Transparency Reporting

BH Macro Limited (the "Company") (a closed-ended investment scheme established as a company with limited liability under the laws of Guernsey with registered number 46235) Transparency Reporting 26 January 2015 As an investor in Brevan Howard Master Fund Limited (the "Master Fund"), theCompany has received from International Fund Services, the administrator of theMaster Fund, an Investor Transparency Report relating to the Net Asset Value ofthe Master Fund as at 31 December 2014. The report is available on theCompany's website, which can be accessed at www.bhmacro.com. Enquiries: Company website: www.bhmacro.comNorthern Trust International Fund Administration Services (Guernsey) LimitedAndrew MaidenTel: +44 (0) 1481 745368