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                   BH Macro Limited              
    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                                                        
                                                                                                       
    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        Implementation of Transparency Directive II Regulation                  x     
    specify):                                                                                          
                                                                                                       
    3. Full name of person(s) subject to the                          Schroders plc                    
    notification obligation: iii                                                                       
                                                                                                       
    4. Full name of shareholder(s)                       Schroders Investment Management Limited       
     (if different from 3.):iv                                                                         
                                                                                                       
    5. Date of the transaction and date on                               26.11.15                      
    which the threshold is crossed or                                                                  
    reached: v                                                                                         
                                                                                                       
    6. Date on which issuer notified:                                    30.11.15                      
                                                                                                       
    7. Threshold(s) that is/are crossed or                               Above 5%                      
    reached: vi, vii                                                                                   
                                                                                                       

       

    8. Notified details:                                                                                  
                                                                                                          
    A: Voting rights attached to shares viii, ix                                                          
                                                                                                          
    Class/type of    Situation previous         Resulting situation after the triggering transaction      
    shares           to the triggering                                                                    
                     transaction                                                                          
    if possible                                                                                           
    using            Number        Number       Number        Number of voting    % of  voting rights x   
    the ISIN CODE    of            of           of shares     rights                                      
                     Shares        Voting                                                                 
                                   Rights       Direct        Direct   Indirect   Direct       Indirect   
                                                              xi       xii                                
                                                                                                          
        Ordinary                                                                                          
                                                                                                          
                                                      0                    0                      0.00    
                                                  2,687,726            2,687,726                  3.93    
                                                  1,023,770            1,023,770                  1.49    
                                                  3,711,497            3,711,497                  5.42    
                                                                                                          
      GG00B1NPGZ52                                                                                        
      GG00B1NP5142                                                                                        
      GG00B1NPGV15                                                                                        
         TOTAL                                                                                            
                                                                                                          
    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 xiv   rights that may be      rights            
                                                                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 financial  Exercise    Expiration  Exercise/    Number of voting rights  % of voting rights   
    instrument         price       date xvii   Conversion   instrument refers to     xix, xx              
                                               period xviii                                               
                                                                                                          
                                                                                     Nominal      Delta   
                                                                                                          
    Total (A+B+C)                                                                                         
                                                                                                          
    Number of voting rights                           Percentage of voting rights                         
                                                                                                          
                        3,711,497                                            5.42%                        
                                                                                                          

       

    9. Chain of controlled undertakings through which the voting rights and/or the              
    financial instruments are effectively held, if applicable: xxi                              
                                                                                                
    Schroder & Co Limited                                            3,711,497                  
    5.42%                                                                                       
                                                                                                
    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:                                                                              
                                                                                                
                                                 This notification is being made based on the   
    13. Additional information:                  legal entity position exceeding 5%. Schroders  
                                                 Plc's position remains within disclosure       
                                                 thresholds as per the previous disclosure.     
                                                 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 68,380,474.               
                                                                                                
    14. Contact name:                                                                           
                                                                Taryn O'Donoghue                
                                                                                                
    15. Contact telephone number:                                                               
                                                                  020 7658 6000                 
                                                                                                

       

    Note: Annex should only be submitted to the FCA not the issuer                           
                                                                                             
    Annex: Notification of major interests in sharesxxii                                     
                                                                                             
    A: Identity of the persons or legal entity subject to the notification                   
    obligation                                                                               
                                                                                             
    Full name                                      Schroders Investment Management Limited   
    (including legal form of legal entities)                                                 
                                                                                             
    Contact address                                           31 Gresham Street              
    (registered office for legal entities)                         London                    
                                                                  EC2V 7QA                   
                                                                                             
    Phone number & email                                                                     
                                                              +44 20 7658 2959               
                                                        groupdisclosure@schroders.com        
                                                                                             
    Other useful information                                                                 
    (at least legal representative for legal                Group Disclosure Team            
    persons)                                                                                 
                                                                                             
    B: Identity of the notifier, if applicable                                               
                                                                                             
    Full name                                                 Taryn O'Donoghue               
                                                                                             
    Contact address                                                                          
                                                                                             
    Phone number & email                                      +44 20 7658 2959               
                                                        groupdisclosure@schroders.com        
                                                                                             
    Other useful information                                 Compliance Manager              
    (e.g. functional relationship with the                                                   
    person or legal entity subject to the                                                    
    notification obligation)                                                                 
                                                                                             
    C: Additional information                                                                
                                                                                             
    For notes on how to complete form TR-1 please see the FCA website.