Net Asset Value(s)

BH MACRO LIMITED (the "Company") (a closed-ended investment company incorporated in Guernsey with registration number 46235) Weekly Announcement of Estimated Net Asset Values As at the close of business on 12th December 2014 the estimated Net Asset Valuesof each class of the Company's shares are as follows: MTD YTDFund Name Sedol NAV Performance Performance NAV Date BH Macro Ltd B1NPGV1 $20.43 -0.92% -0.82% 12th December 2014 BH Macro Ltd B1NP514 2120p -0.91% -0.68% 12th December 2014 BH Macro Ltd B1NPGZ5 €20.53 -0.90% -1.03% 12th December 2014 The Net Asset Value figures in this announcement are an estimate,and are based on unaudited estimated valuations. The final month-end Net AssetValue may be materially different from these estimated weekly values, andshould only be taken as indicative values which have been provided forinformation only and no reliance should be placed on them. Estimated results,performance or achievements may differ materially from any actual results,performance or achievements. Except as required by applicable law, the Companyexpressly disclaims any obligations to update or revise such estimates toreflect any change in expectations, new information, subsequent events orotherwise. This document is for information purposes only and is not an offerto invest. All investments are subject to risk. Past performance is noguarantee of future returns. Prospective investors are advised to seek expertlegal, financial, tax and other professional advice before making anyinvestment decisions. The MTD performance figures are calculated by reference to theprevious estimated month end NAV or, if published, the previous month endconfirmed NAV. The YTD performance figures are calculated by reference to theNAV at the end of the last calendar year. MTD and YTDperformance figures arebased on the NAV per share calculated to four decimal places. Enquiries: Northern Trust International Fund Administration Services (Guernsey) LimitedHarry Rouillard 44 (0)1481 745315Date: 16th December 2014