Conversion of Securities

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 September 2014 Share Conversion                

                                23 October 2014                                

Following the publication on 22 October 2014 of the final month-end net asset
values for 30 September 2014, the following share conversion ratios have been
determined in accordance with the articles of incorporation of the Company for
the purposes of the 30 September 2014 share conversion date:

0.594190 Sterling shares for each US Dollar share                             
                                           
0.787099 Euro shares for each US Dollar share                             
                                           
1.682965 US Dollar shares for each Sterling share                             
                                           
1.324694 Euro shares for each Sterling share                             
                                           
1.270489 US Dollar shares for each Euro share                             
                                           
0.754891 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:

  * 9,463 US Dollar shares of no par value
   
and the following shares will be cancelled:

  * 2,279 Sterling shares of no par value; and
   
  * 4,431 Euro shares of no par value
   
all with effect from 23 October 2014.

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 30 October 2014. Shareholder CREST accounts
for converting shareholders are expected to be updated by 5.00pm on 30 October
2014.

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

- 5,320,385 Euro Shares

- 521,891 Euro Treasury Shares

- 19,518,877 US Dollar Shares

- 1,737,841 US Dollar Treasury Shares

- 38,724,232 Sterling Shares;

- 3,697,280 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 23 October 2014, the total number of voting rights in the Company (rounded
down to the whole number) is 77,129,788.

Enquiries:

Website: www.bhmacro.com

Northern Trust International Fund Administration Services (Guernsey) Limited
Andrew Maiden
Tel: [phone]