Conversion of Securities

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) Completion of 30 November 2014 Share Conversion 22 December 2014 Following the publication on 19 December 2014 of the final month-end net assetvalues for 30 November 2014, the following share conversion ratios have beendetermined in accordance with the articles of incorporation of the Company forthe purposes of the 30 November 2014 share conversion date: 0.632026 Sterling shares for each US Dollar share 1.582212 US Dollar shares for each Sterling share On the basis of aggregate applications received and using the conversion ratioslisted above, the following shares will be issued: * 256,775 US Dollar shares of no par value; and the following shares will be cancelled: * 162,289 Sterling shares of no par value all with effect from 22 December 2014. Application has been made to the Financial Conduct Authority ("FCA") for thenew shares to be admitted to the Official List of the UK Listing Authority andadmitted to trading on the London Stock Exchange's main market for listedsecurities. Admission is expected to occur on 31 December 2014. Shareholder CREST accountsfor converting shareholders are expected to be updated by 5.00pm on 31 December2014. Following issue and cancellation of the relevant shares, the total number ofshares in issue in each class will be as follows: - 6,994,093 US Dollar Shares - 570,806 US Dollar Treasury Shares - 27,395,033 Sterling Shares - 2,453,319 Sterling Treasury Shares The number of votes each share in the Company is entitled to on a poll at anygeneral meeting of the Company was published by the Company on 23 May 2008 andwill not change as a result of the conversions. These are: US Dollar Share 1 Sterling Share 1.97950 From 22 December 2014, the total number of voting rights in the Company (roundeddown to the whole number) is 61,222,561. Enquiries: Website: www.bhglobal.com Northern Trust International Fund Administration Services (Guernsey) LimitedAndrew MaidenTel: +44 (0)1481 745368