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:       +44 (0) 1481 745736