BH Macro Limited - Discount Control Trigger Activated

Hamilton, Bermuda - 21 October, 2009 - The Board of BH Macro Limited (the "Company") that the discount control provisions contained in the Company's articles of association have been triggered for the Company's USD and Euro share classes.

Accordingly, the Company is now required by its articles of association to convene a class meeting of each of the USD and Euro share classes to consider a Class Closure Resolution (as such term is defined in the Company's articles of association) to approve arrangements for the discontinuation of such classes. The Class Closure Resolution for each class is a special resolution which will require not less than 75 per cent. of the total voting rights cast on the resolution to be in favour in order to become effective. 

The Company intends to convene an Extraordinary General Meeting on the same date as the class meetings to propose amendments to the Company's articles of association, including in relation to the discount management arrangements as they apply to all shares classes. The Board of the Company will recommend holders of the USD and Euro classes to vote against approval of the Class Closure Resolutions and will recommend all shareholders to vote in favour of the amendments to the articles of association. Further details, including reasons to vote against the Class Closure Resolutions and in favour of the amendments to the articles of association, will be included in a circular to be sent to shareholders.

Enquiries:

Company website:      www.bhmacro.com

Dan Riggs/Richard Murray     Tel:    0207 022 6200

Brevan Howard

William Simmonds                 Tel:    0207 588 2828

J.P. Morgan Cazenove

Andrew Maiden

Northern Trust Int'l Fund Administration Services (Guernsey) Limited

Company Secretary               Tel: +44 (0) 1481 745368