BH Global : Investor Statement - December 2018

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

Share Class	31 December 2018	28 September 2018
USD Shares (US$)	14.90	14.95
GBP Shares (£)	14.83	15.03

Source: Bloomberg

* 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.

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

Share Class	31 December 2018	30 September 2018
USD Shares (US$)	15.51	15.40
GBP Shares (£)	15.37	15.33

* 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.

Source: BHG's Net Asset Value per Share data is provided by BHG's Administrator, Northern Trust, and is based on Brevan Howard Multi-Strategy Master Fund Limited ('BHMS') Net Asset Value data provided by the Administrator of BHMS, International Fund Services (Ireland) Limited. BHG is a feeder fund to BHMS. BHG's Net Asset Value 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

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

To the best of my knowledge and belief, the information detailed in this statement is accurate and complete:

By:

Name: Jonathan Wrigley

Title: Group Head of Finance and Authorised Signatory

Brevan Howard Capital Management Limited as general partner of Brevan Howard Capital Management LP, the manager and commodity pool operator of BH Global Limited.