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 16th January 2015 the estimated Net Asset Values ofeach class of the Company's shares are as follows: Fund Name Sedol NAV MTD YTD NAV Date Performance Performance BH Macro Ltd B1NPGV1 $20.97 1.71% 1.71% 16th January 2015 BH Macro Ltd B1NP514 2177p 1.75% 1.75% 16th January 2015 BH Macro Ltd B1NPGZ5 €21.09 1.83% 1.83% 16th January 2015 The Net Asset Value figures in this announcement are an estimate, and are basedon unaudited estimated valuations. The final month-end Net Asset Value may bematerially different from these estimated weekly values, and should only betaken as indicative values which have been provided for information only and noreliance should be placed on them. Estimated results, performance orachievements may differ materially from any actual results, performance orachievements. Except as required by applicable law, the Company expresslydisclaims any obligations to update or revise such estimates to reflect anychange in expectations, new information, subsequent events or otherwise. 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. Prospective investors are advised to seek expert legal, financial, taxand other professional advice before making any investment decisions. 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: 20th January 2015