limited 253,900 0.80

26,000 China Mobile Limited 302,741 0.95

110,000 China Overseas Land & Investment Limited 327,835 1.03

148,000 China Unicom Hong Kong Limited 237,156 0.75

217,000 Haier Electronics Group Company Limited 317,485 1.00

GLG Investments plc Portfolio Statement as at 31 December 2012 GLG Global Emerging Markets Equity Fund (continued)

156




Hong Kong (Continued)

293,000 Melco International Development Limited 340,599 1.07

32,000 Wharf Holdings Limited 250,192 0.79

2,029,908 6.39

Indonesia

276,000 Astra International Tbk PT 217,650 0.68

333,500 Bank Mandiri Persero Tbk PT 280,296 0.88

303,000 Perusahaan Gas Negara Persero Tbk PT 144,623 0.45

149,500 Telekomunikasi Indonesia Persero Tbk PT 140,387 0.44

782,956 2.45

Malaysia

58,500 CIMB Group Holdings Bhd 145,963 0.46

99,500 Malayan Banking Bhd 299,346 0.94

67,300 Maxis Bhd 146,352 0.46

591,661 1.86

Mexico

147,173 Alfa SAB de CV 310,303 0.98

250,197 America Movil SAB de CV 287,073 0.90

24,005 Fomento Economico Mexicano SAB de CV 239,033 0.75

54,035 Grupo Financiero Banorte SAB de CV 347,237 1.09

93,627 Grupo Mexico SAB de CV 337,060 1.06

48,969 Grupo Televisa SAB 257,364 0.81

94,097 Kimberly-Clark de Mexico SAB de CV 238,829 0.75

72,937 Wal-Mart de Mexico SAB de CV 237,750 0.75

2,254,649 7.09

Peru

1,589 Credi Corporation Limited 232,884 0.73

Philippines

11,020 SM Investments Corporation 236,704 0.74

Russia

6,273 Lukoil OAO 414,959 1.31

8,473 Magnit OJSC 339,767 1.07

8,477 Polymetal International Plc 161,908 0.51

916,634 2.89


157




South Africa

9,456 Bidvest Group Limited 240,167 0.76

32,255 Clicks Group Limited 246,767 0.78

23,624 Discovery Holdings Limited 173,162 0.54

44,459 FirstRand Limited 162,443 0.51

19,796 MTN Group Limited 414,380 1.30

49,228 Sanlam Limited 259,764 0.82

10,993 Shoprite Holdings Limited 264,965 0.83

12,548 Standard Bank Group Limited 175,818 0.55

1,937,466 6.09

South Korea

7,700 Hana Financial Group Inc 249,576 0.79

2,254 Hyundai Motor Company 460,032 1.45

6,750 KB Financial Group Inc 238,960 0.75

544 Korea Zinc Company Limited 205,796 0.65

1,127 LG Chem Limited 347,393 1.09

735 POSCO 239,605 0.75

1,299 Samsung Electronics Company Limited 1,846,744 5.81

751 Samsung Fire & Marine Insurance Company Limited 152,925 0.48

4,530 Shinhan Financial Group Company Limited 164,389 0.52

6,280 SK Hynix Inc 151,050 0.48

2,023 SK Innovation Company Limited 328,797 1.03

4,385,267 13.80

Taiwan

20,000 Asustek Computer Inc 224,870 0.71

58,000 Formosa Plastics Corporation 156,989 0.49

137,000 Fubon Financial Holding Company Limited 165,595 0.52

118,000 Hon Hai Precision Industry Company Limited 361,245 1.14

12,000 Largan Precision Company Limited 321,499 1.01

26,000 MediaTek Inc 289,645 0.91

287,000 Pou Chen Corporation 301,439 0.95

41,000 Taiwan Mobile Company Limited 151,073 0.49

221,600 Taiwan Seminductor Manufacturing Company Limited 886,707 2.79

83,000 Uni-President Enterprises Corporation 152,343 0.49

3,011,405 9.50


158




Turkey

46,961 Akbank TAS 231,555 0.73

46,739 KOC Holding AS 242,508 0.76

24,184 Turkcell Iletisim Hizmetleri AS 156,511 0.49

46,961 Turkiye Garanti Bankasi AS 243,659 0.77

