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 1 December 2014 On 1 December 2014 the Company purchased the following amount of shares: * 2,000 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 19.5925 per US Dollar Share. * 5,000 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 20.3397 per Sterling Share. * 1,000 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 19.7000 per Euro Share. These shares will be held as treasury shares. Following the above share transactions 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 above held in treasury following the abovetransaction transaction 530,941 Euro Shares 5,221,862 Euro Shares 1,934,825 US Dollar Shares 18,738,999 US Dollar Shares 3,614,680 Sterling Shares 38,271,423 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 1 December 2014, the total number of voting rights in the Company (roundeddown to the whole number) is 75,772,008 Enquiries: Company website: www.bhmacro.com William SimmondsJPMorgan CazenoveTel: 020 7588 2828 The Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedTel: 01481 745368