Conversion of Securities - Replacement

This announcement is a replacement for an announcement released at 17.09 on 2 November 2018.  The only items changed in this replacement announcement are the deletion in their entirety of the figures 204 and 17,881 on lines two and three respectively.

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)

LEI: 549300ZOFF0Z2CM87C29

October 2018 Share Conversion

5 November 2018

(Classified Regulated Information, under DTR 6 Annex 1 section 2.3)

The Company has received (in aggregate) the following share conversion requests from shareholders for the 31 October 2018 Share Conversion Date:

163 GBP Shares to convert to USD Shares

22,397 USD Shares to convert to GBP Shares

Conversions will take place as soon as practicable after the Company's month-end net asset value figures for October 2018 are released. Converting shareholders will be notified upon conversion taking place, which will be no later than 25 business days after 31 October 2018.

Company website:       www.bhmacro.com

Enquiries:

The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Tel:      [phone]