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 issuer of existing shares to which voting rights are attached: ii				BH Macro Limited
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):	Type 1 disclosure as per the Transparency Directive II Regulation				X
3. Full name of person(s) subject to the notification obligation: iii		Schroders plc
4. Full name of shareholder(s)  (if different from 3.):iv
5. Date of the transaction and date on which the threshold is crossed or reached: v		25.04.17
6. Date on which issuer notified:		28.04.17
7. Threshold(s) that is/are crossed or reached: vi, vii		Below 20%, 15%, 10% & 5%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type of shares if possible using the ISIN CODE

Situation previous to the triggering transaction

Resulting situation after the triggering transaction

Number of Shares

Number of Voting Rights

Number of shares

Number of voting rights

% of  voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

Ordinary

8,037,628 2,511,631 94,773 10,644,031

7,874,538 2,511,631 94,773 10,480,942

166,960 22,115 189,075

166,960 22,115 189,075

0.743% 0.098% 0% 0.841%

GG00B1NP5142 GG00B1NPGV15 GG00B1NPGZ52 TOTAL

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date xiii

Exercise/ Conversion Period xiv

Number of voting rights that may be acquired if the instrument is exercised/ converted.

% of voting rights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financial instrument

Exercise price

Expiration date xvii

Exercise/ Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

189,075

0.841%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: xxi
Schroder & Co. Limited                                           170,146          0.757% Schroders (C.I.) Limited                                           18,929            0.084%
Proxy Voting:
10. Name of the proxy holder:
11. Number of voting rights proxy holder will cease to hold:
12. Date on which proxy holder will cease to hold voting rights:
13. Additional information:	The shares referred to in section 9 are held in portfolios managed by the firm on a discretionary basis for clients under investment management agreements. This disclosure has been calculated based on issue share capital amount 22,484,592.
14. Contact name:	Shaheen Hussain
15. Contact telephone number:	020 7658 6000