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

14 July 2016

BH Macro Limited (the Company) announces today it has purchased the following number of its ordinary shares on the London Stock Exchange from J.P. Morgan Securities plc:

Ordinary Shares: - Share Class	Sterling	Euro	Dollar
Date of purchase:	14 July 2016	14 July 2016	14 July 2016
Number of ordinary shares purchased:	11,285	5,000	3,612
Lowest price per share	19.26	18.75	18.65
Highest price per share	19.30	18.75	18.65
Trading venue	London	London	London
Aggregate volume per date per trading venue:	11,285	5,000	3,612
Weighted average price per day per trading venue:	19.2818	18.75	18.65

The Company intends to hold the purchased shares in treasury.

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:

Ordinary Shares in issue (excluding Treasury)	Ordinary Shares held in Treasury
23,006,765 Sterling Shares	2,340,481 Sterling Shares
2,425,144 Euro Shares	267,169 Euro Shares
11,058,674 Dollar Shares	1,202,263 Dollar Shares

From 14 July 2016, the total number of voting rights in the Company (rounded down to the whole number) is 44,679,323.

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]