BH MACRO LIMITED - Conversion of Securities

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 March 2015 Share Conversion

                                24 April 2015

Following the publication on 23 April 2015 of the final month-end
net asset values for 31 March 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 March 2015 share conversion date:

0.648249 Sterling shares for each US Dollar share
0.925770 Euro shares for each US Dollar share
1.542617 US Dollar shares for each Sterling share
1.428031 Euro shares for each Sterling share
1.080181 US Dollar shares for each Euro share
0.700265 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:

- 50,770 US Dollar shares of no par value

and the following shares will be cancelled:

- 32,066 Euro shares of no par value; and
- 10,460 Sterling shares of no par value

all with effect from 24 April 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 30 April 2015. Shareholder CREST
accounts for converting shareholders are expected to be updated by 5.00pm on
30 April 2015.

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

- 5,003,383 Euro Shares
- 448,666 Euro Treasury Shares
- 18,252,062 US Dollar Shares
- 1,975,725 US Dollar Treasury Shares
- 37,025,029 Sterling Shares
- 3,978,348 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 24 April 2015, the total number of voting rights in the
Company (rounded down to the whole number) is 73,349,719.

Enquiries:

Website: www.bhmacro.com

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