BH Macro Limited — AGM Information 2015

May 27, 2015

All Correspondence to: Computershare Investor Services (Guernsey) Limited C/o The Pavilions, Bridgwater Road, Bristol, BS99 6ZY

BH Macro Limited

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Form of Proxy - Annual General Meeting to be held on 25 June 2015 - Euro

Cast your Proxy online ...It's fast, easy and secure! www.investorcentre.co.uk/eproxy

You will be asked to enter the Control Number, Shareholder Reference Number (SRN) and PIN shown opposite and agree to certain terms and conditions.

Control Number: 913057 SRN: PIN:

View the Annual Report online: www.bhmacro.com

Register at www.investorcentre.co.uk/je - elect for electronic communications & manage your shareholding online!

To be effective, all proxy appointments must be lodged with the Company’s Registrars at: Computershare Investor Services PLC, The Pavilions, Bridgwater Road, Bristol BS99 6ZY by 23 June 2015 at 1.30 pm.

Explanatory Notes:

1. Every holder has the right to appoint some other person(s) of their choice, who need not be a shareholder, as his proxy to exercise all or any of his rights, to attend, speak and vote on their behalf at the meeting. If you wish to appoint a person other than the Chairman or the Company Secretary, please insert the name of your chosen proxy holder in the space provided (see reverse). If the proxy is being appointed in relation to less than your full voting entitlement, please enter in the box next to the proxy holder's name (see reverse) the number of shares in relation to which they are authorised to act as your proxy. If returned without an indication as to how the proxy shall vote on any particular matter, the proxy will exercise his discretion as to whether, and if so how, he votes (or if this proxy form has been issued in respect of a designated account for a shareholder, the proxy will exercise his discretion as to whether, and if so how, he votes).

2. To appoint more than one proxy, an additional proxy form(s) may be obtained by contacting the Registrar's helpline on 0870 707 4040 or you may photocopy this form. Please indicate in the box next to the proxy holder's name (see reverse) the number of shares in relation to which they are authorised to act as your proxy. Please also indicate by marking the box provided if the proxy instruction is one of multiple instructions being given. All forms must be signed and should be returned together in the same envelope.

3. The 'Vote Withheld' option overleaf is provided to enable you to abstain on any particular resolution. However, it should be noted that a 'Vote Withheld' is not a vote in law and will not be counted in the calculation of the proportion of the votes 'For' and 'Against' a resolution.

Kindly Note: This form is issued only to the addressee(s) and is specific to the unique designated account printed hereon. This personalised form is not transferable between different: (i) account holders; or (ii) uniquely designated accounts. The Company and Computershare Investor Services (Guernsey) Limited accept no liability for any instruction that does not comply with these conditions.

4. Pursuant to Regulation 41 of the Uncertificated Securities (Guernsey) Regulations 2009, entitlement to attend and vote at the meeting and the number of votes which may be cast thereat will be determined by reference to the Register of Members of the Company at close of business on the day which is two days before the day of the meeting. Changes to entries on the Register of Members after that time shall be disregarded in determining the rights of any person to attend and vote at the meeting.

5. The above is how your address appears on the Register of Members. If this information is incorrect please ring the Registrar's helpline on 0870 707 4040 to request a change of address form or go to www.investorcentre.co.uk/je to use the online Investor Centre service.

6. Any alterations made to this form should be initialled.

7. The completion and return of this form will not preclude a member from attending the meeting and voting in person.

8. To allow effective continuation of the meeting (or any adjourned meeting) if it is apparent to the Chairman that no Shareholders will be present in person or by proxy, other than by proxy in the Chairman's favour, the Chairman may appoint a substitute to act as proxy in their stead for an Shareholder, provided that such substitute proxy shall vote on the same basis as the Chairman.

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124854_94428_RUN_ONS/000001/000001/SG131/i

Please complete this box only if you wish to appoint a third party proxy other than the Chairman or the Company Secretary. Please leave this box blank if you want to select the Chairman or the Company Secretary. Do not insert your own name(s).

