Transaction in Own Shares

BH Macro Limited (the "Company")                        

  (a closed-ended collective investment scheme established as a company with   
  limited liability under the laws of Guernsey with registered number 46235)   

                           Transaction in Own Shares                           

                               10 November 2014                                

On 10 November 2014 the Company purchased the following amount of shares:

  * 15,000 ordinary shares of no par value in the value in the capital of the
    Company designated as US Dollar shares ("US Dollar Shares") at a price of
    USD 19.3220 per US Dollar Share.
   
  * 2,299 ordinary shares of no par value in the value in the capital of the
    Company designated as Euro shares ("Euro Shares") at a price of EUR 19.5000
    per Euro Share.
   
These shares will be held as treasury shares. Following the purchase of the
relevant Euro, US Dollar and Sterling Shares, the total number of shares in
issue in each share class of the Company will be as follows:

Total number of treasury shares held Number ofshares in issue less      
by the Company following the above   shares held in treasury following  
transaction                          the above transaction              
                                                                        
544,233 Euro Shares                  5,298,043 Euro Shares              
                                                                        
2,098,341 US Dollar Shares           19,158,377 US Dollar Shares        
                                                                        
3,922,059 Sterling Shares            38,499,453 Sterling Shares         

The number of votes each share in the Company is entitled to on a poll at any
general meeting of the Company was published by the Company on 9 March 2007 and
will not change as a result of the conversions. These are:

Euro Share        1

US Dollar Share   0.7606

Sterling Share    1.4710

From 10 November 2014, the total number of voting rights in the Company
(rounded down to the whole number) is 76,502,600.

Enquiries:

Company website:        www.bhmacro.com

William Simmonds
JPMorgan Cazenove
Tel: [phone]

The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Tel: [phone]