Investor Statement - Quarter ended March 2014

BREVAN HOWARD

BH GLOBAL LIMITEDINVESTOR STATEMENTFor the quarter ended 31 March 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.

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

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.