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 March 2015 Share Conversion 24 April 2015 Following the publication on 23 April 2015 of the final month-endnet asset values for 31 March 2015, the following share conversion ratios havebeen determined in accordance with the articles of incorporation of theCompany for the purposes of the 31 March 2015 share conversion date: 0.648249 Sterling shares for each US Dollar share0.925770 Euro shares for each US Dollar share1.542617 US Dollar shares for each Sterling share1.428031 Euro shares for each Sterling share1.080181 US Dollar shares for each Euro share0.700265 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: - 50,770 US Dollar shares of no par value and the following shares will be cancelled: - 32,066 Euro shares of no par value; and- 10,460 Sterling shares of no par value all with effect from 24 April 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 30 April 2015. Shareholder CRESTaccounts for converting shareholders are expected to be updated by 5.00pm on30 April 2015. Following issue and cancellation of the relevant shares, the totalnumber of shares in issue in each class will be as follows: - 5,003,383 Euro Shares- 448,666 Euro Treasury Shares- 18,252,062 US Dollar Shares- 1,975,725 US Dollar Treasury Shares- 37,025,029 Sterling Shares- 3,978,348 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 on9 March 2007 and will not change as a result of the conversions. These are: Euro Share 1US Dollar Share 0.7606Sterling Share 1.4710 From 24 April 2015, the total number of voting rights in theCompany (rounded down to the whole number) is 73,349,719. Enquiries: Website: www.bhmacro.com Northern Trust International Fund Administration Services (Guernsey) LimitedAndrew MaidenTel: +44 (0)1481 745368