Conversion of Securities

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)

                        December 2014 Share Conversion

                                2 January 2015

The Company has received (in aggregate) the following share
conversion requests from shareholders for the 31 December 2014 Share
Conversion Date:

- 64 Euro shares to be converted to US Dollar shares

- 38,579 Sterling shares to be converted to US Dollar shares

Conversions will take place as soon as practicable after the
Company's month-end net asset value figures for December 2014 are released.
Converting shareholders will be notified upon conversion taking place, which
will be no later than 25 business days after 31 December 2014.

Company website: www.bhmacro.com

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited
Andrew Maiden
Tel: [phone]