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 asset
values of each class of the Company's shares are as follows:

                            MTD           YTD
Fund Name    Sedol   NAV    Performance   Performance  NAV Date

BH Macro Ltd B1NPGV1 $20.43 -1.73%        -0.83%       31st October 2014
BH Macro Ltd B1NP514 2120p  -1.70%        -0.66%       31st October 2014
BH Macro Ltd B1NPGZ5 €20.54 -1.80%        -0.99%       31st October 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: 24th November 2014