874,233 2.75

United Kingdom

46,099 Polyus Gold International Limited 153,427 0.49


Prefered stocks

Brazil

18,720 Banco Bradesco SA 321,554 1.01

7,406 Cia de Bebidas das Americas 309,551 0.98

33,837 Gerdau SA 296,311 0.93

20,073 Itau Unibanco Holding SA 327,344 1.03

27,600 Klabin SA 172,407 0.54

33,713 Vale SA 672,943 2.12

2,100,110 6.61

Total preferred stocks 2,100,110 6.61

Total return swaps (b)

India

299,281 ICICI Bank Limited 8,665 0.03

148,957 Sun Pharma 4,630 0.02

148,128 Reliance Industries 7,396 0.02

470,807 Tata Motors Limited 56,990 0.19

77,681 0.26

Russia

296,319 Gazprom OAO 18,936 0.07

532,115 Sberbank of Russia 10,218 0.03

29,154 0.10

Total total return swaps 106,835 0.36

Counterparty for total return swaps is Citibank


159



Warrants

Thailand

80,400 Electricity Generating PCL 396,875 1.25

23,700 Kasikornbank PCL 149,917 0.47

694,500 Krung Thai Bank PCL 454,070 1.43

484,100 Land and Houses PCL 154,298 0.49

1,155,160 3.64

United States

218,500 Preuksa Real Estate 150,714 0.47

Total warrants 1,305,874 4.11 Forward currency contracts (note 8) * (b)

Amount Receivable Amount Payable Maturity Date ContractsUnrealised Gain

US$ % of

Net Assets

Non Class Specific

BRL624,150 US$298,980 15 January 2013 1 9,896 0.03

COP657,720,000 US$365,756 15 January 2013 1 6 0.00

GBP19,330,445 US$30,956,794 15 January 2013 2 210 0.00

INR21,547,500 US$390,000 15 January 2013 1 624 0.00

KRW840,840,000 US$780,181 15 January 2013 1 11,265 0.05

MYR1,536,500 US$501,763 15 January 2013 1 7,401 0.02

PLN1,404,777 US$445,728 14 January 2013 1 1,089 0.00

RUB15,150,125 US$491,042 14 January 2013 1 582 0.00

TWD20,349,000 US$700,723 14 January 2013 1 1,483 0.00

US$10,330 GBP6,352 14 January 2013 1 1,994 0.01

US$2,351,101 HKD18,220,138 14 January 2013 1 3,795 0.01

US$375,000 KRW399,937,500 14 January 2013 1 5,941 0.02

US$563,057 MXN7,194,119 14 January 2013 1 6,077 0.02

US$246,817 TRY440,334 14 January 2013 1 5,240 0.02

ZAR4,088,686 US$469,581 31 January 2013 4 462,459 1.44




160



Total return swaps

India

200,854 Cairn India Limited (7,920) (0.02)

219,161 HDFC Bank Limited (9,313) (0.03)

211,109 ITC Limited (9,702) (0.03)

(26,935) (0.08)

Total total return swaps (26,935) (0.08)

Counterparty for total return swaps is Citibank Forward currency contracts (note 8) **

Unrealised Loss % of Amount Receivable Amount Payable Maturity Date Contracts US$ Net Assets

Non Class Specific

CLP256,785,000 US$540,353 14 January 2013 1 (5,136) (0.02)

US$306,874 GBP190,085 15 January 2013 1 (2,099) (0.01)

US$400,000 TWD11,618,000 14 January 2013 1 (916) (0.00)

US$548,799 THB16,960,625 14 January 2013 1 (5,178) (0.02)




Total financial liabilities at fair value through profit or loss (40,264) (0.13)




GLG Investments plc Portfolio Statement as at 31 December 2012 GLG Global Emerging Markets Equity (continued)

161

Classifications:


All other investments held at the year end are transferable securities listed on an official stock exchange. % of

Total Assets




Other Current Assets 8.14

100.00

Analysis of Total Assets rather than Net Assets is required under UCITS Notice 8.2 appendix B.

