BHCU BH Credit. $

For filings with the FCA include the annex

For filings with issuer exclude the annex


TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi


1. Identity of the issuer or the underlying issuer               BH Credit Catalysts Ltd
of existing shares to which voting rights are                           Ord Redeemable £
attached:ii


2. Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights                                          Yes

An acquisition or disposal of qualifying financial instruments which may result      No
in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to            No
qualifying financial instruments

An event changing the breakdown of voting rights                                     No

Other (please specify):                                                              No

3. Full name of person(s) subject to the                  Waverton Investment Management
notification obligation:iii                                                      Limited

4. Full name of shareholder(s)                                                       n/a
 (if different from 3.):iv

5. Date of the transaction and date on
which the threshold is crossed or                                             05/11/2014
reached: v

6. Date on which issuer notified:                                             06/11/2014

7. Threshold(s) that is/are crossed or                                                5%
reached: vi, vii


8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type   Situation previous         Resulting situation after the triggering transaction
of           to the triggering
shares       transaction

             Number         Number      Number     Number of voting           % of  voting rights
if possible  of             of          of shares  rights                     x
using        Shares         Voting
the ISIN                    Rights      Direct     Direct xi       Indirect   Direct  Indirect
CODE                                                               xii

GG00B4XV9331 520,215        820,587     495,215    781,152                    4.83%




B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of        Expiration     Exercise/             Number of voting              % of voting
financial      date xiii      Conversion Period xiv rights that may be            rights
instrument                                          acquired if the
                                                    instrument is
                                                    exercised/ converted.




C: Financial Instruments with similar economic effect to Qualifying Financial
Instruments xv, xvi

Resulting situation after the triggering transaction

Type of       Exercise      Expiration Exercise/   Number of voting rights      % of voting
financial     price         date xvii  Conversion  instrument refers to         rights xix, xx
instrument                             period
                                       xviii
                                                                                Nominal Delta




Total (A+B+C)

Number of voting rights                        Percentage of voting rights

781,152                                        4.83%




9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable: xxi




Proxy Voting:

10. Name of the proxy holder:                                                        N/A

11. Number of voting rights proxy holder will cease                                  N/A
to hold:

12. Date on which proxy holder will cease to hold                                    N/A
voting rights:

13. Additional information:

14. Contact name:

15. Contact telephone number: