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)

July 2016 Share Conversion
29 July 2016

The Company has received (in aggregate) the following share conversion requests from shareholders for the 31 July 2016 Share Conversion Date:

70,235 Euro shares to convert to Sterling Shares

35,045 Sterling Shares to convert to US Dollar Shares

14,792 USD Dollar Shares to convert to Sterling Shares

Conversions will take place as soon as practicable after the Company's month-end net asset value figures for July 2016 are released. Converting shareholders will be notified upon conversion taking place, which will be no later than 25 business days after 31 July 2016.

Company website:         www.bhmacro.com

Enquiries:
Northern Trust International Fund Administration Services (Guernsey) Limited
Sharon A Williams
Tel:       [phone]