GLG Investments plc Statement of Significant Purchases for the year ended 31 December 2012 GLG Global Equity

The Statement of Significant Purchases and Sales reflects the aggregate purchases of a security exceeding one percent of the total value of purchases and aggregate disposals greater than one percent of total value of the sales for the year. At minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.

162

Security Nominal Cost US$ Apple Inc 15,389 9,192,623 Express Scripts Holding Company 119,481 6,682,790 Melco Crown Entertainment Limited 536,015 6,468,834 News Corporation 296,167 5,961,529 Citigroup Inc 170,720 5,900,511 Walter Energy Inc 97,511 5,174,715 Visa Inc 41,771 4,973,213 Vmware Inc 48,625 4,866,538 Statoil ASA 182,963 4,712,454 Wells Fargo & Company 134,472 4,388,725 Credit Suisse Group 181,285 4,364,607 Walt Disney Company 91,623 4,258,154 Tjx Companies Inc 98,723 4,225,324 Caterpillar Inc 45,590 4,105,736 Anheuser-Busch InBev NV 59,413 3,960,944 Mead Johnson Nutrition Company 50,713 3,870,748 Watson Pharmaceuticals Inc 52,106 3,853,245 UniCredit SpA 871,692 3,851,745 Mitsubishi Estate Company 197,176 3,782,656 Novartis AG 57,541 3,427,425

GLG Investments plc Statement of Significant Sales for the year ended 31 December 2012 GLG Global Equity


163

Security Nominal Proceeds US$ Apple Inc (16,383) 9,807,063 News Corporation (226,511) 5,294,023 Statoil ASA (200,026) 5,158,175 Wells Fargo & Company (134,472) 4,566,447 Walter Energy Inc (97,511) 4,319,186 Express Scripts Holding Company (68,113) 3,926,910 Melco Crown Entertainment Limited (354,890) 3,892,378 Caterpillar Inc (45,590) 3,839,192 Sothebys Inc (105,977) 3,427,228 Union Pacific Corporation (27,847) 3,416,561 Ping An Insurance Group (424,467) 3,338,384 Tjx Companies Inc (76,048) 3,323,556 Mckesson Corporation (35,358) 3,165,647 Walt Disney Company (57,542) 2,787,730 Anheuser-Busch InBev NV (31,558) 2,493,385 UniCredit SpA (578,458) 2,463,894 Energizer Holding Inc (33,450) 2,413,564 Adidas Ag NPV (27,804) 2,287,077 Wartsila OYJ ABP NPV (55,974) 2,184,819 JP Morgan Chas & Company (59,027) 2,136,106

GLG Investments plc Statement of Significant Purchases for the year ended 31 December 2012 GLG Global Convertible UCITS


164

Security Nominal Cost US$ Siemens Financieringsmaatschappij NV 1.65% 16/08/2019 15,000,000 15,016,000 Subsea 7 SA 1% 05/10/2017 13,600,000 13,568,250 WellPoint Inc 2.75% 15/10/2042 13,000,000 13,081,876 Medtronic Inc 1.625% 15/04/2013 10,355,000 10,435,641 Shire Plc 2.75% 09/05/2014 8,870,000 10,011,850 Petromine 2.63% 25/08/2016 10,000,000 9,612,847 Glencore Finance Europe SA 5% 31/12/2014 7,700,000 9,367,375 Lukoil International Finance BV 2.625% 16/06/2015 8,400,000 9,205,600 KFW 3.25% 27/6/2013 7,000,000 9,050,688 Eni SpA 0.25% 30/11/2015 6,800,000 8,933,709 Intel Corporation 3.25% 01/08/2039 6,750,000 8,656,659 Lehman Brothers Holdings Inc 10,000 8,557,064 Intel Corporation 6,025,000 8,230,150 Sony Corporation 0% 30/11/2017 640,000,000 8,177,512 Solidium Oy 0.50% 29/09/2015 5,300,000 6,916,826 Amgen Inc 0.375% 01/02/2013 6,400,000 6,489,800 Technip SA 55,200 5,816,316 Mitsubishi UFJ Financial Group Plc 1,125,500 5,750,491 Lottomatica SpA 258,725 5,712,079 UCB SA 137,800 5,446,343

