SALTUS EUROPEAN DEBT STRATEGIES LIMITED

(Registered in Guernsey - Number 46912)

Registered Office:

2^nd FLOOR, REGENCY COURT, GLATEGNY ESPLANADE,

ST PETER PORT, GUERNSEY GY1 3NQ

TELEPHONE: +44 1481 720321

FACSIMILE: +44 1481 716117

E-MAIL: Funds@bfgl.com

Derogation from the Model Code

Saltus European Debt Strategies (the "Company") has been admitted to the Official List of the UK Listing Authority pursuant to Chapter 14 of the Listing Rules and is therefore, inter alia, not required to comply with Chapter 15 of the Listing Rules which deals with closed-ended investment funds. However, the Company does voluntarily comply with certain of its provisions and accordingly wishes to notify the market pursuant to Listing Rule 15.5.1 R (Compliance with the Model Code) that the upcoming closed period of the Company will commence on 23^rd February 2010 and is anticipated to end following the release of the preliminary results in respect of the year ended 31 December 2009 on or around 23rd April 2010.

In accordance with Listing Rule 15.5.1 (4), the Company confirms that monthly NAVs have been and will continue to be notified to the Exchange and that the Directors and the Company are not in possession of any additional inside information that has not been notified to the Exchange.

Accordingly the Company will continue to adopt the Model Code during the close period with the exception of the following activities, which may be undertaken:

(a)       dealings by persons discharging managerial responsibilities in the Company;

(b)       purchases by the Company of its own securities;

(c)      sales of treasury shares for cash or transfers (except for sales and transfers by the Company

          of treasury shares in the circumstances set out in LR 12.6.2 R).

Enquiries:

Company Secretary

Butterfield Fulcrum Group (Guernsey) Limited

2^nd Floor

Regency Court

Glategny Esplanade

St Peter Port

Guernsey GY1 3NQ

Tel:  01481 720321

Fax:  01481 716117