Conversion of Securities - June 2016

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)

Completion of 30 June 2016 Share Conversion

29 July 2016

Following the publication on 20 July 2016 of the final month-end net asset values for 30 June 2016, the following share conversion ratios have been determined in accordance with the articles of incorporation of the Company for the purposes of the 30 June 2016 share conversion date:

0.725670	Sterling shares for each US Dollar share
0.898312	Euro shares for each US Dollar share
1.378037	US Dollar shares for each Sterling share
1.237876	Euro shares for each Sterling share
1.113199	US Dollar shares for each Euro share
0.807835	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:

• 5,174 Euro Shares of no par value

and the following shares will be cancelled:

• 2,839 Sterling Shares of no par value
• 1,849 USD Shares of no par value

all with effect from 29 July 2016.

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 1 August 2016. Shareholder CREST accounts for converting shareholders are expected to be updated by 5.00pm on 1 August 2016.

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

-               2,376,461                Euro Shares

-               256,026                   Euro Treasury Shares

-               11,030,196              US Dollar Shares

-               968,892                   US Dollar Treasury Shares

-               22,828,302              Sterling Shares

-               2,516,105                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 26 July 2016, the total number of voting rights in the Company (rounded down to the whole number) is 44,346,460

Enquiries:

Website:    www.bhmacro.com

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