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 2015

On 10 November 2015 the Company purchased the following amount of shares:

• 50,000 ordinary shares of no par value in the value in the capital of the Company designated as Sterling shares (“Sterling Shares”) at a price of GBP 20.0000 per Sterling Share.
• 14,735 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 19.6000 per US Dollar Share.
• 30,000 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 19.7083 per Euro Share.

These shares will be held as treasury shares.

On 10 November 2015, the Company also cancelled 123,000 EUR treasury shares.

Following the above share transactions 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 the Company following the above transaction	Number of shares in issue less shares held in treasury following the above transaction
395,433 Euro Shares	4,535,624 Euro Shares
1,710,327 US Dollar Shares	17,673,764 US Dollar Shares
3,387,117 Sterling Shares	34,767,100 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 2015, the total number of voting rights in the Company (rounded down to the whole number) is 69,120,693.

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]