Form of Proxy

*

I/We hereby appoint the Chairman of the Meeting or the Company Secretary OR the person indicated in the box above as my/our proxy to attend, speak and vote in respect of my/our fullvoting entitlement* on my/our behalf at the Annual General Meeting of BH Macro Limited to be held atTrafalgar Court, Les Banques, St Peter Port, Guernsey GY1 3QLon25 June 2015 at1.30 pm, and at any adjourned meeting.*** For the appointment of more than one proxy, please refer to Explanatory Note 2 (see front).Please mark here to indicate that this proxy appointment is one of multiple appointments being made.Ordinary ResolutionsForAgainstVoteWithheld1. That the Annual Audited Financial Statements of the Company for the period ended 31 December 2014, together with theReports of the Directors and the Auditors thereon, be received and considered.Please use ablackpen. Mark with anX**inside the box as shown in this example.	I/We hereby appoint the Chairman of the Meeting or the Company Secretary OR the person indicated in the box above as my/our proxy to attend, speak and vote in respect of my/our fullvoting entitlement* on my/our behalf at the Annual General Meeting of BH Macro Limited to be held atTrafalgar Court, Les Banques, St Peter Port, Guernsey GY1 3QLon25 June 2015 at1.30 pm, and at any adjourned meeting.*** For the appointment of more than one proxy, please refer to Explanatory Note 2 (see front).Please mark here to indicate that this proxy appointment is one of multiple appointments being made.Ordinary ResolutionsForAgainstVoteWithheld1. That the Annual Audited Financial Statements of the Company for the period ended 31 December 2014, together with theReports of the Directors and the Auditors thereon, be received and considered.Please use ablackpen. Mark with anX**inside the box as shown in this example.	I/We hereby appoint the Chairman of the Meeting or the Company Secretary OR the person indicated in the box above as my/our proxy to attend, speak and vote in respect of my/our fullvoting entitlement* on my/our behalf at the Annual General Meeting of BH Macro Limited to be held atTrafalgar Court, Les Banques, St Peter Port, Guernsey GY1 3QLon25 June 2015 at1.30 pm, and at any adjourned meeting.*** For the appointment of more than one proxy, please refer to Explanatory Note 2 (see front).Please mark here to indicate that this proxy appointment is one of multiple appointments being made.Ordinary ResolutionsForAgainstVoteWithheld1. That the Annual Audited Financial Statements of the Company for the period ended 31 December 2014, together with theReports of the Directors and the Auditors thereon, be received and considered.Please use ablackpen. Mark with anX**inside the box as shown in this example.	I/We hereby appoint the Chairman of the Meeting or the Company Secretary OR the person indicated in the box above as my/our proxy to attend, speak and vote in respect of my/our fullvoting entitlement* on my/our behalf at the Annual General Meeting of BH Macro Limited to be held atTrafalgar Court, Les Banques, St Peter Port, Guernsey GY1 3QLon25 June 2015 at1.30 pm, and at any adjourned meeting.*** For the appointment of more than one proxy, please refer to Explanatory Note 2 (see front).Please mark here to indicate that this proxy appointment is one of multiple appointments being made.Ordinary ResolutionsForAgainstVoteWithheld1. That the Annual Audited Financial Statements of the Company for the period ended 31 December 2014, together with theReports of the Directors and the Auditors thereon, be received and considered.Please use ablackpen. Mark with anX**inside the box as shown in this example.
2. That KPMG Channel Islands Limited be re-appointed as Auditors until the conclusion of the next annual general meeting.
3. That the Board of	Directors be authorised to determine the remuneration of	the Auditors.
4. That Ian Plenderle	ith be re-elected as a Director.
5. That David Barton	be re-elected as a Director.
6. That Huw Evans b	e re-elected as a Director.
7. That Christopher L	egge be re-elected as a Director.
8. That Colin Maltby be re-elected as a Director.
9. That Claire Whittet be re-elected as a Director.
10 That the Directors' Remuneration Report contained in the Annual Audited Financial Statements of the company for theperiod ended 31 December 2014 be approved.
**11.**That the Directors be generally and uncondtionally authorised to allot and issue shares.Special Resolutions**12.**That the Company be and is hereby generally and unconditionally authorised in accordance with the Companies (Guernsey)Law, 2008, as amended (the "Companies Law"), to make market acquisitions of its own shares.
**13.**That, in accordance with Article 6.4 of the Articles, the Directors be empowered to allot and issue shares for cash.
**14.**That the Board Procedure Articles Amendments and the Additional Articles Amendments (both as defined in the Company’scircular to shareholders dated 27 May 2015) be and are hereby approved.

