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)   

                             January 2016 Share Conversion                         
                                    29 January 2016                                

    The Company has received (in aggregate) the following share conversion requests
    from shareholders for the 29 January 2016 Share Conversion Date:
     
    - 201 Sterling shares to be converted to Euro shares
    - 525 Sterling shares to be converted to US Dollar shares
    - 141,070 US Dollar shares to be converted to Sterling shares
    - 105,392 Euro Shares to be converted to Sterling shares

    Conversions will take place as soon as practicable after the Company's
    month-end net asset value figures for January 2016 are released. Converting
    shareholders will be notified upon conversion taking place, which will be no
    later than 25 business days after 29 January 2016.

    Company website:         www.bhmacro.com
     
    Enquiries:
    Northern Trust International Fund Administration Services (Guernsey) Limited
    Rebecca Booth
    Tel:       +44 (0) 1481 745368