Completion of 31 December 2015 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 31 December 2015 Share Conversion
27 January 2016

Following the publication on 22 January 2016 of the final month-end net asset values for 31 December 2015, the following share conversion ratios have been determined in accordance with the articles of incorporation of the Company for the purposes of the 31 December 2015 share conversion date:

0.650402	Sterling shares for each US Dollar share
0.910042	Euro shares for each US Dollar share
1.537510	US Dollar shares for each Sterling share
1.399124	Euro shares for each Sterling share
1.098850	US Dollar shares for each Euro share
0.714733	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:

• 3,128 Sterling Shares of no par value

and the following shares will be cancelled:

• 4,810 US Dollar Shares of no par value

all with effect from 27 January 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 2 February 2016. Shareholder CREST accounts for converting shareholders are expected to be updated by 5.00pm on 2 February 2016.

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

-               4,149,708                Euro Shares

-               376,223                   Euro Treasury Shares

-               16,694,887              US Dollar Shares

-               1,627,312                US Dollar Treasury Shares

-               32,755,770              Sterling Shares

-               3,618,398                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 27 January 2016, the total number of voting rights in the Company (rounded down to the whole number) is 65,031,577

Enquiries:

Website:    www.bhmacro.com

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