BH Macro Limited - Shareholder Update PR Newswire (a closed-ended investment company incorporated in Guernsey with registration number 46235) LEI: 549300ZOFF0Z2CM87C29 16 February 2021 Shareholder update Further to the Company's announcement on 22 January 2021, the Company has agreed with Brevan Howard Capital Management LP (the "Manager") that the Company will put forward to shareholders the changes to its management agreement requested by the Manager in its letter dated 21 January 2021 (the "Manager's Proposed Changes"). The Company has also agreed with the Manager that if shareholders approve the Manager's Proposed Changes, the Company will make a tender offer to shareholders to acquire up to 40% of the Company's shares at a price equal to 98% of the net asset value per share at the time of completion of the tender offer less an amount per share in respect of the costs of the tender offer.