  It is shown that the asymptotic growth of the microscopic degeneracy of BPS
dyons in four-dimensional N=4 string theory captures the known corrections to
the macroscopic entropy of four-dimensional extremal black holes. These
corrections are subleading in the limit of large charges and originate both
from the presence of interactions in the effective action quadratic in the
Riemann tensor and from non-holomorphic terms. The presence of the
non-holomorphic corrections and their contribution to the thermodynamic free
energy is discussed. It is pointed out that the expression for the microscopic
entropy, written as a function of the dilaton field, is stationary at the
horizon by virtue of the attractor equations.
