Investor Release

BH Macro Limited
20 April 2007


BH Macro Limited

BH Macro Limited ('BHM'), which is a feeder fund investing in the Brevan Howard
Master Fund Limited (the 'Master Fund'), has been supplied by Brevan Howard
Asset Management LLP ('BHAM') with the following information regarding the
Master Fund in respect of the Master Fund's March 2007 performance and outlook.

In particular, it should be noted that the figures regarding the monthly net
asset value performance returns for March 2007 for Brevan Howard Fund Limited
are provided purely for informational purposes. The proceeds of the offering of
shares in BHM were invested in shares of the Master Fund on 2 April 2007 and any
returns in the Master Fund only accrue to BHM from that date.

                                     * * *

Brevan Howard Master Fund Limited Monthly Report for March 2007

Organisational update

I am mindful that I have not given you a general update on developments at
Brevan Howard for some time, so I will take this opportunity to do so.


Brevan Howard recently launched BH Macro (BHM), an LSE-listed company acting as
a direct feeder into the Brevan Howard Master Fund (BHMF). We are delighted to
report that the BHM launch has been a great success.


From a standing start, BHM raised a little over $1billion in only 6 weeks. There
was very little switching of funds or further top-ups from current investors,
which meant that over 90% of the issue's proceeds were composed of new money
from a substantially new investor base. This success is a testament to both the
quality of the offering and to the quality of the Brevan Howard team.


Our intent in raising a modest amount of capital relative to the overall size of
the Master Fund through a quasi-permanent capital vehicle such as BHM is to
enhance further the stability of our capital base without impairing capacity for
future organic growth. I believe that the amount raised hit the perfect balance
of achieving both these aims.


The significant effort involved in BHM's success did not distract me or the
trading team from our trading activities. As I have often articulated, my job is
to manage the overall risk of the portfolio and to generate investment returns
from my own trading book. No business initiatives will distract me or the
trading team from our core responsibilities in this regard. In any event, Brevan
Howard has a deep enough bench to execute these types of challenging projects
without my close involvement. Consequently, we were able to generate a 1.99%
return in January, a 0.74% return in February and a further 1.31% in March (USD
'A' share class), while marketing BH Macro.


Brevan Howard has undertaken some further new initiatives over the last several
months. In New York, Brevan Howard US Asset Management has recruited Najib
Canaan to establish an ABS business. Najib was most recently global head of
fixed income ex-Japan for Nomura Securities and brings with him 15 years of
experience in successfully building and managing complex ABS businesses.


We believe that cashflow securitisation is a huge on-going theme due to the
shortage of financial assets relative to the size of the global liquidity pool.
Our expertise in derivatives, fixed income and risk management, as well as our
strong relationships with global investment banks, gives us a clear edge in
managing these assets. Najib and his team will be allocated less than 2.5% of
BHMF's current assets, and it is our current intention that this activity will
eventually be conducted in a segregated fund.


In London, BHAM has recruited George Spentzos from Cheyne Capital to trade
corporate credit. We believe that what happens to credit over the next couple of
years may have a significant impact on rates and FX. We must therefore be
involved in the credit market for the information value it has for our broader
macro trading. George and his team have been allocated less than 2% of BHMF's
current assets.

 We will look to add opportunistically to our credit and ABS trading
capabilities while maintaining a very small overall aggregate exposure in BHMF
to these asset classes.


BHAM has also entered into a joint venture with Brad Huntington and John
Williams to invest in reinsurance companies and finite reinsurance opportunities
through a segregated Brevan Howard reinsurance fund. Brad and John have a long
and successful history investing in reinsurance assets. They most recently
worked together at Imagine, where Brad was the founding CEO. This reinsurance
fund will allow BHMF to earn geared returns on its trading activities. The
capital allocation to this reinsurance fund will be about 1% of BHMF's current
assets.


