Conversion of Securities

BH Macro Limited (the "Company")                        

  (a closed-ended collective investment scheme established as a company with   
  limited liability under the laws of Guernsey with registered number 46235)   

                        January 2015 Share Conversion                          

                               2 February 2015                                 

The Company has received (in aggregate) the following share conversion requests
from shareholders for the 31 January 2015 Share Conversion Date:

- 37,550 Sterling shares to be converted to US Dollar shares

- 40,200 US Dollar shares to be converted to Euro shares

- 1,183 US Dollar shares to be converted to Sterling shares

Conversions will take place as soon as practicable after the Company's
month-end net asset value figures for January 2015 are released. Converting
shareholders will be notified upon conversion taking place, which will be no
later than 25 business days after 31 January 2015.

Company website: www.bhmacro.com

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