BH Macro Limited is a closed-ended investment company. The Company invests all of its assets directly in Brevan Howard Master Fund Limited (the Master Fund), which is managed by the Brevan Howard group, a hedge fund in the form of a Cayman Islands open-ended investment company, which has as its investment objective the generation of consistent long-term appreciation through active leveraged trading and investment on a global basis. The Master Fund can invest in a range of instruments including, but not limited to, debt securities and obligations (which may be below investment grade), bank loans, listed and unlisted equities, other collective investment schemes, currencies, commodities, futures, options, warrants, swaps and other derivative instruments. Brevan Howard Capital Management LP (the Manager) is the manager of the Company.