Hiper Global Ltd. — Annual Report 2013

Dec 31, 2013

BH Global Limited Annual Report and Audited
Financial Statements 2013

ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS 31 December 2013

Contents

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CHAIRMAN'S STATEMENT

Chairman's Statement

Dear Shareholder,

The strength of equity markets in 2013 has placed BH Global Limited's performance for the year in a relative shadow. However, we should not forget that it is only just over five years ago that the financial world was teetering on the brink of a 1930's style depression from which we were saved by central bankers who had studied and understood the mistakes of the 1930s and were determined not to see them repeated. However unusual the situation that still pertains in financial markets may be, we should be thankful that those central bankers were in post five years ago.

In such uncertain times a low volatility, relatively uncorrelated, asset has a very clear place in the construction of portfolios. BH Global Limited (the "Company") aspires to be that asset. Since the Company's launch in May 2008 every calendar year has delivered Net Asset Value ("NAV") growth with low volatility and positive Sharpe ratios. 2013 was no exception with the NAV of the shares in the US Dollar class increasing by 1.79%. The US Dollar is the functional currency of the Company and Brevan Howard strive to manage the three classes so that the performance of each class is approximately in line. The Sterling class, with approximately US\$700 million of net assets as at 31 December 2013, was significantly the largest class in 2013 and the NAV of the shares of that class increased by 2.32%.

The Manager's Report gives details of the allocations to the various strategies to which the Company is exposed and the results of those strategies. The diversification inherent in those strategies has resulted in a wide dispersion in the results of the individual funds. It remains the role of the Manager's Investment Committee to decide on the asset allocation between funds, the result of which drives the NAV per share performance. The Board's roles are to review that performance, to be in touch with shareholders and to direct the corporate affairs of the Company. In all of these roles we have had a particularly busy few months and this looks likely to continue for a while yet.

Performance

I have set out above the NAV per share performance for the year. Despite the fact that BH Global is not designed to deliver equity-style returns the Board acknowledges that some shareholders have expressed disappointment with the performance in 2013. The Board and Manager understand that disappointment. The strong gains of the first four months of the year were not maintained and the overall result was modest; consequently the Board determined that the Company would not offer a partial return of capital based on the 2013 results.

Brevan Howard has an enviable track record of delivering long-term, risk-adjusted performance and they will continue to strive to deliver this for shareholders. In any investment strategy there are inevitable ebbs and flows of performance; but as the Manager's Report states the Manager is confident in the Company's ability to profit from trading in 2014.

Shareholders

Towards the end of 2013 I had meetings accompanied by the Company's broker or representatives of Brevan Howard, or both. with a number of the Company's major shareholders so I could listen to their views on the Company and its position in the marketplace. A number of visits were repeated in January 2014. As Chairman of the Board, it is important that I remain closely in touch with maior shareholders, particularly at times of uncertainty, of which more later. In addition, shareholders have continued to make their views known both to the Company's brokers and to Brevan Howard and, in conjunction with both Manager and advisers, the Board has noted the concerns that have been communicated.

All of your Company's directors have significant experience of being directors of investment companies and some of us, including myself, have had executive experience in constructing portfolios and in managing money. We do clearly understand the various concerns of shareholders and will strive to address them. As regards one aspect that is fully under the control of the Board, shareholders will have noted the statement in the Circular dated 5 February 2014 (the "Circular") where, on behalf of the Board, I wrote:-

"The Board is committed to the principle of discount control and taking appropriate steps based on prevailing market conditions to manage the discount and potentially enhance the Company's Net Asset Value. This will be a priority for the Board over the coming twakie monthe"

Indeed, shareholders will have noted that market purchases of shares in both the Sterling and Dollar classes have resumed and between 21 February and 24 March 2014 the Company has bought back 617,449 shares at a cost of the equivalent of US\$10,618,239. In the same period the discount to NAV at which the Sterling shares trade has narrowed from 10.3% to 8.4%.

Both the statement and the action in respect of buy-backs evidence the Board's responsiveness to shareholders' concerns. Where the resolution of some of those concerns is not within the Board's sole power, we will continue to engage in appropriate dialogue on behalf of shareholders. Our most important dialogue will continue to be with Brevan Howard who, with their responsibility for the investment performance of the Company, hold the keys to a successful future.

Corporate Affairs

Towards the end of 2013 it became clear to the Board that the NAV performance for the year was unlikely to stimulate the closing of the discount materially and thus that the trigger for Class Closure Resolutions, namely that the average discount to NAV at which the shares had traded for the whole of the twelve months would exceed 10%, would be likely to be activated. That indeed happened as the Company announced on 27 January 2014. In the run-up to the year end the Board held discussions with the Manager and the Company's brokers, J. P. Morgan Cazenove ("Cazenove"). In order to ensure wide consultation and advice, the Board appointed Canaccord Genuity ("Canaccord") as joint brokers and asked for a high level report from Cazenove and Canaccord on the position of

Chairman's Statement continued

the Company in the marketplace and on their understanding of shareholders' views. The Board considered that report and resolved to bring forward the vote on Class Closure Resolutions to the earliest practical opportunity. The Circular dated 5 February 2014 was dispatched to shareholders together with voting forms. The votes on those Resolutions were held on 27 February for the Sterling and Euro classes and on 6 March for the Dollar class.

As set out in detail in the Directors' Report, the Class Closure Resolutions for the Sterling and Dollar classes were not carried. However, the Class Closure Resolution for the Euro class was carried. The Company has written to shareholders in the Euro class setting out the options available to them. Certain countries prohibit shareholders resident in those countries from choosing from all of the options available. However, for those shareholders who are not fettered, broadly Euro class shareholders have the option of requesting redemption, switching to another of the currency classes or staying in the Euro class, subject to the Board deciding that the size of the remaining Euro class is large enough to be economically viable. Full details are set out in the notice dated 12 March 2014 (the "Notice") which is available on the Company's website.

