Issue of Equity

BH MACRO LIMITED (the “Company”)

(a closed-ended investment company incorporated in Guernsey with registration number 46235)

LEI: 549300ZOFF0Z2CM87C29

Issue of Equity

17 November 2021

The Company has today issued 169,976 Sterling Shares pursuant to its block listing facility at a price of 3,700 pence per share, which represents a premium to the prevailing net asset value per share. These Sterling Shares are issued under the waiver of pre-emption rights authorised by shareholders and rank pari passu with existing Sterling Shares in issue.

As a result of the transaction described above, the Company's issued share capital consists of 25,647,506 Sterling Shares and 2,712,632 US Dollar Shares. The Company holds no Shares in treasury.

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 this transaction. These are:

• US Dollar Share  0.7606
• Sterling Share  1.4710

From 17 November 2021, the total number of voting rights in the Company (rounded down to the whole number) is 39,790,709.

The above figure (39,790,709) may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules

Enquiries:

Company website:  www.bhmacro.com

Northern Trust International Fund Administration Services (Guernsey) Limited

Tel:  [phone]