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
2 December 2015

On 2 December 2015 the Company purchased the following amount of shares:

• 75,000 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 20.4183 per Sterling Share.
• 55,000 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 19.5507 per US Dollar Share.
• 7,500 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 19.7867 per Euro Share.

These shares will be held as treasury shares.

On 2 December 2015, the Company also cancelled 435,000 USD 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
457,723 Euro Shares	4,366,334 Euro Shares
1,517,849 US Dollar Shares	17,431,491 US Dollar Shares
3,065,885 Sterling Shares	34,248,177 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 2 December 2015, the total number of voting rights in the Company (rounded down to the whole number) is 68,003,794.

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]