Result of AGM

BH Macro Limited (the "Company")

(a closed-ended collective investment scheme established as a company with limited liability under the laws of Guernsey with registered number 46235)

RESULT OF ANNUAL GENERAL MEETING (“AGM”)

25 JUNE 2015

The Board of BH Macro Limited is pleased to announce that at the AGM held on 25 June 2015, all fourteen resolutions as set out in the Notice dated 27 May 2015 were duly passed by way of a show of hands.

The proxy votes received on each resolution proposed at the AGM were as follows.  A vote withheld is not a vote in law and has not been counted in the votes for and against a resolution.

	Ordinary Resolutions	For	Against	Vote Withheld
1.	That the Annual Audited Financial Statements of the Company for the period ended 31 December 2014, together with the Reports of the Directors and the Auditors thereon, be received and considered.	15,509,656	2,733	0
2.	That KPMG Channel Islands Limited be re-appointed as Auditors until the conclusion of the next annual general meeting.	15,509,656	2,733	190,000
3.	That the Board of Directors be authorised to determine the remuneration of the Auditors.	15,512,389	0	0
4.	That Ian Plenderleith be re-elected as a Director.	15,512,389	0	0
5.	That David Barton be re-elected as a Director.	15,206,510	305,879	0
6.	That Huw Evans be re-elected as a Director.	15,512,389	0	0
7.	That Christopher Legge be re-elected as a Director.	15,512,139	250	0
8.	That Claire Whittet be re-elected as a Director.	15,512,389	0	0
9.	That Colin Maltby be elected as a Director.	15,512,389	0	0
10.	That the Directors’ Remuneration Report contained in the Annual Audited Financial Statements of the Company for the period ended 31 December 2014 be approved.	15,512,389	0	0
11.	That the Directors be generally and unconditionally authorised to allot and issue, grant rights to subscribe for, or to convert securities into, up to 1,989,326 shares designated as Euro shares, 7,622,880 shares designated as US Dollar shares and 14,277,069 shares designated as Sterling shares respectively (being 33.33 per cent. of the Company’s shares of each class in issue as at the latest practicable date prior to the date of publication of this document (excluding shares held in treasury)) for the period expiring on the date falling fifteen months after the date of passing of this Resolution 11 or the conclusion of the next annual general meeting of the Company, whichever is the earlier, save that the Company may before such expiry make an offer or agreement which would or might require shares to be allotted and issued after such expiry and the Directors may allot and issue shares in pursuance of such an offer or agreement as if the authority had not expired.	15,512,389	0	0
	Special Resolutions	For	Against	Vote Withheld
12.	That the Company be and is hereby generally and unconditionally authorised in accordance with the Companies (Guernsey) Law, 2008, as amended (the “Companies Law”), to make market acquisitions (as defined in the Companies Law) of each class of its shares (either for the retention as treasury shares for resale or transfer, or cancellation), PROVIDED THAT:	15,512,389	0	0
13.	That, in accordance with Article 6.4 of the Articles, the Directors be empowered to allot and issue (or sell from treasury) 500,338 shares designated as Euro shares, 1,825,206 shares designated as US Dollar shares and 3,702,503 shares designated as Sterling shares (being 10 per cent. of the shares in issue of each class as at the latest practicable date prior to the date of this notice, excluding shares held in treasury) for cash as if Article 6.1 of the Articles did not apply to the allotment and issue (or sale from treasury) for the period expiring on the date falling fifteen months after the date of passing of this Resolution 13 or the conclusion of the next annual general meeting of the Company, whichever is the earlier, save that the Company may before such expiry make offers or agreements which would or might require shares to be allotted and issued (or sold) after such expiry and the Directors may allot and issue (or sell) shares in pursuance of any such offer or agreement notwithstanding that the power conferred by this Resolution 13 has expired.	15,347,656	164,733	0
14.	That the Board Procedure Articles Amendments and the Additional Articles Amendments (both as defined in the Company’s circular to shareholders dated 27 May 2015) be and are hereby approved.	15,512,389	0	0

Further to the Company announcement released on 28 May 2015, the Board would also like to confirm that Colin Maltby was appointed as a non-executive director at a Board Meeting prior to the AGM and successfully re-elected at the AGM.  As previously set out in the Notice of AGM, Talmai Morgan retired as Director at the AGM.

In accordance with Listing Rule 9.6.3, a copy of the Result of AGM has been submitted to the National Storage Mechanism and will shortly be available for inspection at: www.morningstar.co.uk/uk/NSM

Company website:        http://www.bhmacro.com/

Northern Trust International Fund Administration Services (Guernsey) Limited

Rebecca Booth

Tel:       [phone]