Exercise of over-allotment

BH Macro Limited
05 April 2007


BH Macro Limited
5 April 2007

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION,
DISTRIBUTION OR RELEASE IN, OR INTO,  DIRECTLY OR INDIRECTLY, THE UNITED STATES,
CANADA, AUSTRALIA OR JAPAN OR TO US PERSONS. THE INFORMATION CONTAINED  HEREIN
DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE INCLUDING IN THE UNITED
STATES, AUSTRALIA, CANADA OR JAPAN.


ANNOUNCEMENT OF EXERCISE OF OVER-ALLOTMENT OPTION


BH Macro Limited (the 'Company') announces that in connection with the initial
public offering of the Company completed on 14 March 2007, JPMorgan Cazenove
Limited as stabilising manager has today given notice to exercise the
over-allotment option in respect of 2,721,913 Euro Shares, 1,054,181 US Dollar
Shares, and 957,740 Sterling Shares of the Company, at an exercise price of €10
per Euro Share, $10 per US Dollar Share and £10 per Sterling Share. Following
the issue of the Shares pursuant to the exercise of the over-allotment option
there will be 29,941,043 Euro Shares, 46,110,999 US Dollar Shares, and
11,503,140 Sterling Shares in issue.


Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited
Harry Rouillard 44 (0)1481 745315

IMPORTANT INFORMATION

The information contained herein is not for publication, distribution or release
in or into, directly or indirectly,  the United States of America. These
materials do not contain or constitute an offer of securities for sale in the 
United States. The securities referred to herein have not been and will not be
registered under the US Securities Act  of 1933, as amended, and may not be
offered or sold in the United States absent registration under that Act or an 
available exemption from it. The Company does not intend to register the
securities or conduct a public offering in the  United States. The Company will
not be registered under the US Investment Company Act of 1940, as amended, and 
investors will not be entitled to the benefits of that Act.



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