GLG Investments plc Statement of Significant Sales for the year ended 31 December 2012 GLG Global Convertible UCITS


165

Security Nominal Proceeds US$ Gilead Sciences Inc 1% 1/5/2014 (11,495,000) 15,831,546 Petromine 2.63% 25/08/2016 (11,800,000) 11,435,483 WellPoint Inc 2.75% 15/10/2042 (9,780,000) 9,956,941 KFW 3.25% 27/6/2013 (7,000,000) 9,279,820 First Uranium Corporation 4.25% 05/10/2012 (9,703,000) 9,074,803 Intel Corporation 3.25% 01/08/2039 (6,525,000) 8,952,968 Lehman Brothers Holdings Inc (10,000) 8,557,064 Subsea 7 SA 1% 05/10/2017 (8,200,000) 8,205,108 Sony Corporation 0% 30/11/2017 (640,000,000) 7,849,526 Siemens Financieringsmaatschappij NV 1.65% 16/08/2019 (7,750,000) 7,779,830 Intel Corporation (6,025,000) 7,762,315 Liberty Interactive LLC 3.50% 30/03/2023 (5,250,000) 7,382,991 Prospect Capital Corporation 5.50% 15/08/2016 (7,205,000) 7,077,407 Ares Capital Corporation 4.75% 01/05/2014 (6,735,000) 6,958,640 QBE Funding 0% 12/05/2030 (11,000,000) 6,939,125 CFS Retails Property Trust 5.75% 04/07/2016 (6,450,000) 6,727,975 Technip SA (55,200) 6,300,196 Archer 8.75% 15/02/2014 (5,945,000) 6,023,691 Mitsubishi UFJ Financial Group Plc (1,125,500) 5,840,252 Old Republic Information Corporation 8% 15/05/2012 (5,540,000) 5,729,767

GLG Investments plc Statement of Significant Purchases for the year ended 31 December 2012 GLG European Equity


166

Security Nominal Cost € Unicredit SPA NPV 510,315 1,700,703 Credit Suisse Group AG 74,481 1,388,867 Novartis AG 30,124 1,343,453 ING Groep NV CVA 211,076 1,296,015 BNP Paribas 36,364 1,193,602 Statoil ASA 52,217 1,035,687 Adidas AG 17,165 1,019,455 Nordea Bank AB 115,209 842,619 Safran SA 26,622 729,080 Nokia Oyj 168,721 715,806 LVMH Moet Hennessy 5,568 676,834 Swatch Group AG 1,964 643,868 Casino Guichard Perrachon 8,543 594,878 Wartsila Ouj ABP NPV 21,596 594,166 Market Vectors Gold Miners 13,678 564,501 Anheuser - Busch Inbev 9,285 545,736 UBS AG 44,129 531,892 Svenska Cellulosa AB 32,824 513,140 Bayerische Moteren Werke AG 7,663 490,691 ASML Holdings NV 11,969 477,405

GLG Investments plc Statement of Significant Sales for the year ended 31 December 2012 GLG European Equity


