Share Conversion notice

BH Macro Limited
03 January 2008

BH Macro Limited
3 January 2008

BH Macro Limited (the 'Company')

Following the issue of the Share Conversion Notice on 13 December 2007, the
Company has received (in aggregate) the following share conversion requests from
shareholders for the 31 December 2007 Conversion Date:

- 1,101,026 US dollar shares to be converted to Sterling shares

- 242,750 US dollar shares to be converted to Euro shares

- 507,490 Euro shares to be converted to Sterling shares

- 12,379 Sterling shares to be converted to Euro shares

- 3000 Sterling shares to be converted to US dollar shares


Conversions will take place as soon as practicable after the Company's month-end
net asset value figures for December are released. Converting shareholders will
be notified upon conversion taking place which will be no later than 25 business
days after 31 December 2007.


Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Harry Rouillard 44 (0)1481 745315






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