GFI Group Inc. Announces Third Quarter 2009 Results; Declares Quarterly Cash Dividend

NEW YORK, NY, Oct 29 (MARKET WIRE) --
GFI Group Inc. (NASDAQ: GFIG), a leading provider of wholesale brokerage,
electronic execution and trading support products for global financial
markets, today announced financial results for the third quarter ended
September 30, 2009.

Highlights

-- Total revenues for the third quarter of 2009 were $192.2 million
compared with $243.1 million in the third quarter of 2008. In the third
quarter of 2009, total revenues included a $5.2 million mark-to-market
unrealized loss on forward hedges of future foreign currency revenues. In
the third quarter of 2008, total revenues included a $9.6 million pre-tax
charge related to the bankruptcy of Lehman Brothers. Excluding these items,
revenues declined 22% to $197.5 million for the third quarter of 2009
compared with $252.7 million in the third quarter of 2008 on a non-GAAP
basis.

-- Brokerage revenues for the third quarter of 2009 were $184.4 million
compared with $226.4 million on a GAAP basis and $235.9 million on a non-
GAAP basis in the third quarter of 2008.

-- In the third quarter of 2009, compensation and employee benefits
expense was 70.3% of total revenues on a GAAP basis and 68.4% on a non-GAAP
basis, compared with 72.6% of total revenues on a GAAP basis and 62.9% on a
non-GAAP basis in the third quarter of 2008.

-- Non-compensation expenses as a percentage of revenues were 27.4% of
total revenues on a GAAP basis and 26.0% on a non-GAAP basis in the third
quarter of 2009 compared with 31.8% of total revenues on a GAAP basis and
24.6% on a non-GAAP basis in the third quarter of 2008.

-- Net income for the third quarter of 2009 was $2.8 million, or $0.02
per diluted share, compared with a net loss of $6.7 million, or ($0.06) per
diluted share, in the third quarter of 2008, which included a pre-tax
charge of $20.9 million related to restructuring initiatives. On a non-
GAAP basis, net income for the third quarter of 2009 was $6.9 million, or
$0.06 per diluted share, compared with non-GAAP net income of $20.0
million, or $0.17 per diluted share in the third quarter of 2008.

Michael Gooch, Chairman and Chief Executive Officer of GFI,
commented: "Our third quarter revenues were in line with our expectations
as we experienced uneventful trading activity compared to the third
quarter last year, which was marked by extreme volatility due to the
credit crisis.

"Credit product non-GAAP revenues decreased 2% from the third quarter of
2008 and were down 16% sequentially. Within the credit category, our
revenues from credit derivatives declined 48% year over year while our
revenues from cash fixed income brokerage operations rose 122% from the
third quarter of 2008. However, we saw a change in sequential trend in the
third quarter with credit derivative revenues rising 2% over the second
quarter of 2009 following several quarters of declines.

"Equity product revenues were down 36% year over year and 9% sequentially
due to continued depressed share values in Europe and declines in equity
trading volumes in both the U.S. and Europe, as equity market volatility
was dramatically lower than in the third quarter of 2008.

"Our financial product revenues declined 27% from the third quarter of
2008 but were approximately level with the second quarter of 2009. While
revenues from emerging market products and interest rate derivatives were
lower year over year, we saw growth in each category sequentially.

"Commodity product revenues decreased 25% from the third quarter of 2008,
but rose 2% sequentially. Dry and wet freight shipping derivatives
accounted for the majority of the decline in comparison with last year,
but after several quarters of weakness, shipping revenues increased 45%
sequentially.

"Compensation and employee benefits expense, which is the largest
component of our costs, decreased 15% year-over-year on a non-GAAP basis
and 8% from the second quarter of 2009, but increased as a percentage of
total revenues in comparison to both prior periods on a non-GAAP basis.
The increase in compensation expense as a percentage of revenues in the
third quarter of 2009 is due to the active restructuring of our business
and product focus as we adjust to changing market dynamics, lower
revenues in some historically higher margin derivative markets, and
amortization of previously paid sign-on and retention bonuses.

