Investor Statement

BH MACRO LIMITED                                                                   
                                                                                           
        INVESTOR STATEMENT                                                                 
        For the quarter ended 30 September 2014                                             
                                                                                           
                                                                                           
        YOUR ATTENTION IS DRAWN TO THE DISCLAIMER AT THE END OF THIS DOCUMENT              
                                                                                           
        © Brevan Howard Capital Management LP (2014). All Rights Reserved.                 
                                                                                           
       
 

Overview   This Investor Statement covers the period of 1 July 2014 to 30 September 2014  
and        and is being circulated to satisfy the quarterly account statement obligations 
Objective  of the commodity pool operator of BH Macro Limited ("BHM") pursuant to CFTC    
           Regulation 4.7.                                                                
                                                                                          
                                                                                          
Company    The total net assets of BHM are summarised as follows:                         
Size                                                                                      
                  30 September               Change in Net Assets      30        30 June  
                      2014     30 June 2014                         September     2014    
           Share                              30 June 2014 to 30      2014                
           Class   Currency:    Currency:         September                    In Currency
                       USD          USD    2014 Currency: USD (mm) In Currency  of Class  
                      (mm)          (mm)                            of Class      (mm)    
                                                                      (mm)                
                                                                                          
            USD      410.1        418.1              -8.0             410.1       418.1   
           Shares                                                                         
                                                                                          
            EUR      141.3        157.4             -16.2             111.8       115.0   
           Shares                                                                         
                                                                                          
            GBP     1,371.0      1,449.5            -78.5             845.7       847.7   
           Shares                                                                         
                                                                                          
           Total    1,922.4      2,025.1            -102.7              -           -     
                                                                                          
                                                                                          
           Source: Northern Trust International Fund Administration Services (Guernsey)   
           Limited ("Northern Trust")                                                     
                                                                                          
           Figures are rounded to one decimal place.                                      
                                                                                          
Share      The number of shares in issue in each share class of BHM is summarised as      
Capital    follows:                                                                       
                                                                                          
           Share Class 30 September 2014 30 June 2014                                     
                                                                                          
           USD Shares     19,730,206      21,089,811                                      
                                                                                          
           EUR Shares      5,348,758      5,766,145                                       
                                                                                          
           GBP Shares     39,207,288      41,341,649                                      
                                                                                          
                                                                                          
           Source:Northern Trust                                                          
                                                                                           
                                                                                          
               
 

Performance  The closing share price* of each share class of BHM is summarised as follows:
Review                                                                                    
               Share Class    30 September 2014 30 June 2014                              
                                                                                          
             USD Shares (US$)       19.66          18.93                                  
                                                                                          
              EUR Shares (€)        19.83          19.225                                 
                                                                                          
              GBP Shares (£)        20.42          19.61                                  
                                                                                          
                                                                                          
             Source: Bloomberg                                                            
                                                                                          
             The NAV per share* of each share class of BHM is summarised as follows:      
                                                                                          
               Share Class    30 September 2014 30 June 2014                              
                                                                                          
             USD Shares (US$)       20.79          19.82                                  
                                                                                          
              EUR Shares (€)        20.91          19.95                                  
                                                                                          
              GBP Shares (£)        21.57          20.51                                  
                                                                                          
                                                                                          
             * NAV performance is provided for information purposes only. Shares in BHM do
             not necessarily trade at a price equal to the prevailing NAV per Share.      
                                                                                          
             Source: BHM's Net Asset Value per Share data is provided by BHM's            
             Administrator, Northern Trust, and is based on the Fund's Net Asset Value    
             data provided by the Administrator of the Fund, International Fund Services  
             (Ireland) Limited. BHM's Net Asset Value data in this report is unaudited and
             net of all investment management fees (2% annual management fee and 20%      
             performance fee) and all other fees and expenses payable by BHM.In addition, 
             the Fund is subject to an operational services fee of 50bps per annum.       
                                                                                          
                                                                                          
                                                                                          
             PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS                         
                                                                                          
             Further details of monthly performance information and the outlook of the    
             Fund and BHM can be obtained from BHM's Shareholder Reports, copies of which 
             can be found on BHM's website: www.bhmacro.com                               
                                                                                          
                                                                                          
                                                                                          
             To the best of my knowledge and belief, the information detailed in this     
             statement is accurate and complete:                                          
                                                                                          
             By:                                                                          
                                                                                          
             Name: David Barton                                                           
                                                                                          
             Title: Head of Legal 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 Macro   
             Limited.                                                                     
                                                                                          
                
 

Important Legal Information and Disclaimer

BH Macro Limited ("BHM") is a feeder fund investing in Brevan Howard Master
Fund Limited (the "Fund").  Brevan Howard Capital Management LP acting through
its general partner Brevan Howard Capital Management Limited ("BHCM") has
supplied certain information herein regarding BHM's and the Fund's performance
and outlook.BHCM is regulated by the Jersey Financial Services Commission as a
fund services business and is the commodity pool operator of BHM.

The material relating to BHM and the Fund included in this investor statement
is provided for information purposes only, does not constitute an invitation or
offer to subscribe for or purchase shares in BHM or the Fund and is not
intended to constitute "marketing" of either BHM or the Fund as such term is
understood for the purposes of the Alternative Investment Fund Managers
Directive as it has been implemented in states of the European Economic Area.
This material is not intended to provide a sufficient basis on which to make an
investment decision.

Tax treatment depends on the individual circumstances of each investor in BHM
and may be subject to change in the future. Returns may increase or decrease as
a result of currency fluctuations.

You should note that, if you invest in BHM, your capital will be at risk and
you may therefore lose some or all of any amount that you choose to invest.
This material is not intended to constitute, and should not be construed as,
investment advice.  All investments are subject to risk. You are advised to
seek expert legal, financial, tax and other professional advice before making
any investment decisions.

THE VALUE OF INVESTMENTS CAN GO DOWN AS WELL AS UP.  YOU MAY NOT GET BACK THE
AMOUNT ORIGINALLY INVESTED AND YOU MAY LOSE ALL OF YOUR INVESTMENT.  PAST
PERFORMANCE IS NOT A RELIABLE INDICATOR OF FUTURE RESULTS.