REG-BH Macro Limited: Conversion of Securities

BH MacroAnnouncement

24/10/2019 17:35

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)

LEI: 549300ZOFF0Z2CM87C29

Completion of 30 September 2019 Share Conversion
24 October 2019

Classified Regulated Information, under DTR 6 Annex 1 section 2.5

Following the publication on 17 October 2019 of the final month-end net asset
values for 30 September 2019 the following share conversion ratios have been
determined in accordance with the articles of incorporation of the Company for
the purposes of the 30 September 2019 share conversion date:

  0.839583 Sterling shares for each US Dollar share  
  1.191068 US Dollar shares for each Sterling share  

On the basis of aggregate applications received and using the conversion
ratios listed above, the following shares will be issued:
* 9,823 GBP Shares of no par value
and the following shares will be cancelled:
* 11,700 US Dollar Shares of no par value
all with effect from 24 October 2019

Application will be 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 or about 31 October 2019 Shareholder CREST
accounts for converting shareholders are expected to be updated by 5.00pm on
or about 31 October 2019.

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

-               2,482,057                US
Dollar Shares

-               331,228                   US
Dollar Treasury Shares

-               14,278,095              Sterling
Shares

-               1,450,652                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:

US Dollar Share    0.7606    

Sterling Share       1.4710

From 24 October 2019, the total number of voting rights in the Company
(rounded down to the whole number) is 22,890,930.

Website:    www.bhmacro.com

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Tel:  +44 (0)1481 745001



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