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 30 November 2014 Share Conversion 22 December 2014 Following the publication on 19 December 2014 of the final month-end net assetvalues for 30 November 2014, the following share conversion ratios have beendetermined in accordance with the articles of incorporation of the Company forthe purposes of the 30 November 2014 share conversion date: 0.616929 Sterling shares for each US Dollar share 0.800461 Euro shares for each US Dollar share 1.620931 US Dollar shares for each Sterling share 1.297417 Euro shares for each Sterling share 1.249280 US Dollar shares for each Euro share 0.770762 Sterling shares for each Euro share On the basis of aggregate applications received and using the conversion ratioslisted above, the following shares will be issued: * 53,352Sterlingshares of no par value; and the following shares will be cancelled: * 2,130 Euro shares of no par value * 83,821US Dollar shares of no par value all with effect from 22 December 2014. Application has been made to the Financial Conduct Authority ("FCA") for thenew shares to be admitted to the Official List of the UK Listing Authority andadmitted to trading on the London Stock Exchange's main market for listedsecurities. Admission is expected to occur on 31 December 2014. Shareholder CREST accountsfor converting shareholders are expected to be updated by 5.00pm on 31 December2014. Following issue and cancellation of the relevant shares, the total number ofshares in issue in each class will be as follows: - 5,120,409Euro Shares - 500,264 Euro Treasury Shares - 18,407,697 US Dollar Shares - 1,722,306 US Dollar Treasury Shares - 37,742,139Sterling Shares - 3,297,316Sterling Treasury Shares The number of votes each share in the Company is entitled to on a poll at anygeneral meeting of the Company was published by the Company on 9 March 2007 andwill not change as a result of the conversions. These are: Euro Share 1US Dollar Share 0.7606Sterling Share 1.4710 From 22 December 2014, the total number of voting rights in the Company(rounded down to the whole number) is 74,639,990. Enquiries: Website: www.bhmacro.com Northern Trust International Fund Administration Services (Guernsey) Limited Andrew Maiden

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