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                           

                               3 November 2014                                 

On 3 November 2014 the Company purchased the following amount of shares:

  * 10,000 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 19.1738 per US Dollar 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 by Number of shares in issue less shares  
the Company following the purchase and  held in treasury following the purchase
non-cancellationas described above      as described above                     
                                                                               
539,217 Euro Shares                     5,303,059 Euro Shares                  
                                                                               
2,040,341 US Dollar Shares              19,216,377 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 3 November 2014, the total number of voting rights in the Company (rounded
down to the whole number) is 76,551,731.

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]