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                BH Macro Limited          
issuer of existing shares to which voting rights                                      
are attached: ii                                                                   
                                                                               
2. Reason for the notification (please tick the appropriate box or boxes):      
                                                                               
An acquisition or disposal of voting rights                               X    
                                                                               
An acquisition or disposal of qualifying financial instruments which           
may result in the acquisition of shares already issued to which voting         
rights are attached                                                            
                                                                               
An acquisition or disposal of instruments with similar economic effect         
to qualifying financial instruments                                            
                                                                               
An event changing the breakdown of voting rights                               
                                                                               
Other (please specify):                                                                      
                                                                               
3. Full name of person(s) subject to    Investec Wealth & Investment Limited   
the notification obligation: iii                                                   
                                                                               
4. Full name of shareholder(s)                          N/A                    
(if different from 3.):iv                                                      
                                                                               
5. Date of the transaction and date               30th April 2015              
on which the threshold is crossed or                                              
reached: v                                                                     
                                                                               
6. Date on which issuer notified:                   5th May 2015               
                                                                               
7. Threshold(s) that is/are crossed                From 3% to 4%               
or reached: vi, vii                                                               


8. Notified details:                                                                       
                                                                                           
A: Voting rights attached to shares viii, ix                                               
                                                                                           
Class/type          Situation previous      Resulting situation after the triggering                
of                  to the triggering       transaction                                             
shares              transaction                                                                   
                                                                                           
                    Number      Number      Number    Number of voting   % of voting rights x       
if possible         of          of          of shares rights                                        
using               Shares      Voting                                                              
the ISIN                        Rights      Direct    Direct xi Indirect Direct     Indirect        
CODE                                                            xii                                 
                                                                                           
Euro Shares         91,946      91,946                          91,946              0.13%
GG00B1NPGZ52         
                                                                                           
Sterling Shares     1,700,255   1,700,255                       2,536,621           3.46%   
GG00B1NP5142                                                                               
                                                                                           
US Dollar Shares    433,609     433,609                         329,586             0.44%       
GG00B1NPGV15                                                                               
     
                                                                                      
B: Qualifying Financial Instruments                                                        
                                                                                           
Resulting situation after the triggering transaction                                       
                                                                                           
Type of financial Expiration Exercise/           Number of voting     % of voting          
instrument        date xiii  Conversion Period   rights that may be   rights               
                             xiv                 acquired if the                           
                                                 instrument is                             
                                                 exercised/                                
                                                 converted.                                
                  
                                                                         
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi 
                                                                                           
Resulting situation after the triggering transaction                                       
                                                                                           
Type of       Exercise Expiration Exercise/  Number of voting      % of voting             
financial     price    date xvii  Conversion rights instrument     rights xix, xx          
instrument                        period     refers to                                     
                                  xviii                                                    
                                                                                           
                                                                   Nominal   Delta         
                                                                                           
Total (A+B+C)                                                                              
                                                                                           
Number of voting rights                 Percentage of voting rights                        
                                                                                           
2,958,153                               4.03%                                              



9. Chain of controlled undertakings through which the voting rights and/or the 
financial instruments are effectively held, if applicable: xxi                 
                                                                               
Client holdings registered in the name of Nominee companies 100% owned by      
Investec Wealth & Investment Limited.                                          
                                                                               
Proxy Voting:                                                                  
                                                                               
10. Name of the proxy holder:                       N/A                          
                                                                               
11. Number of voting rights proxy holder will       N/A                          
cease to hold:                                                                       
                                                                               
12. Date on which proxy holder will cease to hold   N/A                          
voting rights:                                                                 
                                                                               
                                                                            
13. Additional information:            N/A                                        
                                                                               
14. Contact name:                      Phil Beardwell Chartered FCSI           
                                       Senior Compliance Manager               
                                                                               
15. Contact telephone number:          020 7597 1356