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BH Macro Limited Announces Completion Of December 2008 Share Conversion

30 January 2009

Hamilton, Bermuda - 30 January, 2009 - BH Macro Limited (the "Company") updates the Bermuda Stock Exchange (BSX) regarding the share conversion requests from shareholders for the December 2008 Share Conversion Date.

Following the publication on 26 January 2009 of the final month-end net asset values for 31 December 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 December 2008 share conversion date:

1.073065	Euro shares for each Sterling share
0.667650	Sterling shares for each US Dollar share
0.931910	Sterling shares for each Euro share
1.395300	US Dollar 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:

423,556 new Sterling shares of no par value,

and the following shares will be cancelled:

266,663 Euro Shares of no par value,

262,191 US Dollar shares of no par value,

all with effect from 2 February 2009.

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 2 February 2009 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:

- 21,204,152 Euro Shares

- 54,730,441 US Dollar Shares; and

- 19,498,917 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. These are:

Euro Share 1

US Dollar Share 0.7606

Sterling Share 1.4710

From 30 January 2009, the total number of voting rights in the Company (rounded down to the whole number) is 91,515,032

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Andrew Maiden +44 (0)1481 745368