BHMF's exposure to these new strategies will not grow to levels which could have
any kind of material impact on the NAV of the fund. As was the case with our
expansion into single stock equity trading back in 2005, once the exposure of
BHMF to any non-fixed income/macro strategy becomes large enough to impact the
NAV, the strategy will be spun off into a segregated fund with a limited
investment from BHMF.


In addition, these initiatives, as with all previous non-core trading
initiatives, will not be a distraction for me or the rest of the trading team. I
will not be closely involved in the development of these new businesses, apart
from assessing and controlling the risk, which of course is my responsibility as
CIO.


I believe that Brevan Howard's involvement in these areas will enhance our
information flow, and consequently our macro trading capabilities, while
providing returns which are uncorrelated to our core strategies.


We have made a good start to 2007 and my challenge, as always, is to keep
focused on our core business and on the returns to the Master Fund.


Sincerely,


Alan Howard

Chief Investment Officer and Joint Chief Executive Officer

Brevan Howard Asset Management LLP



Performance Review

The monthly net asset value performance returns for March 2007 for Brevan Howard
Fund Limited ('BHFL'), an Irish Stock Exchange listed feeder fund for the Master
Fund, were as follows:
+--------------------+----------+
|USD Class A Shares  |1.31%     |
+--------------------+----------+
|EUR Class A Shares  |1.20%     |
+--------------------+----------+
|GBP Class A Shares  |1.32%     |
+--------------------+----------+

These figures, which are unaudited, are net of all investment management fees
and all other fees and expenses payable by BHFL.

Most of the Master Fund's profit during March 2007 came from fixed income
directional strategies. The Master Fund also benefited from being long vega (via
long term options) and long gamma (via short term options). The long volatility
positions paid off as distress in the subprime market caused volatility to rise.


Within Emerging Markets, long fixed income and FX trades were profitable for the
Master Fund in March.


There was only limited P/L from Commodities, Equities and FX directional trades
during the month.


Outlook

US

One of the most pronounced themes during March was the fear that distress in
subprime mortgages would materially impact other markets. The contagion,
however, has been well contained thus far. The subprime mortgages fall-out may
have a marginal impact on growth in the coming months, primarily through further
reduced demand for housing, but it is probable that fears of the magnitude of
any slowdown caused by this factor are overdone.


For the time being, recession in the housing sector and slowing business
investment is being counterbalanced by increases in consumption spending.
Consumption spending is being encouraged by gains in personal income and the
lagged effects of increases in the stock market.  In addition, fundamentals for
the labour market point to further job creation.


Despite slower growth, core price inflation increased to its cycle high of 2.4%
in Q1. We do not believe that it will increase further. Given the prevailing
conditions of a muted growth outlook and uncertain expectations on CPI, we
continue to believe that the Fed is on hold for now.


Europe

GDP growth rates in Q1 were lower than in the first half of 2006, but still
point to a robust economic outlook. In particular, business confidence surveys
remain at high levels.


The rise in German VAT on 1st January dented private consumption in that
country, but the wider effects on consumption and inflation have been moderate.
In March, euro area consumer price inflation was 1.9%, with approximately
0.2-0.3pt accounted for by the German tax increase.


Monetary growth continues unabated, with M3 growth reaching 10% in February.
Although growth in loans to the private sector moderated slightly, it remains
high, indicating continued expansion.

This set of data is unlikely to alter the ECB's bias towards further rate hikes.
While the ECB modified some of its key language to suggest that the end of the
tightening cycle may be approaching, it has clearly left the possibility of at
least one further rate hike open. The ECB has been vague on the timing of such a
move, which will doubtless be driven by the data. Our best guess is that a hike
will not come before June.


UK


The MPC voted 8-1 for no change in interest rates at its 8th March meeting. This
decision was unsurprising in the context of a mixed set of economic data and the
possible exposure of the UK economy to broad-based financial market turmoil at
the end of February.