Euro class shareholders are invited to elect for their preferred lawful option by 25 April 2014. As at the 31 January 2014, following settlement of the 31 December 2013 share conversions after which no further conversions were permitted in or out of the Euro class, the equivalent dollar value of the net assets of that class was US\$231.7m. That amounted to approximately 23% of the total dollar equivalent net assets of all three classes at that date of US\$995m. Those Euro class shareholders who elect to redeem their shares are expected to receive, for each share they hold, approximately 97% of the NAV per share as at 31 July 2014, payable probably in early September. Fuller details are set out in the Notice.

No further conversions in or out of the Euro class will be permitted until the Board determines whether that class will continue to exist. which will be dependent upon the results of the elections due to be made by 25 April 2014. However, the Company has announced that the facility for conversion in either direction between the Sterling and Dollar classes will resume from the March 2014 month end conversion date.

The Board

There has been a great deal for your Board to deal with in the last year and that will be ongoing for several months yet. I am very grateful to my fellow directors for the time and focus that they have given to the discussions. The time commitment has been far in excess of what would normally be expected of a non-executive director.

In the last few days Stephen Stonberg, who was a founding director of the Company and the former employee of Brevan Howard responsible for the design and launch of the Company in 2008, has taken up a post with another hedge fund manager. Consequently he has tendered his resignation from the Board of BH Global and this will take effect on 31 March 2014. The Board will consider whether

to replace Stephen and, if they decide to do so, the profile of the candidate that would be sought. Although I note that the Board at present is all male, any new appointment would be made with the principal aim of ensuring that appropriate skills for the governance of the Company were represented on the Board.

My colleagues and I thank Stephen for his substantial contribution and wish him well in his new career.

The Present Position

The Sterling class is the largest of the three classes and both the Board and the Manager have taken note of the fact that less than 50% of those shares voted in that class supported the Board's recommendation to vote against the Class Closure Resolution. As noted above, that Class Closure Resolution was not carried as the threshold of 75% was not reached; nevertheless, the failure to achieve a majority of support for the Board in the largest of the three votes is unsatisfactory and indicative of shareholders' concerns. The Board and Manager are actively considering what changes can be made to encourage greater shareholder support for the future and I anticipate communicating further with shareholders shortly. In general, investment companies can only prosper if the tripartite interests of shareholders, the Board and the Manager are aligned and I am determined to strive to ensure that your Company achieves that alignment.

Yours sincerely,

Sir Michael Bunbury Chairman

26 March 2014

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Performance Summary

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USD	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD
EUR	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD
GBP	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD

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BHGO – Allocations and Investment Performance

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Performance Review

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Commentary and Outlook

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Results and dividends

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:PNULKVUILOHSMVM[OL)VHYKI`!

Sir Michael Bunbury *OHPYTHU

Graham Harrison +PYLJ[VY

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Corporate governance

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The Board

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Board diversity

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Board evaluation and succession planning

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Board evaluation and succession planning (continued)

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Board and committee meetings

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	Board	Audit	Management Engagement	Nominations
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Attendance
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Directors' independence

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Directors' interests

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	31.12.2013			31.12.2012
	US Dollar	Sterling	US Dollar	Sterling
	Shares	Shares	Shares	Shares
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Directors' indemnity

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Other related party transactions

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COMMITTEES OF THE BOARD

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Audit Committee

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Audit Committee (continued)

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Management Engagement Committee

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Nominations Committee

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Remuneration Committee

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Internal Controls

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Anti-bribery and Corruption Policy

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Principal Risks and Uncertainties

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Relations with Shareholders

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Significant shareholders

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		% holdings
Significant shareholders	Total shares held	in class
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Ongoing charges

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31.12.13	US Dollar Shares	Euro Shares	Sterling Shares
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31.12.12	US Dollar Shares	Euro Shares	Sterling Shares

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Sir Michael Bunbury *OHPYTHU

Graham Harrison

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Responsibilities

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Internal control and risk management systems (continued)

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John Hallam

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Statement of Directors' Responsibility in Respect of the Audited Financial Statements

The Directors are responsible for preparing the Directors' Report and the Financial Statements in accordance with applicable laws and regulations.

Guernsey company law requires the Directors to prepare Financial Statements for each financial year. Under that law they have elected to prepare the Financial Statements in conformity with accounting principles generally accepted in the United States of America.

The Financial Statements are required by law to give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these Financial Statements the Directors are required to:-

• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• state whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the Financial Statements; and
• prepare the Financial Statements on a going concern basis unless it is inappropriate to presume that the Company will continue in business

The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the Financial Statements comply with the Companies (Guernsey) Law, 2008. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.

We confirm to the best of our knowledge that:

• so far as each of the Directors is aware, there is no relevant audit information of which the Company's Independent Auditor is unaware, and each has taken all the steps he ought to have taken as a Director to make himself aware of any relevant information and to establish that the Company's Independent Auditor is aware of that information;
• the Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America and give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company;
• the Annual Report and Financial Statements, taken as a whole, $\bullet$ are fair, balanced and understandable and provide the information necessary for shareholders to assess the Company's performance, business model and strategy; and
• the Financial Statements include information detailed in the Chairman's Statement, the Directors' Report, and the Manager's Report, which provides a fair view of the information required by:-
• (a) DTR 4.1.8 and 4.1.9 of the Disclosure and Transparency Rules. being a fair review of the Company business and a description of the principal risks and uncertainties facing the Company; and
• (b) DTR 4.1.11 of the Disclosure and Transparency Rules, being an indication of important events that have occurred since the end of the financial year and the likely future development of the Company.

