Completion of 30 October 2015 Share Conversion

BH Macro Limited (the "Company")
(a closed-ended investment scheme established as a company with limited liability under the laws of Guernsey with registered number 46235)

Completion of 30 October 2015 Share Conversion
30 November 2015

Following the publication on 24 November 2015 of the final month-end net asset values for 30 October 2015, the following share conversion ratios have been determined in accordance with the articles of incorporation of the Company for the purposes of the 30 October 2015 share conversion date:

0.620467	Sterling shares for each US Dollar share
0.901699	Euro shares for each US Dollar share
1.611690	US Dollar shares for each Sterling share
1.453376	Euro shares for each Sterling share
1.109018	US Dollar shares for each Euro share
0.688053	Sterling shares for each Euro share

On the basis of aggregate applications received and using the conversion ratios listed above, the following shares will be issued:

• 249 US Dollar Shares of no par value

and the following shares will be cancelled:

• 155 Sterling shares of no par value

all with effect from 30 November 2015

Application has been made to the Financial Conduct Authority (“FCA”) for the new shares to be admitted to the Official List of the UK Listing Authority and admitted to trading on the London Stock Exchange’s main market for listed securities.

Admission is expected to occur on 4 December 2015. Shareholder CREST accounts for converting shareholders are expected to be updated by 5.00pm on 4 December 2015.

Following issue and cancellation of the relevant shares, the total number of shares in issue in each class will be as follows:

-               4,398,834                Euro Shares

-               425,223                   Euro Treasury Shares

-               17,516,491              US Dollar Shares

-               1,867,849                US Dollar Treasury Shares

-               34,438,177              Sterling Shares

-               3,715,885                Sterling Treasury Shares

The number of votes each share in the Company is entitled to on a poll at any general meeting of the Company was published by the Company on 9 March 2007 and will not change as a result of the conversions. These are:

Euro Share            1

US Dollar Share    0.7606    

Sterling Share       1.4710

From 30 November 2015, the total number of voting rights in the Company (rounded down to the whole number) is 68,380,435

Enquiries:

Website:    www.bhmacro.com

Northern Trust International Fund Administration Services (Guernsey) Limited
Rebecca Booth
Tel:  [phone]