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
25 January 2016

On 25 January 2016 the Company purchased the following amount of shares:

• 35,608 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 20.0201 per Sterling Share.
• 28,835 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 19.2161 per US Dollar Share.

These shares will be held as 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
376,223 Euro Shares	4,149,708 Euro Shares
1,600,571 US Dollar Shares	16,726,438 US Dollar Shares
3,593,033 Sterling Shares	32,778,007 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 25 January 2016, the total number of voting rights in the Company (rounded down to the whole number) is 65,088,285.

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]