Transparency Reporting

BH Macro Limited (the "Company")                        

    (a closed-ended investment scheme established as a company with limited    
      liability under the laws of Guernsey with registered number 46235)       

                            Transparency Reporting                             

                                 27 April 2015                                 

As an investor in Brevan Howard Master Fund Limited (the "Master Fund"), the
Company has received from International Fund Services, the administrator of the
Master Fund, an Investor Transparency Report relating to the Net Asset Value of
the Master Fund as at 31 March 2015. The report is available on the Company's
website, which can be accessed at www.bhmacro.com.

Enquiries:

Company website:        www.bhmacro.com

Northern Trust International Fund Administration Services (Guernsey) Limited
Andrew Maiden
Tel:       [phone]