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 October 2014 the month end final net assetvalues of 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 -1.73% -0.83% 31st October 2014BH Macro Ltd B1NP514 2120p -1.70% -0.66% 31st October 2014BH Macro Ltd B1NPGZ5 €20.54 -1.80% -0.99% 31st October 2014 The Net Asset Value figures in this announcement have beencalculated by Northern Trust International Fund Administration Services(Guernsey) Limited and are based on unaudited valuations. 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 and the value of investments may fluctuate.Prospective investors are advised to seek expert legal, financial, tax andother professional advice before making any investment decisions. Resultsachieved in the past are no guarantee of future results. 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 YTD performance 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 745315

Date: 24th November 2014