21 August 2009

Brevan Howard Fund Limited - Re: Creation of Trading Subsidiaries

The Directors of Brevan Howard Fund Limited (the 'Company') wish to announce the creation of two subsidiaries through which Brevan Howard Master Fund Limited (the 'Master Fund') will invest, BHIOF Investments Limited and BHMF Securities Limited (the 'Subsidiaries').

BHMF Securities Limited was incorporated in Mauritius on 12th September 2008 bearing incorporation number 83599 as per the Certificate of Incorporation issued by the Registrar of Companies on 12th September 2008. It has been licensed under Section 97 of the of the Securities Act 2005 to operate as a Collective Investment Scheme and has been granted a Category 1 Global Business 22nd September 2008, bearing number C108006622 from the Financial Services Commission ('FSC').

BHIOF Investments Limited was incorporated in Mauritius on 20th June 2008 bearing incorporation number 81413 as per the Certificate of Incorporation issued by the Registrar of Companies on 20th June 2008. It has been licensed under Section 97 of the of the Securities Act 2005 to operate as a Collective Investment Scheme and has been granted a Category 1 Global Business 23rd June 2008, bearing number C108006157 from the FSC.

The purpose of each of the subsidiaries is to hold certain investments in India however the Company does not expect any such investments to be of a material nature.

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