Conversion of Securities - November 2016

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 30 November 2016 Share Conversion
19 December 2016

Following the publication on 15 December 2016 of the final month-end net asset values for 30 November 2016, the following share conversion ratios have been determined in accordance with the articles of incorporation of the Company for the purposes of the 30 November 2016 share conversion date:

0.771798	Sterling shares for each US Dollar share
0.933745	Euro shares for each US Dollar share
1.295676	US Dollar shares for each Sterling share
1.209761	Euro shares for each Sterling share
1.070956	US Dollar shares for each Euro share
0.826610	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:

• 174,710 GBP Shares of no par value

and the following shares will be cancelled:

• 226,368 US Dollar Shares of no par value

all with effect from 19 December 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 23 December 2016. Shareholder CREST accounts for converting shareholders are expected to be updated by 5.00pm on 23 December 2016.

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

-1,514,872	Euro Shares
-271,854	Euro Treasury Shares
-9,975,524	US Dollar Shares
-1,406,228	US Dollar Treasury Shares
-22,371,669	Sterling Shares
-2,650,652	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 19 December 2016, the total number of voting rights in the Company (rounded down to the whole number) is 42,010,981

Enquiries:
Website:   www.bhmacro.com

Northern Trust International Fund Administration Services (Guernsey) Limited
Sharon A Williams

Tel:  [phone]