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)   

                         October 2014 Share Conversion                          

                                3 November 2014                                 

The Company has received (in aggregate) the following share conversion requests
from shareholders for the 31 October 2014 Share Conversion Date:

- 751Sterling shares to be converted to US Dollar shares

- 400Sterling shares to be converted to Euro shares

- 109,140 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 October 2014 are released. Converting
shareholders will be notified upon conversion taking place, which will be no
later than 25 business days after 31 October 2014.

Company website: www.bhmacro.com

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Andrew Maiden

Tel: [phone]