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 31 December 2014 Share Conversion 27 January 2015 Following the publication on 22 January 2015 of the final month-endnet asset values for 31 December 2014, the following share conversion ratioshave been determined in accordance with the articles of incorporation of theCompany for the purposes of the 31 December 2014 share conversion date: 0.618527 Sterling shares for each US Dollar share0.822589 Euro shares for each US Dollar share1.616745 US Dollar shares for each Sterling share1.329622 Euro shares for each Sterling share1.215674 US Dollar shares for each Euro share0.752094 Sterling shares for each Euro share On the basis of aggregate applications received and using theconversion ratios listed above, the following shares will be issued: - 62,449 US Dollar shares of no par value; and the following shares will be cancelled: - 64 Euro shares of no par value- 38,579 Sterling shares of no par value all with effect from 27 January 2015. Application has been made to the Financial Conduct Authority("FCA") for the new shares to be admitted to the Official List of the UKListing Authority and admitted to trading on the London Stock Exchange's mainmarket for listed securities. Admission is expected to occur on 2 February 2015. ShareholderCREST accounts for converting shareholders are expected to be updated by5.00pm on 2 February 2015. Following issue and cancellation of the relevant shares, the totalnumber of shares in issue in each class will be as follows: - 5,043,113 Euro Shares- 447,496 Euro Treasury Shares- 18,216,727 US Dollar Shares- 1,975,725 US Dollar Treasury Shares- 37,025,032 Sterling Shares- 3,975,844 Sterling Treasury Shares The number of votes each share in the Company is entitled to on apoll at any general meeting of the Company was published by the Company on 9March 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 27 January 2015, the total number of voting rights in theCompany (rounded down to the whole number) is 73,362,578. Enquiries: Website: www.bhmacro.com Northern Trust International Fund Administration Services (Guernsey) LimitedAndrew MaidenTel: +44 (0)1481 745368