Share Conversion

BH Macro Limited
01 May 2008


BH Macro Limited (the 'Company')

01 May 2008

Completion of 31 March 2008 Share Conversion

Following the publication on 29 April 2008 of the final month-end net asset
values for 31 March 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 March 2008 share conversion date:

+----------+---------------------------------------------------------+
|2.0054371 |US Dollar shares for each Sterling share                 |
+----------+---------------------------------------------------------+
|1.5659097 |US Dollar shares for each Euro share                     |
+----------+---------------------------------------------------------+
|0.6386064 |Euro shares for each US Dollar share                     |
+----------+---------------------------------------------------------+
|1.2806586 |Euro shares for each Sterling share                      |
+----------+---------------------------------------------------------+
|0.4986443 |Sterling shares for each US Dollar share                 |
+----------+---------------------------------------------------------+
|0.7808466 |Sterling shares for each Euro share                      |
+----------+---------------------------------------------------------+

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

- 321,953 new Sterling shares of no par value,

- 489,451 new US Dollar shares of no par value,

and the following shares will be cancelled:

- 724,881 Euro Shares of no par value; and


all with effect from 01 May 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 05 May 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:

-          27,689,203 Euro Shares

-          53,029,108 US Dollar Shares; and

-          15,185,929 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 30 April 2008, the total
number voting rights in the Company is 90,361,644


Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Harry Rouillard 44 (0)1481 745315


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