DW Catalyst Fund Limited (the "Company")                    
      (a closed-ended collective investment scheme established as a company with   
       limited liability under the laws of Guernsey with registered number 52520)  

       Changes to management fee and notice period for redemption of underlying    
                                      investments                                  
                                                                                   
                                    11 January 2017                                

    The Company announces that effective as of 1/1/2017, DW Catalyst Fund Offshore,
    Ltd. ("DWCOF") has announced the creation of a new share class ("Class B") with
    a reduced management fee of 1.5% per annum payable to DW Partners, LP and an
    extended redemption notice period from 85 to 90 days.  DW Catalyst Fund Limited
    invests substantially all of its assets in DWCOF and, effective 1/1/2017, has
    transferred into Class B to receive the benefit of the reduced fee (previously
    DW Catalyst Fund Limited invested in Class A shares with a 2% per annum
    management fee and an 85 day redemption notice period). 

    Enquiries:

    Company website:      www.dwcatalystltd.com

    Northern Trust International Fund Administration Services (Guernsey) Limited
    Rebecca Booth
    Tel:         +44 (0) 1481 745189
    RB235@ntrs.com

    DW Partners, LP
    Doug Frisina
    Tel:         +1 212 751 5878
    Doug.Frisina@dwpartners.com