BH Macro Limited NAVs, Tender Offer redemption prices and timetable

 
TIDMBHMG TIDMBHMU TIDMBHME 
 
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR 
INTO, THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN 
 
                       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) 
 
                                 21 April 2017 
 
          31 March 2017 Final month end net asset value per share and 
                 Tender Offer redemption prices and timetable 
 
As at the close of business on 31 March 2017 the month end final net asset 
value per share of each class of the Company's shares are as follows: 
 
Fund Name      Sedol          NAV            MTD            YTD            NAV Date 
                                             Performance    Performance 
 
BH Macro Ltd   B1NPGV1        $21.15         -2.84%         -2.44%         31 March 2017 
 
BH Macro Ltd   B1NP514        2184p          -2.95%         -2.67%         31 March 2017 
 
BH Macro Ltd   B1NPGZ5        EUR21.25         -3.04%         -2.85%         31 March 2017 
 
Accordingly, the final repurchase prices per share for the shares to be 
acquired by the Company pursuant to the tender offer to shareholders (the 
"Tender Offer") launched by the Company on 27 January 2017 are as follows 
(being in each case 96 per cent. of the relevant net asset value per share): 
 
                                                            Tender Price 
 
Sterling shares                              GBP20.9706 
 
Euro shares                                  EUR20.3956 
 
US dollar shares                             $20.3041 
 
The shares to be acquired by the Company pursuant to the Tender Offer will be 
repurchased effective 25 April 2017 and the Tender Offer consideration 
despatched thereafter. 
 
The net asset value figures in this announcement have been calculated by 
Northern Trust International Fund Administration Services (Guernsey) Limited 
and are based on unaudited valuations.  The month-end net asset values do not 
take any account of the effect of the Tender Offer or the costs associated with 
the Tender Offer. 
 
This document is for information purposes only and is not an offer to invest. 
All investments are subject to risk.  Past performance is no guarantee of 
future returns and the value of investments may fluctuate.  Prospective 
investors are advised to seek expert legal, financial, tax and other 
professional advice before making any investment decisions. Results achieved in 
the past are no guarantee of future results. 
 
The MTD performance figures are calculated  by reference to the previous 
estimated month end  NAV or, if published, the previous  month end  confirmed 
NAV.  The YTD performance figures are calculated by reference to the NAV at the 
end of the last calendar year.  MTD and YTD performance figures are based on 
the NAV per share calculated to four decimal places. 
 
Enquiries 
 
Brevan Howard: 
 
Dan Riggs 
 
020 7022 6236 
 
J.P. Morgan Cazenove: 
 
William Simmonds 
 
020 7742 4000 
 
Northern Trust: 
 
Sharon Williams 
 
01481 745436 
 
Important notices 
 
J.P. Morgan Securities plc, which conducts its UK investment banking activities 
as J.P. Morgan Cazenove ("J.P. Morgan Cazenove"), which is authorised by the 
Prudential Regulation Authority and regulated by the Prudential Regulation 
Authority and the Financial Conduct Authority in the United Kingdom.  J.P. 
Morgan Cazenove is acting as corporate broker to the Company and has no 
liability or responsibility to any person or entity other than the Company in 
such capacity. 
 
This announcement does not constitute an offer or solicitation to acquire or 
sell any securities in the Company. 
 
There is no guarantee that, following the Tender Offer, the Company will make 
any purchases of its own shares or that any class discontinuation vote will be 
held.  Accordingly, investors should not expect that they will necessarily be 
able to realise, within a period which they would otherwise regard as 
reasonable, their investment in the Company, nor can they be certain that they 
will be able to realise their investment on a basis that necessarily reflects 
the value of the Company's investment in Brevan Howard Master Fund Limited. 
 
This announcement is not for distribution in or into the United States, Canada, 
Australia or Japan or any other jurisdiction in which its distribution may be 
unlawful.  This announcement is not an offer of securities for sale in the 
United States or elsewhere.  The securities of the Company have not been and 
will not be registered under the United States Securities Act of 1933, as 
amended (the "Securities Act"), and may not be offered or sold in the United 
States unless registered under the Securities Act or pursuant to an exemption 
from such registration.  The Company has not been and will not be registered 
under the US Investment Company Act of 1940, as amended, and investors are not 
entitled to the benefits of that Act.  There has not been and there will be no 
public offering of the Company's securities in the United States. 
 
 
 
END
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