Directorate Change

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)   

                      Director Retirement and Appointment                      

                                  28 May 2015                                  

The Company announces the proposed retirement of Talmai Morgan as a
non-executive independent director of the Company effective from 26 June 2015. 
Talmai has been a director of the Company since its listing in 2007. The Board
has greatly appreciated the experience and support Talmai has contributed to
the development of the Company.

In addition, the Company announces the proposed appointment of Colin Maltby as
an independent non-executive Director of the Company. It is anticipated that
Colin will join the Board with effect from 26 June 2015.

Colin Maltby is a Director of BACIT Limited, Ocean Wilsons Holdings Limited and
Abingworth BioEquities Fund Limited, and a member of the Supervisory Board of
BBGI SICAV SA.  He was Head of Investments at BP from August 2000 to June 2007
and was previously Chief Investment Officer of Equitas Limited from its
formation in 1996. His career in investment management began in 1975 with NM
Rothschild & Sons and included 15 years with the Kleinwort Benson Group, of
which he was a Group Chief Executive at the time of its acquisition by Dresdner
Bank AG in 1995. He was Chief Executive of Kleinwort Benson Investment
Management from 1988 to 1995. Colin has served as a non-executive Director of
various public companies and agencies, and as an adviser to numerous
institutional investors, including pension funds and insurance companies, and
to private equity and venture capital funds in both Europe and the United
States. He is currently an Investment Advisor to Wolfson College, Oxford. Colin
holds a Double First Class Honours degree in Physics from the University of
Oxford and also studied at the Stanford University Graduate School of Business.
Mr Maltby is a Fellow of Wolfson College, Oxford, a Fellow of the Royal
Institution of Great Britain and of the Royal Society of Arts, and a member of
the Institut National Genevois. Mr Maltby is a resident of Switzerland.

There are no disclosures to be made in respect of LR 9.6.13 (2-6). All of
Colin's current directorships in publicly quoted companies and in the past five
years are noted below as required by LR 9.6.13 (1).

Current directorships
BACIT Limited
BBGI SICAV SA
Ocean Wilsons Holdings Limited

Past directorships
HarbourVest Senior Loans Europe Limited
BlackRock Absolute Return Strategies Limited

Enquiries:

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

Northern Trust International Fund Administration Services (Guernsey) Limited
Rebecca Booth
Tel:       [phone]