Conversion of Securities

BH Macro Limited
26 October 2007


BH Macro Limited (the 'Company')


26 October 2007


Completion of 28 September 2007 Share Conversion


Following the publication on 25 October 2007 of the final month-end net asset
values for September 2007, the following share conversion ratios have been
determined in accordance with the articles of association of the Company for the
purposes of the 28 September 2007 share conversion date:

+----------+---------------------------------------------------------+
|2.0422605 |US Dollar shares for each Sterling share                 |
+----------+---------------------------------------------------------+
|1.4112179 |US Dollar shares for each Euro share                     |
+----------+---------------------------------------------------------+
|0.7086078 |Euro shares for each US Dollar share                     |
+----------+---------------------------------------------------------+
|1.4471227 |Euro shares for each Sterling share                      |
+----------+---------------------------------------------------------+
|0.4896535 |Sterling shares for each US Dollar share                 |
+----------+---------------------------------------------------------+
|0.6910264 |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:


-          2,403,886 new US Dollar shares of no par value; and

-          107,241 new Sterling shares of no par value,

and the following shares will be cancelled:

-          1,858,608 Euro Shares of no par value,

all with effect from 26 October 2007.


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 31 October 2007 and shareholder CREST accounts
for converting shareholders are expected to 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:


-          28,736,067 Euro Shares

-          53,877,466 US Dollar Shares; and

-          13,958,236 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 26 October 2007, the total
number of voting rights in the Company is 90,247,832.80


Enquiries:

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



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