BH GLOBAL LIMITED

MONTHLY SHAREHOLDER REPORT

NOVEMBER 2009

Important Legal Information and Disclaimer

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 November 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

Nasdaq Dubai (USD Class)

Bermuda Stock Exchange

Total Assets:

$1,011mm as at 
30 November 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"). 

BHGO invests all of its assets, net of cash retained for short-term working capital and efficient portfolio management, in investment funds of which one or more of the Brevan Howard group of affiliated entities is the manager or investment manager (the "Underlying Funds").

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 30 November 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.

Allocations and Commentary

Allocations of BHGO by fund estimated as at 30 November 2009 (allocations of BHGO are subject to change):

Source: BHAM; figures rounded to one decimal place

Exposures by strategy estimated as at 30 November 2009 (% of total VaR; excludes cash exposure) - allocations of BHGO are subject to change:

Source: BHAM; figures rounded to the nearest whole number

On 1 November 2009, BH Global re-invested a proportion of its cash which had been reserved for share buy-backs. As mentioned in the October 2009 Shareholder Report, BH Global made an initial investment in Brevan Howard Credit Catalyst Master Fund Limited ("BHCC") of approximately USD23.2mm in the USD, GBP and EUR share classes. Please refer to the October 2009 Shareholder Report for more information about BHCC. In addition, BH Global increased the size of its investment in BHMF. The Investment Committee's rationale for this was primarily to increase diversification across the Underlying Funds' risk-takers: in the case of BHMF, capital and risk allocations are made to a large number of individual traders, whereas for BHEMS and BHA capital/risk allocations are concentrated on a smaller number of risk-takers.