Interim Management Statement

BH GLOBAL LIMITED INTERIM MANAGEMENT STATEMENT FOR THE PERIOD FROM 1 JULY 2014 TO 14 NOVEMBER 2014 YOUR ATTENTION IS DRAWN TO THE DISCLAIMER AT THE END OF THIS DOCUMENT BH GLOBAL LIMITEDINTERIM MANAGEMENT STATEMENT T +44 (0)20 7022 6250 www.brevanhoward.com Overview and Objective BH Global Limited ("BHG" or the "Company") is a closed-ended investment company, registered and incorporated in Guernsey on 25 February 2008 (Registration Number: 48555). With effect from 1 September 2014, BHG changed its investment policy, such that it no longer invests in Brevan Howard Global Opportunities Master Fund Limited ("BHGO") but instead invests all its assets (net of short-term working capital) in Brevan Howard Multi-Strategy Master Fund Limited ("BHMS" or the "Fund") a company also managed by Brevan Howard Capital Management LP ("BHCM"). Prior to 1 September 2014, BHGO invested all of its assets, net of cash retained for short-term working capital and efficient portfolio management, in investment funds of which one or more of the Brevan Howard group of affiliated entities is the manager or investment manager. BHG was admitted to the Official List of the UK Listing Authority and to trading on the Main Market of the London Stock Exchange on 29 May 2008. This Interim Management Statement covers the period from 1 July 2014 to the date of its publication. Company Size The total net assets of BHG are summarised as follows: Share 30 30 June 30 30 June Class September 2014 Change in September 2014 2014 Net 2014 Currency: Assets In Currency: USD (mm) In Currency USD (mm) 30 June Currency of Class 2014 to of Class (mm) 30 (mm) September 2014 Currency: USD (mm) USD 91.5 90.0 1.6 91.5 90.0 Shares EUR - 221.6 -221.6 - 161.9 Shares* GBP 610.8 654.1 -43.3 376.8 382.6 Shares Total 702.4 965.7 -263.3 - - Source: Northern Trust International Fund Administration Services (Guernsey) Limited ("Northern Trust") Figures are rounded to one decimal place. * All EUR Shares were redeemed on 22 August 2014 following the Euro class closure. Share Capital The number of shares in issue in each share class of BHG is summarised as follows: Share 13 November 30 30 June 2014 Class 2014** September 2014 USD Shares 6,755,342 6,835,001 6,867,652 EUR - - 12,456,014 Shares* GBP Shares 27,620,187 27,799,136 28,877,578 Source: Northern Trust. * All EUR Shares were redeemed on 22 August 2014 following the Euro class closure. ** 13 November 2014 being the latest practicable date prior the date of this Interim Management Statement. Performance Review The closing share price* of each share class of BHG is summarised as follows: Share Class 13 November 30 30 June 2014 2014*** September 2014 USD Shares 12.075 12.15 12.00 (US$) EUR Shares - - 12.475 (€)** GBP Shares 12.18 12.20 11.96 (£) Source: Bloomberg ** All EUR Shares were redeemed on 22 August 2014 following the Euro class closure. The NAV per share* of each share class of BHG is summarised as follows: Share Class 7 November 30 30 June 2014 2014**** September 2014 USD Shares 13.31 13.39 13.10 (US$) EUR Shares - - 13.00 (€)** GBP Shares 13.48 13.55 13.25 (£) * 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. ** All EUR Shares were redeemed on 22 August 2014 following the Euro class closure. *** 13 November 2014 being the latest practicable date prior to the date of this Interim Management Statement. **** Estimated as at 7 November 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 NAV per Share data is provided by BHG's Administrator, Northern Trust. BHG's NAV data in this report is unaudited and net of all investment management fees and all other fees and expenses payable by BHG. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS Allocation Review The changes to BHG underlying investment exposures are summarised in the tables below. BHG Underlying Investment Exposures: Allocation as % of BHG assets Fund 30 30 June September 2014 2014 Brevan Howard Master Fund Limited 41.8% 53.8% Brevan Howard Asia Master Fund 7.0% 10.1% Limited Brevan Howard Credit Catalysts 14.2% 17.0% Master Fund Limited Brevan Howard Commodities 4.4% 6.5% Strategies Master Fund Limited Brevan Howard Systematic Trading 6.0% 8.0% Master Fund Limited Brevan Howard Emerging Markets 2.8% 3.5% Local Fixed Income Leveraged Master Fund Limited Brevan Howard Credit Value Master 0.5% 2.6% Fund Limited Direct investment portfolio 18.1% - Cash/Other 5.2% -1.6% Source: BHCM Figures are rounded to one decimal place. Therefore in some instances the total may not equal 100.0%. Allocation by strategy exposure: BHG strategy exposure, % of total VaR, excluding cash exposure: 30 September 30 June 2014 2014 Fixed 20% 22% Income Vega 14% 10% Equity 21% 14% Credit 8% 11% FX 32% 13% Commodities 5% 30% Source: BHCM 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 can be obtained