Monthly Shareholder Report

BH GLOBAL LIMITED

Bh GLOBAL LIMITed

MONTHLY SHAREHOLDER REPORTSEPTEMBER 2013

ADV05086 CONFIDENTIAL DO NOT COPY OR DISTRIBUTE

Your attention is drawn to the disclaimer at the beginning and end of this document© Brevan Howard (2013). All Rights Reserved.

Important Legal Information and Disclaimer

BH Global Limited ("BHG") is a feeder fund to Brevan Howard Global Opportunities Master Fund Limited (together "the Funds"), which invests in a range of funds of which one or more of the Brevan Howard group of affiliated entities is the manager or investment manager (the "Underlying Funds"). Brevan Howard Asset Management LLP ("BHAM") and Brevan Howard Capital Management LP (together with BHAM, "Brevan Howard") have supplied the information herein regarding the Funds' performance and outlook. BHAM is authorised and regulated by the Financial Conduct Authority (the "FCA") in the United Kingdom.

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

The material relating to the Funds and the Underlying Funds included in this report has been prepared by Brevan Howard and is provided for information purposes only and does not constitute an invitation or offer to subscribe for or purchase shares in the Funds or the Underlying Funds. 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 Funds and the Underlying Funds have been obtained or derived from sources believed by Brevan Howard to be reliable, but Brevan Howard makes no representation as to their accuracy or completeness. Any estimates may be subject to error and significant fluctuation, especially during periods of high market volatility or disruption. Any estimates should be taken as indicative values only and no reliance should be placed on them. Estimated results, performance or achievements may materially differ from any actual results, performance or achievements. Except as required by applicable law, the Funds and Brevan Howard 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 the 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 FCA Rules.

PAST PERFORMANCE IS NOT A RELIABLE INDICATOR OF FUTURE RESULTS

Administrator:

Northern Trust International Fund Administration Services (Guernsey) Limited ("Northern Trust")

Corporate Broker:

J.P. Morgan Securities Ltd.

Listings:

London Stock Exchange

(Premium Listing)

NASDAQ Dubai - USD Class (Secondary Listing)

Bermuda Stock Exchange (Secondary Listing)

BH Global Limited ("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.

1. As at 30 September 2013 by BHG's administrator, Northern Trust.

As at 30 September 2013.

Source: Underlying NAV data for the funds in which BHGO invests in is provided by their respective administrators. BHG NAV and NAV per Share data is provided by BHG's administrator, Northern Trust. BHG NAV per Share % Monthly Change calculations are made by Brevan Howard.

BHG NAV data is unaudited and net of all investment management fees and all other fees and expenses payable by BHG. NAV performance is provided for information purposes only. Shares in BHG do not necessarily trade at a price equal to the prevailing NAV per Share.

* 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).

Data as at 30 September 2013.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS

Unaudited Estimates as at 30 September 2013

Source: Brevan Howard

* These estimates reflect the combined ASC 820 levels of the Underlying Funds, proportional to each of the Underlying Fund's weighting in BHGO's portfolio. The estimates are unaudited and have been calculated by Brevan Howard using the same methodology as that used in the most recent audited financial statements of Underlying Funds. The relative size of each category is subject to change.

Level 1: this represents the level of assets in the portfolio which are priced using unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2: this represents the level of assets in the portfolio which are priced using either (i) quoted prices that are identical or similar in markets that are not active or (ii) model-derived valuations for which all significant inputs are observable, either directly or indirectly in active markets;

Level 3: this represents the level of assets in the portfolio which are priced or valued using inputs that are both significant to the fair value measurement and are not observable directly or indirectly in an active market.

Source: Brevan Howard; figures rounded to one decimal place.

* Inclusive of subscriptions\redemptions in Underlying Funds for 30 September 2013.

** Calculated using historical simulation based on a 1 day, 95% confidence interval.

Source: Brevan Howard; figures rounded to the nearest whole number.