I/We instruct my/our proxy as indicated on this form. Unless otherwise instructed the proxy may vote as he or she sees fit or abstain in relation to any business of the meeting.

Signature Date In the case of a corporation, this proxy must be given under its common seal or be signed on its behalf by an attorney or officer duly authorised, stating their capacity (e.g. director, secretary).

1 0 B H M J

H 7 5 7

All Correspondence to: Computershare Investor Services (Guernsey) Limited C/o The Pavilions, Bridgwater Road, Bristol, BS99 6ZY

BH Macro Limited

==> picture [120 x 23] intentionally omitted <==

Form of Proxy - Annual General Meeting to be held on 25 June 2015 - Sterling

Cast your Proxy online ...It's fast, easy and secure! www.investorcentre.co.uk/eproxy

You will be asked to enter the Control Number, Shareholder Reference Number (SRN) and PIN shown opposite and agree to certain terms and conditions.

Control Number: 913058

SRN: PIN:

View the Annual Report online: www.bhmacro.com

Register at www.investorcentre.co.uk/je - elect for electronic communications & manage your shareholding online!

To be effective, all proxy appointments must be lodged with the Company’s Registrars at: Computershare Investor Services PLC, The Pavilions, Bridgwater Road, Bristol BS99 6ZY by 23 June 2015 at 1.30 pm.

Explanatory Notes:

1. Every holder has the right to appoint some other person(s) of their choice, who need not be a shareholder, as his proxy to exercise all or any of his rights, to attend, speak and vote on their behalf at the meeting. If you wish to appoint a person other than the Chairman or the Company Secretary, please insert the name of your chosen proxy holder in the space provided (see reverse). If the proxy is being appointed in relation to less than your full voting entitlement, please enter in the box next to the proxy holder's name (see reverse) the number of shares in relation to which they are authorised to act as your proxy. If returned without an indication as to how the proxy shall vote on any particular matter, the proxy will exercise his discretion as to whether, and if so how, he votes (or if this proxy form has been issued in respect of a designated account for a shareholder, the proxy will exercise his discretion as to whether, and if so how, he votes).

2. To appoint more than one proxy, an additional proxy form(s) may be obtained by contacting the Registrar's helpline on 0870 707 4040 or you may photocopy this form. Please indicate in the box next to the proxy holder's name (see reverse) the number of shares in relation to which they are authorised to act as your proxy. Please also indicate by marking the box provided if the proxy instruction is one of multiple instructions being given. All forms must be signed and should be returned together in the same envelope.

3. The 'Vote Withheld' option overleaf is provided to enable you to abstain on any particular resolution. However, it should be noted that a 'Vote Withheld' is not a vote in law and will not be counted in the calculation of the proportion of the votes 'For' and 'Against' a resolution.

Kindly Note: This form is issued only to the addressee(s) and is specific to the unique designated account printed hereon. This personalised form is not transferable between different: (i) account holders; or (ii) uniquely designated accounts. The Company and Computershare Investor Services (Guernsey) Limited accept no liability for any instruction that does not comply with these conditions.

