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)   

                               Transaction in Own Shares                           
                                    3 January 2017                                 

    DW Catalyst Fund Limited (the Company) announces today it has purchased the
    following number of its ordinary shares on the London Stock Exchange.

    Ordinary Shares:

    Date of purchase:                    3 January 2017                      
                                                                             
    Number of ordinary shares purchased: 4,500                               
                                                                             
    Lowest price per share               1186 pence                          
                                                                             
    Highest price per share              1202 pence                          
                                                                             
    Trading venue                        London Stock Exchange               
                                                                             
    Aggregate trading                    4,500                               

    The Company intends to hold the purchased shares in treasury.

    Following the above transaction, the Company holds 1,026,715 of its ordinary
    shares in treasury and has 9,367,317 ordinary shares in issue (excluding
    treasury shares).

    The number of votes each share in the Company is entitled to on a poll at any
    general meeting of the Company will not change as a result of the purchase.
    This is:

    Sterling Share    1.5774

    From 3 January 2017, the total number of voting rights in the Company (rounded
    down to the whole number) is 14,776,006.

    Enquiries:
    Company website:      www.dwcatalystltd.com  

    Peregrine Communications
    Alan O'Sullivan/ Darius Athill
    Tel:         +44 (0) 203 178 6872 / +44 (0) 203 040 0874
    daniel.jason@peregrinecommunications.com /
    lily.dewatteville@peregrinecommunications.com

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

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