167

Security Nominal Proceeds €

Statoil ASA (91,844) 1,876,126 Unicredit SPA NPV (408,376) 1,519,625 BNP Paribas (36,364) 1,202,777 Eutelsat Communications (40,975) 1,099,080 ING Groep NV CVA (165,703) 1,084,823 Casino Guichard Perrachon (15,109) 1,041,303 Anheuser - Busch Inbev (19,061) 1,036,635 Adidas AG (17,165) 1,033,586 Novo Nordisk A/S (9,845) 1,018,067 EADS (36,171) 1,006,480 Nordea Bank AB (115,209) 846,328 Novartis AG (19,450) 839,750 SAP AG NPV (17,652) 820,895 Frontier Silicon Holdings (814,272) 731,406 Safran SA (26,622) 724,118 LVMH Moet Hennessy (5,568) 695,443 Yara International (18,775) 693,809 Wartsila Ouj ABP NPV (21,596) 669,844 Credit Suisse Group AG (34,113) 581,136 Nokia Oyj (168,721) 576,187

GLG Investments plc Statement of Significant Purchases for the year ended 31 December 2012 GLG Global Sustainability Equity


168

Security Nominal Cost € GNC Holdings Inc 89,268 2,424,168 Union Pacific Corporation 18,254 1,647,167 Watson Pharmaceuticals Inc 29,180 1,645,536 Express Scripts Holding Company 41,965 1,618,725 Mead Johnson Nutrition 25,971 1,576,816 VMWare Inc 18,615 1,405,504 CVS Caremark Corporation 38,484 1,342,429 Mckesson Corporation 19,643 1,324,822 Cerner Corporation 22,294 1,324,290 Verifone Systems Inc 37,740 1,286,418 Tyco International 30,118 1,189,372 Tractor Supply Company 17,596 1,167,760 NCR Corporation 60,987 1,159,931 Clean Harbors Inc 22,927 1,120,757 Cummins Inc 14,829 1,115,452 American Tower Corporation 28,745 1,108,660 Toyo Suisan Kaisha Limited 53,785 1,069,796 Christian Hansen Holdings 46,021 1,036,219 New Oriental Education & Technology Group Inc 50,785 1,027,708 Umicore SA NPV 26,802 1,024,583

GLG Investments plc Statement of Significant Sales for the year ended 31 December 2012 GLG Global Sustainability Equity


169

Security Nominal Proceeds € GNC Holdings (89,268) 2,691,123 Mckesson Corporation (26,010) 1,779,593 Baxter International (38,413) 1,716,074 CVS Caremark Corporation (47,078) 1,693,696 Union Pacific Corporation (17,701) 1,683,735 Fresenius SE & Company KGaA (19,334) 1,588,921 American Tower Company (28,745) 1,579,948 Cerner Corporation (22,294) 1,330,293 Mead Johnson Nutrition (23,710) 1,273,418 Watson Pharmaceuticals Inc (19,300) 1,220,837 New Oriental Education & Technology Group Inc (70,347) 1,205,806 VMWare Inc (16,239) 1,187,144 Tyco International (30,118) 1,166,930 LyondellBasell Industries (35,370) 1,163,064 Verifone Systems Inc (37,740) 1,148,970 Cosan Limited (100,928) 1,132,037 Clean Harbors Inc (22,927) 1,078,998 Express Scripts Holding Company (29,695) 1,053,988 McCormick & Company (23,218) 1,026,546 Teva Pharmaceutical Industries (31,751) 1,010,527

GLG Investments plc Statement of Significant Purchases for the year ended 31 December 2012 GLG Japan CoreAlpha Equity


