Net Asset Value(s)

BH MACRO LIMITED (the "Company") (a closed-ended investment company incorporated in Guernsey with registration number 46235) Announcement of Month End Final Net Asset Values As at the close of business on 31st December 2014 the month end final net assetvalues of each class of the Company's shares are as follows: Fund Name Sedol NAV MTD YTD NAV Date Performance Performance BH Macro Ltd B1NPGV1 $20.62 -0.05% 0.11% 31st December 2014 BH Macro Ltd B1NP514 2140p -0.04% 0.26% 31st December 2014 BH Macro Ltd B1NPGZ5 €20.72 -0.04% -0.11% 31st December 2014 The Net Asset Value figures in this announcement have been calculated byNorthern Trust International Fund Administration Services (Guernsey) Limitedand are based on unaudited valuations. This document is for information purposes only and is not an offer to invest.All investments are subject to risk. Past performance is no guarantee of futurereturns and the value of investments may fluctuate. Prospective investors areadvised to seek expert legal, financial, tax and other professional advicebefore making any investment decisions. Results achieved in the past are noguarantee of future results. The MTD performance figures are calculated by reference to the previousestimated month end NAV or, if published, the previous month end confirmed NAV.The YTD performance figures are calculated by reference to the NAV at the endof the last calendar year. MTD and YTD performance figures are based on the NAVper share calculated to four decimal places. Enquiries:Northern Trust International Fund Administration Services (Guernsey) LimitedHarry Rouillard 44 (0)1481 745315Date: 22nd January 2015