Conversion of Securities

BH Macro Limited
02 August 2007

BH Macro Limited (the 'Company')

Following the issue of the Share Conversion Notice on 16 July 2007, the Company
has received (in aggregate) the following share conversion requests from
shareholders for the 31 July 2007 Conversion Date:

- 254,800 US dollar shares to be converted to Sterling shares

- 688,091 Euro shares to be converted to US dollar shares

- 1,443,151 Euro shares to be converted to Sterling shares

- 100 Sterling shares to be converted to US dollar shares

- 2,370 Sterling shares to be converted to Euro shares

Conversions will take place as soon as practicable after the Company's month-end
net asset value figures for July are released which is currently expected to be
in the last week of August. Converting shareholders will be notified upon
conversion taking place which will be no later than 25 business days after 31
July 2007.


Enquiries:

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




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