First Day of Dealings

BH Macro Limited
09 March 2007



THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION,
DISTRIBUTION OR RELEASE IN, OR INTO, DIRECTLY OR INDIRECTLY, THE UNITED STATES,
CANADA, AUSTRALIA OR JAPAN OR TO US PERSONS. THE INFORMATION CONTAINED HEREIN
DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE INCLUDING IN THE UNITED
STATES, AUSTRALIA, CANADA OR JAPAN.


9 March 2007


              BH Macro announces first day of conditional dealings

BH Macro Limited (the 'Company'), a newly listed feeder fund investing in the
Brevan Howard Master Fund, is pleased to announce its first day of conditional
dealings on the London Stock Exchange. In all, the Company has placed 82.8
million shares with investors, raising a total of €770 million or $1,012
million.

In addition, to cover over-allotments, further shares (up to an amount equal to
10% of the shares issued in each share class, equivalent to €77 million or $101
million in total) may be issued under an over-allotment option which is
exercisable until 5 April 2007.

The Offer has been well received by investors and comprised 27.2 million Euro
Shares at €10 per share, 45.1 million US Dollar Shares at $10 per share and 10.5
million Sterling Ordinary Shares at £10 per share.

BH Macro is a Guernsey-registered closed ended investment company and is being
listed under Chapter 14 of the UK Listing Authority's Listing Rules. The Company
intends to invest the entire proceeds of the Offer, net of short-term working
capital requirements of approximately €2 million, in the $11.74 billion Brevan
Howard Master Fund (as at 28 February 2007).

Brevan Howard Master Fund Limited (the 'Master Fund') is a leading global macro
fund, which has had a strong track record since inception, despite sub-optimal
market conditions for its investment strategies, and is currently closed to new
investors, with the exception of investments (i) to replace any redemptions by
existing investors and (ii) by or for the benefit of the partners, officers and
employees of the Brevan Howard Group and their connected persons. US dollar
denominated shares in Brevan Howard Fund Limited, another feeder fund to the
Master Fund, have generated unaudited annualised returns of 10.53% net of fees
since its inception on 1 April 2003 through to 31 January 2007.

Shares in the Company will trade under the following tickers:


•  Euro denominated shares        BHME
•  US dollar denominated shares   BHMU
•  Sterling denominated shares    BHMG


Ian Plenderleith, Chairman of BH Macro, commented: 'We are pleased to offer
investors direct access to one of the world's leading hedge funds, which is a
significant step forward for the hedge fund industry as a whole. We are
delighted that the Offer has been well received by a broad range of investors,
and believe that raising over $1 billion of funds in only six weeks from a
substantially new investor base, under a new listing regime, is testament to the
high quality of this offering. We now look forward to life as a public company.'

Citigroup Global Markets Limited, Goldman Sachs International and JPMorgan
Cazenove Limited are acting as Joint Global Coordinators, Joint Lead Managers
and Joint Bookrunners to the Offer and J.P. Morgan Securities Ltd. is acting as
Joint Lead Manager to the Offer. The Joint Global Coordinators, Joint Lead
Managers and Joint Bookrunners, each of which is authorised and regulated in the
UK by the FSA, are acting for the Company and for no one else in connection with
the Offer and will not be responsible to anyone other than the Company for
providing the protections afforded to the respective customers of the Joint
Global Coordinators, Joint Lead Managers and Joint Bookrunners, or for affording
advice in relation to the Offer or any matters referred to herein.

 
                                   - Ends -


For further information please contact:

Brevan Howard                        
Stephen Stonberg                     [phone]

Maitland                             [phone]
Neil Bennett
Alastair Crabbe

Citigroup                            
Jolyon Luke                          [phone]
Iain Robertson                       [phone]


Goldman Sachs International
Jeremy Sloan                         [phone]

JP Morgan Cazenove
Angus Gordon Lennox                  [phone]
Arjun Khullar                        [phone]


Notes to editors

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.

Brevan Howard Group

The Brevan Howard Group of affiliated entities employs over 250 people
(including over 100 investment professionals) across its offices in Dublin, Hong
Kong, Jersey, London, New York, Tel Aviv, Tokyo and Washington (the 'Brevan
Howard Group') and manages assets in excess of US$12 billion (as at 28 February
2007).

The manager of the Company

Brevan Howard Offshore Management Limited ('BHOML' or the 'Manager') is the
manager of the Company. BHOML was incorporated in the Cayman Islands on 22
January 2003 and is regulated, as manager of the Company, by the Jersey
Financial Services Commission pursuant to the Collective Investment Funds
(Jersey) Law 1988 (the 'Law') and the Orders made thereunder.

Brevan Howard Master Fund Limited

The Master Fund is a hedge fund with predominant exposure to global fixed income
and foreign exchange markets. It was incorporated in the Cayman Islands on 22
January 2003 and launched on 1 April 2003. As at 28 February 2007 the Master
Fund had assets of approximately $11.74 billion. The Master Fund's current
investor base (invested via two feeder funds) is comprised mainly of investment
management companies (funds of funds), pension funds, family offices, insurance
companies, government agencies and private banks.


                              Important Information

The information contained herein is not for publication, distribution or release
in or into, directly or indirectly, the United States of America. These
materials do not contain or constitute an offer of securities for sale in the
United States. The securities referred to herein have not been and will not be
registered under the US Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration under that Act or an
available exemption from it. The Company does not intend to register the
securities or conduct a public offering in the United States. The Company will
not be registered under the US Investment Company Act of 1940, as amended, and
investors will not be entitled to the benefits of that Act.


The contents of this announcement, which have been prepared by and are the sole
responsibility of BH Macro Limited, have been approved by Brevan Howard Asset
Management LLP solely for the purposes of section 21(2)(b) of the Financial
Services and Markets Act 2000.







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