Signed on behalf of the Board by:

Sir Michael Bunbury Chairman

Graham Harrison Director

26 March 2014

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Introduction

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Remuneration policy

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Directors' fees

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Company performance

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Sir Michael Bunbury *OHPYTHU

Graham Harrison

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Sir Michael Bunbury (Chairman), age 67

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John Hallam, (Senior Independent Director), age 65

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Graham Harrison, age 48

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Talmai Morgan, age 61

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Nicholas Moss, age 54

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Stephen Stonberg, age 46

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The following summarises the Directors' directorships in other public companies:

Company Name Sir Michael Bunbury	Exchange
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John Hallam
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7HY[ULYZ.YV\W.SVIHS6WWVY[\UP[PLZ3PTP[LK	0YLSHUK
Graham Harrison
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Nicholas Moss
)(*0;3PTP[LK	3VUKVU
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Talmai Morgan
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5)7YP]H[L,X\P[`7HY[ULYZ3PTP[LK	(TZ[LYKHT:-4HUK*OHUULS0ZSHUKZ
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Stephen Stonberg

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(ZH[+LJLTILY

	31.12.13 US\$ '000	31.12.12 US\$ '000
Assets
0U]LZ[TLU[PU)/.6
(TV\U[ZK\LMYVT)/.6	¶
6[OLYKLI[VYZ
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*HZOHUKIHURIHSHUJLZKLUVTPUH[LKPU:[LYSPUN
Total assets	1,014,286	1,038,961
Liabilities
3VHUUV[LZWH`HISLUV[LZHUK	¶
4HUHNLTLU[MLLZWH`HISLUV[L
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(KTPUPZ[YH[PVUMLLZWH`HISLUV[L
Total liabilities	812	7,766
Net assets	1,013,474	1,031,195
Number of shares in issue (note 5)
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Net asset value per share (notes 7 and 10)
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:PNULKVUILOHSMVM[OL)VHYKI`!

Sir Michael Bunbury *OHPYTHU

Graham Harrison +PYLJ[VY

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	01.01.13	01.01.12
	to 31.12.13	to 31.12.12
Net investment loss allocated from BHGO	US\$ '000	US\$ '000
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Net investment loss allocated from BHGO	(220)	(217)
Company income
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Total Company income	17,065	38,827
Company expenses
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6[OLYL_WLUZLZ
+PYLJ[VYZ»MLLZHUKL_WLUZLZ
(KTPUPZ[YH[PVUMLLZUV[L
Total Company expenses	7,173	7,635
Net investment gain	9,672	30,975
Net realised and unrealised gains on investments allocated from BHGO
5L[YLHSPZLKNHPUVUPU]LZ[TLU[Z
5L[\UYLHSPZLKNHPUVUPU]LZ[TLU[Z
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Net realised and unrealised gains on investments allocated from BHGO	25,737	50,277
Net increase in net assets resulting from operations	35,409	81,252

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	01.01.13	01.01.12
	to 31.12.13	to 31.12.12
	US\$ '000	US\$ '000
Net increase in net assets resulting from operations
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5L[\UYLHSPZLKNHPUVUPU]LZ[TLU[ZHSSVJH[LKMYVT)/.6
5L[YLHSPZLKHUK\UYLHSPZLKMVYLPNUL_JOHUNLSVZZHSSVJH[LKMYVT)/.6
	35,409	81,252

Share capital transactions

	(40,650)	(44,967)
:[LYSPUNZOHYLZ
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	(12,480)	(5,455)
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Net (decrease)/increase in net assets	(17,721)	30,830
Net assets at the beginning of the year	1,031,195	1,000,365
Net assets at the end of the year	1,013,474	1,031,195

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	01.01.13 to 31.12.13 US\$ '000	01.01.12 to 31.12.12 US\$ '000
Cash flows from operating activities
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0UJYLHZLPUHKTPUPZ[YH[PVUMLLZWH`HISL	¶
Net cash provided by operating activities	55,123	48,450

Cash flows from financing activities

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Net cash used in financing activities	(59,889)	(43,415)
Change in cash	(4,766)	5,035
Cash, beginning of the year	7,811	2,776
Cash, end of the year	3,045	7,811

Cash, end of the year
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	3,045	7,811

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1. The Company

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2. Organisation

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The Manager

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3. Significant accounting policies

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3. Significant accounting policies (continued)

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Valuation of investments

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Fair value measurement

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Income and expenses

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Use of estimates

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Share issue expenses

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3. Significant accounting policies (continued)

Share issue expenses (continued)

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Foreign exchange

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Cash and Bank Balances

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Treasury shares

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Allocation of results of BHGO

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Loan notes payable

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4. Management and administration agreements

Management fee

;OL*VTWHUOHZLU[LYLKPU[VHTHUHNLTLU[HNYLLTLU[^P[O[OL 4HUHNLY[VTHUHNL[OL\*VTWHU»ZPU]LZ[TLU[WVY[MVSPV;OL4HUHNLY YLJLP]LZHTHUHNLTLU[MLLVMVM?VYHWYVYH[HWYVWVY[PVU [OLYLVMWLYTVU[OVM[OLJSVZPUN5(=ILMVYLKLK\J[PVUVM[OH[ TVU[O»ZTHUHNLTLU[MLLHZH[[OLSHZ[]HS\H[PVUKHPULHJOTVU[O WHHISLTVU[OSPUHYYLHYZ)/.6P[ZLSMPZUV[Z\IQLJ[[VTHUHNLTLU[ MLLZOV^L]LY)/.6»ZPU]LZ[TLU[ZHYLZ\IQLJ[[VTHUHNLTLU[MLLZ HUKVWLYH[PVUHSZLY]PJLZMLLZYHUNPUNPUHNNYLNH[LMYVT?[V? WLYHUU\T"PUHKKP[PVU[VWLYMVYTHUJLMLLZPUJLY[HPUVM[OL\UKLYSPUN PU]LZ[TLU[Z+\YPUN[OLLHYLUKLK+LJLTILY <: !<:^HZJOHYNLKI[OL4HUHNLY HZTHUHNLTLU[MLLZ[V[OL*VTWHU`([+LJLTILY <:!<: VM[OLMLLYLTHPULKV[Z[HUKPUN

