BH Macro Limited - 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 October 2016 Share Conversion
23 November 2016

Following the publication on 17 November 2016 of the final month-end net asset values for 31 October 2016, the following share conversion ratios have been determined in accordance with the articles of incorporation of the Company for the purposes of the 31 October 2016 share conversion date:

0.789104	Sterling shares for each US Dollar share
0.905775	Euro shares for each US Dollar share
1.267260	US Dollar shares for each Sterling share
1.147763	Euro shares for each Sterling share
1.104026	US Dollar shares for each Euro share
0.871260	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:

• 548,444 GBP Shares of no par value

and the following shares will be cancelled:

• 399,183 Euro Shares of no par value
• 254,281 US Dollar Shares of no par value

all with effect from 23 November 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 28 November 2016. Shareholder CREST accounts for converting shareholders are expected to be updated by 5.00pm on 29 November 2016.

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

-               1,514,872                Euro Shares

-               271,854                   Euro Treasury Shares

-               10,201,892              US Dollar Shares

-               1,406,228                US Dollar Treasury Shares

-               22,196,959              Sterling Shares

-               2,650,652                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 23 November 2016, the total number of voting rights in the Company (rounded down to the whole number) is 41,926,158

Enquiries:

Website:    www.bhmacro.com

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

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