BH Global Limited

Monthly Shareholder Report

28 August 2009

www.bhglobal.com

Disclaimer / Important information

BH Global Limited ('BHG'), is a feeder fund to Brevan Howard Global Opportunities Master Fund Limited, which invests in a range of funds managed by Brevan Howard Offshore Management Limited. Brevan Howard Asset Management LLP ('BHAM') has supplied the following information regarding BH Global Limited's August 2009 performance and outlook. BHAM is authorised and regulated by the Financial Services Authority in the United kingdom.

This material constitutes a financial promotion for the purposes of the Financial Services and Markets Act 2000 (the 'Act') and the handbook of rules and guidance issued from time to time by the FSA (the 'FSA Rules').

The material relating to BHG, and the underlying funds in which it invests, included in this report has been prepared by BHAM and is provided for information purposes only and does not constitute an invitation or offer to subscribe for or purchase shares in BHG. This material is not intended to provide a sufficient basis on which to make an investment decision. Information and opinions presented in this material relating to BHG, and the underlying funds in which it invests, have been obtained or derived from sources believed by BHAM to be reliable, but BHAM makes no representation as to their accuracy or completeness. Estimated results, performance or achievements may materially differ from any actual results, performance or achievements. Except as required by applicable law, BHG and BHAM expressly disclaim any obligations to update or revise such estimates to reflect any change in expectations, new information, subsequent events or otherwise. 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 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. BHAM 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 FSA Rules. 

PAST PERFORMANCE IS NOT A RELIABLE INDICATOR OF FUTURE RESULTS

  BH Global Limited 

Manager:

Brevan Howard Offshore Management Limited

Administrator:

Northern Trust

Listing:

London Stock Exchange

Total Assets:

$983mm as at 28 August 2009

Overview:

BHG is a closed-ended investment company, registered and incorporated in Guernsey on 25 February 2008 (Registration Number: 48555).

BHG invests all of its assets (net of short-term working capital) in the ordinary shares of Brevan Howard Global Opportunities Master Fund Limited ('BHGO'). 

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. 

Summary information

BH Global Limited NAVs per share (as at 28 August 2009)

BH Global Limited NAV per Share* % Monthly Change

1 Performance is calculated from a base NAV per Share of 10 in each currency. The opening NAV in May 2008 was 9.9 (after deduction of the IPO costs borne by BHG).

* NAV performance is provided for information purposes only. Shares in the Fund do not necessarily trade at a price equal to the prevailing NAV per Share.

Source: Underlying NAV data for the funds in which BHGO invests in is provided by their Administrator, International Fund Services (Ireland) Limited. BHG NAV and NAV per Share data is provided by the BHG's Administrator, Northern Trust International Fund Administration Services (Guernsey) Limited. BHG NAV per Share % Monthly Change calculations made by BHAM.

BHG NAV data 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.

Monthly Performance Commentaries for

Underlying Funds

* The USD currency class of each Underlying Fund is used as a proxy for the performance of each of the Underlying Funds; BHGO also invests in the EUR and GBP of the Underlying Funds.




Source: MTD performance data is provided by the Administrator, International Fund Services (Ireland) Limited ('IFS'). MTD performance data is net of all investment management fees and all other fees and expenses payable.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Brevan Howard Master Fund Limited ('BHMF')

The NAV per share of BHMF USD Class Y Shares gained 0.66% in August. During the month, BHMF made money in fixed income directional and volatility trades. Smaller gains were made in credit strategies. BHMF suffered small losses in FX directional trades. The other asset classes did not contribute significantly towards P/L during the month.

Brevan Howard Asia Master Fund Limited ('BHAMF')

The NAV per share of BHAMF USD Class X Shares gained 0.10% in August. During the month, BHAMF made profits in rates trades in Australia and in Hong Kong. These gains were partially offset by very small losses in other strategies.

Brevan Howard Equity Strategies Master Fund Limited ('BHES')

The NAV per share of BHES USD Class X Shares fell 1.26% in August. The biggest contributor to performance during the month was the fundamental long/short book with profits made in certain financial stocks and communications stocks. The Tactical Trading book was approximately flat for the month with gains in some less liquid long positions and financials being offset by some losses on the short side.

Brevan Howard Emerging Markets Strategies Master Fund Limited ('BHEMS')

The NAV per Share of BHEMS Class X Shares gained 0.22% in August. During the month, small gains were made in the credit book while the FX and the Equity book posted small losses.

Brevan Howard Strategic Opportunities Feeder Fund Limited ('BHSOFF')

The NAV per share of BHSOFF Class A USD Shares rose by 0.02% in August. During the month, Brevan Howard Strategic Opportunities Fund Limited made money in directional and volatility trades in rates. Further gains were generated in FX. Losses were suffered in fixed income relative value.

Allocations and  Commentary

Allocations of BHGO by fund as at 28 August 2009 (allocations of BHGO are subject to change):

Source: BHAM

Exposures by strategy as at 28 August 2009 (% of total VaR; excludes cash exposure) -  allocations of BHGO are subject to change):

Source: BHAM

The NAV/Share of BH Global USD Shares rose by 0.27% in August (0.27% for EUR Shares and 0.31% for GBP Shares), bringing the year-to-date performance to 11.85% for USD Shares, 11.93% for EUR Shares and 11.58% for GBP Shares. 

The Investment Committee ('IC') continues to assess the range of Brevan Howard-managed funds for potential investment. The IC's asset allocation decisions consider a number of factors, including the historic realised performance of each individual fund, the IC's interpretation of the future opportunity set for each of the funds and the potential value the fund could add to the overall portfolio in terms of performance and diversification benefits. 

To that end, the IC is currently reviewing Brevan Howard Credit Catalysts Master Fund Limited ('BHCC') as a possible new investment.  BHCC adopts an active trading style seeking to profit from relatively short-term fundamental and technical catalyst-driven price movements in corporate credit, MBS and ABS. The correlation between BHCC and BH Global's current Underlying Funds is low, making it a good potential risk diversifier.  Brevan Howard Credit Catalysts Fund Limited Class A USD Shares (the 'Fund') appreciated 4.3% in August, meaning the Fund is up 11.3% since launch on 1 June 2009. As at 28 August 2009, exposure to Credit through the Underlying Funds, is only 4% of BHGO's total VaR

The IC was pleased by the announcement of the arrival of Fabrizio Gallo as a Partner and head of equities trading for BHAM. Mr. Gallo was most recently global head of equities at Morgan Stanley. At BHAM, Mr. Gallo will be the strategy manager of BHES and, in this capacity, he will run a macro overlay and be responsible for the overall risk and structure of this fund 

Your attention is drawn to the Disclaimer set out at the beginning of this document. 

Brevan Howard Asset Management LLP is authorised and regulated by the Financial Services Authority. Registered in England, No. OC302636.

BH Global Limited is a closed-ended investment company registered and incorporated in Guernsey on 25 February 2008 (Registration Number: 48555) with its registered office at Trafalgar Court, Les Banques, St. Peter Port, Guernsey GYI 3QL, Channel Islands.

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