5V[LZ[V[OL(\KP[LK-PUHUJPHS:[H[LTLU[ZJVU[PU\LK

-VY[OL`LHYLUKLK+LJLTILY

4. Management and administration agreements (continued)

Management fee (continued)

;OLTHUHNLTLU[HNYLLTLU[JHUIL[LYTPUH[LKILP[OLYWHY[VUUV[SLZZ[OHUTVU[OZ»UV[PJL^P[OV[WHTLU[VMJVTWLUZH[PVUHS[OV\NO [OL\*VTWHU^V\SKILYLX\PYLK[VYLPTI\YZL[OL6MMLY*VZ[ZPM[LYTPUH[PVU^LYL[VVJJ\YILMVYL 4H;OL\*VTWHUTH[LYTPUH[L[OL THUHNLTLU[HNYLLTLU[MVY[O^P[OIUV[PJLPU[OLL]LU[VMZWLJPMPLKHJ[ZVMKLMH\S[I[OL4HUHNLY^P[OV\[WHTLU[VMJVTWLUZH[PVU

;OL*VTWHUPZHSZVLU[P[SLK[V[LYTPUH[L[OLTHUHNLTLU[HNYLLTLU[^P[OV\[WHTLU[VMJVTWLUZH[PVUPMHYLZVS[PVUPZWHZZLK[V^PUK \W[OL*VTWHUPUHJJVYKHUJL^P[OP[ZKPZJV\U[JVU[YVSTLJOHUPZTVYPM[OLUL[HZZL[]HS\LVM)/.6PZTVYL[OHUWLYJLU[SV^LY[OHU [OLH]LYHNLUL[HZZL[]HS\LVM)/.6V]LY[OLWYL]PV\Z[^LS]LTVU[OWLYPVKHS[OV\NO[OL\*VTWHU^V\SKILYLX\PYLK[VYLPTI\YZL[OL 6MMLY*VZ[ZPM[LYTPUH[PVUPU[OVZLJPYJ\TZ[HUJLZ^LYL[VVJJ\YILMVYL 4H`

0UHKKP[PVU[OL*VTWHUTH[LYTPUH[L[OLTHUHNLTLU[HNYLLTLU[VUSLZZ[OHUTVU[OZ»UV[PJL^P[OV[JH\ZLI[[OL*VTWHUT\Z[WHJVTWLUZH[PVU[V[OL4HUHNLYLX\P]HSLU[[V[OLHNNYLNH[LTHUHNLTLU[MLLZ[OH[^V\SKV[OLY^PZLKPYLJ[SVYPUKPYLJ[SOH]LILLU WHPKI[OL\*VTWHUK\YPUN[OLTVU[OZMVSSV^PUNUV[PJLVM[LYTPUH[PVU;OL*VTWHU^V\SKHSZVILYLX\PYLK[VYLPTI\YZL[OL6MMLY \*VZ[ZPM[LYTPUH[PVUPU[OVZLJPYJ\TZ[HUJLZ^LYL[VVJJ\YILMVYL 4H

Administration fee

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

5. Share Capital

Issued and authorised share capital

;OL*VTWHU^HZPUJVYWVYH[LK^P[O[OLH\[OVYP[[VPZZ\LHU\USPTP[LKU\TILYVMVYKPUHYZOHYLZ^P[OUVWHY]HS\L^OPJOTHILKP]PKLK PU[VH[SLHZ[[OYLLJSHZZLZKLUVTPUH[LKPU<:+VSSHYZ,\YVHUK:[LYSPUN;OL[YLHZ\Y`ZOHYLZOH]LHYPZLUHZHYLZ\S[VM[OLKPZJV\U[ THUHNLTLU[WYVNYHTTLHZKLZJYPILKPUUV[L

	US Dollar shares	Euro shares	Sterling shares
Number of ordinary shares
In issue at 1 January 2013	13,171,761	2,298,992	39,018,709
:OHYLJVU]LYZPVUZ
7HY[PHSJHWP[HSYL[\YU
7\YJOHZLVMV^UZOHYLZPU[V;YLHZ\Y`
In issue at 31 December 2013	11,447,780	8,987,596	31,727,417
Number of treasury shares In issue at 1 January 2013	1,267,038	240,748	3,139,947
:OHYLZW\YJOHZLKHUKOLSKPU;YLHZ\YK\YPUN[OLLHY!
¶;LUKLYVMMLY	¶	¶	¶
¶6UTHYRL[W\YJOHZLZ
:OHYLZJHUJLSSLK
In issue at 31 December 2013	1,209,106	197,180	2,770,178
Percentage of class	9.55%	2.15%	8.03%

				Company Total
Share capital account	US\$ '000	€ '000	£ '000	US\$ '000
At 1 January 2013	98,892	11,490	409,363	885,659
:OHYLJVU]LYZPVUZ				¶
7HY[PHSJHWP[HSYL[\YU
7\YJOHZLVMV^UZOHYLZPU[V;YLHZ\Y`
At 31 December 2013	76,833	98,647	314,987	832,528

