REG-BH Macro Limited: Publication of Supplementary Prospectus

BH MacroAnnouncement

18/04/2023 15:45

THIS ANNOUNCEMENT IS NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES OR TO
ANY US PERSON, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF SOUTH
AFRICA, ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA OR ANY OTHER
JURISDICTION IN WHICH ITS DISTRIBUTION MAY BE UNLAWFUL

Publication of Supplementary Prospectus

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

The Company’s board of directors (the “Board”) announces that it has
today published a supplementary prospectus (the “Supplementary
Prospectus”) supplementing the prospectus published by the Company on 23
January 2023 in relation to the Initial Issue and Issuance Programme of, in
aggregate, up to 220 million new ordinary shares of no par value each in the
capital of the Company (“Shares”) to be denominated as either Sterling
shares (the “Sterling Shares”) or US dollar shares (the “US Dollar
Shares”) (the “Prospectus”). 

The Supplementary Prospectus has been issued following the publication of the
Company’s annual report and audited consolidated financial statements as at
and for the year ended 31 December 2022 (the “2022 Annual Report”) and the
publication of the audited consolidated financial statements as at and for the
financial year ended 31 December 2022 of Brevan Howard Master Fund Limited
(the “Master Fund”) (the “2022 Master Fund Financial Statements”).
Certain information from the 2022 Annual Report and the 2022 Master Fund
Financial Statements is incorporated by reference into the Supplementary
Prospectus. The Supplementary Prospectus also updates the no significant
change statements in relation to each of the Company and the Master Fund
included in the Prospectus, to cover the period since 31 December 2022.

The Prospectus (comprising a summary, a registration document and a securities
note) published by the Company on 23 January 2023, together with the
Supplementary Prospectus, comprise the Prospectus in relation to the Issuance
Programme for up to 220 million new Shares, of which 146,875,600 Shares (to be
denominated either as Sterling Shares or US Dollar Shares) remain available
for issue.

Unless otherwise defined, capitalised terms used in this Announcement shall
have the same meaning as set out in the Prospectus. Copies of the
Supplementary Prospectus and the 2022 Annual Report will be submitted to the
National Storage Mechanism and will be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism. Copies of the
Supplementary Prospectus, the 2022 Annual Report and the 2022 Master Fund
Financial Statements are available on the Company's website at www.bhmacro.com

Enquiries

BH Macro
Richard Horlick
Chairman

J.P. Morgan Cazenove
William Simmonds / Rupert Budge      Tel: +44 (0) 20 7742 4000

Important Notice

The information contained in this announcement is for background purposes only
and does not purport to be full or complete. No reliance may be placed by any
person for any purpose on the information contained in this announcement or
its accuracy, fairness or completeness.

Nothing contained herein constitutes or should be construed as (i) investment,
tax, financial, accounting or legal advice (ii) a representation that any
investment or strategy is suitable or appropriate to individual circumstances
or (iii) a personal recommendation.

J.P. Morgan Securities plc, which conducts its UK investment banking
activities as J.P. Morgan Cazenove ("JPMC"), which is authorised by the
Prudential Regulation Authority and regulated by the Prudential Regulation
Authority and the FCA in the United Kingdom, is acting exclusively for the
Company and no-one else in connection with the Initial Issue and will not be
responsible to anyone other than the Company for providing the protections
afforded to customers of JPMC or for providing advice in relation to the
Initial Issue, or any other matter referred to herein.



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