Gleacher & Co. Announces Reopening of Holder Proposal Period

Gleacher & Company, Inc.

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.