5. Share capital (continued)

Issued and authorised share capital (continued)

	US Dollar shares	Euro shares	Sterling shares
Number of ordinary shares
In issue at 1 January 2012	15,185,614	2,919,762	39,910,912
:OHYLJVU]LYZPVUZ
7HY[PHS*HWP[HS9L[\YU
7\YJOHZLVMV^UZOHYLZPU[V[YLHZ\Y`
In issue at 31 December 2012	13,171,761	2,298,992	39,018,709

Number of treasury shares In issue at 1 January 2012 1,465,294 259,973 2,940,103 :OHYLZW\YJOHZLKHUKOLSKPU[YLHZ\YK\YPUN[OLLHY! ¶;LUKLYVMMLY ¶ ¶ ¶ ¶6UTHYRL[W\YJOHZLZ :OHYLZJHUJLSSLK ¶ Percentage of class 8.78% 9.48% 7.45%

Share capital account	US\$ '000	€ '000	£ '000	Company Total US\$ '000
At 1 January 2012	123,495	19,164	419,707	936,081
:OHYLJVU]LYZPVUZ				¶
7HY[PHS*HWP[HS9L[\YU
7\YJOHZLVMV^UZOHYLZPU[V;YLHZ\Y`
;LUKLYVMMLYJVZ[Z	¶	¶	¶	¶
At 31 December 2012	98,892	11,490	409,363	885,659

Share classes

0UYLZWLJ[VMLHJOJSHZZVMZOHYLZHZLWHYH[LJSHZZHJJV\U[OHZILLULZ[HISPZOLKPU[OLIVVRZVM[OL*VTWHU(UHTV\U[LX\HS[V[OL HNNYLNH[LWYVJLLKZVMPZZ\LVMLHJOZOHYLJSHZZOHZILLUJYLKP[LK[V[OLYLSL]HU[JSHZZHJJV\U[(UPUJYLHZLVYKLJYLHZLPU[OL5(=VM )/.6<:+VSSHYZZOHYLZ)/.6,\YVZOHYLZHUK)/.6:[LYSPUNZOHYLZHZJHSJ\SH[LKI)/.6PZHSSVJH[LK[V[OLYLSL]HU[JSHZZHJJV\U[ PU[OL\*VTWHU,HJOJSHZZHJJV\U[PZHSSVJH[LK[OVZLJVZ[ZWYLWHPKL_WLUZLZSVZZLZKP]PKLUKZWYVMP[ZNHPUZHUKPUJVTL^OPJO [OL+PYLJ[VYZKL[LYTPULPU[OLPYZVSLKPZJYL[PVUYLSH[L[VHWHY[PJ\SHYJSHZZ

Voting rights

6YKPUHYZOHYLZJHYY[OLYPNO[[V]V[LH[NLULYHSTLL[PUNZVM[OL*VTWHUHUK[VYLJLP]LHUKP]PKLUKZH[[YPI[HISL[V[OLVYKPUHYZOHYLZ HZHJSHZZKLJSHYLKI[OL*VTWHUHUKPUH^PUKPUN\W^PSSILLU[P[SLK[VYLJLP]LI^HVMJHWP[HSHUZ\YWS\ZHZZL[ZVM[OL*VTWHUH[[YPI\[HISL[V[OLVYKPUHYZOHYLZHZHJSHZZPUWYVWVY[PVU[V[OLPYOVSKPUNZYLTHPUPUNHM[LYZL[[SLTLU[VMHUV\[Z[HUKPUNSPHIPSP[PLZVM [OL\*VTWHU

(ZWYLZJYPILKPU[OL*VTWHU»Z(Y[PJSLZ[OLKPMMLYLU[JSHZZLZVMVYKPUHYZOHYLZOH]LKPMMLYLU[]HS\LZH[[YPI[HISL[V[OLPY]V[LZ;OL H[[YPI[LK]HS\LZOH]LILLUJHSJ\SH[LKVU[OLIHZPZVM[OL>LPNO[LK=V[PUN*HSJ\SH[PVUHZKLZJYPILKPU[OL(Y[PJSLZ^OPJO[HRLZPU[V HJJV\U[[OLWYL]HPSPUNL_JOHUNLYH[LZVU[OLKH[LVMPUP[PHSPZZ\LVMVYKPUHYZOHYLZ\*\YYLU[SVUH]V[LHZPUNSL<:+VSSHYVYKPUHYZOHYL OHZVUL]V[LHZPUNSL,\YVVYKPUHYZOHYLOHZ]V[LZHUKHZPUNSL:[LYSPUNVYKPUHY`ZOHYLOHZ ]V[LZ

;YLHZ\YZOHYLZKVUV[OH]LHU]V[PUNYPNO[Z

Repurchase of shares

;OL+PYLJ[VYZOH]LILLUNYHU[LKH[OVYP[[VW\YJOHZLPU[OLTHYRL[\W[V <:+VSSHYZOHYLZ,\YVZOHYLZHUK :[LYSPUNZOHYLZYLZWLJ[P]LSHUK[OLPU[LUK[VZLLRHUU\HSYLUL^HSVM[OPZH\[OVYP[MYVTZOHYLOVSKLYZ^OPJO^HZSHZ[NYHU[LK VU1\UL;OL+PYLJ[VYZTHH[[OLPYKPZJYL[PVU\[PSPZL[OPZZOHYLYLW\YJOHZLH\[OVYP[[VHKKYLZZHUPTIHSHUJLIL[^LLU[OL Z\WWSVMHUKKLTHUKMVYZOHYLZ

