Creation of new private fund expected to invest in the Company

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED

BH MACRO LIMITED (the "Company") (an authorised closed-ended collective investment scheme established as a non-cellular company limited by shares under the laws of Guernsey with registration number 46235)

LEI: 549300ZOFF0Z2CM87C29  

Creation of new private fund expected to invest in the Company

BH Macro Limited announces that that it has been informed by its manager, Brevan Howard Capital Management, LP (the "Manager"), that the Manager is in the process of establishing a new private fund (the "Fund") which, once launched, intends to invest and trade in strategies and funds managed by the Manager, including the Company. The Fund will not be publicly traded.

Specifically, the Fund is expected to invest in, amongst other things, both the Company and Brevan Howard Master Fund Limited (the "Master Fund"), in which the Company invests all of its assets (net of expenses and short term working capital). The Fund will have the ability to trade in shares of either currency class in the capital of the Company ("Shares") through on-market purchases and sales.

The acquisition of Shares by the Fund will generally be funded by redemptions of its direct investments in the Master Fund, and the proceeds of sales of Shares will be invested directly in the Master Fund or other strategies and funds managed by the Manager.

Enquiries:

Company website: www.bhmacro.com

William Simmonds

Rupert Budge

JPMorgan Cazenove

Tel: 020 7588 2828

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Tel: 01481 745001