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 2014and and is being circulated to satisfy the quarterly account statement obligationsObjective 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 asCapital 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 MasterFund Limited (the "Fund"). Brevan Howard Capital Management LP acting throughits general partner Brevan Howard Capital Management Limited ("BHCM") hassupplied certain information herein regarding BHM's and the Fund's performanceand outlook.BHCM is regulated by the Jersey Financial Services Commission as afund services business and is the commodity pool operator of BHM. The material relating to BHM and the Fund included in this investor statementis provided for information purposes only, does not constitute an invitation oroffer to subscribe for or purchase shares in BHM or the Fund and is notintended to constitute "marketing" of either BHM or the Fund as such term isunderstood for the purposes of the Alternative Investment Fund ManagersDirective 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 aninvestment decision. Tax treatment depends on the individual circumstances of each investor in BHMand may be subject to change in the future. Returns may increase or decrease asa result of currency fluctuations. You should note that, if you invest in BHM, your capital will be at risk andyou 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 toseek expert legal, financial, tax and other professional advice before makingany investment decisions. THE VALUE OF INVESTMENTS CAN GO DOWN AS WELL AS UP. YOU MAY NOT GET BACK THEAMOUNT ORIGINALLY INVESTED AND YOU MAY LOSE ALL OF YOUR INVESTMENT. PASTPERFORMANCE IS NOT A RELIABLE INDICATOR OF FUTURE RESULTS.