Board changes - CLARIFICATION

BH Macro Limited
26 September 2007



                BH Macro announces board changes - CLARIFICATION

Yesterday we announced the appointment of Stephen Stonberg to the board of BH
Macro Limited ('BH Macro'). Further to this announcement, we would like to
clarify that whilst Nagi Kawkabani has stepped down from the board of BH Macro,
he remains a partner and co-CEO of Brevan Howard Asset Management and a board
member of the Brevan Howard Master Fund.

                                    - Ends -

For further information please contact:

Maitland                                         [phone]
Alastair Crabbe/ Andrea Coleman





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