BH GLOBAL LIMITED

BH GLOBAL LIMITED
INTERIM MANAGEMENT STATEMENT 
30 SEP 09

ADV01868 CONFIDENTIAL DO NOT COPY OR DISTRIBUTE

Your attention is drawn to the disclaimer at the beginning of this presentation 
© Brevan Howard Asset Management LLP (2009). All Rights Reserved.

Important Legal Information and Disclaimer

BH Global Limited (the "Company"), 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 certain of the following information regarding BH Global Limited's performance. BHAM is authorised and regulated by the Financial Services Authority.

The material relating to the Company, and the underlying funds in which it invests included in this report is provided for information purposes only and does not constitute an invitation or offer to subscribe for or purchase shares in the Company. 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 the Company, 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, the Company 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.

You should note that, if you invest in the Company, 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. BHAM neither provides investment advice to, nor receives and transmits orders from, investors in the Company 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

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Overview and Objective

BH Global Limited is a closed-ended investment company, registered and incorporated in Guernsey on 25 February 2008 (registration number 48555). BH Global Limited invests all of its assets (net of short-term working capital) in the ordinary shares of Brevan Howard Global Opportunities Master Fund Limited ("BHGO"). BH Global Limited 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.

This Interim Management Statement covers the period from 1 July 2009 to 30 September 2009

Company Size

The total net assets of the Company are summarised as follows (USD mm):

Share Capital

The number of shares in issue in each share class of the Company is summarised as follows:

Performance Review  

The movement in the share price* of each share class of the Company is summarised as follows:

Source: Bloomberg

The NAV per share* of each share class of the Company is summarised as follows:

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

Source: Underlying BHGO Net Asset Value data is provided by the Administrator of BHGO, International Fund Services (Ireland) Limited. The Company's Net Asset and Net Asset Value per Share data is provided by the Company's Administrator, Northern Trust International Fund Administration Services (Guernsey) Limited. The Company's Net Asset and Net Asset Value data in this report is unaudited and net of all investment management fees and all other fees and expenses payable by the Company and BHGO. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.  

Allocation Review

The change to the allocations of BHGO is summarised as follows:

* rounded to the nearest whole number

Allocation changes

On 1 September 2009, BHGO switched its allocation from the Brevan Howard Equity Strategies Master Fund ("BES") Limited into BES's feeder fund, Brevan Howard Equity Strategies Fund Limited pursuant to a minor shareholder restructuring at BES. The investment terms, redemption terms, fees and high-water marks of BHGO's investment were unaffected by the switch.

On 1 November 2009, the Company made a new allocation of approximately 2.4% of BHGO's assets to the Brevan Howard Credit Catalysts Master Fund Limited. 

Further detail of monthly performance information and the outlook of the Company and BHGO can be obtained from the Company's monthly newsletters, copies of which are to be found on the Company's website: www.bhglobal.com

Material Events and Transactions

Class closure votes and amendments to discount management arrangements

On 15 October 2009, the Company held an Extraordinary General Meeting and meetings of each of its share classes to propose class closure resolutions in accordance with the Company's articles of association and to also propose amendments to the Company's discount management arrangements.

The resolutions to amend the Company's discount management arrangements were duly passed with in excess of 50% of shareholders of the Company voting on the relevant resolutions and in excess of 97% of those shareholders voting in favour of the proposals

The following results were obtained in respect of the class closure votes for each share class:

meaning that the class closure resolutions were not passed and each of the Company's classes will continue.

Pursuant to the amendments to the articles approved at the meeting, the discount management period now runs on a calendar year basis, commencing 1 January 2010. Further class closure votes will be triggered in respect of a Share class, if in any calendar year the average closing market price on the London Stock Exchange of that Share class is in excess of a 10% discount to average NAV per share of that Share class over the 12 month end NAV calculation dates in that calendar year.

Resumption of Monthly Share conversions

Due to the Class Closure votes, the Company's monthly conversion facility was suspended in September 2009 but after completion of the votes resumed on 30 October 2009.

Discount Management

In the period between 1 July 2009 and 30 September 2009 the Company purchased the following numbers of shares on the market in accordance with its ongoing discount management policy:

In accordance with the terms of the Company's discount management policy these purchases have only been made in the market at prices below the estimated prevailing NAV per Share in circumstances that have resulted in an increase in the NAV per Share of the remaining Shares and after purchase have either been held in treasury by the Company or cancelled.

Enquiries

Northern Trust International Fund Administration Services (Guernsey) Limited

Harry Rouillard +44 (0) 1481 74 5315