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 2017                                

    As an investor in Brevan Howard Master Fund Limited (the "Master Fund"), the
    Company has received from International Fund Services, the administrator of the
    Master Fund, an Investor Transparency Report relating to the Net Asset Value of
    the Master Fund as at 31 December 2016.  The report is available on the
    Company's website, which can be accessed at www.bhmacro.com.

    Enquiries:

    Company website:        www.bhmacro.com

    Northern Trust International Fund Administration Services (Guernsey) Limited
    Sharon A Williams
    Tel:       +44 (0) 1481 745436