<UKLY[OL*VTWHU`»Z(Y[PJSLZ[OL+PYLJ[VYZHYLYLX\PYLK[VJVU]LULHZOHYLOVSKLYZ»TLL[PUN[VJVUZPKLY[OLYLW\YJOHZLVMHJSHZZVM ZOHYLZPUJLY[HPUJPYJ\TZ[HUJLZ:LLUV[L MVYM\Y[OLYKL[HPSZ

5V[LZ[V[OL(\KP[LK-PUHUJPHS:[H[LTLU[ZJVU[PU\LK

-VY[OL`LHYLUKLK+LJLTILY

5. Share capital (continued)

Further issue of shares

(ZHWWYV]LKI[OLZOHYLOVSKLYZH[[OL(UU\HS.LULYHS4LL[PUN OLSKVU1\UL[OL¸(.4¹[OL+PYLJ[VYZOH]L[OLWV^LY[V PZZ\LM\Y[OLYZOHYLZVUHUVUWYLLTW[P]LIHZPZMVYJHZOPUYLZWLJ[ VM<:+VSSHYZOHYLZ ,\YVZOHYLZHUK :[LYSPUNZOHYLZYLZWLJ[P]LS

;OPZWV^LYL_WPYLZVU[OLKH[LMHSSPUNMPM[LLUTVU[OZHM[LY[OLKH[L VM[OL(.4VY[OLJVUJS\ZPVUVM[OLUL_[(UU\HS.LULYHS4LL[PUNVM [OL*VTWHU`^OPJOL]LYPZ[OLLHYSPLY

Distributions

)/.6OHZUV[WYL]PV\ZSWHPKKP]PKLUKZ[VP[ZPU]LZ[VYZ;OLYLMVYL[OL +PYLJ[VYZVM[OL\*VTWHUKVUV[L_WLJ[[VKLJSHYLHUKP]PKLUKZ;OPZ KVLZUV[WYL]LU[[OL+PYLJ[VYZVM[OL\*VTWHUMYVTKLJSHYPUNH KP]PKLUKH[HU[PTLPU[OLM\[\YLPM[OL+PYLJ[VYZJVUZPKLYWHTLU[VMH KP]PKLUK[VILHWWYVWYPH[LPU[OLJPYJ\TZ[HUJLZ0M[OL+PYLJ[VYZ KLJSHYLHKP]PKLUKZ\JOKP]PKLUK^PSSILWHPKVUHWLYJSHZZIHZPZ

(ZHUUV\UJLKVU1HU\HY[OL\*VTWHUPU[LUKZ[VIL VWLYH[LKPUZ\JOHTHUULY[OH[P[ZZOHYLZHYLUV[JH[LNVYPZLKHZ UVUTHPUZ[YLHTWVVSLKPU]LZ[TLU[Z;OPZTHTLHU[OH[[OL \*VTWHUWHKP]PKLUKZPUYLZWLJ[VMHUPUJVTL[OH[P[YLJLP]LZVY PZKLLTLK[VYLJLP]LMVY<2[H_W\YWVZLZZV[OH[P[^V\SKX\HSPM`HZ HUPU]LZ[TLU[[Y\Z[PMP[^LYL<2[H_YLZPKLU[

-\Y[OLY[OL*VTWHU^PSSMPYZ[HWWSHUZ\JOPUJVTLPUWHTLU[VM P[ZTHUHNLTLU[MLLZ

;YLHZ\Y`ZOHYLZHYLUV[LU[P[SLK[VKPZ[YPI[PVUZ

Annual redemption offer

,HJOJHSLUKHYLHY[OL+PYLJ[VYZTHPU[OLPYHIZVS[LKPZJYL[PVU KL[LYTPUL[OH[[OL*VTWHUZOV\SKTHRLHUVMMLY[VYLKLLTZ\JO U\TILYVMZOHYLZVM[OL\*VTWHUPUPZZ\LHZ[OLTHKL[LYTPUL WYV]PKLK[OH[[OLTH_PT\THTV\U[KPZ[YPI[LKKVLZUV[L_JLLK ?VM[OLPUJYLHZLPU[OL5(=VM[OL*VTWHUPU[OLWYPVY JHSLUKHYLHY

;OL+PYLJ[VYZZOHSSPU[OLPYHIZVS[LKPZJYL[PVUKL[LYTPUL[OL WHY[PJ\SHYJSHZZVYJSHZZLZVMZOHYLZPUYLZWLJ[VM^OPJOHU(UU\HS 9LKLTW[PVU6MMLY^PSSILTHKL[OL[PTL[HISLMVY[OH[(UU\HS 9LKLTW[PVU6MMLYHUK[OLWYPJLH[^OPJO[OLZOHYLZVMLHJOYLSL]HU[ JSHZZ^PSSILYLKLLTLK

OL[OLYHYL[\YUVMJHWP[HSPZTHKLPUHUWHY[PJ\SHYLHYHUKPMZV [OLHTV\U[VM[OLYL[\YUTHKLWLUKHTVUNV[OLY[OPUNZVU WYL]HPSPUNTHYRL[JVUKP[PVUZ[OLHIPSP[VM[OL*VTWHU[VSPX\PKH[L P[ZPU]LZ[TLU[Z[VM\UK[OLJHWP[HSYL[\YU[OLZ\JJLZZVMWYPVYJHWP[HS YL[\YUZHUKHWWSPJHISLSLNHSYLN\SH[VYHUK[H_JVUZPKLYH[PVUZ

6U4HYJO[OLMVSSV^PUNU\TILYVMLHJOJSHZZVMZOHYLZ^LYL YLKLLTLKHUKJHUJLSSLKW\YZ\HU[[V[OLYLKLTW[PVUVMMLY!