"Looking at the fourth quarter of 2009, we currently expect total
revenues to decrease by 3% to 7% versus total non-GAAP revenues in the
fourth quarter of 2008."

Mr. Gooch concluded: "Trading volumes continue to be depressed to some
degree due to the uncertainty in the banking and regulatory environment.
In a recent favorable development, our core businesses are likely to fall
into the category of swap execution facilities under proposed U.S.
legislation. Companies such as GFI with proven execution, strong market
share and sophisticated trading technology should benefit from increased
transparency and clearing of standardized derivatives. GFI, through its
association with industry trade groups, has been actively engaged in the
discussion amongst regulators and legislators in Washington, London and
Brussels. We are optimistic in our belief that the regulatory issues that
have clouded the prospects of the derivatives market will be largely
resolved over the coming months."

Revenues

For the third quarter of 2009, total revenues were $192.2 million on a
GAAP basis and $197.5 million on a non-GAAP basis. This compares with
total revenues of $243.1 million on a GAAP basis and $252.7 million on a
non-GAAP basis in the third quarter of 2008.

Brokerage revenues in the third quarter of 2009 were $184.4 million
compared with $226.4 million on a GAAP basis and $235.9 million on a
non-GAAP basis in the third quarter of 2008. Revenues from financial,
equity and commodity products decreased 27%, 36% and 25%, respectively,
from the third quarter of 2008. Credit product revenues increased 14% on a
GAAP basis but declined 2% on a non-GAAP basis from the prior year period.
By geographic region, third quarter 2009 GAAP brokerage revenues decreased
13% in the Americas, 21% in EMEA and 28% in Asia-Pacific compared with the
third quarter of 2008. EMEA revenues were down 27% on a non-GAAP basis
compared with the third quarter 2008.

Revenues from trading software, analytics and market data products for the
third quarter of 2009 were $13.6 million, down 3% from the same period of
2008. Included in the 2009 period was an $8.0 million contribution to
software revenue from Trayport Limited. Trayport's software revenues
decreased 2% on a reported basis but increased 14% in its functional
currency, the British Pound Sterling, compared with the third quarter of
2008.

Expenses

For the third quarter of 2009, compensation and employee benefits expense
was $135.1 million on a GAAP and non-GAAP basis compared with $176.5
million on a GAAP basis and $159.0 million on a non-GAAP basis in the
third quarter of 2008. Compensation and employee benefits expense was
70.3% of total revenues on a GAAP basis and 68.4% on a non-GAAP basis in
the third quarter of 2009 compared with 72.6% of total revenues on a GAAP
basis and 62.9% on a non-GAAP basis, in the third quarter of 2008.

Non-compensation expenses for the third quarter of 2009 on a GAAP basis
were $52.7 million or 27.4% of total revenues compared with $77.3 million
or 31.8% of total revenues in the third quarter of 2008. On a non-GAAP
basis, non-compensation expenses for the third quarter of 2009 were $51.3
million or 26.0% of total revenues compared with $62.3 million or 24.6% of
total revenues in the third quarter of 2008.

The effective tax rate for the first nine months of 2009 was 37.0%,
compared to 36.5% for the same period of 2008.

Earnings

Net income for the third quarter of 2009 was $2.8 million, or $0.02 per
diluted share, compared with a net loss of $6.7 million, or ($0.06) per
diluted share, in the third quarter of 2008. On a non-GAAP basis, net
income for the third quarter of 2009 was $6.9 million, or $0.06 per
diluted share, compared with net income of $20.0 million or $0.17 per
diluted share for the third quarter of 2008.

Nine-Month Results

For the nine months ended September 30, 2009, total revenues were $633.1
million and net income was $30.7 million or $0.25 per diluted share,
compared with revenues of $819.3 million and net income of $52.9 million
or $0.44 per diluted share for the first nine months of 2008. On a
non-GAAP basis, total revenues for the first nine months of 2009 were
$630.2 million and net income was $34.5 million or $0.28 per diluted
share, compared with non-GAAP revenues of $828.9 million and net income
of $84.0 million or $0.70 per diluted share for the first nine months of
2008.

