BH GLOBAL LIMITED
                       INTERIM MANAGEMENT STATEMENT

                       FOR THE PERIOD FROM 1 JULY 2014 TO 14 NOVEMBER 2014

                       YOUR ATTENTION IS DRAWN TO THE DISCLAIMER AT THE END OF THIS DOCUMENT

BH GLOBAL LIMITED
INTERIM MANAGEMENT STATEMENT

                                                 T +44 (0)20 7022 6250 www.brevanhoward.com

Overview and Objective BH Global Limited ("BHG" or the "Company") is a closed-ended
                       investment company, registered and incorporated in Guernsey on 25
                       February 2008 (Registration Number: 48555).

                       With effect from 1 September 2014, BHG changed its investment policy,
                       such that it no longer invests in Brevan Howard Global Opportunities
                       Master Fund Limited ("BHGO") but instead invests all its assets (net
                       of short-term working capital) in Brevan Howard Multi-Strategy Master
                       Fund Limited ("BHMS" or the "Fund") a company also managed by Brevan
                       Howard Capital Management LP ("BHCM").

                       Prior to 1 September 2014, BHGO invested 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.

                       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.

                       This Interim Management Statement covers the period from 1 July 2014
                       to the date of its publication.

Company Size           The total net assets of BHG are summarised as follows:

                        Share     30      30 June               30     30 June
                        Class  September   2014    Change in September   2014
                                 2014                 Net      2014
                                         Currency:  Assets                In
                               Currency: USD (mm)               In     Currency
                               USD (mm)             30 June  Currency  of Class
                                                    2014 to  of Class    (mm)
                                                      30       (mm)
                                                   September
                                                     2014
                                                   Currency:
                                                   USD (mm)

                         USD     91.5      90.0       1.6      91.5      90.0
                       Shares
                         EUR       -       221.6    -221.6       -      161.9
                       Shares*
                         GBP     610.8     654.1     -43.3     376.8    382.6
                       Shares
                        Total    702.4     965.7    -263.3       -        -

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

                       Figures are rounded to one decimal place.

                       * All EUR Shares were redeemed on 22 August 2014 following the Euro
                       class closure.

Share Capital

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

                         Share     13 November       30     30 June 2014
                         Class        2014**     September
                                                    2014

                       USD Shares   6,755,342    6,835,001   6,867,652
                          EUR           -            -       12,456,014
                        Shares*
                       GBP Shares   27,620,187   27,799,136  28,877,578

                       Source: Northern Trust.

                       * All EUR Shares were redeemed on 22 August 2014 following the Euro
                       class closure.

                       ** 13 November 2014 being the latest practicable date prior the date
                       of this Interim Management Statement.

Performance Review

                       The closing share price* of each share class of BHG is summarised as
                       follows:

                       Share Class  13 November     30     30 June 2014
                                      2014***    September
                                                   2014

                       USD Shares     12.075       12.15      12.00
                          (US$)
                       EUR Shares        -           -        12.475
                          (€)**
                       GBP Shares      12.18       12.20      11.96
                           (£)

                       Source: Bloomberg

                       ** All EUR Shares were redeemed on 22 August 2014 following the Euro
                       class closure.

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

                       Share Class  7 November      30     30 June 2014
                                     2014****    September
                                                   2014

                       USD Shares      13.31       13.39      13.10
                          (US$)
                       EUR Shares        -           -        13.00
                          (€)**
                       GBP Shares      13.48       13.55      13.25
                           (£)

                       * 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.

                       ** All EUR Shares were redeemed on 22 August 2014 following the Euro
                       class closure.

                       *** 13 November 2014 being the latest practicable date prior to the
                       date of this Interim Management Statement.

                       **** Estimated as at 7 November 2014, such date being the most
                       recent date for which an estimated NAV for the Company has been
                       published. The relevant final month-end NAVs may be materially
                       different from these estimated weekly values, which should only be
                       taken as indicative values provided for information only and no
                       reliance should be placed on them. Estimated results, performance or
                       achievements may differ materially from any actual results,
                       performance or achievements.

                       Source: BHG's NAV per Share data is provided by BHG's Administrator,
                       Northern Trust. BHG's NAV data in this report 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

Allocation Review

                       The changes to BHG underlying investment exposures are summarised in
                       the tables below.

                       BHG Underlying Investment Exposures:

                                  Allocation as % of BHG assets

                                     Fund                   30     30 June
                                                         September   2014
                                                           2014

                       Brevan Howard Master Fund Limited   41.8%    53.8%
                       Brevan Howard Asia Master Fund      7.0%     10.1%
                       Limited
                       Brevan Howard Credit Catalysts      14.2%    17.0%
                       Master Fund Limited
                       Brevan Howard Commodities           4.4%      6.5%
                       Strategies Master Fund Limited
                       Brevan Howard Systematic Trading    6.0%      8.0%
                       Master Fund Limited
                       Brevan Howard Emerging Markets      2.8%      3.5%
                       Local Fixed Income Leveraged
                       Master Fund Limited
                       Brevan Howard Credit Value Master   0.5%      2.6%
                       Fund Limited
                       Direct investment portfolio         18.1%      -
                       Cash/Other                          5.2%     -1.6%

                       Source: BHCM

                       Figures are rounded to one decimal place. Therefore in some
                       instances the total may not equal 100.0%.