4. Pursuant to Regulation 41 of the Uncertificated Securities (Guernsey) Regulations 2009, entitlement to attend and vote at the meeting and the number of votes which may be cast thereat will be determined by reference to the Register of Members of the Company at close of business on the day which is two days before the day of the meeting. Changes to entries on the Register of Members after that time shall be disregarded in determining the rights of any person to attend and vote at the meeting.

5. The above is how your address appears on the Register of Members. If this information is incorrect please ring the Registrar's helpline on 0870 707 4040 to request a change of address form or go to www.investorcentre.co.uk/je to use the online Investor Centre service.

6. Any alterations made to this form should be initialled.

7. The completion and return of this form will not preclude a member from attending the meeting and voting in person.

8. To allow effective continuation of the meeting (or any adjourned meeting) if it is apparent to the Chairman that no Shareholders will be present in person or by proxy, other than by proxy in the Chairman's favour, the Chairman may appoint a substitute to act as proxy in their stead for an Shareholder, provided that such substitute proxy shall vote on the same basis as the Chairman.

==> picture [252 x 83] intentionally omitted <==

124854_94429_RUN_ONS/000001/000001/SG149/i

SG149

Please complete this box only if you wish to appoint a third party proxy other than the Chairman or the Company Secretary. Please leave this box blank if you want to select the Chairman or the Company Secretary. Do not insert your own name(s).

Form of Proxy

*

	I/We	hereby appoint the Chairman of the Meeting or the Company Secretary OR the	hereby appoint the Chairman of the Meeting or the Company Secretary OR the	hereby appoint the Chairman of the Meeting or the Company Secretary OR the	hereby appoint the Chairman of the Meeting or the Company Secretary OR the	person indicated in the box above as my/our proxy to attend, speak and vote in respect of my/our full	person indicated in the box above as my/our proxy to attend, speak and vote in respect of my/our full	person indicated in the box above as my/our proxy to attend, speak and vote in respect of my/our full	person indicated in the box above as my/our proxy to attend, speak and vote in respect of my/our full	person indicated in the box above as my/our proxy to attend, speak and vote in respect of my/our full	person indicated in the box above as my/our proxy to attend, speak and vote in respect of my/our full	person indicated in the box above as my/our proxy to attend, speak and vote in respect of my/our full	person indicated in the box above as my/our proxy to attend, speak and vote in respect of my/our full
	voting		entitlement* on my/our behalf at the Annual General Meeting of BH Macro Limited to be held atTrafalgar Court, Les Banques, St Peter Port, Guernsey						GY1 3QL		on
	25 June 2015 at1.30 pm, and at any adjourned meeting.
	*** For**	the appointment of more than one proxy, please refer to Explanatory Note 2 (see front).Please mark here to indicate that this proxy appointment is one of multiple appointments being made.						Please use ablackpen. Mark with anXinside the box as shown in this example.					Vote
	Ordinary Resolutions								For		Against	Withheld
	1.	That the Annual Audited Financial Statements of the Company				for the period ended 31 December		2014, together with the
		Reports of the Directors and the Auditors thereon, be received and considered.
	2.	That KPMG Channel Islands Limited be re-appointed as Auditors until the conclusion of the next annual general meeting.
	3.	That the Board of Directors be authorised to determine the remuneration of the Auditors.
	4.	That Ian Plenderleith be re-elected as a Director.
	5.	That David Barton		be re-elected as a Director.
	6.	That Huw Evans be re-elected as a Director.
	7.	That Christopher Legge be re-elected as a Director.
	8.	That Colin Maltby be re-elected as a Director.
	9.	That Claire Whittet be re-elected as a Director.
	10	That the Directors'		Remuneration Report contained in the Annual Audited Financial Statements of the company for the
		period ended 31 December 2014 be approved.
	11.	That the Directors be generally and uncondtionally authorised to allot and issue shares.
	Special Resolutions**12.**That the Company			be and is hereby generally and unconditionally authorised in accordance with the Companies (Guernsey)
		Law, 2008, as amended (the "Companies Law"), to make market acquisitions of its own shares.
	13.	That, in accordance with Article 6.4 of the Articles, the Directors be empowered to allot and issue shares for cash.
	14.	That the Board Procedure Articles Amendments and the Additional Articles Amendments (both as defined in the Company’s
		circular to shareholders dated 27 May 2015) be			and are hereby	approved.

