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)

November 2016 Share Conversion

1 December 2016

The Company has received (in aggregate) the following share conversion requests from shareholders for the 30 November 2016 Share Conversion Date:

226,368 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 30 November 2016 are released. Converting shareholders will be notified upon conversion taking place, which will be no later than 25 business days after 30 November 2016.

Company website:         www.bhmacro.com

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited
Sharon A Williams
Tel:       [phone]