Replacement : Conversion of Securities

To advise this announcement replaces the one made earlier today at 17:39. This announcement contains the table of conversion ratios. All other content remains unchanged.

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 31 July 2015 Share Conversion

3 September 2015

Following the publication on 25 August 2015 of the final month-end net asset values for 31 July 2015, the following share conversion ratios have been determined in accordance with the articles of incorporation of the Company for the purposes of the 31 July 2015 share conversion date:

0.614266 Sterling shares for each US Dollar share
0.901974 Euro shares for each US Dollar share
1.627959 US Dollar shares for each Sterling share
1.468410 Euro shares for each Sterling share
1.108680 US Dollar shares for each Euro share
0.681009 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:

• 20,902 Sterling shares of no par value
• 202 Euro shares of no par value

and the following shares will be cancelled:

• 34,253 US Dollar shares of no par value

all with effect from 3 September 2015

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 9 September 2015. Shareholder CREST accounts for converting shareholders are expected to be updated by 5.00pm on 9 September 2015.

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

-               4,714,517 Euro Shares
-               453,207 Euro Treasury Shares
-               18,405,147 US Dollar Shares
-               1,831,451 US Dollar Treasury Shares
-               36,063,405 Sterling Shares
-               3,833,309 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 3 September 2015, the total number of voting rights in the Company (rounded down to the whole number) is 71,762,741

Enquiries:

Website:    www.bhmacro.com

Northern Trust International Fund Administration Services (Guernsey) Limited
Rebecca Booth
Tel:  [phone]