BH Macro : Result of AGM

                       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)

                   RESULT OF ANNUAL GENERAL MEETING ("AGM")

                                 24 JUNE 2016

The Board of BH Macro Limited is pleased to announce that at the AGM held on 24
June 2016, all thirteen resolutions as set out in the Notice dated 23 May 2016
were duly passed by way of a show of hands.

The proxy votes received on each resolution proposed at the AGM were as
follows.  A vote withheld is not a vote in law and has not been counted in the
votes for and against a resolution.

     Ordinary Resolutions                              For      Against      Vote
                                                                           Withheld

1.   That the Annual Audited Financial Statements   8,361,216  0          0
     of the Company for the period ended 31
     December 2015, together with the Reports of
     the Directors and the Auditors thereon, be
     received and considered.

2.   That KPMG Channel Islands Limited be           8,070,873  16,888     273,455
     re-appointed as Auditors until the conclusion
     of the next annual general meeting.

3.   That the Board of Directors be authorised to   8,361,216  0          0
     determine the remuneration of the Auditors.

4.   That Ian Plenderleith be re-elected as a       8,087,761  273,455    0
     Director.

5.   That Huw Evans be re-elected as a Director.    8,357,814  3,402      0

6.   That Colin Maltby be re-elected as a Director. 8,361,216  0          0

7.   That Claire Whittet be re-elected as a         3,361,216  0          0
     Director.

8.   That John Le Poidevin be elected as a          8,087,761  273,455    0
     Director.

9.   That the Directors' Remuneration Report        8,361,216  0          00
     contained in the Annual Audited Financial
     Statements of the Company for the period ended
     31 December 2015 be approved.

10.  That the Directors be generally and            8,361,216  0          0
     unconditionally authorised to allot and issue,
     grant rights to subscribe for, or to convert
     securities into, up to 857,033 shares
     designated as Euro shares, 3,800,472 shares
     designated as US Dollar shares and 7,805,333
     shares designated as Sterling shares
     respectively (being 24.99 per cent. of the
     Company's shares of each class in issue as at
     the latest practicable date prior to the date
     of publication of this document and 33.34 per
     cent. of the shares of each class in issue
     following the implementation of the Tender
     Offer on the basis of the acceptances that the
     Company has received under the tender offer
     for up to 25 per cent. of the issued shares of
     each class of the Company commenced on 27
     April 2016 (the "Tender Offer") (excluding in
     each case shares held in treasury)) for the
     period expiring on the date falling fifteen
     months after the date of passing of this
     Resolution 10 or the conclusion of the next
     annual general meeting of the Company,
     whichever is the earlier, save that the
     Company may before such expiry make an offer
     or agreement which would or might require
     shares to be allotted and issued after such
     expiry and the Directors may allot and issue
     shares in pursuance of such an offer or
     agreement as if the authority had not expired.

     Special Resolutions                               For      Against      Vote
                                                                           Withheld

11.  That the Company be and is hereby generally    8,361,216  0          0
     and unconditionally authorised in accordance
     with the Companies (Guernsey) Law, 2008, as
     amended (the "Companies Law"), to make market
     acquisitions (as defined in the Companies Law)
     of each class of its shares (either for the
     retention as treasury shares for resale or
     transfer, or cancellation), PROVIDED THAT:

     a.     the maximum number of shares authorised
     to be purchased shall be 385,819 shares
     designated as Euro shares, 1,710,897 shares
     designated as US Dollar shares and 3,513,805
     shares designated as Sterling shares (being
     11.25 per cent. of the shares of each class in
     issue as at the latest practicable date prior
     to the date of publication of this document
     and 15.01 per cent. of the shares of each
     class in issue following the implementation of
     the Tender Offer on the basis of the
     acceptances that the Company has received
     under the Tender Offer (excluding in each case
     shares held in treasury));
     b.     the minimum price (exclusive of
     expenses) which may be paid for a share shall
     be one cent for shares designated as Euro
     shares, one cent for shares designated as US
     Dollar shares and one pence for shares
     designated as Sterling shares;
     c.     the maximum price which may be paid for
     a share of the relevant class is an amount
     equal to the higher of: (a) 105 per cent. of
     the average of the middle market quotations
     for a share of the relevant class on the
     relevant market for the five business days
     immediately preceding the date on which the
     share is purchased; and (b) the higher of (i)
     the price of the last independent trade for a
     share of the relevant class and (ii) the
     highest current independent bid for a share of
     the relevant class at the time of purchase;
     and
     d.     the authority hereby conferred shall
     expire at the annual general meeting of the
     Company in 2017 unless such authority is
     varied, revoked or renewed prior to such date
     by a special resolution of the Company in
     general meeting.

12.  That, in accordance with Article 6.4 of the    8,034,055  327,161    0
     Articles, the Directors be empowered to allot
     and issue (or sell from treasury) 257,212
     shares designated as Euro shares, 1,140,598
     shares designated as US Dollar shares and
     2,342,537 shares designated as Sterling shares
     (being 7.5 per cent. of the shares in issue of
     each class as at the latest practicable date
     prior to the date of this notice and 10.01 per
     cent. of the shares of each class in issue
     following the implementation of the Tender
     Offer on the basis of the acceptances that the
     Company has received under the Tender Offer
     (excluding in each case shares held in
     treasury)) for cash as if Article 6.1 of the
     Articles did not apply to the allotment and
     issue (or sale from treasury) for the period
     expiring on the date falling fifteen months
     after the date of passing of this Resolution
     12 or the conclusion of the next annual
     general meeting of the Company, whichever is
     the earlier, save that the Company may before
     such expiry make offers or agreements which
     would or might require shares to be allotted
     and issued (or sold) after such expiry and the
     Directors may allot and issue (or sell) shares
     in pursuance of any such offer or agreement
     notwithstanding that the power conferred by
     this Resolution 12 has expired.

13.  That the amendments to the articles of         8,179,040  182,176    0
     incorporation of the Company described in the
     Company's circular to shareholders dated 23
     May 2016 and produced to the Meeting be and
     are hereby approved and adopted.

The Board would also like to confirm that as previously set out in the Notice
of AGM, Christopher Legge retired as Director at the AGM.

In accordance with Listing Rule 9.6.3, a copy of the Result of AGM has been
submitted to the National Storage Mechanism and will shortly be available for
inspection at: www.morningstar.co.uk/uk/NSM

Company website:        www.bhmacro.com

Northern Trust International Fund Administration Services (Guernsey) Limited

Sharon Williams

Tel: +44 (0) 1481 745001