170

Security Nominal Cost ¥ Sony Corporation 7,147,600 7,828,667,920 Panasonic Corporation 11,086,700 6,169,188,265 Ninetendo Company Limited 572,500 5,792,607,197 FUJIFILM Holdings Corporation 3,252,800 5,533,623,958 Mitsubishi UFJ Financial Group Inc 9,087,900 3,597,601,125 Nippon Telegraph & Telephone Corporation 919,400 3,403,077,322 Sumitomo Mitsui Financial Group Inc 1,068,000 2,876,368,388 NTT DoCoMo Inc 22,054 2,800,195,140 Ricoh Company Limited 3,800,000 2,710,545,127 All Nippon Airways Company 12,714,000 2,434,905,129 Toyota Motor Corporation 709,300 2,397,767,911 Nomura Holdings Inc 7,367,000 2,347,330,511 Mizuho Financial Group Inc 14,953,800 2,007,203,109 NEC Corporation 13,163,000 1,893,772,738 East Japan Railway Company 358,600 1,884,050,774 Takeda Pharmaceutical Company Limited 513,400 1,859,232,179 T&D Holdings Inc 2,003,250 1,828,417,099 Sumitomo Mitsui Trust Holdings Inc 6,215,000 1,561,166,001 Rohm Company Limited 507,400 1,507,660,961 Seven & I Holdings Company Limited 614,700 1,408,609,121

GLG Investments plc Statement of Significant Sales for the year ended 31 December 2012 GLG Japan CoreAlpha Equity


171

Security Nominal Proceeds ¥ Seven & I Holdings Company Limited (1,939,900) 4,648,513,174 Nomura Holdings Inc (12,037,100) 3,597,657,356 Ricoh Company Limited (4,270,000) 2,999,018,375 Panasonic Corporation (5,603,900) 2,840,267,176 Mitsubishi UFJ Financial Group Inc (7,427,000) 2,712,682,528. Sumitomo Mitsui Financial Group Inc (1,055,800) 2,587,911,182 East Japan Railway Company (506,300) 2,534,942,757 Takeda Pharmaceutical Company Limited (686,300) 2,439,848,370 Toyota Motor Corporation (701,600) 2,179,093,381 Mizuho Financial Group Inc (16,717,600.) 2,031,393,696 Nippon Electric Glass Company (485,600) 1,791,741,036 T&D Holdings Inc (2,065,900) 1,686,752,326 Nintendo Company Limited (151,500) 1,530,300,234 Daiwa Securities Group (4,691,000) 1,412,914,745 NTT DoCoMo Inc (10,518) 1,388,545,917 Sony Corporation (1,325,100) 1,384,014,313 Inpex Corporation (2,379) 1,195,365,876 NEC Corporation (8,590,000) 1,181,213,661 Sumco Corporation (1,183,700) 971,645,355 Central Japan Railway Company (23,626) 962,073,998

GLG Investments plc Statement of Significant Sales for the year ended 31 December 2012 GLG Emerging Asia Equity


172

Security Nominal Proceeds US$

Samsung Electronics Company Limited (696) 768,183

Taiwan Semiconductors Company Limited (164,883) 463,585

China Mobile Limited (42,000) 447,448

Hon Hai Precision Industry Company Limited (104,854) 380,534

China Construction Development Company Private Limited (424,000) 331,970

Industrial & Commercial Bank Of China (457,000) 301,619

CNOOC Limited (118,000) 247,761

Korea Exchange Bank (27,380) 205,364

Mediatek Inc (21,478) 205,190

Petrochina Company Limited (134,000) 191,343

Tencent Holdings Limited (6,300) 171,521

Infosys Limited (3,060) 169,536

Bank Of China Limited (410,000) 167,679

POSCO (482) 165,929

Reliance Industries Limited (11,024) 160,795

Bangkok Bank (26,433) 160,684

China Petroleum & Ch Cny1 (136,000) 155,049

LG Chemicals Limited (446) 141,880

China Pacific Insuraance (Group) Company Limited (42,600) 137,769

DiGi.Com Bhd (99,000) 127,701

GLG Investments plc Statement of Significant Purchases for the year ended 31 December 2012 GLG Frontier Markets Equity


