Gleacher & Company Announces Reopening Of Stockholder Proposal Period

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.

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