Closure of Euro class&Change of Investment Policy

BH Global Limited (the "Company")

(a closed-ended collective investment scheme established as a company with limited liability under the laws of Guernsey with registered number 48555)

Update on Euro Class Closure Process andProposed Change of Investment Policy

5 June 2014

Following the decision to close the Company's Euro share class and the further notice sent to holders of Euro shares on 13 May 2014, the Company announces that, in total, 12,456,014 Euro shares have been elected to be redeemed, 249,178 Euro shares have been elected to be converted into Sterling shares and 57,867 Euro shares have been elected to be converted into US dollar shares. The remaining 388,017 Euro shares in respect of which an election has not been received will be converted into Sterling shares.

The Euro shares elected for redemption will be redeemed following the announcement of the 31 July 2014 NAV per share, scheduled for 22 August 2014, with payment of the redemption proceeds to follow shortly thereafter.

Euro shares that were elected to be converted into shares of another class on or before 25 April 2014 have been converted with effect from 27 May 2014.

Euro shares that were elected to be converted into shares of another class after 25 April 2014 or in respect of which no election was received will be converted on 30 June 2014. The Sterling shares to be issued on conversion of the Euro shares where no elections were received will be delivered to the holders of the relevant Euro shares who appear on the register at 5.00 p.m. London time on 27 June 2014.

Further to the announcement on 4 April 2014 regarding the proposed change in investment policy, the Company has now substantially performed its due diligence on Brevan Howard Multi-Strategy Master Fund Limited ("BHMS"). The Company and its manager, Brevan Howard Capital Management LP, envisage that, subject to shareholder approval being obtained, the reinvestment of the Company's assets (excluding cash retained for working capital) into BHMS should take effect from 1 September 2014. The extraordinary general meeting to seek approval for the proposal will be held in August, with the circular to shareholders including detailed information regarding the proposal being published in July, once the precise arrangements for the reinvestment into BHMS and the continuation of the Company's loan facility have been finalised.

Enquiries:

Company website: www.bhglobal.com

Northern Trust International Fund Administration Services (Guernsey) Limited

Andrew Maiden

Tel: +44 (0) 1481 745368