Holding(s) in Company

For filings with the FCA include the annex For filings with issuer exclude the annex TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi 1. Identity of the issuer or the underlying issuerof existing shares to which voting rights are BH Macro Limitedattached:ii 2. Reason for the notification (please tick the appropriate box or boxes): An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may resultin the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect toqualifying financial instruments An event changing the breakdown of voting rights Other (please specify): Initial Disclosure X 3. Full name of person(s) subject to the Investec Wealth & Investmentnotification obligation:iii Limited 4. Full name of shareholder(s) N/A (if different from 3.):iv 5. Date of the transaction and date onwhich the threshold is crossed or 12th February 2015reached: v 6. Date on which issuer notified: 13th February 2015 7. Threshold(s) that is/are crossed or 3%reached: vi, vii 8. Notified details: A: Voting rights attached to shares viii, ix Class/type Situation previous Resulting situation after the triggering transactionof to the triggeringshares transaction Number Number Number Number of voting % of voting rightsif possible of of of rights xusing Shares Voting sharesthe ISIN RightsCODE Direct Direct xi Indirect xii Direct Indirect Euro Shares 77,096 77,096 77,096 0.10%GG00B1NPGZ52 SterlingShares 1,596,412 2,348,322 2,348,322 3.20% GG00B1NP5142 US DollarShares 458,644 348,844 348,844 0.48%GG00B1NPGV15 B: Qualifying Financial Instruments Resulting situation after the triggering transaction Type of Expiration Exercise/ Number of voting % of votingfinancial date xiii Conversion Period xiv rights that may be rightsinstrument acquired if the instrument is exercised/ converted. C: Financial Instruments with similar economic effect to Qualifying FinancialInstruments xv, xvi Resulting situation after the triggering transaction Type of Exercise price Expiration Exercise/ Number of voting rights % of votingfinancial date xvii Conversion instrument refers to rights xix, xxinstrument period xviii Nominal Delta Total (A+B+C) Number of voting rights Percentage of voting rights 2,774,262 3.78% 9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi Client holdings registered in the name of Nominee companies 100% owned byInvestec Wealth & Investment Limited. Proxy Voting: 10. Name of the proxy holder: N/A 11. Number of voting rights proxy holder will ceaseto hold: N/A 12. Date on which proxy holder will cease to holdvoting rights: N/A 13. Additional information: N/A Phil Beardwell Chartered FCSI14. Contact name: Senior Compliance Manager 15. Contact telephone number: 020 7597 1356