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)

Completion of 31 April 2017 Share Conversion
22 May 2017

Following the publication on 17 May 2017 of the final month-end net asset values for 31 April 2017, the following share conversion ratios have been determined in accordance with the articles of incorporation of the Company for the purposes of the 31 April 2017 share conversion date:

0.771702	Sterling shares for each US Dollar share
0.943721	Euro shares for each US Dollar share
1.295837	US Dollar shares for each Sterling share
1.222693	Euro shares for each Sterling share
1.059635	US Dollar shares for each Euro share
0.817867	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:

• 49,388 GBP Shares of no par value

and the following shares will be cancelled:

• 62,909 US Dollar Shares of no par value
• 1,030 Euro Shares of no par value

all with effect from 22 May 2017

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 or about 26 May 2017 Shareholder CREST accounts for converting shareholders are expected to be updated by 5.00pm on or about 26 May 2017.

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

-               841,725                   Euro Shares

-               91,854                     Euro Treasury Shares

-               2,907,492                US Dollar Shares

-               331,228                   US Dollar Treasury Shares

-               13,237,488              Sterling Shares

-               1,450,652                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 22 May 2017, the total number of voting rights in the Company (rounded down to the whole number) is 22,525,508

Enquiries:
Website:   www.bhmacro.com

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