BH CREDIT CATALYSTS LIMITED - 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)

Weekly Announcement of Estimated Net Asset Values

As at the close of business on 12th December 2014 the estimated Net Asset Values
of each class of the Company's shares are as follows:

                                  MTD           YTD
Fund Name       Sedol     NAV     Performance   Performance  NAV Date

BH Credit
Catalysts Ltd   B4T5WS5   $13.50  -0.66%        +3.77%       12th December 2014

BH Credit
Catalysts Ltd   B4XV933   1355p   -0.66%        +3.87%       12th December 2014


The Net Asset Value figures in this announcement are an estimate,
and are based on unaudited estimated valuations. The final month-end Net Asset
Value of BHCCFL may be materially different from these estimated weekly
values, and should only be taken as indicative values which have been provided
for information only and no reliance should be placed on them. Estimated
results, performance or achievements may differ materially from any actual
results, performance or achievements. Except as required by applicable law,
the Company expressly disclaims any obligations to update or revise such
estimates to reflect any change in expectations, new information, subsequent
events or otherwise.

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.

Month to date performance figures are calculated by reference to
the previous estimated month end NAV or, if published, the previous month end
confirmed NAV. The year to date 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.

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited
Harry Rouillard 44 (0)1481 745315
Date: 16th December 2014