173

Security Nominal Cost US$ National Bank of Kuwait 420,670 1,674,352 HSBC Bank Plc 103,571 1,404,974 Industries Qatar QSC 33,686 1,198,044 Emaar Properties 1,303,636 1,081,083 Qatar Fuel Company 13,860 973,193 Saudi Basic Industries 31,346 868,709 Qatar National Bank 20,445 806,232 MHP SA 47,649 788,304 YPF SA 13,115 593,641 Qatar Telecom Qtel QSC 13,873 590,150 Pan American Silver Corporation 18,945 582,949 Commercial Bank of Qatar QSC 24,922 508,383 People's Leasing Company Limited 3,061,100 506,000 First Gulf Bank 95,497 464,593 Nigerian Breweries Plc 697,154 409,983 Qatar Electricity & Water Company 10,316 404,219 Hrvatski Telekom d.d. 8,140 393,723 Banco Macro SA 10,254 392,276 Kazakhmys PLC 18,469 389,573 DP World 28,132 350,058

GLG Investments plc Statement of Significant Sales for the year ended 31 December 2012 GLG Frontier Markets Equity


174

Security Nominal Proceeds US$ National Bank of Kuwait 417,500 1,612,764 HSBC Bank Plc 70,210 922,091 Emaar Properties 813,595 639,997 Industries Qatar QSC 17,885 619,384 Saudi Basic Industries 19,298 527,798 MHP SA 32,210 420,464 Pan American Silver Corporation 15,406 416,876 Qatar National Bank 8,368 315,287 YPF SA 7,633 267,804 First Gulf Bank 54,997 219,822 Distill Sri Lanka 123,708 190,349 National Bank 216,600 187,304 National Bank of Abu Dhabi 58,132 173,416 Samba Financial Group 15,000 169,969 Banco Macro SA 5,766 169,665 Renaissance Services SAOG 77,984 163,520 Nigerian Breweries Plc 235,638 128,925 Telecom Argentina 5,670 127,982 BankMuscat SAOG 72,472 123,693 Hrvatski Telekom d.d. 2,751 123,138 National Bank of Kuwait 417,500 1,612,764

GLG Investments plc Statement of Significant Purchases for the year ended 31 December 2012 GLG Global Emerging Markets Equity


175

Security Nominal Cost € Samsung Electronics Company Limited 1,299 1,619,533 Taiwan Semiconductor 211,000 656,977 Industrial & Commercial Bank of China Limited 913,000 597,034 China Construction Bank Corporation 800,000 596,660 Bank of China Limited 1,466,000 594,734 Vale SA 33,713 581,718 Petroleo Brasileiro SA 57,322 569,861 China Mobile Limited 46,500 511,714 Hyundai Motor Company 2,254 442,874 China Life Insurance Company 150,000 437,493 Krung Thai Bank PCL 694,500 418,068 Hon Hai Precision Industry Company Limited 118,000 372,859 MTN Group Limited 19,796 370,509 China Petroleum & Chemical Corporation 360,000 369,020 Lukoil OAO 6,273 367,876 Zhaojin Mining Industry Company Limited 211,500 367,286 Jiangxi Copper Company Limited 145,000 366,720 Electricity Generating PCL 80,400 343,717 LG Chem Limited 1,127 332,106 Largan Precision Company Limited 12,000 318,271

GLG Investments plc Statement of Significant Sales for the year ended 31 December 2012 GLG Global Emerging Markets Equity


176

Security Nominal Proceeds € China Mobile Limited (48,500) 532,248 Samsung Electronics Company Limited (411) 452,224 Vale SA (13,059) 295,973 Itau Unibanco Holding SA (13,700) 272,494 Taiwan Semicond DB (92,117) 258,510 Gazprom OAO (19,172) 233,437 Petrobras - Petroleo (14,997) 197,190 Banco Bradesco SA (10,707) 191,677 America Movil SA (148,656) 179,877 Hon Hai Precision Industry Company Limited (47,245) 170,905 Petroleo Brasileiro SA (11,862) 162,978 Industrial & Commercial Bank of China Limited (222,000) 146,856 MediaTek Inc (14,522) 138,753 CNOOC Limited (66,000) 138,561 China Construction Bank Corporation (172,000) 134,736 Petrochina Campany Limited (92,000) 131,599 Lukoil OAO (2,149) 129,708 Hyundai Motor Company (624) 125,218 Cia de Bebidas das Americas (3,039) 124,176 Bank Of China Limited (289,000) 118,404

