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 30th November 2014 the month end final net asset
values 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    $20.63    1.00%         0.16%        30th November 2014 
                                                                               
BH Macro Ltd B1NP514    2141p     0.96%         0.30%        30th November 2014 
                                                                               
BH Macro Ltd B1NPGZ5    €20.73    0.94%         -0.07%       30th November 2014

 
The Net Asset Value figures in this announcement have been calculated 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 offer to invest.
All investments are subject to risk. Past performance is no guarantee of future
returns and the value of investments may fluctuate. Prospective investors are
advised to seek expert legal, financial, tax and other professional advice
before making any investment decisions. Results achieved in the past are no
guarantee of future results.

The MTD performance figures are calculated by reference to the previous
estimated 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 end
of the last calendar year. MTD and YTD performance figures are based on the NAV
per share calculated to four decimal places.

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited
Harry Rouillard 44 (0)1481 745315
Date: 19th December 2014