Share Buy-back Programme

BH Macro Limited (the "Company")

(an authorised closed-ended collective investment scheme established as a company with limited liability under the laws of Guernsey with registration number 46235)

5 July 2016

Share buy-back programme

The Company is updating its disclosure policy to include RIS disclosure of the details of its own share purchase authority, which it renews annually as part of its ability to make on-market share buy-backs pursuant to its discount management programme.  Going forward, the Company expects to make similar announcements each time the authority is renewed by shareholders.

The Company announces that, pursuant to a shareholder resolution passed at its annual general meeting on 24 June 2016, it has authority to make own-share market acquisitions up to a maximum of 14.99 per cent. of each class of its ordinary shares currently in issue other than shares held in treasury.  This authority will last until the Company’s annual general meeting in 2017 unless it is varied, revoked or renewed by shareholders before that annual general meeting. 

Buy-backs made pursuant to the authority will be funded from the Company’s existing resources.  While the price per share paid by the Company may depend on market conditions at the time of each buy back, the Company will not buy back shares for a price that would exceed the maximum price(s) set out in the shareholder authority or the prevailing net asset value per share for the relevant class. 

The Company has appointed J.P. Morgan Securities plc to act as its broker in respect of the buy-backs.

All buy-backs will be undertaken pursuant the Company’s discount management programme and their effect will be to reduce the number of shares of the Company in issue.

This arrangement is in accordance with Chapter 12 of the UKLA Listing Rules and the Company’s shareholder authority to make market purchases of its own shares.

Enquiries

Brevan Howard:
Dan Riggs
020 7022 6236

Northern Trust:
Sharon A Williams
01481 745436