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) November 2014 Share Conversion 1 December 2014 The Company has received (in aggregate) the following share conversion requestsfrom shareholders for the 30 November 2014 Share Conversion Date: - 2,130 Euro shares to be converted to US Dollar shares - 86,481 US Dollar shares to be converted to Sterling shares Conversions will take place as soon as practicable after the Company'smonth-end net asset value figures for November 2014 are released. Convertingshareholders will be notified upon conversion taking place, which will be nolater than 25 business days after 30 November 2014. Company website: www.bhmacro.com Enquiries:Northern Trust International Fund Administration Services (Guernsey) LimitedAndrew MaidenTel: +44 (0)1481 745368