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)

                            Transparency Reporting

                                26 January 2015

As an investor in DW Catalyst Offshore Fund (the "Master Fund"), the Company
has received from International Fund Services, the administrator of the Master
Fund, an Investor Transparency Report relating to the Net Asset Value of the
Master Fund as at 31 December 2014. The report is available on the Company's
website, which can be accessed at www.bhcreditcatalysts.com.

Enquiries:

Company website:        www.bhcreditcatalysts.com

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