BH Macro Limited is a closed-ended investment company, registered and incorporated in Guernsey on 17 January 2007 (Registration Number: 46235).

BH Macro Limited invests substantially all of its assets (net of short-term working capital) in the ordinary shares of Brevan Howard Master Fund Limited. BH Macro Limited was admitted to the Main Market of the London Stock Exchange on 14 March 2007.

Brevan Howard Master Fund Limited ("BHMF") is an exempted company incorporated with limited liability in the Cayman Islands as an open-ended investment company on 22 January 2003 and launched on 1 April 2003. The investment objective of BHMF is to generate consistent long-term appreciation through active leveraged trading on a global basis. Exposure is predominantly to global fixed income and FX markets, employing a combination of global macro and relative value trading strategies.