Interim Management Statement

 BH GLOBAL LIMITED

INTERIM MANAGEMENT STATEMENT

For the period from 1 January 2014 to 12 May 2014

CONFIDENTIAL DO NOT COPY OR DISTRIBUTE

Your attention is drawn to the disclaimer at the beginning of this document© Brevan Howard (2014). All Rights Reserved.

Important Legal Information and Disclaimer

BH Global Limited ("BHG") is a feeder fund to Brevan Howard Global Opportunities Master Fund Limited (together "the Funds"), which invests in a range of funds of which one or more of the Brevan Howard group of affiliated entities is the manager or investment manager (the "Underlying Funds"). Brevan Howard Capital Management LP acting through its general partner Brevan Howard Capital Management Limited ("BHCM") and Brevan Howard Asset Management LLP ("BHAM" and BHAM together with BHCM "Brevan Howard") have supplied the information herein regarding the Funds' performance and outlook. BHCM is regulated by the Jersey Financial Services Commission as a fund services business and is the commodity pool operator of BHG. BHAM is authorised and regulated by the Financial Conduct Authority (the "FCA") in the United Kingdom.

The material relating to the Funds and the Underlying Funds included in this report has been prepared by Brevan Howard and is provided for information purposes only and does not constitute an invitation or offer to subscribe for or purchase shares in the Funds or the Underlying Funds. This material is not intended to provide a sufficient basis on which to make an investment decision. All investments are subject to risk. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decisions.

Tax treatment depends on the individual circumstances of each investor in BHG and may be subject to change in the future. Returns may increase or decrease as a result of currency fluctuations.

You should note that, if you invest in BHG, your capital will be at risk and you may therefore lose some or all of any amount that you choose to invest. This material is not intended to constitute, and should not be construed as, investment advice. Potential investors in BHG should seek their own independent financial advice. Brevan Howard neither provides investment advice to, nor receives and transmits orders from, investors in BHG nor does it carry on any other activities with or for such investors that constitute "MiFID or equivalent third country business" for the purposes of the FCA Handbook.

PAST PERFORMANCE IS NOT A RELIABLE INDICATOR OF FUTURE RESULTS

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Overview and Objective

Company Size

The total net assets of BHG are summarised as follows:

Source: Northern Trust International Fund Administration Services (Guernsey) Limited ("Northern Trust")

Figures are rounded to one decimal place.

Share Capital

The number of shares in issue in each share class of BHG is summarised as follows:

Source: Northern Trust.

Performance Review

The closing share price* of each share class of BHG is summarised as follows:

Source: Bloomberg

The NAV per share* of each share class of BHG is summarised as follows:

* NAV performance is provided for information purposes only. Shares in BHG do not necessarily trade at a price equal to the prevailing NAV per Share.

** 8 May 2014 being the latest practicable date prior to the date of this Interim Management Statement.

*** Estimated as at 2 May 2014, such date being the most recent date for which an estimated NAV for the Company has been published. The relevant final month-end NAVs may be materially different from these estimated weekly values, which should only be taken as indicative values provided for information only and no reliance should be placed on them. Estimated results, performance or achievements may differ materially from any actual results, performance or achievements.

Source: BHG's Net Asset Value per Share data is provided by BHG's Administrator, Northern Trust, and is based on BHGO Net Asset Value data provided by the Administrator of BHGO, International Fund Services (Ireland) Limited. BHG's Net Asset Value data in this report is unaudited and net of all investment management fees and all other fees and expenses payable by BHG and BHGO.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS 

Allocation Review

The changes to the allocations of BHGO are summarised in the tables below.

Allocation by underlying fund:

Source: Brevan Howard

Figures are rounded to one decimal place. Therefore in some instances the total may not equal 100.0%.

* In February 2014, the board of directors of Brevan Howard Emerging Markets Strategies Master Fund Limited determined to return investors' capital. 98% of capital has been returned, with the balance due to be returned to investors (including BHGO) in Q2 2014.

Allocation by strategy exposure:

Source: Brevan Howard

Calculated using historical simulation based on a 1 day, 95% confidence interval. Figures are rounded to the nearest whole number. Therefore in some instances the total may not equal 100%.

Further detail of monthly performance information and the outlook of BHG and BHGO can be obtained from BHG's Shareholder Reports, copies of which are to be found on BHG's website: www.bhglobal.com

Material Events and Transactions

Class Closure

Following the publication of the 31 December 2013 month-end final net asset values for each class of the Company's shares, the class closure resolution procedure contained in the Company's articles of incorporation was triggered in respect of the year ended 31 December 2013 for each class of shares in the Company. In late February and early March 2014 the Company held class closure meetings. A class closure resolution was passed in the Euro share class but the resolution failed in the Sterling and US Dollar share classes. Euro shareholders were subsequently sent a circular in March 2014 providing them with an option to elect to redeem their shares, switch their shares to another share class or remain in the class.

In late April 2014, elections to redeem were received in respect of 12,271,328 Euro shares equating to 93.31% of the shares in issue in the class. As a result, the Board has determined to close the Euro class. Euro shareholders who have not made an election pursuant to the Euro class closure process in respect of their shares will be contacted by the Company to determine whether they wish either to convert their shares into Sterling or US Dollar shares or to have their shares redeemed on the same terms as Euro shares elected for redemption pursuant to the Euro class closure process. Euro shares belonging to shareholders who do not respond will be converted into Sterling shares. Redemptions of Euro shares pursuant to the Euro class closure process will take place following the 31 July 2014 NAV calculation date.

Proposal to amend investment policy

On 4 April 2014, the Board of the Company announced that, subject to satisfactory completion of due diligence, it intends to seek shareholder approval to amend the Company's investment policy to enable it to invest all of its assets (excluding cash retained for working capital) into Brevan Howard Multi-Strategy Master Fund Limited. Detailed information regarding the proposal will be published in a circular to be distributed to shareholders.

Discount Management

In the period between 1 January 2014 and 8 May 2014 being the latest practicable date prior to the date of this Interim Management Statement, BHG purchased the following numbers of shares on the market in accordance with its ongoing discount management policy:

Source: Northern Trust

In accordance with the terms of BHG's discount management policy, these purchases have only been made on the market at prices below the estimated prevailing NAV per Share in circumstances that have resulted in an increase in the NAV per Share of the remaining Shares and after purchase the purchased Shares have either been held in treasury by BHG or cancelled.

Director Retirement

The Company announced the retirement of Stephen Stonberg as a director of the Company effective from 31 March 2014. Stephen had been a director of the Company since its launch.

Board Statement

The board of directors of the Company is not aware of any other significant events or transactions that have occurred between 1 January 2014 and the publication of this Interim Management Statement which would have a material impact on the financial position of the Company.

Enquiries

Northern Trust International Fund Administration Services (Guernsey) Limited

Andrew Maiden +44 (0) 1481 745 368