Publication of Circular and EUR Redemption Update

BH Global Limited (the "Company")

(a closed-ended collective investment scheme established as a company with limited liability under the laws of Guernsey with registered number 48555)

Publication of Shareholder Circular RegardingProposed Change of Investment Policy

and

Update on Redemption of Euro Shares

18 July 2014

Further to the announcements on 4 April and 5 June 2014, the Company has today published a circular including a notice of extraordinary general meeting to be held at 10.15 a.m. on 28 August 2014 at Trafalgar Court, Les Banques, St Peter Port, Guernsey, GY1 3QL, Channel Islands to approve a change in the investment policy of the Company so that it can become a feeder fund into Brevan Howard Multi-Strategy Master Fund Limited ("BHMS").

In addition, resolutions will be proposed at the extraordinary general meeting to approve amendments to the Company's management agreement effective on the reinvestment into BHMS and to make certain changes to the Company's articles of incorporation.

Subject to shareholder approval for the relevant resolutions being obtained at the extraordinary general meeting, the reinvestment of the Company's assets (excluding cash retained for working capital) into BHMS should take effect from 1 September 2014.

Holders of Sterling or US Dollar shares who propose to make elections to convert their shares into shares of the other class on the July 2014 conversion date should note that they are unlikely to receive the converted shares in time to vote at the extraordinary general meeting.

The Company anticipates that its remaining Euro shares will be redeemed with effect from on or around 22 August 2014 (the date of announcement of the redemption price) with the proceeds of redemption expected to be paid in the week commencing 1 September 2014. Accordingly, holders of Euro shares will not be able to vote on the resolutions being proposed at the extraordinary general meeting.

If, for any reason, the redemption of the Euro shares were not to go ahead as anticipated before the extraordinary general meeting, the proposed reinvestment into BHMS would be delayed and may not be implemented.

The shareholder circular has been made available on the Company's website and submitted to the National Storage Mechanism and will shortly be available for inspection at: www.hemscott.com/nsm.do

Enquiries:

Company website: www.bhglobal.com

Brevan Howard

Daniel Riggs

Tel: +44 (0) 207 022 6236

Northern Trust International Fund Administration Services (Guernsey) Limited

Andrew Maiden

Tel: +44 (0) 1481 745368