DW Catalyst Fund Limited (the "Company")

       (a closed-ended investment scheme established as a company with
  limited liability under the laws of Guernsey with registered number 52520)

               Completion of 31 December 2014 Share Conversion

                               27 January 2015

Following the publication on 22 January 2015 of the final month-end
net asset values for 31 December 2014, the following share conversion ratios
have been determined in accordance with the articles of incorporation of the
Company for the purposes of the 31 December 2014 share conversion date:

0.638880 GBP shares for each USD share
1.565238 USD shares for each GBP share

On the basis of aggregate applications received and using the
conversion ratios listed above, the following shares will be issued:

- 25,555 New Sterling shares of no par value

and the following shares will be cancelled:

- 40,000 US Dollar shares of no par value;

all with effect from 27 January 2015.

Application has been made to the Financial Conduct Authority
("FCA") for the new shares to be admitted to the Official List of the UK
Listing Authority and admitted to trading on the London Stock Exchange's main
market for listed securities.

Admission is expected to occur on 2 February 2015. Shareholder
CREST accounts for converting shareholders are expected to be updated by
5.00pm on 2 February 2015.

Following issue and cancellation of the relevant shares, the total
number of shares in issue in each class will be as follows:

- 2,984,729 US Dollar Shares
- 8,358,432 Sterling Shares

The number of votes each share in the Company is entitled to on a
poll at any general meeting of the Company waspublished by the Company on 15
December 2010 and will not change as a result of the conversions.These are:

US Dollar Share  1.0000

Sterling Share   1.5774

From 27 January 2015, the total number of voting rights in the
Company (rounded down to the whole number) is16,169,320.

Enquiries:

Website: www.dwcatalystltd.com

Northern Trust International Fund Administration Services (Guernsey) Limited
Andrew Maiden
Tel: +44 (0)1481 745368