Directorate Change

BH Macro Limited (the "Company")
(a closed-ended collective investment scheme established as a company with limited liability under the laws of Guernsey with registered number 46235)

LEI: 549300ZOFF0Z2CM87C29

Directorate Change
1 May 2019

The Company announces the appointment of Richard Horlick as an independent non-executive Director of the Company with effect from 1 May 2019.

Mr Horlick is currently the non-executive chairman of CCLA Investment Management which

manages £8bn of assets for over 38,000 charities and church and local authority funds. He has

served on a number of closed end fund boards most recently Pacific Assets Trusts Plc from

December 2005 until June 2014 and Tau Capital Plc from May 2007 to January 2014. He was a partner and non-executive chairman of Pensato Capital LLP until its successful sale to RWC

Partners in 2017.

He has had a long and distinguished career in investment management graduating from Cambridge University in 1980 with an MA in Modern History. After 3 years in the corporate finance department of Samuel Montagu he joined Newton Investment Management in January 1984 where he became a Director and portfolio manager. In 1994 he joined Fidelity International as President of their institutional business outside the US and in 2001 became President and CEO of Fidelity Management Trust Company in Boston which was the Trust Bank for the US Fidelity Mutual fund range and responsible for their defined benefit pension business. In 2003 he joined Schroders Plc as a main board director and head of investment worldwide. In January 2006 he established Spencer House Capital Management with Lord Jacob Rothschild. In addition he has been a business angel investing in a wide range of private companies.

Mr Horlick is a UK resident.

There are no disclosures to be made in respect of LR 9.6.13 (2-6). All of Mr Horlick’s current directorships in publicly quoted companies and in the past five years are noted below as required by LR 9.6.13 (1).

Directorships
Pacific Assets Trust plc – resigned 24 June 2014

Enquiries:

Company website:        www.bhmacro.com

Northern Trust International Fund Administration Services (Guernsey) Limited
Tel:       [phone]