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

23 April 2014

On 23 April 2014 the Company purchased the following amount of shares:

·     4,367 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 19.4500 per Sterling Share.

·     12,843 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 18.7603 per Sterling Share.

·     6,764 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 18.9200 per Euro Share.

These shares will be held as treasury shares. Following the purchase 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:

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 23 April 2014, the total number of voting rights in the Company (rounded down to the whole number) is 87,190,503.

Enquiries:

Company website:        www.bhmacro.com

William Simmonds

JPMorgan Cazenove

Tel: 020 7588 2828

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Tel: 01481 745368