Gleacher & Company Announces Reopening of Stockholder Proposal Period

  Gleacher & Company Announces Reopening of Stockholder Proposal Period

 In Response to Request by Stockholder Clinton Group, Inc., Company to Allow
          Further Stockholder Nominations to the Board of Directors

Business Wire

NEW YORK -- March 26, 2013

Gleacher & Company, Inc. (Nasdaq: GLCH) today announced that it has received a
letter from a stockholder of the Company, Clinton Group, Inc., requesting that
the Company reopen the period during which stockholders of the Company may
submit proposals for nominations to the Company’s Board of Directors (the
“Board”). The Company’s bylaws required that stockholders provide advance
notice of their intention to nominate directors to the Board by February 23,
2013. In light of recent developments since that date, together with
principles of corporate governance, the Board has agreed to suspend the
advance notice bylaw provision deadline for the purpose of allowing proposals
for director nominations, effective immediately, as described herein. The
Board will allow any stockholder of the Company to submit proposals for
nominations to the Board, in a manner otherwise consistent with the Company’s
bylaws, until 5:00 p.m. EDT on April 8, 2013, after which no further proposals
will be accepted.

About Gleacher & Company

Gleacher & Company, Inc. (Nasdaq: GLCH) is an independent investment bank that
provides corporate and institutional clients with strategic and financial
advisory services, including merger and acquisition, restructuring,
recapitalization, and strategic alternative analysis, as well as capital
raising, research based investment analysis, and securities brokerage
services. For more information, please visit www.gleacher.com.

Forward Looking Statements

This press release contains “forward-looking statements.” These statements are
not historical facts but instead represent the Company’s belief regarding
future events, many of which, by their nature, are inherently uncertain and
outside of the Company’s control. The Company’s forward-looking statements are
subject to various risks and uncertainties, including the conditions of the
securities markets, generally, and demand for the Company’s services within
those markets and other risks and factors identified from time to time in the
Company’s filings with the Securities and Exchange Commission. It is possible
that the Company’s actual results and financial condition may differ, possibly
materially, from the anticipated results and financial condition indicated in
its forward-looking statements. You are cautioned not to place undue reliance
on any forward-looking statements. The Company does not undertake to update
any of its forward-looking statements.

Important Additional Information

Gleacher& Company,Inc., its directors and certain of its executive officers
may be deemed to be participants in the solicitation of proxies from Gleacher
stockholders in connection with the matters to be considered at Gleacher’s
2013 Annual Meeting. Gleacher intends to file a proxy statement with the U.S.
Securities and Exchange Commission (the “SEC”) in connection with any such
solicitation of proxies from Gleacher stockholders. Gleacher STOCKHOLDERS ARE
STRONGLY ENCOURAGED TO READ ANY SUCH PROXY STATEMENT AND ACCOMPANYING PROXY
CARD WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION.
Information regarding the ownership of Gleacher’s directors and executive
officers in Gleacher stock, restricted stock and options is included in their
SEC filings on Forms 3, 4 and 5, which can be found at the Company’s website
(www.gleacher.com) in the section “Investor Relations-SEC Filings.” More
detailed information regarding the identity of potential participants, and
their direct or indirect interests, by security holdings or otherwise, will be
set forth in the proxy statement and other materials to be filed with the SEC
in connection with Gleacher’s 2013 Annual Meeting. Information can also be
found in Gleacher’s Annual Report on Form10-K for the year ended December31,
2012, filed with the SEC on March18, 2013. Stockholders will be able to
obtain any proxy statement, any amendments or supplements to the proxy
statement and other documents filed by Gleacher with the SEC for no charge at
the SEC’s website at www.sec.gov. Copies will also be available at no charge
at Gleacher’s website at www.gleacher.com or by writing to Gleacher&
Company,Inc. at 1290 Avenue of the Americas, New York, New York 10104.

Contact:

Investors:
Gleacher & Company, Inc.
Thomas J. Hughes, Chief Executive Officer, 212-273-7100
or
Media:
Rubenstein Associates
Marcia Horowitz, 212-843-8014