Non-GAAP Financial Measures

To supplement GFI's unaudited financial statements presented in accordance
with GAAP, the Company uses certain non-GAAP measures of financial
performance. The presentation of these non-GAAP financial measures is not
intended to be considered in isolation from, as a substitute for, or
superior to, the financial information prepared and presented in
accordance with GAAP, and may be different from non-GAAP financial
measures used by other companies. In addition, these non-GAAP measures
have limitations in that they do not reflect all of the amounts
associated with the Company's results of operations as determined in
accordance with GAAP. The non-GAAP financial measures used by GFI include
non-GAAP revenues, non-GAAP net income and non-GAAP diluted earnings per
share. These non-GAAP financial measures currently exclude amortization
of acquired intangibles and certain other items that management views as
non-operating or non-recurring from the Company's statement of income as
detailed below.

In addition, GFI may consider whether other significant non-operating or
non-recurring items that arise in the future should also be excluded in
calculating the non-GAAP financial measures it uses. The non-GAAP
financial measures also take into account income tax adjustments with
respect to the excluded items.

GFI believes that these non-GAAP financial measures, when taken together
with the corresponding GAAP financial measures, provide meaningful
supplemental information regarding the Company's performance by excluding
certain items that may not be indicative of the Company's core business,
operating results or future outlook. GFI's management uses, and believes
that investors benefit from referring to these non-GAAP financial measures
in assessing the Company's operating results, as well as when planning,
forecasting and analyzing future periods. These non-GAAP financial
measures also facilitate comparisons of the Company's performance to prior
periods.

In addition to the reasons stated above, which are generally applicable to
each of the items GFI excludes from its non-GAAP financial measures, the
Company believes it is appropriate to exclude amortization of acquired
intangibles because when analyzing the operating performance of an
acquired business, GFI's management focuses on the total return provided
by the investment (i.e., operating profit generated from the acquired
entity as compared to the purchase price paid) without taking into
consideration any charges for allocations made for accounting purposes.
Further, because the purchase price for an acquisition necessarily
reflects the accounting value assigned to intangible assets, when
analyzing the operating performance of an acquisition in subsequent
periods, the Company's management excludes the GAAP impact of acquired
intangible assets on its financial results. GFI believes that such an
approach is useful in understanding the long-term return provided by an
acquisition and that investors benefit from a supplemental non-GAAP
financial measure that excludes the accounting expense associated with
acquired intangible assets.

Set forth below is specific detail regarding items excluded in our
non-GAAP financial measures. A reconciliation of the non-GAAP to GAAP
figures follows this press release.

In the third quarter of 2009, the difference between GAAP and non-GAAP
revenues was $5.2 million and the difference between GAAP and non-GAAP net
income was $4.1 million and reflected for non-GAAP purposes:

-- The exclusion from revenues of a $5.2 million mark-to-market
unrealized loss on forward hedges of future foreign currency revenues;
-- The exclusion of $1.4 million of amortization on all acquired
intangible assets; and
-- The effect of adjusting for these items would increase the Company's
income tax expense by $2.4 million.

In the first nine months of 2009, the difference between GAAP and
non-GAAP revenue was $2.9 million and the difference between GAAP and
non-GAAP net income was $3.7 million and reflected for non-GAAP purposes:

-- The exclusion from revenues of:
-- $2.2 million mark-to-market unrealized gains on forward hedges of
future foreign currency revenues; and
-- a $0.7 million gain on the Company's exchange of its investment in
The Clearing Corporation for an investment in a holding company of
ICE Trust;
-- The exclusion of $4.1 million of amortization on all acquired
intangible assets;
-- The exclusion of $4.6 million related to severance and other
restructuring initiatives, including an $0.8 million charge relating to
the termination of a joint venture; and
-- The effect of adjusting for these items would increase the Company's
income tax expense by $2.1 million.

