Potential Share Issuance

BH MACRO LIMITED (the “Company”)

(a closed-ended investment company incorporated in Guernsey with registration number 46235)

LEI: 549300ZOFF0Z2CM87C29

Announcement of Potential Share Issuance

Further to publication on 9 August 2022 of the estimated net asset value per share of each class of the Company's shares as at 5 August 2022 and the publication on 26 July 2022 of the monthly final net asset value per share of each class of the Company's shares as at 30 June 2022, the Company confirms that it may sell Sterling shares at a price of 4,375 pence per share, reflecting a 9.8% premium to the estimated net asset value per share as at 5 August 2022 and a 9.8% premium to the monthly final net asset value per share as at 30 June 2022 and that it may sell US Dollar shares at a price of $44.20 per share, reflecting a 8.5% premium to the estimated net asset value per share as at 5 August 2022 and a 8.5% premium to the monthly final net asset value per share as at 30 June 2022.

The Company intends to issue new Sterling shares on this basis until 12:00 p.m. on 11 August 2022. Investors wishing to participate in this issuance should reflect their interest to J.P. Morgan Securities PLC.

This announcement is made to highlight to the market that the Company has authority to issue shares at a premium to net asset value as announced and up to the amount specified in the authority announced on 5 May 2022. There can however be no certainty that the company will issue shares pursuant to this authority.

This announcement is only intended for investment professionals, high net worth companies, partnerships, associations or trusts and investment personnel of any of the foregoing (each as defined within the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005) and any other persons to whom it may be communicated lawfully. No other person should act or rely on it.

Company website:  www.bhmacro.com

Enquiries:

J.P. Morgan Cazenove

Tel: [phone]

Email: [e-mail] & [e-mail]

Northern Trust International Fund Administration Services (Guernsey) Limited

Tel:  [phone]