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$) GBP Shares 14.12 14.10 (£) Source: Bloomberg The NAV per share* of each share class of BHCC is summarised as follows: Share Class 30 September 2014 30 June 2014 USD Shares (US$) 13.75 13.92 GBP Shares (£) 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.
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