Monthly, quarterly and annual contribution (%) to the performance of BHG USD Shares (net of fees and expenses) by strategy group

Monthly, quarterly and annual figures are calculated by Brevan Howard as at 30 September 2013, based on performance data for each period provided by BHG's administrator, Northern Trust. Figures rounded to two decimal places.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS

Methodology and Definition of Monthly Contribution to Performance:

Attribution is approximate and has been derived by allocating each underlying trader book in each Underlying Fund to a single category. In cases where a trader book has activity in more than one category, the most relevant category has been selected.

The above strategies are categorised as follows:

"Macro": multi-asset global markets, mainly directional (for BHG, the majority of risk in this category is in rates)

"Rates": developed interest rates markets

"FX": global FX forwards and options

"EMG": global emerging markets

"Equity": global equity markets including indices and other derivatives

"Commodity": liquid commodity futures and options

"Credit": corporate and asset-backed indices, bonds and CDS

"Systematic": rules-based futures trading

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

Source: Month-to-date ("MTD") performance data for the Underlying Funds is provided by their respective administrators. 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

In September, BHG's GBP shares appreciated by 0.14% and the USD and EUR share classes appreciated by 0.09% and 0.06% respectively.

There were positive returns from BHEMS, BHCV, BEL, BHCC, BHST and BHMF, while BHCS, BHMFX and BHA experienced losses.

The Investment Committee ("IC") looked to reduce the cash component and added to its allocations in BHMF and BEL. The IC continues to believe that as the current market continues to be dominated by global macro events and central bank policy that the allocation to BHMF is appropriate for the portfolio. The small addition to BEL at month-end brought the EM exposure within the portfolio to its target.

Brevan Howard Master Fund Limited ("BHMF")

The NAV per share of BHMF Class Y USD Shares appreciated by 0.03% (net of fees) in September.

During the month, BHMF made some profit in equity macro trading, in non-USD interest rates trading and in credit. Some losses were suffered in FX trading and, to a lesser extent, in USD interest rate trading and in interest rate volatility trading.

Brevan Howard Asia Master Fund Limited ("BHA")

The NAV per share of BHA Class X USD Shares depreciated by 0.38% (net of fees) in September.

During September, BHA generated gains in equities volatility trading and Australian interest rate trading. However these gains were not sufficient to offset losses incurred in all other trading strategies.

The NAV per Share of BHEMS Class X USD Shares appreciated by 2.31% (net of fees) in September.

During September, EM equities and EMFX strategies were the main performers while local rates positions incurred small losses.

The NAV per Share of BHCC Class Y USD Shares appreciated by 1.21% (net of fees) in September.

During September, each of the performing, distressed, corporate structured and mortgage strategies generated positive returns for the month, with approximately 55% of monthly returns derived from mortgage/ABS strategies.

The NAV per Share of BHCS Class X USD Shares depreciated by 4.32% (net of fees) in September.

In September, BHCS experienced losses, concentrated in energy and platinum group metals strategies.

The NAV per Share of BHST Class B USD Shares appreciated by 0.33% (net of fees) in September.

During the month, BHST made gains in equity index futures and short-term interest rate futures. These gains slightly outpaced losses incurred in other strategies.

Brevan Howard Emerging Markets Local Fixed Income Leveraged Master Fund Limited ("BEL")

The NAV per Share of BEL Class Y USD Shares appreciated by 1.33% (net of fees) in September.

During September, net exposure to emerging market currencies moved moderately positive, although short positions were maintained as well as increased long positions. Overall, currency positions added value. Limited rates positions were held.

Brevan Howard Investment Fund II - Macro FX Fund ("BHMFX")

The NAV per Share of BHMFX Class A USD Shares depreciated by 1.84% (net of fees) in September.

During September, short positions remain mostly in developed market currencies. The US dollar rallied and so generated losses.

Brevan Howard Credit Value Master Fund Limited ("BHCV")

The NAV per Share of BHCV Class Y USD Shares appreciated by 2.10% (net of fees) in September.

