Proposal to amend investment policy

BH GLOBAL LIMITED (the "Company")

(a closed-ended investment company incorporated in Guernsey with registration number 48555)

Proposal to amend investment policy

As part of its on-going efforts to enhance the investment proposition of BH Global Limited ("BH Global" or the "Company"), the Board of BH Global announces that it is in advanced discussions with Brevan Howard Capital Management LP (the "Manager") regarding a proposal to amend the investment policy of the Company. Subject to satisfactory completion of due diligence, the Company intends to seek shareholder approval to amend the investment policy of BH Global to enable it to invest all of its assets (excluding cash retained for working capital) into Brevan Howard Multi-Strategy Master Fund Limited ("BHMS"). BHMS is an open-ended investment company which has been managed by Brevan Howard since 2008 and which currently has assets under management of US$4.3bn. 

BH Global and BHMS have the same manager, Brevan Howard Capital Management LP. The Manager's Investment Committee is responsible for managing the assets of both funds. The two funds follow a substantially similar investment objective, namely delivering consistent risk-adjusted NAV returns in all market conditions through exposure to multiple asset classes across the range of trading strategies managed by Brevan Howard. However, unlike BH Global, which only has exposure to funds managed by Brevan Howard, BHMS has the flexibility to allocate capital directly to individual trading books managed by portfolio managers within the Brevan Howard group. The Board and the Manager believe that amending BH Global's investment policy to take advantage of this increased flexibility and direct exposure to trading talent across the Brevan Howard group will benefit the return profile of the Company.

Under the proposed new arrangements, fees borne by BH Global's shareholders would amount, in aggregate, to a 2 per cent. management fee per annum and a performance fee of 20 per cent. payable on the performance of BHMS as a whole - consistent with the terms currently available on BHMS's institutional share classes. It is proposed that the Company's underlying assets would be transferred to BHMS in-specie in return for shares in BHMS with the result that the substantial proportion of BH Global's underlying portfolio would remain invested throughout the implementation phase and that there would be no material expenses resulting from the movement of the portfolio.

Detailed information regarding the proposal will be published in due course in a circular to shareholders which is unlikely to be available before May. The proposal, if approved, would not be implemented until after completion of the Euro class closure process that is currently in operation.

Enquiries:

Corporate Brokers

J.P. Morgan Cazenove

William Simmonds - 0207 134 7361

[email protected]

Canaccord Genuity Limited

David Yovichic - 0207 523 8361

[email protected]

Peregrine Communications

Max Hilton/Jonathan Wharton

Direct line: + 44 (0) 20 3178 6873/ +44 (0) 20 3178 6858

Mobile: + 44 (0) 7950 003 138/ +44 (0) 7885 715 511

[email protected]/[email protected]