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) December 2014 Share Conversion 2 January 2015 The Company has received (in aggregate) the following shareconversion requests from shareholders for the 31 December 2014 ShareConversion Date: - 64 Euro shares to be converted to US Dollar shares - 38,579 Sterling shares to be converted to US Dollar shares Conversions will take place as soon as practicable after theCompany's month-end net asset value figures for December 2014 are released.Converting shareholders will be notified upon conversion taking place, whichwill be no later than 25 business days after 31 December 2014. Company website: www.bhmacro.com Enquiries: Northern Trust International Fund Administration Services (Guernsey) LimitedAndrew MaidenTel: +44 (0)1481 745368