Result of EGM

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)   

                   Results of Extraordinary General Meeting                    

                                3 December 2014                                

The Company is pleased to announce that at the Extraordinary General Meeting
held on 3 December 2014, the special resolution as set out in the Notice of Meeting
dated 10 November 2014 was unanimously passed by way of a show of hands.

The number of votes for and against each of the resolutions and the number of
votes withheld were as follows:

Special Resolution                                 For         Against   Vote     
                                                                         Withheld 
                                                                               
That the Company be and is hereby generally and    36,651,242  0         0        
unconditionally authorised in accordance with                                  
the Companies (Guernsey) Law, 2008, as amended                                 
(the "Companies Law"), to make market                                          
acquistions (as defined in the Companies Law)                                  
of each class of its shares (either for                                        
retention as treasury shares for resale or                                     
transfer, or cancellation), PROVIDED THAT:                                     
                                                                               
 a. the maximum number of shares authorised to                                 
    be purchased shall be 794,928                                              
    sharesdesignated as Euro shares, 2,876,787                                 
    shares designated as US Dollar shares and                                  
    5,771,068shares designated as Sterling                                     
    shares (being 14.99 per cent. of the shares                                
    of each class in issueas at the latest                                     
    practicable date prior to the date of                                      
    publication of this document,                                              
    excludingshares held in treasury);                                         
                                                                               
 b. the minimum price (exclusive of expenses)                                  
    which may be paid for a share shall be 1                                   
    cent forshares designated as Euro shares, 1                                
    cent for shares designated as US Dollar                                    
    shares and 1pence for shares designated as                                 
    Sterling shares;                                                           
                                                                               
 c. the maximum price which may be paid for a                                  
    share of the relevant class is an amount                                   
    equal tothe higher of: (a) 105 per cent. of                                
    the average of the middle market quotations                                
    for a share of therelevant class on the                                    
    relevant market for the five business days                                 
    immediately preceding the dateon which the                                 
    share is purchased; and (b) the higher of                                  
    (i) the price of the last independent                                      
    tradefor a share of the relevant class and                                 
    (ii) the highest current independent bid                                   
    for a share of therelevant class at the                                    
    time of purchase; and                                                      
                                                                               
 d. the authority hereby conferred shall expire                                
    at the annual general meeting of the                                       
    Company in 2015 unless such authority is                                   
    varied, revoked or renewed prior to such                                   
    date by a special resolution of the Company                                
    in general meeting.                                                        

Note:

  * In total, 7.68% of the Euro shares in issue, 73.45% of the Sterling shares
    in issue and 26.33% of the US Dollar shares in issue were voted on the
    resolutions.
   
  * "Votes withheld" are not votes in law and are not counted in the
    calculation of the proportion of votes for or against a resolution.
   
Enquiries:

Company website: www.bhmacro.com

Northern Trust International Fund Administration Services (Guernsey) Limited
Andrew Maiden
Tel: [phone]