In the third quarter of 2008, the difference between GAAP and non-GAAP
revenues was $9.6 million and the difference between the GAAP net loss and
non-GAAP net income was $26.7 million and reflected for non-GAAP purposes:

-- The exclusion from revenues of a $9.6 million charge for unsettled
trades directly related to the Lehman Brothers bankruptcy;
-- The exclusion of $1.4 million of amortization on all acquired
intangible assets;
-- The exclusion of $1.8 million in expenses related to discontinued
merger discussions;
-- The exclusion of items related to the relocation of the Company's New
York offices to larger premises completed in the third quarter of 2008,
including:
-- $0.8 million of duplicate rent expense; and
-- $7.8 million of costs related to the abandonment of and move from
the Company's previous headquarters;
-- The exclusion of $3.5 million of reduced compensation expenses related
to the Lehman Brothers bankruptcy;
-- The exclusion of $20.9 million related to the Company's restructuring
initiatives, including:
-- $14.5 million for costs related to desk closings and other
restructuring charges; and
-- $6.4 million adjustment related to deferred compensation expense;
-- The exclusion of a $3.1 million write-off of an investment in an
unconsolidated affiliate; and
-- The effect of adjusting for these items would increase the Company's
income tax expense by $15.3 million.

For the nine months ended September 30, 2008, the difference between
GAAP and non-GAAP revenues was $9.6 million and the difference between
GAAP and non-GAAP net income was $31.1 million and reflected for non-GAAP
purposes:

-- The exclusion from revenues of a $9.6 million charge for unsettled
trades directly related to the Lehman Brothers bankruptcy;
-- The exclusion of $3.9 million of amortization on all acquired
intangible assets;
-- The exclusion of $1.8 million in expenses related to discontinued
merger discussions;
-- The exclusion of items related to the relocation of the Company's New
York offices to larger premises completed in the third quarter of 2008,
including:
-- $2.5 million of duplicate rent expense;
-- $2.7 million of accelerated depreciation expense related to assets
to be abandoned; and
-- $7.8 million of costs related to the abandonment of and move from
the Company's previous headquarters;
-- The exclusion of $3.5 million of reduced compensation expenses related
to the Lehman Brothers bankruptcy;
-- The exclusion of $20.9 million related to the Company's restructuring
initiatives, including:
-- $14.5 million for costs relating to desk closings and other
restructuring charges; and
-- $6.4 million adjustment related to deferred compensation expense;
-- The exclusion of a $3.1 million write-off of an investment in an
unconsolidated affiliate; and
-- The effect of adjusting for these items would increase the Company's
income tax expense by $17.9 million.

Dividend Declaration

The Board of Directors of GFI Group has declared a quarterly cash dividend
of $0.05 per share payable on November 27, 2009 to shareholders of record
on November 13, 2009.

Conference Call

GFI has scheduled an investor conference call to discuss the third quarter
results at 8:30 a.m. (Eastern Time) on Friday, October 30. Those wishing
to listen to the live conference call via telephone should dial
866-383-8009 in North America, passcode 86671125; and +1 617-597-5342 in
Europe, same passcode.

A live audio web cast of the conference call will be available on the
Investor Relations section of GFI's Website. For web cast registration
information, please visit: http://www.gfigroup.com. Following the
conference call, an archived recording will be available at the same site.

Supplementary Financial Information

GFI Group has posted details of its historical monthly brokerage revenues
on the Investor Relations page of its web site under the heading
Supplementary Financial Information. The Company currently plans to post
this information quarterly in conjunction with its announcement of
earnings, but does not undertake a responsibility to continue to provide
or update such information.

About GFI Group Inc.

GFI Group Inc. (http://www.GFIgroup.com) is a leading provider of
wholesale brokerage, electronic execution and trading support products
for global financial markets. GFI Group Inc. provides brokerage services,
market data, trading platform and analytics software products to
institutional clients in markets for a range of credit, financial, equity
and commodity instruments.

Headquartered in New York, GFI was founded in 1987 and employs more than
1,700 people with additional offices in London, Dublin, Paris, Hong Kong,
Seoul, Tokyo, Singapore, Sydney, Cape Town, Santiago, Dubai, Tel Aviv,
Calgary, Englewood (NJ) and Sugar Land (TX). GFI provides services and
products to over 2,100 institutional clients, including leading investment
and commercial banks, corporations, insurance companies and hedge funds.
Its brands include GFI(TM), GFInet(R), CreditMatch(R), GFI ForexMatch(R),
EnergyMatch(R), FENICS(R), Starsupply(R), Amerex(R), and Trayport(R).

