Completion of 29 January 2016 Share Conversion

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)

Completion of 29 January 2016 Share Conversion
24 February 2016

Following the publication on 22 February 2016 of the final month-end net asset values for 31 January 2016, the following share conversion ratios have been determined in accordance with the articles of incorporation of the Company for the purposes of the 29 January 2016 share conversion date:

0.674510	Sterling shares for each US Dollar share
0.914974	Euro shares for each US Dollar share
1.482557	US Dollar shares for each Sterling share
1.356375	Euro shares for each Sterling share
1.092927	US Dollar shares for each Euro share
0.737259	Sterling shares for each Euro share

On the basis of aggregate applications received and using the conversion ratios listed above, the following shares will be issued:

-              172,128 Sterling Shares of no par value

and the following shares will be cancelled:

-              140,292 US Dollar Shares of no par value
-              105,120 Euro Shares of no par value

all with effect from 24 February 2016.

Application has been made to the Financial Conduct Authority (“FCA”) for the new shares to be admitted to the Official List of the UK Listing Authority and admitted to trading on the London Stock Exchange’s main market for listed securities.

Admission is expected to occur on 1 March 2016. Shareholder CREST accounts for converting shareholders are expected to be updated by 5.00pm on 1 March 2016.

Following issue and cancellation of the relevant shares, the total number of shares in issue in each class will be as follows:

-                   4,004,088    Euro Shares
-                   416,723       Euro Treasury Shares
-                   16,125,290 US Dollar Shares
-                   1,643,617    US Dollar Treasury Shares
-                   31,824,467 Sterling Shares
-                   3,271,829    Sterling Treasury Shares

The number of votes each share in the Company is entitled to on a poll at any general meeting of the Company was published by the Company on 9 March 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 24 February 2016, the total number of voting rights in the Company (rounded down to the whole number) is 63,082,775

Enquiries:
Website:   www.bhmacro.com

Northern Trust International Fund Administration Services (Guernsey) Limited
Rebecca Booth
Tel:  [phone]