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BH Global Limited (the "Company")

(a closed-ended investment scheme established as a company with limited liability under the laws of Guernsey with registered number 48555)

27 January 2010

Cancellation of Treasury Shares and Completion of 31 December 2009 Share Conversion

The Company announces that it has cancelled 120,000 Euro treasury shares. 

Following the publication on 25 January 2010 of the final month-end net asset values for 31 December 2009, 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 2009 share conversion date:

0.882095	Sterling shares for each Euro share
0.612936	Sterling shares for each US Dollar share
1.133665	Euro shares for each Sterling share
0.694796	Euro shares for each US Dollar share
1.631490	US Dollar shares for each Sterling share
1.439272	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: 

• 149,139 new Sterling shares of no par value; and

• 208,619 US Dollar shares of no par value

and the following shares will be cancelled: 

• 314,028 Euro shares of no par value

all with effect from 27 January 2010.

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 1 February 2010. Shareholder CREST accounts for converting shareholders are expected to be updated by 5.00pm on 27 January 2010.

Following issue and cancellation of the relevant shares, the total number of shares in issue in each class will be as follows:

-    5,078,160 Euro Shares

-    449,712 Euro Treasury Shares

-    26,974,758 US Dollar Shares

-    2,385,662 US Dollar Treasury Shares

-    31,610,864 Sterling Shares; and

-    2,422,287 Sterling Treasury 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 23 May 2008 and will not change as a result of the conversions. These are:

US Dollar Share        1

Euro Share        1.57465

Sterling Share        1.97950

From 27 January 2010, the total number of voting rights in the Company (rounded down to the whole number) is 97,544,788.

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Andrew Maiden +44 (0)1481 745368

Website:    www.bhglobal.com

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