BH Credit Catalysts Limited (the "Company") Extraordinary General Meeting regarding proposed transfer of management from Brevan Howard to DW Partners and related matters 28 November 2014 Further to the announcement made on 11 November 2014, a circular is today being published (the "Circular") which includes a notice convening an extraordinary general meeting of the Company at 10 a.m. on 19 December 2014 (the "Extraordinary General Meeting") to approve certain matters regarding the assumption of the management of the Company by DW Investment Management, LP (to be renamed DW Partners, LP) ("DW") from the Company's existing manager, Brevan Howard Capital Management LP ("Brevan Howard") and the reinvestment of the Company's assets (net of funds required for short-term working capital requirements) into Brevan Howard Credit Catalysts Fund Limited (to be renamed DW Catalyst Offshore Fund, Ltd) (the "Feeder Fund"), which is a feeder fund into Brevan Howard Credit Catalysts Master Fund Limited (to be renamed DW Catalyst Master Fund, Ltd) (the "Master Fund"). The Company is currently invested in the Master Fund. The resolutions to be proposed at the Extraordinary General Meeting (the "Resolutions"), all of which must be approved to become effective, address the change of the Company's investment policy to permit investment in the Feeder Fund, approval of a new management agreement with DW, the change of the Company's name to DW Catalyst Fund Limited and certain amendments to the Company's articles of incorporation. The Circular includes a recommendation from the Company's board of directors to shareholders to vote in favour of each of the Resolutions. Effectiveness of the Resolutions is conditional on the boards of directors and shareholders of each of the Feeder Fund and the Master Fund also approving the transfer of the management of the Feeder Fund and the Master Fund respectively from Brevan Howard to DW (the "Underlying Approvals"). Assuming that the Underlying Approvals are obtained and the Resolutions are passed, the change in management of the Company and reinvestment by the Company into the Feeder Fund will be effective from 1 January 2015. If the Underlying Approvals are obtained but the Resolutions are not passed, the Company's existing investment in the Master Fund will be redeemed with effect from 31 December 2014. A copy of the Circular will shortly be available on the Company's website at www.bhcreditcatalysts.com. The Circular will also be submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/nsm. Enquiries: Company website: www.bhcreditcatalysts.com Northern Trust International Fund Administration Services (Guernsey) Limited Andrew Maiden Tel: +44 (0) 1481 745368 Brevan Howard Daniel Riggs Tel: +44 (0) 207 022 6236 DW Jen Drake Jennifer.Drake@dwim.us
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