<:+VSSHYZOHYLZH[HYLKLTW[PVUWYPJLVM<: LX\HSSPUNHNYVZZYLKLTW[PVUVM<:

,\YVZOHYLZH[HYLKLTW[PVUWYPJLVMÁ LX\HSSPUNH NYVZZYLKLTW[PVUVMÁ

:[LYSPUNZOHYLZH[HYLKLTW[PVUWYPJLVM LX\HSSPUNHNYVZZYLKLTW[PVUVM

0USPNO[VM[OLSPTP[LK5(=HWWYLJPH[PVUK\YPUNILPUN WLYJLU[MVY[OL:[LYSPUN:OHYLJSHZZ WLYJLU[MVY[OL<: +VSSHY:OHYLJSHZZHUKWLYJLU[MVY[OL,\YV:OHYLJSHZZ[OL +PYLJ[VYZKVUV[WYVWVZLTHRPUNHWHY[PHSJHWP[HSYL[\YUPUHUK ^PSSMVJ\ZPUZ[LHKVUKPZJV\U[THUHNLTLU[[OYV\NOTHYRL[ W\YJOHZLZVM[OL*VTWHU`»ZZOHYLZHZKPZJ\ZZLKPU5V[L

Share conversion scheme

;OL*VTWHUOHZPTWSLTLU[LKH:OHYL\*VU]LYZPVU:JOLTL;OL ZJOLTLWYV]PKLZZOHYLOVSKLYZ^P[O[OLHIPSP[[VJVU]LY[ZVTLVYHSS VM[OLPYVYKPUHYZOHYLZPU[OL\*VTWHUVMVULJSHZZPU[VVYKPUHYZOHYLZVMHUV[OLYJSHZZ-YVT6J[VILYZOHYLOVSKLYZH[[OL KPZJYL[PVUVM[OL)VHYKOH]LILLUHISL[VJVU]LY[VYKPUHYZOHYLZ VU[OLSHZ[I\ZPULZZKHVML]LYTVU[O,HJOJVU]LYZPVU^PSSIL IHZLKVU5(=UV[LVM[OLZOHYLJSHZZLZ[VILJVU]LY[LK

;OL*VTWHU`HUUV\UJLKVU+LJLTILY[OH[PUSPNO[VM[OL *SHZZ*SVZ\YL9LZVS[PVUWYVJLZZ[OL:OHYL*VU]LYZPVU:JOLTL ^V\SKILZ\ZWLUKLKMVSSV^PUN[OL+LJLTILYJVU]LYZPVU KH[L(M[LY[OLJVTWSL[PVUVM[OL*SHZZ*SVZ\YL9LZVS[PVUWYVJLZZ [OL:OHYL*VU]LYZPVU:JOLTL^HZYLPUZ[H[LKMVY[OL4HYJO JVU]LYZPVUKH[LMVY[OL<:+VSSHYHUK:[LYSPUN:OHYLZ

6. Taxation

Overview

;OL*VTWHUPZL\_LTW[MYVT[H\_H[PVUPU.\LYUZL\UKLY[OL 0UJVTL;H_,_LTW[)VKPLZ.\LYUZL6YKPUHUJL (JJVYKPUNSUVWYV]PZPVUMVY.\LYUZL`PUJVTL[H_LZPZPUJS\KLKPU [OLZL-PUHUJPHS:[H[LTLU[Z

Uncertain tax positions

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»Z-PUHUJPHS:[H[LTLU[Z0UJVTL[H_HUKYLSH[LKPU[LYLZ[ HUKWLUHS[PLZ^V\SKILYLJVNUPZLKI[OL\*VTWHUHZ[H_L_WLUZL PU[OL:[H[LTLU[VM6WLYH[PVUZPM[OL[H_WVZP[PVUZ^LYLKLLTLK[V UV[TLL[[OLTVYLSPRLS`[OHUUV[[OYLZOVSK

;OL*VTWHUHUHSZLZHSSVWLU[H_LHYZMVYHSSTHQVY[H\_ Q\YPZKPJ[PVUZ6WLU[H\_LHYZHYL[OVZL[OH[HYLVWLUMVYL_HTPUH[PVU I[H\_PUNH\[OVYP[PLZHZKLMPULKI[OL:[H[[LVM3PTP[H[PVUZPU LHJOQ\YPZKPJ[PVU

6. Taxation (continued)

Uncertain tax positions (continued)

;OL*VTWHUPKLU[PMPLZP[ZTHQVY[H\_Q\YPZKPJ[PVUZHZ[OL\*HTHU 0ZSHUKZHUKMVYLPNUQ\YPZKPJ[PVUZ^OLYL[OL*VTWHUTHRLZ ZPNUPMPJHU[PU]LZ[TLU[Z;OL\*VTWHUOHZUVL_HTPUH[PVUZI`[H_ H[OVYP[PLZPUWYVNYLZZ

;OL)VHYKOHZHUHSZLK[OL\*VTWHU»Z[H_WVZP[PVUZHUKOHZ JVUJS\KLK[OH[UVSPHIPSP[MVY\UYLJVNUPZLK[H\_ILULMP[ZZOV\SKIL YLJVYKLKYLSH[LK[V\UJLY[HPU[H\_WVZP[PVUZ-\Y[OLY[OL)VHYKPZUV[ H^HYLVMHU[H_WVZP[PVUZMVY^OPJOP[PZYLHZVUHISWVZZPISL[OH[ [OL[V[HSHTV\U[ZVM\UYLJVNUPZLK[H\_ILULMP[Z^PSSZPNUPMPJHU[S JOHUNLPU[OLUL_[[^LS]LTVU[OZ

