Moody Rating

BH Macro Limited
16 October 2007


                                                                   Press release





                      BREVAN HOWARD Master Fund gains TOP

                           MOODY'S OPERATIONS RATING


BH Macro has been notified that the $13.8 billion Brevan Howard Master Fund (the
'Master Fund'), has been awarded a rating of OQ1 - Excellent, Moody's top
Operations Quality rating ('OQ'). This is the first OQ rating issued by Moody's
to a hedge fund with a European fund manager, having already assigned a number
of ratings to several multi-billion dollar hedge funds, with managers based in
the United States.


The Master Fund, which was launched on 1 April 2003, has 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.


Some of Moody's key considerations in awarding the Brevan Howard Master Fund the
OQ1 - Excellent rating includes:


  * Robust, comprehensive and independent operational and valuation processes
    and practices
  * The use of an established independent administrator to conduct back-office
    functions, in addition to an in-house team
  * Benchmark quality risk management practices
  * Significant levels of unencumbered cash maintained in the Fund to address
    liquidity risk


Moody's Investors Service is a leading provider of credit ratings, fund ratings,
research and risk analysis. Moody's OQ ratings address various internal and
external aspects of a hedge fund's operations, both internal and external.
Moody's determines the OQ rating by evaluating the following areas: valuation
process; service providers; accounting controls; regulatory compliance; risk
reporting and control; legal and financial structure; human resources; and any
other issues specific to the fund being rated. The rating scale ranges from OQ1
to OQ5; OQ1 is excellent and OQ5 is poor.


                                    - Ends -


For further information please contact:

Maitland (Brevan Howard PR)                          [phone]
Alastair Crabbe/ Andrea Coleman
Moody's Alternative Investment Ratings               [phone]
Odi Lahav


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.



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