I/We instruct my/our proxy as indicated on this form. Unless otherwise instructed the proxy may vote as he or she sees fit or abstain in relation to any business of the meeting.

Signature Date In the case of a corporation, this proxy must be given under its common seal or be signed on its behalf by an attorney or officer duly authorised, stating their capacity (e.g. director, secretary).

1 1 B H M J

H 7 5 7

All Correspondence to: Computershare Investor Services (Guernsey) Limited C/o The Pavilions, Bridgwater Road, Bristol, BS99 6ZY

BH Macro Limited

==> picture [120 x 23] intentionally omitted <==

Form of Proxy - Annual General Meeting to be held on 25 June 2015 - US Dollars

Cast your Proxy online ...It's fast, easy and secure! www.investorcentre.co.uk/eproxy

Control Number: 913059

www.investorcentre.co.uk/eproxy SRN: You will be asked to enter the Control Number, Shareholder Reference Number (SRN) and PIN shown PIN: opposite and agree to certain terms and conditions.

View the Annual Report online: www.bhmacro.com

Register at www.investorcentre.co.uk/je - elect for electronic communications & manage your shareholding online!

To be effective, all proxy appointments must be lodged with the Company’s Registrars at: Computershare Investor Services PLC, The Pavilions, Bridgwater Road, Bristol BS99 6ZY by 23 June 2015 at 1.30 pm.

Explanatory Notes:

1. Every holder has the right to appoint some other person(s) of their choice, who need not be a shareholder, as his proxy to exercise all or any of his rights, to attend, speak and vote on their behalf at the meeting. If you wish to appoint a person other than the Chairman or the Company Secretary, please insert the name of your chosen proxy holder in the space provided (see reverse). If the proxy is being appointed in relation to less than your full voting entitlement, please enter in the box next to the proxy holder's name (see reverse) the number of shares in relation to which they are authorised to act as your proxy. If returned without an indication as to how the proxy shall vote on any particular matter, the proxy will exercise his discretion as to whether, and if so how, he votes (or if this proxy form has been issued in respect of a designated account for a shareholder, the proxy will exercise his discretion as to whether, and if so how, he votes).

2. To appoint more than one proxy, an additional proxy form(s) may be obtained by contacting the Registrar's helpline on 0870 707 4040 or you may photocopy this form. Please indicate in the box next to the proxy holder's name (see reverse) the number of shares in relation to which they are authorised to act as your proxy. Please also indicate by marking the box provided if the proxy instruction is one of multiple instructions being given. All forms must be signed and should be returned together in the same envelope.

3. The 'Vote Withheld' option overleaf is provided to enable you to abstain on any particular resolution. However, it should be noted that a 'Vote Withheld' is not a vote in law and will not be counted in the calculation of the proportion of the votes 'For' and 'Against' a resolution.

Kindly Note: This form is issued only to the addressee(s) and is specific to the unique designated account printed hereon. This personalised form is not transferable between different: (i) account holders; or (ii) uniquely designated accounts. The Company and Computershare Investor Services (Guernsey) Limited accept no liability for any instruction that does not comply with these conditions.

4. Pursuant to Regulation 41 of the Uncertificated Securities (Guernsey) Regulations 2009, entitlement to attend and vote at the meeting and the number of votes which may be cast thereat will be determined by reference to the Register of Members of the Company at close of business on the day which is two days before the day of the meeting. Changes to entries on the Register of Members after that time shall be disregarded in determining the rights of any person to attend and vote at the meeting.