Forward-looking statements

Certain matters discussed in this press release contain forward-looking
statements within the meaning of the Private Securities Litigation Reform
Act of 1995. When used in this press release, the words "anticipate,"
"believe," "estimate," "may," "might," "intend," "expect" and similar
expressions identify such forward-looking statements. Actual results,
performance or achievements could differ materially from those
contemplated, expressed or implied by the forward-looking statements
contained herein. These forward-looking statements are based largely on
the expectations of the Company and are subject to a number of risks and
uncertainties. These include, but are not limited to, risks and
uncertainties associated with: acquisitions by us of businesses or
technologies; economic, political and market factors affecting trading
volumes, securities prices or demand for the Company's brokerage services;
competition from current and new competitors; the Company's ability to
attract and retain key personnel, including highly-qualified brokerage
personnel; the Company's ability to identify and develop new products and
markets; changes in laws and regulations governing the Company's business
and operations or permissible activities; the Company's ability to manage
its international operations; financial difficulties experienced by the
Company's customers or key participants in the markets in which the
Company focuses its brokerage services; the Company's ability to keep up
with technological changes; and uncertainties relating to litigation.
Further information about factors that could affect the Company's
financial and other results is included in the Company's filings with the
Securities and Exchange Commission. The Company does not undertake to
publicly update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.

- FINANCIAL TABLES FOLLOW -

=IR=

GFI Group Inc. and Subsidiaries
Consolidated Statements of Income (unaudited)
(In thousands except share and per share data)

Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
----------- ----------- ----------- -----------
REVENUES:
Brokerage revenues:
Agency commissions $ 119,396 $ 182,591 $ 366,283 $ 613,754
Principal
transactions 64,989 43,771 216,770 156,397
----------- ----------- ----------- -----------
Total brokerage
revenues 184,385 226,362 583,053 770,151
Software, analytics
and market data 13,627 14,034 39,698 38,450
Interest income 172 2,187 895 6,948
Other income (loss) (5,938) 555 9,501 3,718
----------- ----------- ----------- -----------
Total revenues 192,246 243,138 633,147 819,267
----------- ----------- ----------- -----------

EXPENSES:
Compensation and
employee benefits 135,139 176,462 427,262 528,390
Communications and
market data 11,661 12,640 34,399 35,565
Travel and promotion 8,280 11,845 24,310 36,859
Rent and occupancy 6,008 14,969 16,455 28,342
Depreciation and
amortization 7,680 7,192 23,534 23,563
Professional fees 4,508 7,756 13,728 20,119
Clearing fees 7,153 12,026 23,366 33,714
Interest 2,769 3,508 7,895 10,341
Other expenses 4,632 7,317 13,407 19,045
----------- ----------- ----------- -----------
Total expenses 187,830 253,715 584,356 735,938
----------- ----------- ----------- -----------

INCOME (LOSS) BEFORE
PROVISION FOR
(BENEFIT FROM) INCOME ----------- ----------- ----------- -----------
TAXES 4,416 (10,577) 48,791 83,329
----------- ----------- ----------- -----------

PROVISION FOR (BENEFIT
FROM) INCOME TAXES 1,633 (3,861) 18,052 30,415

----------- ----------- ----------- -----------
NET INCOME (LOSS) $ 2,783 $ (6,716) $ 30,739 $ 52,914
=========== =========== =========== ===========

Basic earnings (loss)
per share $ 0.02 $ (0.06) $ 0.26 $ 0.45
=========== =========== =========== ===========
Diluted earnings (loss)
per share $ 0.02 $ (0.06) $ 0.25 $ 0.44
=========== =========== =========== ===========

Weighted average shares
outstanding - basic 118,062,749 118,039,998 118,117,384 117,812,412

Weighted average shares
outstanding - diluted 122,552,882 118,039,998 121,382,317 119,382,347

