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)

16 August 2016

BH Macro Limited (the Company) announces today it has purchased the following number of its ordinary shares on the London Stock Exchange from J.P. Morgan Securities plc:

Ordinary Shares: - Share Class	Sterling	Euro	Dollar
Date of purchase:	16 August 2016	16 August 2016	16 August 2016
Number of ordinary shares purchased:	67,810	25,151	5,890
Lowest price per share	19.19	18.48	18.50
Highest price per share	19.24	18.52	18.55
Trading venue	London	London	London
Aggregate volume per date per trading venue:	67,810	25,151	5,890
Weighted average price per day per trading venue:	19.2196	18.5039	18.5265

The Company intends to hold the purchased shares in treasury.

On 16 August 2016, the Company also cancelled 25,300 EUR 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:

Ordinary Shares in issue (excluding Treasury)	Ordinary Shares held in Treasury
22,400,295 Sterling Shares	2,354,112 Sterling Shares
2,289,179 Euro Shares	254,008 Euro Shares
10,969,705 Dollar Shares	1,029,383 Dollar Shares