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 14 October 2014 On 14 October 2014 the Company purchased the following amount of shares: * 34,728 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 20.5172 per Sterling Share. * 50,000 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 19.4502 per US Dollar Share. * 3,518 ordinary shares of no par value in the value in the capital of the Company designated as Euro shares ("Euro Shares") at a price of EUR 19.8815 per Euro Share. These shares will be held as treasury shares. On 14 October 2014, the Company also cancelled 950,000 Sterling treasury sharesand 550,000 US Dollar treasury shares. Following the purchase and cancellation of the relevant Euro, US Dollar andSterling Shares, the total number of shares in issue in each share class of theCompany will be as follows: Total number of treasury shares held by Number of shares in issue less sharesthe Company following the purchase and held in treasury following the purchasenon-cancellationas described above as described above 517,334 Euro Shares 5,329,373 Euro Shares 1,667,597 US Dollar Shares 19,579,658 US Dollar Shares 3,391,431 Sterling Shares 39,032,360 Sterling Shares The number of votes each share in the Company is entitled to on a poll at anygeneral meeting of the Company was published by the Company on 9 March 2007 andwill not change as a result of the conversions. These are: Euro Share 1 US Dollar Share 0.7606 Sterling Share 1.4710 From 14 October 2014, the total number of voting rights in the Company (roundeddown to the whole number) is 77,638,262. Enquiries: Company website: www.bhmacro.com William SimmondsJPMorgan CazenoveTel: 020 7588 2828 The Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedTel: 01481 745368