GFI Group Inc. and Subsidiaries
Consolidated Statements of Income (unaudited)
As a Percentage of Total Revenues

Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
----------- ----------- ----------- -----------
REVENUES:
Brokerage revenues:
Agency commissions 62.1% 75.1% 57.9% 74.9%
Principal
transactions 33.8% 18.0% 34.2% 19.1%
----------- ----------- ----------- -----------
Total brokerage
revenues 95.9% 93.1% 92.1% 94.0%
Software, analytics
and market data 7.1% 5.8% 6.3% 4.7%
Interest income 0.1% 0.9% 0.1% 0.8%
Other income (loss) -3.1% 0.2% 1.5% 0.5%
----------- ----------- ----------- -----------
Total revenues 100.0% 100.0% 100.0% 100.0%
----------- ----------- ----------- -----------

EXPENSES:
Compensation and
employee benefits 70.3% 72.6% 67.5% 64.5%
Communications and
market data 6.1% 5.2% 5.4% 4.3%
Travel and promotion 4.3% 4.9% 3.8% 4.5%
Rent and occupancy 3.1% 6.2% 2.6% 3.5%
Depreciation and
amortization 4.0% 3.0% 3.7% 2.9%
Professional fees 2.3% 3.2% 2.2% 2.5%
Clearing fees 3.7% 4.9% 3.7% 4.1%
Interest 1.4% 1.4% 1.2% 1.3%
Other expenses 2.4% 3.0% 2.1% 2.3%
----------- ----------- ----------- -----------
Total expenses 97.6% 104.4% 92.2% 89.9%
----------- ----------- ----------- -----------

INCOME (LOSS) BEFORE
PROVISION FOR
(BENEFIT FROM) INCOME ----------- ----------- ----------- -----------
TAXES 2.4% -4.4% 7.8% 10.1%
----------- ----------- ----------- -----------

PROVISION FOR (BENEFIT
FROM) INCOME TAXES 0.8% -1.6% 3.0% 3.7%

----------- ----------- ----------- -----------
NET INCOME (LOSS) 1.6% -2.8% 4.8% 6.4%
=========== =========== =========== ===========

GFI Group Inc. and Subsidiaries
Selected Financial Data (unaudited)
(Dollars in thousands)

Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
---------- ---------- ---------- ----------

Brokerage Revenues by Product
Categories:
Credit $ 68,235 $ 60,029 $ 223,727 $ 246,999
Financial 33,166 45,542 97,662 143,884
Equity 44,673 69,941 146,920 218,293
Commodity 38,311 50,850 114,744 160,975
---------- ---------- ---------- ----------

Total brokerage
revenues $ 184,385 $ 226,362 $ 583,053 $ 770,151
========== ========== ========== ==========

Brokerage Revenues by
Geographic Region:
Americas $ 74,986 $ 86,677 $ 253,034 $ 297,208
Europe, Middle East,
and Africa 93,406 117,612 282,616 397,467
Asia-Pacific 15,993 22,073 47,403 75,476
---------- ---------- ---------- ----------

Total brokerage
revenues $ 184,385 $ 226,362 $ 583,053 $ 770,151
========== ========== ========== ==========

September December
30, 31,
2009 2008
---------- ----------

Consolidated Statement of
Financial Condition Data:
Cash and cash
equivalents $ 316,295 $ 342,375
Total assets (1) 1,302,983 1,085,911
Total debt, including
current portion 188,557 223,823
Stockholders' equity 504,318 476,963

Selected Statistical Data:
Brokerage personnel
headcount (2) 1,078 1,037
Employees 1,758 1,740
Broker productivity for
the period (3) $ 171 $ 184

(1) Total assets include receivables from brokers, dealers and clearing
organizations of $403.2 million and $149.7 million at September 30,
2009 and December 31, 2008, respectively. These receivables primarily
represent securities transactions entered into in connection with our
matched principal business which have not settled as of their stated
settlement dates. These receivables are substantially offset by
corresponding payables to brokers, dealers and clearing organizations
for these unsettled transactions.

