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 Companyhereby wishes to notify the market that the close period of the Companycommenced today, 27 January 2015 and is anticipated to end following therelease of the interim results on or before 25 March 2015. In accordance with Listing Rule 15.5.1 (4), the Company confirms that weeklyNAVs have been and will continue to be notified to the Exchange and that theDirectors and the Company are not in possession of any additional pricesensitive information that has not been notified to the Exchange. Accordingly the Company will continue to observe the Model Code during theclose period with the exception of the following activities, which may beundertaken: * 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) LimitedAndrew MaidenTel: +44 (0) 1481 745368