7. Publication and calculation of net asset value

;OL5(=VM[OL*VTWHUPZLX\HS[V[OL]HS\LVMP[Z[V[HSHZZL[ZSLZZ P[Z[V[HSSPHIPSP[PLZ;OL5(=WLYZOHYLVMLHJOJSHZZ^PSSILJHSJ\SH[LK IKP]PKPUN[OL5(=VM[OLYLSL]HU[ZOHYLJSHZZI[OLU\TILYVM ZOHYLZVM[OLYLSL]HU[JSHZZPUPZZ\LVU[OH[KH

;OL*VTWHUW\ISPZOLZ[OL5(=WLYZOHYLMVYLHJOJSHZZVMZOHYLZ HZJHSJ\SH[LKI[OL(KTPUPZ[YH[VYIHZLKPUWHY[VUPUMVYTH[PVU WYV]PKLKI)/.6TVU[OSPUHYYLHYZHZH[LHJOTVU[OLUK

;OL*VTWHUHSZVW\ISPZOLZHULZ[PTH[LVM[OL5(=WLYZOHYLMVY LHJOJSHZZVMZOHYLZHZJHSJ\SH[LKI[OL(KTPUPZ[YH[VYIHZLKPU WHY[VUPUMVYTH[PVUWYV]PKLKI)/.6^LLRSPUHYYLHYZ

8. Discount management programme

;OL*VTWHU»ZKPZJV\U[THUHNLTLU[WYVNYHTTLPUJS\KLZ[OL HIPSP[[VTHRLTHYRL[W\YJOHZLZVMZOHYLZHUK[OLVISPNH[PVU[V WYVWVZLJSHZZJSVZ\YLYLZVS[PVUZPMPUHUMP\_LKKPZJV\U[ THUHNLTLU[WLYPVK1HU\HY[V+LJLTILYLHJOLHY[OL H]LYHNLKHPSJSVZPUNTHYRL[WYPJLVM[OLYLSL]HU[JSHZZVMZOHYLZ K\YPUNZ\JOWLYPVKPZ?VYTVYLILSV^[OLH]LYHNL5(=WLY ZOHYLVM[OLYLSL]HU[JSHZZ[HRLUV]LY[OLTVU[OS5(= +L[LYTPUH[PVU+H[LZNLULYHSS[OLSHZ[I\ZPULZZKHVMLHJOTVU[O PU[OH[MP\_LKKPZJV\U[THUHNLTLU[WLYPVKHZKLZJYPILKTVYLM\SSPU [OL*VTWHU`»ZWYPUJPWHSKVJ\TLU[Z^OPJOHYLH]HPSHISLMYVT[OL (KTPUPZ[YH[VYVUYLX\LZ[

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9. Note Purchase Agreement

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10. Financial Highlights

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10. Financial Highlights (continued)

	31.12.13	31.12.13	31.12.13	31.12.12	31.12.12	31.12.12
	US Dollar shares	Euro shares	Sterling shares	US Dollar shares	Euro shares	Sterling shares
	US\$	€	£	US\$	€	£
Per share operating performance
Net asset value at beginning of the year	12.89	13.00	13.04	12.34	12.46	12.47

Income from investment operations

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Total return	0.23	0.19	0.30	0.55	0.54	0.57
Net asset value, end of the year	13.12	13.19	13.34	12.89	13.00	13.04
Total return	1.79%	1.47%	2.32%	4.44%	4.35%	4.55%

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	31.12.13	31.12.13	31.12.13	31.12.12	31.12.12	31.12.12
	US Dollar	Euro	Sterling	US Dollar	Euro	Sterling
	shares	shares	shares	shares	shares	shares
	US\$ '000	€ '000	£ '000	US\$ '000	€ '000	£ '000
Supplemental data
Net asset value, end of the year	150,179	118,551	423,293	169,756	29,885	508,791
Average net asset value for the year	161,562	37,703	490,085	181,118	33,496	499,139
	31.12.13	31.12.13	31.12.13	31.12.12	31.12.12	31.12.12
	US Dollar shares	Euro shares	Sterling shares	US Dollar shares	Euro shares	Sterling shares
Ratio to average net assets
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*VTWHU`L_WLUZLZ
)/.6L_WLUZLZ
	0.77%	0.84%	0.74%	0.80%	0.96%	0.75%
Net investment loss*	(0.80%)	(0.86%)	(0.73%)	(0.78%)	(0.84%)	(0.76%)

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11. Related Party Transactions

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12. Subsequent Events

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	Number
	of shares	Cost Cost
Treasury shares	purchased	(US\$) (in currency)
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Historic Performance Summary

				31.12.09
				US\$ '000
35,409	81.252	39,147	(13, 348)	166,593
1,014,286	1,038,961	1,000,993	979,050	992,245
(812)	(7,766)	(628)	(885)	(732)
1,013,474	1,031,195	1,000,365	978,165	991,513
11.447.780	13.171.761	15,185,614	21,859,989	26,766,139
8.987.596	2.298.992	2.919.762	3,333,754	5,392,188
31.727.417	39.018.709	39.910.912	36,417,607	31,461,725
	31.12.13 US\$ '000	31.12.12 US\$ '000	31.12.11 US\$ '000	31.12.10 US\$ '000

US Dollar shares	JS\$13.12 10.12	JS\$12.89	IS\$12.34	JS\$11 79	1.61
Euro shares	€13.19	€13.00	€12.46	86، ر	€11.66
Sterling shares	£13.34	ີ 13.04	F 12 47	£11.92 ~	ි11.73

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BH GLOBAL LIMITED, ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS 2013 39

Notes

BH GLOBAL LIMITED, ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS 2013

Notes

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Directors

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Administrator and Corporate Secretary

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Independent Auditor

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Legal Advisors (Guernsey Law)

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Legal Advisors (UK Law)

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Corporate Brokers

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