Conversion of Securities - November

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 November 2015 Share Conversion

30 December 2015

Following the publication on 23 December 2015 of the final month-end net asset values for 30 November 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 November 2015 share conversion date:

0.637973	Sterling shares for each US Dollar share
0.938986	Euro shares for each US Dollar share
1.567464	US Dollar shares for each Sterling share
1.471858	Euro shares for each Sterling share
1.064979	US Dollar shares for each Euro share
0.679413	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:

• 200,669 US Dollar Shares of no par value
• 58,874 Euro Shares of no par value

and the following shares will be cancelled:

• 168,022 Sterling shares of no par value

all with effect from 30 December 2015

On 30 December 2015, the Company also cancelled 775,000 Sterling Treasury Shares.

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 6 January 2016. Shareholder CREST accounts for converting shareholders are expected to be updated by 5.00pm on 6 January 2016.

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

-               4,228,208                Euro Shares

-               406,723                   Euro Treasury Shares

-               17,212,974              US Dollar Shares

-               1,527,035                US Dollar Treasury Shares

-               33,431,871              Sterling Shares

-               2,939,169                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 December 2015, the total number of voting rights in the Company (rounded down to the whole number) is 66,498,678

Enquiries:

Website:    www.bhmacro.com

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