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)

Completion of 29 February 2016 Share Conversion

29 March 2016

Following the publication on 22 March 2016 of the final month-end net asset values for 29 February 2016, the following share conversion ratios have been determined in accordance with the articles of incorporation of the Company for the purposes of the 29 February 2016 share conversion date:

0.689781	Sterling shares for each US Dollar share
0.911878	Euro shares for each US Dollar share
1.449735	US Dollar shares for each Sterling share
1.321923	Euro shares for each Sterling share
1.096638	US Dollar shares for each Euro share
0.756474	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:

• 307,239 Sterling Shares of no par value

and the following shares will be cancelled:

• 266,473 US Dollar Shares of no par value
• 163,167 Euro Shares of no par value

all with effect from 29 March 2016.

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 April 2016. Shareholder CREST accounts for converting shareholders are expected to be updated by 5.00pm on 4 April 2016.

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

-               3,570,325                Euro Shares

-               332,319  Euro Treasury Shares

-               15,410,510              US Dollar Shares

-               1,681,924                US Dollar Treasury Shares

-               31,412,576              Sterling Shares

-               3,205,959                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 29 March 2016, the total number of voting rights in the Company (rounded down to the whole number) is 61,499,458

Enquiries:

Website:    www.bhmacro.com

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