Investor Statement

BH GLOBAL LIMITED INVESTOR STATEMENT For the quarter ended 30 September 2014 YOUR ATTENTION IS DRAWN TO THE DISCLAIMER AT THE END OF THIS DOCUMENT © Brevan Howard Capital Management LP (2014). All Rights Reserved. Overview and This Investor Statement covers the period of 1 July 2014 to 30Objective September 2014 and is being circulated to satisfy the quarterly account statement obligations of the commodity pool operator of BH Global Limited ("BHG") pursuant to CFTC Regulation 4.7. Company Size The total net assets of BHG are summarised as follows: Change in Net Assets 30 30 June 30 September 30 June 2014 30 June 2014 September 2014 Share 2014 to 30 2014 Class Currency: September In Currency: USD 2014 In Currency USD (mm) Currency: USD Currency of Class (mm) (mm) of Class (mm) (mm) USD 91.5 90.0 1.6 91.5 90.0 Shares EUR Shares - 221.6 -221.6 - 161.9 * 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 the Euro class closure. Share Capital The number of shares in issue in each share class of BHG is summarised as follows: Share Class 30 September 2014 30 June 2014 USD Shares 6,835,001 6,867,652 EUR Shares* - 12,456,014 GBP Shares 27,799,136 28,877,578 Source: Northern Trust * All EUR Shares were redeemed on 22 August 2014 following the the Euro class closure. Performance The closing share price* of each share class of BHG is summarised asReview follows: Share Class 30 September 30 June 2014 2014 USD Shares 12.15 12.00 (US$) EUR Shares - 12.475 (€)* GBP Shares 12.20 11.96 (£) Source: Bloomberg * All EUR Shares were redeemed on 22 August 2014 following the the Euro class closure. The NAV per share* of each share class of BHG is summarised as follows: Share Class 30 September 30 June 2014 2014 USD Shares 13.39 13.10 (US$) EUR Shares - 13.00 (€)** GBP Shares 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 the Euro class closure. 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 Further details of monthly performance information and the outlook of the BHG can be obtained from BHG's Shareholder Reports, copies of which can be found on BHG's website: www.bhglobal.com Material Prior to 1 September 2014, BHG invested all of its assets (net ofEvents short-term working capital) in the ordinary shares of Brevan Howard Global Opportunities Master Fund Limited ("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 the ordinary shares of Brevan Howard Multi-Strategy Master Fund Limited ("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 affiliates entities ("BH"); and (b) targeted and opportunistic allocations directly to the traders of BH Investment Managers. BHG has also simlified its fee arrangements with its manager, Brevan Howard Capital Management LP. Prior to 1 September 2014, BHG paid its manager a 0.5% management fee p.a. and was indirectly subject to the manager 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 To the best of my knowledge and belief, the information detailed in this statement is accurate and complete: By: Name: David Barton Title: Head of Legal and Authorised Signatory Brevan Howard Capital Management Limited as general partner of Brevan Howard Capital Management LP, the manager and commodity pool operator of BH Global Limited. Important Legal Information and Disclaimer Prior to 1 September 2014, BH Global Limited ("BHG") was a feeder fund toBrevan Howard Global Opportunities Master Fund Limited ("BHGO") so allperformance information for periods prior to 1 September 2014 relate to theperformance of BHG whilst it was a feeder fund to BHGO. With effect from 1September 2014, BHG changed its investment policy to become a feeder fund toBrevan Howard Multi-Strategy Master Fund Limited ("BHMS"). Brevan HowardCapital Management LP acting through its general partner Brevan Howard CapitalManagement Limited ("BHCM") has supplied certain information herein regardingthe performance and outlook of BHG, BHGO and BHMS (together "the Funds"). BHCMis regulated by the Jersey Financial Services Commission as a fund servicesbusiness and is the commodity pool operator of BHG. The material relating to the Funds included in this investor statement isprovided for information purposes only, does not constitute an invitation oroffer to subscribe for or purchase shares in the Funds and is not intended toconstitute "marketing" of the Funds as such term is understood for the purposesof the Alternative Investment Fund Managers Directive as it has beenimplemented in states of the European Economic Area. This material is notintended to provide a sufficient basis on which to make an investment decision. Tax treatment depends on the individual circumstances of each investor in BHGand may be subject to change in the future. Returns may increase or decrease asa result of currency fluctuations. You should note that, if you invest in BHG, your capital will be at risk andyou 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. All investments are subject to risk. You are advised toseek expert legal, financial, tax and other professional advice before makingany investment decisions. THE VALUE OF INVESTMENTS CAN GO DOWN AS WELL AS UP. YOU MAY NOT GET BACK THEAMOUNT ORIGINALLY INVESTED AND YOU MAY LOSE ALL OF YOUR INVESTMENT. PASTPERFORMANCE IS NOT A RELIABLE INDICATOR OF FUTURE RESULTS.