Conversion of Securities

BH Macro Limited (the"Company")                        

    (a closed-ended investment scheme established as a company with limited    
      liability under the laws of Guernsey with registered number 46235)       

                Completion of 30 November 2014 Share Conversion                

                               22 December 2014                                

Following the publication on 19 December 2014 of the final month-end net asset
values for 30 November 2014, 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 2014 share conversion date:

0.616929 Sterling shares for each US Dollar share                             
                                           
0.800461 Euro shares for each US Dollar share                             
                                           
1.620931 US Dollar shares for each Sterling share                             
                                           
1.297417 Euro shares for each Sterling share                             
                                           
1.249280 US Dollar shares for each Euro share                             
                                           
0.770762 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:

  * 53,352Sterlingshares of no par value;
   
and the following shares will be cancelled:

  * 2,130 Euro shares of no par value
   
  * 83,821US Dollar shares of no par value
   
all with effect from 22 December 2014.

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 31 December 2014. Shareholder CREST accounts
for converting shareholders are expected to be updated by 5.00pm on 31 December
2014.

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

- 5,120,409Euro Shares

- 500,264 Euro Treasury Shares

- 18,407,697 US Dollar Shares

- 1,722,306 US Dollar Treasury Shares

- 37,742,139Sterling Shares

- 3,297,316Sterling 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 22 December 2014, the total number of voting rights in the Company
(rounded down to the whole number) is 74,639,990.

Enquiries:

Website: www.bhmacro.com

Northern Trust International Fund Administration Services (Guernsey) Limited

Andrew Maiden

Tel: [phone]