During September, profitability was broad based, with most strategies in both mortgage and corporate areas producing positive performance. Returns were roughly in proportion to allocated capital, with approximately three quarters of returns from mortgage strategies, and the remaining quarter from corporates.

Market Review and Outlook

Market Commentary

US

The Federal Reserve decided to keep policy unchanged in September, a move that surprised markets that were expecting a small cut in the monthly pace of asset purchases. The decision to postpone so-called tapering suggests a more dovish monetary policy reaction function, an impression that was enhanced by Chairman Bernanke's post-meeting press conference. After having laid the ground work in May for tapering ("in the next few meetings") and presenting in June a roadmap for the path of tapering (ending asset purchases "in the vicinity of 7%" unemployment rate), Bernanke backed off in September. He said tapering may or may not start this year ("possibly later this year") and that there was "not any magic number" for when asset purchases would end. We believe that the pace of asset purchases will depend not only on developments in the labour market, but also whether growth and inflation are picking up along the lines of the Fed's forecasts.

The decision to pass on tapering looked prescient given the rapid deterioration in negotiations in Congress over the budget and debt ceiling, which culminated in a partial shutdown of the Government as the month ended. The Government shutdown will subtract from growth in the fourth quarter both through its direct impact and indirect impact on confidence, which slid steadily as the battle heated up. Given the Fed's more dovish reaction function, it seems likely that tapering will be postponed until there's better visibility about how the Government shutdown affected the economy.

Turning to the macro outlook, the data in September were mixed. On the one hand, survey evidence pointed to acceleration in manufacturing and non-manufacturing activity. On the other hand, the employment report was a little disappointing. Job gains were below consensus expectations and were revised notably lower in the prior months. Subsequently, initial claims for unemployment insurance made new lows, so it appears the positive trajectory in the labour market is, nevertheless, intact. On the inflation front, core prices accelerated. Although the year-over-year change in core PCE prices is an anemic 1.2%, the three-month change moved up at an annual rate of 1.75%, a rise that helps assuage worries about further disinflation.

EMU

The EMU unemployment rate stabilised over the summer at around 12.0%, along with the improvement of the pace of activity towards potential growth. Following several months of improvement in consumer confidence, EMU retail sales rose strongly in August. The level of retail sales is still much lower than its 2007-08 peak but the pace of the improvement is encouraging for private sector consumption in the third quarter. Industrial production undershot until July and there has been further progress in business confidence: August numbers will have to show if actual numbers are catching up with surveys, which continued to improve in September. Euro area HICP inflation declined to 1.1% y/y in September: the lowest level since February 2010, providing further evidence of the on-going disinflationary trends in the euro area. Still, at its October meeting, the ECB did not take any action to enforce its forward guidance.

Meanwhile, banks in the euro area have continued to repay funds that they borrowed from the ECB long-term refinancing operation in late 2011 and early 2012. The Parliamentary elections in Germany produced a clear victory to the incumbent Chancellor Merkel and her CDU/CSU party union. However, and like in the previous elections four years ago, the party that supported Merkel in the coalition government suffered a bitter defeat. The outcome did not provide any obvious path for the negotiations on the new coalition government, and the talks are expected to last several weeks. In Italy, the Government was able to surpass the tensions linked to the expulsion from the Senate of the leader of the centre-right party, a member of the ruling grand coalition.

