BH Credit Catalysts$ - Net Asset Value(s)

BH CREDIT CATALYSTS LIMITED (the "Company")

(a closed-ended investment collective investment scheme registered and incorporated in Guernsey with registration number 52520)

Announcement of Month End Final Net Asset Values

As at the close of business on 30^th April 2012 the final Net Asset Values of each class of the Company's shares are as follows:

The Net Asset Value figures in this announcement have been calculated by Northern Trust International Fund Administration Services (Guernsey) Limited and are based on unaudited valuations.

This document is for information purposes only and is not an offer to invest. All investments are subject to risk. Past performance is no guarantee of future returns and the value of investments may fluctuate. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decisions. Results achieved in the past are no guarantee of future results.

The MTD performance figures are calculated by reference to the previous estimated month end NAV or, if published, the previous month end confirmed NAV. The YTD performance figures are calculated by reference to the NAV at the end of the last calendar year. MTD and YTD performance figures are based on the NAV per share calculated to four decimal places.

This document is for information purposes only and is not an offer to invest. All investments are subject to risk. Past performance is no guarantee of future returns. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decisions.

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Harry Rouillard 44 (0)1481 745315

Date 21^st May 2012