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

28 April 2016

On 28 April 2016 the Company purchased the following amount of shares:

• 1,000 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 19.4600 per Sterling Share.
• 1,000 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 18.6770 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
370,319 Euro Shares	3,430,325 Euro Shares
1,503,057 US Dollar Shares	15,212,974 US Dollar Shares
3,370,640 Sterling Shares	31,248,829 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 28 April 2016, the total number of voting rights in the Company (rounded down to the whole number) is 60,968,340.

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]