diff --git a/ChangeLog b/ChangeLog
index 6dd51b66..edc10261 100644
--- a/ChangeLog
+++ b/ChangeLog
@@ -71,6 +71,7 @@ Changes in current version:
  o Rename internal memory management functions.
  o New functions (event_assign, event_new, event_free) for use by apps that want to be safely threadsafe, or want to remain ignorant of the contents of struct event.
  o introduce bufferevent_read_buffer; allows reading without memory copy.
+ o expose bufferevent_setwatermark via header files and fix high watermark on read
 
 Changes in 1.4.0:
  o allow \r or \n individually to separate HTTP headers instead of the standard "\r\n"; from Charles Kerr.
diff --git a/evbuffer.c b/evbuffer.c
index bb719b3c..51ee6c06 100644
--- a/evbuffer.c
+++ b/evbuffer.c
@@ -56,7 +56,6 @@
 
 /* prototypes */
 
-void bufferevent_setwatermark(struct bufferevent *, short, size_t, size_t);
 void bufferevent_read_pressure_cb(struct evbuffer *, size_t, size_t, void *);
 
 static int
@@ -112,8 +111,17 @@ bufferevent_readcb(evutil_socket_t fd, short event, void *arg)
 	 * If we have a high watermark configured then we don't want to
 	 * read more data than would make us reach the watermark.
 	 */
-	if (bufev->wm_read.high != 0)
-		howmuch = bufev->wm_read.high;
+	if (bufev->wm_read.high != 0) {
+		howmuch = bufev->wm_read.high - EVBUFFER_LENGTH(bufev->input);
+		/* we might have lowered the watermark, stop reading */
+		if (howmuch <= 0) {
+			struct evbuffer *buf = bufev->input;
+			event_del(&bufev->ev_read);
+			evbuffer_setcb(buf,
+			    bufferevent_read_pressure_cb, bufev);
+			return;
+		}
+	}
 
 	res = evbuffer_read(bufev->input, fd, howmuch);
 	if (res == -1) {
@@ -135,7 +143,7 @@ bufferevent_readcb(evutil_socket_t fd, short event, void *arg)
 	len = EVBUFFER_LENGTH(bufev->input);
 	if (bufev->wm_read.low != 0 && len < bufev->wm_read.low)
 		return;
-	if (bufev->wm_read.high != 0 && len > bufev->wm_read.high) {
+	if (bufev->wm_read.high != 0 && len >= bufev->wm_read.high) {
 		struct evbuffer *buf = bufev->input;
 		event_del(&bufev->ev_read);
 
diff --git a/include/event2/bufferevent.h b/include/event2/bufferevent.h
index 7ef7e17d..2377ca35 100644
--- a/include/event2/bufferevent.h
+++ b/include/event2/bufferevent.h
@@ -223,6 +223,24 @@ int bufferevent_disable(struct bufferevent *bufev, short event);
 void bufferevent_settimeout(struct bufferevent *bufev,
     int timeout_read, int timeout_write);
 
+/**
+  Sets the watermarks for read and write events.
+
+  On input, a bufferevent does not invoke the user read callback unless
+  there is at least low watermark data in the buffer.   If the read buffer
+  is beyond the high watermark, the buffevent stops reading from the network.
+
+  On output, the user write callback is invoked whenever the buffered data
+  falls below the low watermark.
+
+  @param bufev the bufferevent to be modified
+  @param events EV_READ, EV_WRITE or both
+  @param lowmark the lower watermark to set
+  @param highmark the high watermark to set
+*/
+
+void bufferevent_setwatermark(struct bufferevent *bufev, short events,
+    size_t lowmark, size_t highmark);
 
 #define EVBUFFER_INPUT(x)	(x)->input
 #define EVBUFFER_OUTPUT(x)	(x)->output