(2) Brokerage personnel headcount includes brokers, trainees and clerks.

(3) Broker productivity is calculated as brokerage revenues divided by
average monthly brokerage personnel headcount for the quarter.

GFI Group Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited)
(In thousands except share and per share data)

Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
----------- ----------- ----------- -----------

GAAP revenues $ 192,246 $ 243,138 $ 633,147 $ 819,267
Net charge related to
Lehman unsettled
trades (a) - 9,586 - 9,586
Gain on exchange of
cost-method
investments (a) - - (697) -
Mark-to-market
(gain)/loss on
forward hedges
of future foreign
currency revenues (a) 5,218 - (2,202) -
----------- ----------- ----------- -----------
Total Non-GAAP
Revenues 197,464 252,724 630,248 828,853

GAAP expenses 187,830 253,715 584,356 735,938
Non-operating
adjustments:
Amortization of
intangibles (1,356) (1,378) (4,084) (3,909)
Discontinued merger
discussion costs - (1,832) - (1,832)
Severance and other
restructuring - (14,541) (4,644) (14,541)
Adjustment related to
deferred compensation
expense - (6,408) - (6,408)
Duplicate rent - (849) - (2,547)
Accelerated
depreciation on 100
Wall Street - - - (2,730)
Abandonment of 100
Wall Street - (7,830) - (7,830)
Reduction in
compensation related
to Lehman - 3,469 - 3,469
Write-off investment
in unconsolidated
affiliate - (3,071) - (3,071)
----------- ----------- ----------- -----------
Total Non-GAAP
adjustments (a) (1,356) (32,440) (8,728) (39,399)
----------- ----------- ----------- -----------
Non-GAAP operating
expenses 186,474 221,275 575,628 696,539

GAAP income (loss)
before provision 4,416 (10,577) 48,791 83,329
for income taxes
Sum of Non-GAAP items =
(a) 6,574 42,026 5,829 48,985
----------- ----------- ----------- -----------
Non-GAAP income before
tax provision 10,990 31,449 54,620 132,314

GAAP provision for
(benefit from) income
taxes 1,633 (3,861) 18,052 30,415

Income tax impact on
Non-GAAP items (b) 2,432 15,339 2,116 17,856
----------- ----------- ----------- -----------

Non-GAAP provision for
income taxes 4,065 11,478 20,168 48,271

GAAP net income (loss) 2,783 (6,716) 30,739 52,914

Sum of Non-GAAP
adjustments
[ (a) - (b) ] 4,142 26,687 3,713 31,129
----------- ----------- ----------- -----------
Non-GAAP net income $ 6,925 $ 19,971 $ 34,452 $ 84,043
=========== =========== =========== ===========

GAAP basic net income
(loss) per share $ 0.02 $ (0.06) $ 0.26 $ 0.45
Basic non-operating
income per share 0.04 0.23 0.03 0.26
----------- ----------- ----------- -----------

Non-GAAP basic net
income per share $ 0.06 $ 0.17 $ 0.29 $ 0.71
=========== =========== =========== ===========

GAAP diluted net income
(loss) per share $ 0.02 $ (0.06) $ 0.25 $ 0.44
Diluted non-operating
income per share 0.04 0.23 0.03 0.26
----------- ----------- ----------- -----------

Non-GAAP diluted net
income per share $ 0.06 $ 0.17 $ 0.28 $ 0.70
=========== =========== =========== ===========

Weighted average
Non-GAAP shares
outstanding - basic 118,062,749 118,039,998 118,117,384 117,812,412

Weighted average
Non-GAAP shares
outstanding - diluted 122,552,882 118,903,953 121,382,317 119,382,347

Investor Relations Contact:
GFI Group Inc.
Christopher Giancarlo
Executive Vice President - Corporate Development
212-968-2992
Email Contact

Chris Ann Casaburri
Investor Relations Manager
212-968-4167
Email Contact

Comm-Partners LLC
June Filingeri
203-972-0186
Email Contact

Media Contact:
GFI Group Inc.
Patricia Gutierrez
Vice President - Public Relations
212-968-2964
Email Contact

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