Conversion of Securities

RNS Number : 0262J

BH Macro Limited

26 November 2008

BH Macro Limited (the 'Company')

26 November 2008

Completion of 31 October 2008 Share Conversion

Following the publication on 26 November 2008 of the final month-end net asset values for September 2008, the following share conversion ratios have been determined in accordance with the articles of association of the Company for the purposes of the 31 October 2008 share conversion date:

1.652959	US Dollar shares for each Sterling share
1.267968	US Dollar shares for each Euro share
0.604976	Sterling shares for each US Dollar share
0.767244	Sterling shares for each Euro share
0.788663	Euro shares for each US Dollar share

On the basis of aggregate applications received and using the conversion ratios listed above, the following shares will be issued:

- 1,282,408 new Sterling shares of no par value,

and the following shares will be cancelled:

- 1,217,378 Euro Shares of no par value,

- 575,865 new US dollar shares of no par value,

all with effect from 28 November 2008.

Application has been made to the Financial Services Authority ('FSA') 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 28 November 2008 and shareholder CREST accounts for converting shareholders are expected be updated at 8am on that date.

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

- 22,349,576 Euro Shares

- 55,719,397 US Dollar Shares; and

- 17,903,574 Sterling 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. From 28 November 2008, the total number of voting rights in the Company (rounded down to the whole number) is 91,065,906.