BHCU BH Credit. $

                  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 DWIM

                                11 November 2014

The Company notes that the Company's existing manager, Brevan Howard Capital
Management L.P. ("Brevan Howard") and DW Investment Management LP ("DWIM"), the
investment management of the Brevan Howard Credit Catalysts Master Fund (the
"Master Fund") have sent papers to investors in the private feeder funds into
the Master Fund regarding the proposed transfer of management of the Master Fund
from Brevan Howard to DWIM.

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

The Company is in the process of finalising with DWIM the specific terms on
which DWIM will act as manager of the Company and the Company will continue its
investment exposure to the Master Fund. It is anticipated that a meeting of the
Company's shareholders will be held in December to approve changes to the
Company's investment policy and name to facilitate the transfer of management
and that a circular setting out the proposed changes will be sent to
shareholders towards the end of November.

Enquiries:

Company website:        www.bhcreditcatalysts.com

Northern Trust International Fund Administration Services (Guernsey) Limited
Andrew Maiden
Tel: +44 (0) 1481 745368

DWIM
Jen Drake
Jennifer.Drake@dwim.us

Brevan Howard
Daniel Riggs
Tel: +44 (0) 207 022 6236