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                         
                                    31 January 2017                                
                                                                                   

    The Company has received (in aggregate) the following share conversion requests
    from shareholders for the 31 January 2017 Share Conversion Date:

            102 GBP Shares to convert to EUR Shares

            266 GBP Shares to convert to USD Shares

            9,798 USD Shares to convert to GBP Shares

            46 EUR Shares to convert to GBP Shares

            1,200 EUR Shares to convert to USD Shares

    Conversions will take place as soon as practicable after the Company's
    month-end net asset value figures for January 2017 are released. Converting
    shareholders will be notified upon conversion taking place, which will be no
    later than 25 business days after 31 January 2017.

    Company website:         www.bhmacro.com


     
    Enquiries:

    The Company Secretary
    Northern Trust International Fund Administration Services (Guernsey) Limited
     
    Tel:       +44 (0) 1481 745736