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)

Following the publication on 21 August 2014 of the final month-end net asset values for 31 July 2014, the following share conversion ratios have been determined in accordance with the articles of incorporation of the Company for the purposes of the 31 July 2014 share conversion date:

0.572722

Sterling shares for each US Dollar share

0.743372

Euro shares for each US Dollar share

1.746047

US Dollar shares for each Sterling share

1.297976

Euro shares for each Sterling share

1.345222

US Dollar shares for each Euro share

0.770430

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:

-     8,593 Sterling shares of no par value; and

-     221 US Dollar shares of no par value

and the following shares will be cancelled:

-     11,320 Euro shares of no par value

all with effect from 22 August 2014.

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 29 August 2014. Shareholder CREST accounts for converting shareholders are expected to be updated by 5.00pm on 29 August 2014.

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

-               5,512,394 Euro Shares

-               553,825 Euro Treasury Shares

-               19,991,545 US Dollar Shares

-               1,810,210 US Dollar Treasury Shares

-               39,990,561 Sterling Shares;

-               4,354,843 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 22 August 2014, the total number of voting rights in the Company (rounded down to the whole number) is 79,544,078.

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Andrew Maiden

Tel:  +44 (0)1481 745368


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