5. The above is how your address appears on the Register of Members. If this information is incorrect please ring the Registrar's helpline on 0870 707 4040 to request a change of address form or go to www.investorcentre.co.uk/je to use the online Investor Centre service.

6. Any alterations made to this form should be initialled.

7. The completion and return of this form will not preclude a member from attending the meeting and voting in person.

8. To allow effective continuation of the meeting (or any adjourned meeting) if it is apparent to the Chairman that no Shareholders will be present in person or by proxy, other than by proxy in the Chairman's favour, the Chairman may appoint a substitute to act as proxy in their stead for an Shareholder, provided that such substitute proxy shall vote on the same basis as the Chairman.

==> picture [252 x 83] intentionally omitted <==

124854_94430_RUN_ONS/000001/000001/SG151/i

Please complete this box only if you wish to appoint a third party proxy other than the Chairman or the Company Secretary. Please leave this box blank if you want to select the Chairman or the Company Secretary. Do not insert your own name(s).

Form of Proxy

*

I/We hereby appointvoting entitlement* o25 June 2015 at1.3*** For the appointment**Please markOrdinary Resol1. That the AnReports of t		th Chi f th	Mti th C	t OR th iditd i th b b / t ttd k d t i t f	my/our full ainstVoteWithheldanXmple.
		e arman on my/our behalf at0 pm, and at any aof more than one prhere to indicateutionsnual Audited Fihe Directors an	e eeng or e ompanythe Annual General Meetingdjourned meeting.oxy, please refer to Explanatthat this proxy appointmenancial Statements of td the Auditors thereon	ecreary e person ncae n e ox aove as myour proxy o aen, spea an voe n respec oof BH Macro Limited to be held atTrafalgar Court, Les Banques, St Peter Port, Guernsey GY1 3QLonory Note 2 (see front).nt is one of multiple appointments being made.ForAghe Company for the period ended 31 December 2014, together with the, be received and considered.Please use ablackpen. Mark withinside the box as shown in this exa
2. That KPMG		Channel Island	s Limited be re-appoin	ted as Auditors until the conclusion of the next annual general meeting.
3. That the Bo		ard of Directors	be authorised to deter	mine the remuneration of the Auditors.
4. That Ian Ple		nderleith be re-	elected as a Director.
5. That David		Barton be re-ele	cted as a Director.
6. That Huw E		vans be re-elec	ted as a Director.
7. That Christo		pher Legge be	re-elected as a Direct	or.
8. That Colin M		altby be re-ele	cted as a Director.
9. That Claire		Whittet be re-el	ected as a Director.
10 That the Dirperiod ende		ectors' Remuned 31 December	ration Report containe2014 be approved.	d in the Annual Audited Financial Statements of the company for the
**11.**That the DirSpecial Resolu**12.**That the CoLaw, 2008,		ectors be genertionsmpany be and ias amended (th	ally and uncondtionall	y authorised to allot and issue shares.
			s hereby generally ande "Companies Law"), t	unconditionally authorised in accordance with the Companies (Guernsey)o make market acquisitions of its own shares.
**13.**That, in acc		ordance with Ar	ticle 6.4 of the Articles	, the Directors be empowered to allot and issue shares for cash.
**14.**That the Bocircular to s		ard Procedurehareholders dat	Articles Amendments aed 27 May 2015) be a	nd the Additional Articles Amendments (both as defined in the Company’snd are hereby approved.

I/We instruct my/our proxy as indicated on this form. Unless otherwise instructed the proxy may vote as he or she sees fit or abstain in relation to any business of the meeting.

Signature Date In the case of a corporation, this proxy must be given under its common seal or be signed on its behalf by an attorney or officer duly authorised, stating their capacity (e.g. director, secretary).

1 2 B H M J

H 7 5 7