BH Global Limited – Interim Report and Unaudited Financial Statements 2015

Hamilton, Bermuda – 26 August, 2015 – In a filing with the Bermuda Stock Exchange (“BSX”), BH Global Limited (the "Company" or "BHGG"; BSX Ticker: BHGG) today announced results for the six month ended 30 June 2015.  The Chairman, Sir Michael Bunbury reported:

The six months to 30 June 2015 unfolded as a continuum of the relatively challenging trading conditions for macro orientated hedge funds as, for the sixth year in succession, interest rates in developed markets remained close to their all-time lows. The year had started strongly in January but the subsequent five months proved more challenging and at the six month stage on 30 June 2015 the Net Asset Value (“NAV”) per share of the US Dollar class had appreciated by 1.50% and that of the larger Sterling class by 1.83%.

With effect from 1 September 2014 the Company has invested almost all of its assets, save for working cash balances, in Brevan Howard Multi-Strategy Master Fund Limited (“BHMS” or “Fund”). BHMS is an open-ended fund with assets at 30 June 2015 of US$3.115 billion. As at 30 June 2015, BH Global’s investment in BHMS amounted to US$680 million, being approximately 21.8% of the total Fund.

The Manager’s Report sets out the detail of the Company’s performance for the six months and also the underlying allocation through BHMS to the various underlying investments. Since 31 December 2014 the shape of BH Global’s underlying investments has changed significantly, with the number of funds being reduced from six to four at 30 June 2015 and the Direct Investment Portfolio (“DIP”), being assets allocated directly to a small number of senior traders, has grown from 23.6% to 26.9% over the same period. As I wrote in March, the DIP represents a significant differentiator for BH Global and the Manager has advised that the DIP is expected to continue to represent a material allocation of BHMS’s assets and indeed that allocation may yet grow further.

Share price performance and Discount Control

The Company once again performed its role as a risk controlled diversifier in the construction of portfolios. Since early in 2014, the Company has undertaken an active buyback policy designed to reduce volatility and to control the discount to NAV at which the two classes of shares trade. On 16 April 2015 the Company announced a partial capital return to shareholders and at the same time announced that “the Company will continue to keep under active review its buyback policy with the intention of further narrowing the level of discount to NAV at which the two classes of shares trade in the market”. That policy has been actively implemented and during the six months the Company bought back 41,030 US Dollar shares at a cost of US$525,657 and 875,525 Sterling shares at a cost of £11,401,609 (excluding broker commissions).

As at 30 June 2015 the shares were trading at discounts of 4.1% for the US dollar class and 4.6% for the Sterling class respectively. This narrowing of the discounts on the two classes is the product of a number of factors including the structural improvements made to the Company over the past year and has resulted in share price total return in excess of 5% for each class in the six month period.

Since 30 June the discounts have widened on the back of weaker NAV performance. However, I can confirm on behalf of the Board that the policy announced on 16 April remains unchanged and that the Board intends to continue to strive to narrow the discounts at which the two classes of shares trade.

Dialogue with the Manager

The Board maintains an active dialogue with the Company’s Manager both at formal quarterly Board meetings and regularly in between. We are always striving to ensure that aims and objectives are aligned with those of the Shareholders. To that end, Shareholders will recall the restructuring and simplification of the management fees that became effective on 1 September 2014 and which included the discontinuation of the 0.5% over-riding fee which had been charged since the Company’s inception.

Communication with Shareholders

In conjunction with BH Macro Limited, a conference was held for professional shareholders and investors in London in April. This was very well attended and presentations were made by a number of senior Brevan Howard professionals, including Magnus Olsson, the portfolio manager of BHMS. I set the scene on behalf of the Board and reminded the conference of the important role of the independent Boards of directors in representing shareholders’ interests.

Outlook

The events of recent days have reminded investors of the vulnerability of equity markets to changes of expectations, especially where those markets have in part been buoyed up by speculators using borrowed money.  However, these events serve to remind of the appropriateness within a portfolio of holding a low volatility diversifier.

The amendment of Investment Policy took place on 1 September 2014, such that the Company became a feeder fund for investment into BHMS. The Manager has indicated that it expects more favourable trading opportunities as economies diverge and interest rates rise in those countries where growth has been strong. Both Manager and Board hope that such conditions will bring stronger returns for Shareholders than has been the case in the last two years. Meanwhile the Board will ensure that it continues to represent and further Shareholders’ interests.

Yours sincerely,

Sir Michael Bunbury

Chairman

26 August 2015

For the latest information

www.bhglobal.com

The Interim Report and Unaudited Financial Statements of BH Global Limited and the Interim Unaudited Financial Statements of Brevan Howard Multi-Strategy Master Fund Limited will shortly be available on the Company’s website www.bhglobal.com.