Share Conversion Request (December 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)

December 2016 Share Conversion

3 January 2017

The Company has received (in aggregate) the following share conversion requests from shareholders for the 29 December 2016 Share Conversion Date:

                   986 GBP Shares to convert to EUR Shares

                2,000 GBP Shares to convert to USD Shares

               25,873 USD Shares to convert to GBP Shares

               40,000 EUR 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 December 2016 are released. Converting shareholders will be notified upon conversion taking place, which will be no later than 25 business days after 31 December 2016.

Company website:         www.bhmacro.com

Enquiries:
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Tel:       [phone]