Share Conversion

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 August 2014 Share Conversion                  

                              25 September 2014                               

Following the publication on 22September 2014 of the final month-end net asset
values for 31August 2014, the following share conversion ratios have been
determined in accordance with the articles of incorporation of the Company for
the purposes of the 31August 2014 share conversion date:

0.582947 Sterling shares for each US Dollar share                             
                                           
0.755636 Euro shares for each US Dollar share                             
                                           
1.715422 US Dollar shares for each Sterling  share                             
                                           
1.296214 Euro shares for each Sterling share                             
                                           
1.323388 US Dollar shares for each Euro share                             
                                           
0.771478 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:

  * 5,488 Euro shares of no par value
   
and the following shares will be cancelled:

  * 1,613 Sterling shares of no par value; and
   
  * 4,500 US Dollar shares of no par value
   
all with effect from 25 September 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 2 October 2014. Shareholder CREST accounts
for converting shareholders are expected to be updated by 5.00pm on 2 October
2014.

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

- 5,349,894 Euro Shares

- 496,813 Euro Treasury Shares

- 19,781,198 US Dollar Shares

- 2,016,057 US Dollar Treasury Shares

- 39,418,684 Sterling Shares;

- 3,955,107 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 25 September 2014, the total number of voting rights in the Company
(rounded down to the whole number) is 78,380,357.

Enquiries:

Website: www.bhmacro.com

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