UK

Growth indicators over the past month eased back only slightly after a pronounced improvement since the turn of the year. We think there have been two factors behind the improvement. First, the housing market has been responding to the Funding for Lending Scheme - there is a renewed availability of higher LTV mortgages, and an increase in the Government's "Help to Buy" equity loans for new housing. This should lead to a sustained recovery in residential investment from depressed levels, and a pick-up in the retail sectors that are most closely related to residential investment. Second, the improvement in EMU growth has lessened one of the key UK headwinds, via better exports and improved sentiment, due to a reduction in perceived tail-risk. Some of the response to this reduced tail-risk takes the form of a burst of activity to catch up with investment plans that were delayed last year. Growth during the burst is likely to be higher than is sustainable on a medium-term basis. Any sustainable medium-term recovery is going to have to be based on improved productivity growth, which we are starting to see. A productivity-led recovery is likely to feature only moderate employment growth, so this is unlikely to be a strong underpinning of consumption going forward. Wage growth, on the other hand, should at some point rise to match the better productivity performance. Only when that happens can we expect a sustainable pick-up in consumption growth, which has so far has been entirely underpinned by a fall in the savings rate, with real incomes still stagnant. An investment and export led recovery looks a more plausible prospect now, but quantitatively this is unlikely to be large enough to sustain growth near its rapid third quarter pace.

Against this background of improved growth momentum, and with the Bank of England's ("BoE") forward guidance framework now in place, there has been no need for further policy action in either direction. BoE communication has therefore simply focused on explaining the forward guidance framework. MPC members are divided about the extent to which higher short term market interest rates have been an overreaction, or simply an appropriate response to better data. We now expect the BoE to refrain from further policy action, until either (1) front end yields move up to such an extent that they endanger the recovery; or (2) the data weakens sharply in response to a global shock.

Japan

As expected, Prime Minister Abe announced his intention to implement the consumption tax hike as scheduled in April. To reduce some of that fiscal drag, the Government unveiled a ¥5 trillion economic stimulus program. Payments to low-income households and public-works construction should provide a partial offset to the consumption tax increase. Corporate tax reform is also under consideration. Permanent cuts to the corporate income tax rate should help the economy, though their benefits start small and mount over time. Moreover, there is no expectation that they'll be implemented before 2015. We think the benefits of eliminating a special corporate tax to fund earthquake reconstruction a year early would only be fairly modest and a decision is expected in December. Structural reform is the most important arrow and in that regard we note the Abe administration hasn't rolled out more specific reform proposals. So far, the Government appears fairly reliant on the Trans-Pacific Partnership talks, over which they have only partial control.

The Bank of Japan could provide further support to the economy, but with the recent indicators continuing to co-operate, there's little reason to expect a further shift in policy soon. On a 12-month basis, core inflation has moved up to 0.8%. Energy prices have contributed significantly to the recent acceleration, but the western core measure, which excludes food and energy, has been rising at a 0.1% monthly clip on a seasonally adjusted basis for the last half year. Household price expectations over the coming year have continued to improve after stepping up notably earlier in the year. Economic activity also continues to move ahead. Real GDP growth in the second quarter was revised up to show a 3.8% gain (annual rate), following a 4.1% increase in the first quarter. The latest Tankan Survey indicates further improvement in business conditions among large manufacturers in the third quarter: at +12, the reading is at its highest level since 2007 and fourth-quarter expectations remain solid.

China

September economic data released thus far appears mixed after a strong August. The official manufacturing PMI inched up 0.1 point, to 51.1, lower than the market expected and previous seasonal increases. At the same time, the HSBC manufacturing PMI rose 0.1 points to 50.1 in September, also below consensus and with the Orders/Inventories ratio showing some deterioration and suggesting that the manufacturing sector in September grew at a slower pace than in August. The official non-manufacturing PMI jumped by 1.5 points, the highest level in 6 months, but with mixed data, this suggests that the September spike may be temporary. Indeed, the HSBC services PMI fell in September.

The pace of property prices in 100 cities is accelerating: in September they increased by 1.1% m/m, the quickest since March 2009. CPI inflation is still mild but y/y growth seems to be on an upward trend. China has officially launched the Shanghai Free Trade Zone aimed at exploring the impacts of reforms in both the financial and the services sector. Moreover, the People's Bank of China ("PBOC") unveiled steps towards interest rates liberalisation. Simultaneously, the PBOC maintained its neutral monetary policy stance and continues to keep money market rates stable.

Enquiries