BHCU BH Credit. $

 
TIDMBHCG TIDMBHCU 
 
BH CREDIT CATALYSTS LIMITED 
 
    INVESTOR STATEMENT 
    For the quarter ended 30 September 2014 
 
 
    YOUR ATTENTION IS DRAWN TO THE DISCLAIMER AT THE END OF THIS DOCUMENT 
 
    © Brevan Howard Capital Management LP (2014). All Rights Reserved. 
 
 
Overview and This Investor Statement covers the period of 1 July 2014 to 30 September 2014 
Objective    and is being circulated to satisfy the quarterly account statement 
             obligations of the commodity pool operator of BH Credit Catalysts Limited 
             ("BHCC") pursuant to CFTC Regulation 4.7. 
 
Company Size The total net assets of BHCC are summarised as follows: 
 
 
                    30 September                Change in Net   30 September 
                        2014     30 June 2014       Assets          2014     30 June 2014 
             Share 
             Class  In Currency    Currency:   30 June 2014 to  In Currency  In Currency 
                      of Class   USD             30 September     of Class     of Class 
                        (mm)         (mm)            2014           (mm)         (mm) 
                                                Currency: USD 
                                                     (mm) 
 
              USD       51.8         54.9            -3.1           51.8         54.9 
             Shares 
 
              GBP      176.4         185.7           -9.3          108.8        108.6 
             Shares 
 
             Total     228.2         240.6          -12.4            -             - 
 
 
             Source: Northern TrustInternational Fund Administration Services (Guernsey) 
             Limited ("Northern Trust") 
 
             Figures are rounded to one decimal place. 
 
Share        The number of shares in issue in each share class of BHCC is summarised as 
Capital      follows: 
 
             Share Class 30 September 2014 30 June 2014 
 
             USD Shares      3,763,806      3,942,710 
 
             GBP Shares      7,879,093      7,773,327 
 
 
             Source:Northern Trust 
 
 
 
 
 
 
Performance  The share price* of each share class of BHCC is summarised as follows: 
Review 
              Share Class   30 September   30 June 
                                2014         2014 
 
              USD Shares       14.225       13.985 
                 (US$) 
 
              GBP Shares       14.12        14.10 
                  (GBP) 
 
 
             Source: Bloomberg 
 
 
 
             The NAV per share* of each share class of BHCC is summarised as follows: 
 
               Share Class    30 September 2014 30 June 2014 
 
             USD Shares (US$)       13.75          13.92 
 
              GBP Shares (GBP)        13.81          13.97 
 
 
             * NAV performance is provided for information purposes only. Shares in BHCC 
             do not necessarily trade at a price equal to the prevailing NAV per Share. 
 
             Source: BHCC's Net Asset Value per Share data is provided by BHCC's 
             Administrator, Northern Trust, and is based on the Fund's Net Asset Value 
             data provided by the Administrator of the Fund, International Fund Services 
             (Ireland) Limited. BHCC's Net Asset Value data in this report is unaudited 
             and net of all investment management fees (2% annual management fee and 20% 
             performance fee) and all other fees and expenses payable by BHCC. 
 
             PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. 
 
             Further details of monthly performance information and the outlook of the 
             Fund and BHCC can be obtained from BHCC's Shareholder Reports, copies of 
             which can be found on BHCC's website: www.bhcreditcatalysts.com 
 
 
 
             To the best of my knowledge and belief, the information detailed in this 
             statement is accurate and complete: 
 
 
 
             By: 
 
 
 
 
             Name: David Barton 
 
             Title: Head of Legal and Authorised Signatory 
 
             Brevan Howard Capital Management Limited as general partner of Brevan Howard 
             Capital Management LP, the manager and commodity pool operator of BH Credit 
             Catalysts Limited. 
 
 
 
 
 
Important Legal Information and Disclaimer 
 
BH Credit Catalysts Limited ("BHCC") is a feeder fund investing in Brevan 
Howard Credit Catalysts Master Fund Limited (the "Fund").  Brevan Howard 
Capital Management LP acting through its general partner Brevan Howard Capital 
Management Limited ("BHCM") has supplied certain information herein regarding 
BHCC's and the Fund's performance and outlook.  BHCM is regulated by the Jersey 
Financial Services Commission as a fund services business and is the commodity 
pool operator of BHCC. 
 
The material relating to BHCC and the Fund included in this investor statement 
is provided for information purposes only, does not constitute an invitation or 
offer to subscribe for or purchase shares in BHCC or the Fund and is not 
intended to constitute "marketing" of either BHCC or the Fund as such term is 
understood for the purposes of the Alternative Investment Fund Managers 
Directive as it has been implemented in states of the European Economic Area. 
This material is not intended to provide a sufficient basis on which to make an 
investment decision. 
 
Tax treatment depends on the individual circumstances of each investor in BHCC 
and may be subject to change in the future. Returns may increase or decrease as 
a result of currency fluctuations. 
 
You should note that, if you invest in BHCC, your capital will be at risk and 
you may therefore lose some or all of any amount that you choose to invest. 
This material is not intended to constitute, and should not be construed as, 
investment advice.  All investments are subject to risk. You are advised to 
seek expert legal, financial, tax and other professional advice before making 
any investment decisions. 
 
THE VALUE OF INVESTMENTS CAN GO DOWN AS WELL AS UP.  YOU MAY NOT GET BACK THE 
AMOUNT ORIGINALLY INVESTED AND YOU MAY LOSE ALL OF YOUR INVESTMENT.  PAST 
PERFORMANCE IS NOT A RELIABLE INDICATOR OF FUTURE RESULTS. 
 
 
 
 
 
END 
 

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