BH CREDIT CATALYSTS LIMITED - Arrangements regarding BH and DWIM

BH Credit Catalysts Limited (the "Company")

  (a closed-ended collective investment scheme established as a company with
  limited liability under the laws of Guernsey with registered number 52520)

                  Arrangements regarding Brevan Howard and DW

                                7 October 2014

The Company notes the attached announcement made today by the Company's
existing manager, Brevan Howard Capital Management L.P. ("Brevan Howard") and
DW Investment Management LP ("DW"), the investment manager of the Brevan Howard
Credit Catalysts Master Fund (the "Master Fund"), regarding the proposed
transfer of management of the Company and the Master Fund from Brevan Howard to
DW, following on from the discussions between Brevan Howard and DW described in
the Company's March 2014 monthly shareholder report.

The Company is a feeder fund into the Master Fund. As the investment manager of
the Master Fund, DW has been responsible for the investment of the Company's
funds since its inception.

The Board of the Company is supportive of the proposed assumption by DW from
Brevan Howard of the wider management responsibilities of the Master Fund and
also of the assumption by DW of management responsibilities in relation to the
Company itself.

While the approach, philosophy and investment process pursued by the Master
Fund since inception will continue, it is probable that the change in
management of the Master Fund would lead to proposed changes in relation to the
management and structure of the Company, as well as a change in the Company's
name, which will require the approval of the Company's shareholders. Further
details will be supplied to shareholders as soon as they are available, most
probably within the next four weeks.

Enquiries:

Company website:        www.bhcreditcatalysts.com

Brevan Howard
Daniel Riggs
Tel:     [phone]

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

ATTACHMENT

              Brevan Howard and DW Investment Management Announce
  Management Transfer of Credit Catalysts Master Fund and Credit Value Master
                        Fund to DW Investment Management

LONDON, UK and NEW YORK, NY - 7 October, 2014 - Brevan Howard Capital
Management L.P. (BHCM LP, together with its affiliates Brevan Howard) and DW
Investment Management LP (DW) today announced that they have signed a
non-binding memorandum of understanding for the transfer of the role of manager
of Brevan Howard Credit Catalysts Master Fund Limited and Brevan Howard Credit
Value Master Fund Limited and their respective feeder funds - including BH
Credit Catalysts Limited (LSE: BHCG, BHCU) (together, the Funds) to DW, further
to discussions first outlined in the Funds' March 2014 shareholder reports.

"Our relationship with DW has been extremely successful for investors, Brevan
Howard and DW, and we want to thank David Warren and his investment team for
their management of the Brevan Howard Credit Catalysts and Credit Valuefunds,"
said Alan Howard. "In light of the growth and maturity of the funds and the DW
team, we have spent considerable time evaluating a potential transfer of
management of the funds to DW, and are confident that now is the right time for
such a transition. We look forward to helping in this transition and to
beginning the next phase of our continuing close relationship with DW."

"We have been successfully managing the investment process for the Brevan
Howard Credit Catalysts and Credit Value funds since 2009 and 2012,
respectively, and we look forward to continuing our strong relationship with
Brevan Howard as we begin the next phase of our development as an asset
management company" said David Warren, Founder and Chief Investment Officer of
DW.

The transfer of the role of manager to DW is expected to take place on or
before the beginning of 2015. Pursuant to the transfer, DW will assume risk
management functions for the Funds, as well as providing investor relations,
legal and regulatory support. Brevan Howard will provide certain other
operational support services in respect of the Funds following the transfer, to
ensure a smooth transition while DW further enhances its internal operational
capabilities and processes. Following the proposed transfer of the management
of the Funds, Brevan Howard will obtain an economic interest in DW, and DW will
continue to manage capital on behalf of other Brevan Howard funds.

BHCM LP and DW remain committed to maintaining the integrity of the services
provided to investors in the Funds and to preserving the robust infrastructure
and investing platform that has underscored the Funds' successful performance
to date.

About Brevan Howard

Brevan Howard was founded in 2002 and its principal global macro focused fund
was launched in 2003. Brevan Howard is one of the largest alternative asset
managers in the world, with assets under management of approximately $36bn (as
at 30 September 2014). The firm has over 160 investment professionals, with 50+
traders, 14 quantitative analysts, 12 economists, 5 strategists and 31 risk
specialists. There are a total of 435 employees including 190 in London, 75 in
Geneva, 59 in New York, 35 in Hong Kong, 25 in Tel Aviv, 46 in Jersey, and 5 in
Washington (as at 1 October 2014).

Brevan Howard's principal operating entity and fund manager is BHCM LP, a
Jersey-based limited partnership. BHCM LP is the manager of all alternative
investment funds managed by Brevan Howard (the BH Funds). In this role, BHCM LP
is responsible for providing the entire range of services required to operate
the BH Funds.

About DW Investment Management, LP

DW Investment Management, LP was founded in 2009 by David Warren and today
consists of 43 investment and operational professionals and managing more than
$6 billion of capital across all strategies.The firm uses a multi-strategy
approach to investing, focusing predominantly on credit instruments ranging
from distressed and performing corporate credit to structured and asset-backed
securities, with a focus on absolute return.

DW has been investment manager of Brevan Howard Credit Catalysts Master Fund
Limitedsince its launch in 2009 and the investment manager of Brevan Howard
Credit Value Master Fund Limited since its launch in 2012. DW has followed its
credit catalysts investment strategy since April 2008.

Brevan Howard Contact:

Peregrine Communications
Anthony Payne (London) [phone]
Max Hilton (New York) [phone]

DW Investment Management Contact:
ASC Advisors LLC
Steve Bruce, Scott Tagliarino or Taylor Ingraham
[phone]