Data on activity in the UK have been erratic in Q1. For example, retail sales
fell sharply in January but rebounded in February. Volatile movements around the
turn of the year are common, which will cause the MPC to discount them to some
extent.


Rather than economic activity, the BoE's focus will be on price and cost
developments. Consumer price inflation surprised on the upside, at 2.8% in
February, which was above the BoE's target. Although a decrease in inflation is
expected following announcements of price cuts by many of the main electricity
and gas suppliers, we believe the BoE may raise rates in the next couple of
months.


Japan

Q1 has seen sustained economic growth and the development of a virtuous cycle of
production, income and spending.

According to the MoF's Corporate Survey and the March Tankan Survey, capital
expenditure remains strong and net exports continue to contribute to growth
despite the US slow-down.


Although industrial production has slowed, we expect recovery during Q2.
Consumption has also showed signs of strengthening, with rises in the Cabinet
Office Consumption Index and the BoJ Consumption Index. The only weakness lies
in wages which have failed to reflect the tightening of the labour market, but
we expect this to come through in due course.


Such broad-based economic growth should result in the continuation of the BoJ's
policy to normalise monetary policy. However, due to political pressure, it is
our belief that another hike before autumn is unlikely to occur.

Positioning

The following table summarises the broad thrust of the Master Fund's positioning
as at the end of March:
+--------------------------------------------------+
|                                                  |
+--------------------------------------------------+
|Fixed income: long the EUR curve, especially the  |
|short end                                         |
+--------------------------------------------------+
|Fixed income: (small) short the USD curve         |
+--------------------------------------------------+
|Fixed income: (small) long the GBP curve,         |
|especially the short end                          |
+--------------------------------------------------+
|Fixed income: long vega across the USD, EUR, GBP  |
|curves                                            |
+--------------------------------------------------+
|FX: long straddles across a range of currencies   |
+--------------------------------------------------+
|Equity: slightly long                             |
+--------------------------------------------------+
|Commodities: generally long Energy, Metals and    |
|Softs                                             |
+--------------------------------------------------+


                                   * - * - *

Risk Reports dated 23 March 2007 and 30 March 2007
BHM, which on 2 April 2007 invested the proceeds of its initial public offering of shares in the Master Fund, has been 
supplied by BHAM with weekly risk reports regarding the Master Fund dated 23 March 2007 and 30 March 2007.

It is intended that risk reports regarding the Master Fund will ordinarily be made available on BHM's website but as 
the website is not yet operational they can be viewed on the following link:

http://www.rns-pdf.londonstockexchange.com/rns/2557v_-2007-4-20.pdf

It should be noted that the information contained in the risk reports is unaudited and is provided purely for 
informational purposes. The reports relate to a period prior to BHM's investment in the Master Fund.


                                   * - * - *

Important Information

The material relating to the Master Fund and BHFL included in this announcement
has been prepared by BHAM and is provided for information purposes and does not
constitute an invitation or offer to subscribe for or purchase any of the
products or services mentioned. The material provided is not intended to provide
a sufficient basis on which to make an investment decision. Information and
opinions presented in the material relating to the Master Fund and BHFL have
been obtained or derived from sources believed by BHAM to be reliable, but BHAM
makes no representation as to their accuracy or completeness.

Estimated results, performance or achievements may materially differ form any
actual results, performance or achievements. Except as required by applicable
law, BHM and BHAM expressly disclaim any obligations to update or revise such
estimates to reflect any change in expectations, new information, subsequent
events or otherwise.


This document is for information purposes only and is not an offer to invest.
All investments are subject to risk. Past performance is no guarantee of future
returns. Prospective investors are advised to seek expert legal, financial, tax
and other professional advice before making any investment decisions. BHAM is
authorised and regulated by the Financial Services Authority.


Enquiries:


Northern Trust International Fund Administration Services (Guernsey) Limited


Harry Rouillard 44 (0)1481 745315


Date: 20 April 2007




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