Compliance with Model Code

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)   

                        Compliance with the Model Code                         

                                27 January 2015                                

Pursuant to Listing Rule 15.5.1 R (Compliance with the Model Code) the Company
hereby wishes to notify the market that the close period of the Company
commenced today, 27 January 2015 and is anticipated to end following the
release of the interim results on or before 25 March 2015.

In accordance with Listing Rule 15.5.1 (4), the Company confirms that weekly
NAVs have been and will continue to be notified to the Exchange and that the
Directors and the Company are not in possession of any additional price
sensitive information that has not been notified to the Exchange.

Accordingly the Company will continue to observe the Model Code during the
close period with the exception of the following activities, which may be
undertaken:

  * dealings by persons discharging managerial responsibilities in the Company;
   
  * purchases by the Company of its own securities;
   
  * sales of treasury shares for cash or transfers.
   
Enquiries:

Company website:        www.bhmacro.com

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited
Andrew Maiden
Tel:    [phone]