Risk reports

BH Macro Limited
03 April 2007


BH Macro Limited

BH Macro Limited (the 'Company'), which on 2 April 2007 invested the proceeds of
its initial public offering of shares in the Brevan Howard Master Fund Limited
(the 'Master Fund'), has been supplied by Brevan Howard Asset Management LLP
('BHAM') with weekly risk reports regarding the Master Fund dated 23 February
2007, 28 February 2007, 9 March 2007 and 16 March 2007.

It is intended that risk reports regarding the Master Fund will ordinarily be
made available on the Company'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/3195u_-2007-4-3.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 the Company's investment in the Master Fund.

                                   * - * - *

Important Information

The material relating to the Master Fund included in this announcement and its
linked content 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
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, the Company 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: 3 April 2007



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