REG-BH Macro Limited: Increase in Annual Buyback Allowance

BH MacroAnnouncement

19/01/2026 11:45

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

Increase in Annual Buyback Allowance

The board of directors of the Company is pleased to announce that it has
agreed with the Company's manager, Brevan Howard Capital Management Limited,
acting as the sole general partner of Brevan Howard Capital Management LP (the
"Manager") to increase the Annual Buyback Allowance applicable to the
Company's Sterling Shares and US dollar Shares in respect of the current
calendar year under the management agreement in relation to the Company (the
"Management Agreement").

Under the Management Agreement, if, in any calendar year, the Company makes
repurchases or redemptions of either class of Shares above the applicable
Annual Buyback Allowance, the Company is required to pay to the Manager an
additional fee equal to 2 per cent. of the price paid by the Company to
repurchase or redeem those additional Shares.

The Annual Buyback Allowance in respect of each class of Shares for each
calendar year is ordinarily equal to 5 per cent. of the number of Shares of
the relevant class in issue as at 31 December in the immediately preceding
calendar year (in each case excluding Shares held in treasury).

Under its agreement with the Manager, the Company's Annual Buyback Allowance
in respect of each class of Shares for 2026 has been increased from 5 per
cent. to 14.99 per cent. of the number of Shares of the relevant class in
issue as at 31 December 2025, excluding Shares held in treasury.

As at close of business on 16 January 2026, prior to the increase in the
Annual Buyback Allowance agreed between the Company and the Manager, the
Company had purchased 1,980,750 Sterling Shares through on-market Share
purchases during 2026 and had purchased 57,383 US dollar Shares. Accordingly,
the Company would be entitled during the remainder of the year, at the
discretion of the Board, to repurchase under its Share buyback programme up to
a further 45,319,383 Sterling Shares (equal to approximately 14.45 per cent.
of the Sterling Shares currently in issue, excluding Sterling Shares held in
treasury) and up to           3,510,366           US dollar Shares (equal to
14.78 per cent. of the US dollar Shares currently in issue, excluding US
dollar Shares held in treasury) in each case without incurring the additional
fees otherwise payable to the Manager under the Management Agreement.
Shareholders should note that there can be no expectation that the Board will
exercise any such discretion to authorise further buy-backs of Shares.

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 74500



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