GLG Investments plc Statement of Purchases for the year ended 31 December 2012 GLG Latin American Equity


177

Security Nominal Cost US$ CCR SA 9,174 15,170

GLG Investments plc Statement of Purchases for the year ended 31 December 2012 GLG Latin American Equity


178

Security Nominal Proceeds US$ Petrobas (61,757) 866,859 Vale SA (32,929) 800,211 Itau Unibanco Holding SA (36,400) 770,642 America Movil Sab de CV (490,984) 573,013 Banco Bradesco SA (31,565) 571,808 Walmart de Mexico (118,008) 365,207 Itausa Investimentos Itau SA (52,406) 363,702 Grupo Mexico Sab de CV (113,117) 354,600 OGX Petrloe e Gas Participacoes SA (30,943) 314,475 Petroleo Brasileiro SA (20,251) 305,477 Cia De Bebidas (7,931) 304,212 America Movil Sab de CV (12,184) 283,202 Vale SA (9,497) 237,555 Fomento Economico Mexicano SAB de CV (31,363) 226,787 Cyrela Brazil Realty SA (21,681) 225,756 Centrais Eletricas Brasileiras SA (20,374) 220,302 Lojas Renner SA (6,011) 218,704 Credicorp Limited (1,812) 216,711 BanColombia SA (13,452) 216,509 BM&F Bovespa SA (30,317) 202,286

GLG Investments plc Statement of Significant Purchases for the year ended 31 December 2012 GLG Mena Equity


179

Security Nominal Cost US$ Al Rajhi Bank 64,051 1,243,369 Etihad Etisalat Company 70,954 1,050,729 Qatar Navigation 50,229 994,900 Qatar Fuel Company 13,860 989,015 Industries Qatar 27,873 988,965 Commercial Bank of Qatar 40,641 910,734 Saudi Basic Industries 36,589 904,685 Qatar National Bank 22,775 903,408 Samba Financial 66,716 817,380 First Gulf Bank 163,716 787,241 Qatar Telecom Qtel Qsc 21,302 741,760 Qatar Electricity & Water Company 15,815 619,705 Samba 49,176 616,308 Saudi Basic 24,772 586,333 Yamaha Saudi Cement 30,291 529,292 First Gulf Bank 111,615 523,419 National Industries 44,180 452,120 Saudi Arabian AMI 95,177 451,087 Saudi Arabian Fertilizers 9,508 448,947 Saudi Arabian Mining 52,298 383,260

GLG Investments plc Statement of Significant Sales for the year ended 31 December 2012 GLG Mena Equity


180

Security Nominal Proceeds US$ Etihad Etisalat Company (70,954) 1,275,482 Al Rajhi Bank (64,051) 1,219,654 Qatar Fuel Company (17,325) 1,204,728 Industries Qatar (27,873) 1,123,992 Saudi Basic Industries (36,589) 912,189 Qatar Navigation (50,229) 910,893 First Gulf Bank (320,932) 899,382 Qatar National Bank (24,652) 895,862 Samba Financial (66,716) 857,109 Commercial Bank Of Qatar (40,641) 815,771 Qatar Telecom Qtel Qsc (25,987) 793,034 Samba (49,176) 609,812 Saudi Basic (24,772) 589,787 Qatar Electricity & Water Company (15,815) 583,477 First Gulf Bank (133,230) 550,166 Saudi Arabian Fertilizers (9,508) 486,491 Etihad Etisalat Rbs (23,750) 449,473 Saudi Arabian Mining (52,298) 432,250 Emaar Properties (559,985) 429,483 National Industries (53,016) 417,500