from BHG's Shareholder Reports, copies of which are to be found on BHG's website: www.bhglobal.com Material Events andTransactions Change in investment policy Prior to 1 September 2014, BHG invested all of its assets (net of short-term working capital) in the ordinary shares of BHGO. Following shareholder approval on 28 August 2014, with effect 1 September 2014, BHG changed its investment policy to invest all of its assets (net of short-term working capital) in BHMS. The investment objective of BHMS is to generate consistent long-term appreciation through active, direct and indirect, leveraged trading and investment on a global basis in multiple investment strategies. BHMS employs an investment process which uses a combination of (a) allocations to investment funds managed or investment managed by Brevan Howard or affiliated entities ("BH"); and (b) targeted and opportunistic allocations directly to the traders of BH investment managers. BHG has also simplified its fee arrangements with its manager, BHCM. Prior to 1 September 2014, BHG paid its manager a 0.5% management fee p.a. and was indirectly subject to the management and performance fees charged to the underlying funds in which BHGO invested. With effect 1 September 2014, BHG pays its manager a 2% management fee p.a. and a 20% performance fee (subject to a high water mark) and bears no additional manager fees at underlying fund level. This means that BHG's manager has assumed the netting risk across BHG's underlying fund investments i.e. investors in BHG only pay fees at one level on the aggregate performance of BHMS and not per individual underlying investment of BHMS. Further details on the changes described above can be found on BHG's website: www.bhglobal.com. Class Closure Following the Euro class closure process, the redemption price per share for the remaining Euro Shares was announced on 22 August 2014. With the announcement of the redemption price, all Euro Shares were redeemed and the proceeds of redemption were paid in the week commenced 1 September 2014. On 22 August 2014, the Company also cancelled all Euro Treasury Shares. Discount Management In the period between 1 July 2014 and 13 November 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: Share Class Shares purchased on market between 1 July 2014 and 13 November 2014 USD Shares 531,034 GBP Shares 1,011,418 EUR Shares [Nil] 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. Board Statement The board of directors of the Company is not aware of any other significant events or transactions that have occurred between 1 July 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 Important Legal Information and Disclaimer BH Global Limited ("BHG") is a feeder fund investing in BrevanHoward Multi-Strategy Master Fund Limited (the "Fund"). Brevan Howard CapitalManagement LP ("BHCM") has supplied certain information herein regarding BHG'sand the Fund's performance and outlook. The material relating to BHG and the Fund included in this reportis provided for information purposes only, does not constitute an invitationor offer to subscribe for or purchase shares in BHG or the Fund and is notintended to constitute "marketing" of either BHG or the Fund as such term isunderstood for the purposes of the Alternative Investment Fund ManagersDirective as it has been implemented in states of the European Economic Area.This material is not intended to provide a sufficient basis on which to makean investment decision. Any estimates may be subject to error and significant fluctuation,especially during periods of high market volatility or disruption. Anyestimates should be taken as indicative values only and no reliance should beplaced on them. Estimated results, performance or achievements may materiallydiffer from any actual results, performance or achievements. Except asrequired by applicable law, BHG, the Fund and BHCM expressly disclaim anyobligations to update or revise such estimates to reflect any change inexpectations, new information, subsequent events or otherwise. Tax treatment depends on the individual circumstances of eachinvestor in BHG and may be subject to change in the future. Returns mayincrease or decrease as a result of currency fluctuations. You should note that, if you invest in BHG, your capital will be atrisk and you may therefore lose some or all of any amount that you choose toinvest. This material is not intended to constitute, and should not beconstrued as, investment advice. All investments are subject to risk. You areadvised to seek expert legal, financial, tax and other professional advicebefore making any investment decisions. THE VALUE OF INVESTMENTS CAN GO DOWN AS WELL AS UP. YOU MAY NOT GETBACK THE AMOUNT ORIGINALLY INVESTED AND YOU MAY LOSE ALL OF YOUR INVESTMENT.PAST PERFORMANCE IS NOT A RELIABLE INDICATOR OF FUTURE RESULTS