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)   

                               Discount Trigger Process                            

                                    20 January 2017                                

    The Company notes that, in light of its probable final net asset value per
    share as at 31 December 2016, it is likely that the discount trigger process
    contained in its articles of incorporation will apply in respect of 2016. 

    Assuming that this is the case, following publication of the final net asset
    value per share for 31 December 2016 the Company will make a further
    announcement and publish a shareholder circular including details of the
    extraordinary general meeting of the Company at which the discount trigger
    resolution will be proposed and, if the requisite number of shareholders
    approve the discount trigger resolution, the timetable for the redemption of
    shares that are voted in favour of the resolution. 

    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