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

Interim Management Statement

For the period from 1 January 2010 to 13 May 2010

Introduction

This interim management statement covers the period from 1 January 2010 to 13 May 2010. It has been produced for the sole purpose of providing information to the Company's Shareholders in accordance with the requirements of Directive 2004/109/EC (the Transparency Directive). It should not be relied upon for any other purpose. 

Material Events and Transactions during the Period 

There have been no material events or transactions since 1 January 2010 except for those already announced to the market. There has been no material change in the business of the Company's operations. The Company's investment objectives, as set out in the prospectus dated 23 May 2007, and the nature of investments which were acquired by the Company in order to achieve the investment objectives, have not changed materially. 

Financial Position and Performance 

The most recent estimated net asset per share of the Company as at the close of business on 30 April 2010 was 65.03p per Ordinary Share.  At that date the Company had net cash of £3.8 million and uncalled capital commitments of £3.7 million and approximately 83% of the Company's assets were invested in € denominated funds and 17% in $ denominated funds.

Enquiries: 

Jon Macintosh, Saltus Partners LLP   

+44 20 7290 9400 

Hugh van Cutsem, Kepler Partners LLP   

+44 20 7297 5283