Board changes

BH Macro Limited
25 September 2007


                        BH MACRO ANNOUNCES BOARD CHANGES

BH Macro Limited (the 'Company') has today announced the appointment of Stephen
Stonberg, a Partner at Brevan Howard Asset Management, as a Director of the
Company. He takes over from Nagi Kawkabani, who steps down from the Board
effective today, 25 September.

                                    - Ends -

For further information please contact:

Maitland                                         [phone]
Alastair Crabbe/ Andrea Coleman

Notes to editors

Stephen Stonberg
Director, BH Macro Limited
Partner, Head of Business Development, Brevan Howard Asset Management LLP
('BHAM')

Mr. Stonberg joined BHAM in September 2006 as Head of Business Development and
subsequently became a Partner in April 2007. Prior to joining BHAM, Mr. Stonberg
had worked for JPMorgan (2001-2006) as Managing Director and Global Head of
Strategy and Business Development for the Investment Banking Division
(2003-2006) and as Managing Director and Head of Credit Derivative Marketing
EMEA (2001-2003). Previously, Mr. Stonberg had worked at Deutsche Bank
(1996-2001) as Managing Director of Global Credit Derivatives. Mr. Stonberg
holds an M.B.A. from Harvard Business School (1994) and a Bachelor's Degree in
Economics from Columbia University (1989). He is currently a non-executive
Director of Coalition Development Limited and a Trustee of the Freeplay
Foundation (a charitable organisation).

BH Macro Limited

BH Macro Limited is a closed-ended, limited liability investment company,
registered and incorporated in Guernsey on 17 January 2007 with an unlimited
life.


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