Net Asset Value(s)

BH Macro Limited
30 January 2008


BH Macro Limited (the 'Company')


30 January 2008


Completion of 31 December 2007 Share Conversion


Following the publication on 24 January 2008 of the final month-end net asset
values for December 2007, the following share conversion ratios have been
determined in accordance with the articles of association of the Company for the
purposes of the 31 December 2007 share conversion date:

       1.9892925   US Dollar shares for each Sterling share
       1.4413289   US Dollar shares for each Euro share
       0.6938042   Euro shares for each US Dollar share
       1.3803857   Euro shares for each Sterling share
       0.5026913   Sterling shares for each US Dollar share
       0.7244352   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:


-          905,740 new Sterling shares of no par value,


and the following shares will be cancelled:


-          321,983 Euro Shares of no par value,


-          1,337,809 new US Dollar shares of no par value; and


all with effect from 31 January 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 01 February 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:


-          28,414,084 Euro Shares


-          52,539,657 US Dollar Shares; and


-          14,863,976 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 31 January 2008, the total
number voting rights in the Company is 90,240,655.81


Enquiries:


Northern Trust International Fund Administration Services (Guernsey) Limited


Harry Rouillard 44 (0)1481 745315



                      This information is provided by RNS
            The company news service from the London Stock Exchange