                       Allocation by strategy exposure:

                          BHG strategy exposure, % of total
                            VaR, excluding cash exposure:

                                   30 September  30 June 2014
                                       2014

                          Fixed         20%           22%
                         Income
                          Vega          14%           10%
                         Equity         21%           14%
                         Credit         8%            11%
                           FX           32%           13%
                       Commodities      5%            30%

                       Source: BHCM

                       Calculated using historical simulation based on a 1 day, 95%
                       confidence interval. Figures are rounded to the nearest whole
                       number. Therefore in some instances the total may not equal 100%.

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

Material Events and
Transactions
                       Change in investment policy

                       Prior to 1 September 2014, BHG invested all of its assets (net of
                       short-term working capital) in the ordinary shares of BHGO.
                       Following shareholder approval on 28 August 2014, with effect 1
                       September 2014, BHG changed its investment policy to invest all of
                       its assets (net of short-term working capital) in BHMS.

                       The investment objective of BHMS is to generate consistent long-term
                       appreciation through active, direct and indirect, leveraged trading
                       and investment on a global basis in multiple investment strategies.
                       BHMS employs an investment process which uses a combination of (a)
                       allocations to investment funds managed or investment managed by
                       Brevan Howard or affiliated entities ("BH"); and (b) targeted and
                       opportunistic allocations directly to the traders of BH investment
                       managers.

                       BHG has also simplified its fee arrangements with its manager, BHCM.
                       Prior to 1 September 2014, BHG paid its manager a 0.5% management
                       fee p.a. and was indirectly subject to the management and
                       performance fees charged to the underlying funds in which BHGO
                       invested.

                       With effect 1 September 2014, BHG pays its manager a 2% management
                       fee p.a. and a 20% performance fee (subject to a high water mark)
                       and bears no additional manager fees at underlying fund level. This
                       means that BHG's manager has assumed the netting risk across BHG's
                       underlying fund investments i.e. investors in BHG only pay fees at
                       one level on the aggregate performance of BHMS and not per
                       individual underlying investment of BHMS.

                       Further details on the changes described above can be found on BHG's
                       website: www.bhglobal.com.

                       Class Closure

                       Following the Euro class closure process, the redemption price per
                       share for the remaining Euro Shares was announced on 22 August 2014.
                       With the announcement of the redemption price, all Euro Shares were
                       redeemed and the proceeds of redemption were paid in the week
                       commenced 1 September 2014.

                       On 22 August 2014, the Company also cancelled all Euro Treasury
                       Shares.

                       Discount Management

                       In the period between 1 July 2014 and 13 November 2014 being the
                       latest practicable date prior to the date of this Interim Management
                       Statement, BHG purchased the following numbers of shares on the
                       market in accordance with its ongoing discount management policy:

                        Share Class   Shares purchased on
                                      market between 1
                                      July 2014 and 13
                                      November 2014

                         USD Shares   531,034
                         GBP Shares   1,011,418
                         EUR Shares   [Nil]

                       Source: Northern Trust

                       In accordance with the terms of BHG's discount management policy,
                       these purchases have only been made on 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 the purchased Shares have either been held in
                       treasury by BHG or cancelled.

                       Board Statement

                       The board of directors of the Company is not aware of any other
                       significant events or transactions that have occurred between 1 July
                       2014 and the publication of this Interim Management Statement which
                       would have a material impact on the financial position of the
                       Company.

Enquiries              Northern Trust International Fund Administration Services (Guernsey)
                       Limited
                       Andrew Maiden +44 (0) 1481 745 368


Important Legal Information and Disclaimer

BH Global Limited ("BHG") is a feeder fund investing in Brevan
Howard Multi-Strategy Master Fund Limited (the "Fund"). Brevan Howard Capital
Management LP ("BHCM") has supplied certain information herein regarding BHG's
and the Fund's performance and outlook.

The material relating to BHG and the Fund included in this report
is provided for information purposes only, does not constitute an invitation
or offer to subscribe for or purchase shares in BHG or the Fund and is not
intended to constitute "marketing" of either BHG or the Fund as such term is
understood for the purposes of the Alternative Investment Fund Managers
Directive as it has been implemented in states of the European Economic Area.
This material is not intended to provide a sufficient basis on which to make
an investment decision.

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, BHG, the Fund and BHCM expressly disclaim any
obligations to update or revise such estimates to reflect any change in
expectations, new information, subsequent events or otherwise.

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. All investments are subject to risk. You are
advised to seek expert legal, financial, tax and other professional advice
before making any investment decisions.

THE VALUE OF INVESTMENTS CAN GO DOWN AS WELL AS UP. YOU MAY NOT GET
BACK THE AMOUNT ORIGINALLY INVESTED AND YOU MAY LOSE ALL OF YOUR INVESTMENT.
PAST PERFORMANCE IS NOT A RELIABLE INDICATOR OF FUTURE RESULTS

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