DW CATALYST FUND LIMITED - Net Asset Value(s)

DW CATALYST FUND LIMITED (the "Company")

    (a closed-ended investment collective investment scheme registered and
           incorporated in Guernsey with registration number 52520)

Announcement of Weekly and Month End Estimated Net Asset Values

As at the close of business on31stJanuary2015the estimated Net Asset Values of
each class of the Company's shares are as follows:

Fund Name            Sedol      NAV       MTD           YTD            NAV Date
                                       Performance   Performance

DW Catalyst Fund    B4T5WS5    $13.68    -0.24%        -0.24%       31st January 2015


DW Catalyst Fund    B4XV933    1374p     -0.22%        -0.22%       31st January 2015



The Net Asset Value figures in this announcement are an estimate, and are based
on unaudited estimated valuations. The final month-end Net Asset Value of DWCFL
may be materially different from these estimated weekly values, and should only
be taken as indicative values which have been provided for information only and
no reliance should be placed on them. Estimated results, performance or
achievements may differ materially from any actual results, performance or
achievements. Except as required by applicable law, the Company expressly
disclaims any obligations to update or revise such estimates to reflect any
change in expectations, new information, subsequent events or otherwise.

This document is for information purposes only and is not an offer to invest.
All investments are subject to risk. Past performance is no guarantee of future
returns. Prospective investors are advised to seek expert legal, financial, tax
and other professional advice before making any investment decisions.

Month to date performance figures are calculated by reference to the previous
estimated month end NAV or, if published, the previous month end confirmed NAV.
The year to date performance figures are calculated by reference to the NAV at
the end of the last calendar year. MTD and YTD performance figures are based on
the NAV per share calculated to four decimal places.

Enquiries:
Northern Trust International Fund Administration Services (Guernsey) Limited
Harry Rouillard 44 (0)1481 745315
Date: 06th February 2015