DW CATALYST FUND LIMITED - Conversion of Securities

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 28 February 2015 Share Conversion

                                 27 March 2015

Following the publication on 24 March 2015 of the final month-end net asset
values for 28 February 2015, the following share conversion ratios have been
determined in accordance with the articles of incorporation of the Company for
the purposes of the 28 February 2015 share conversion date:

 0.644578 GBP shares for each USD share

 1.551401 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:

  * 58,352 New US Dollar shares of no par value

and the following shares will be cancelled:

  * 37,613 Sterling shares of no par value

all with effect from 27 March 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 April 2015. Shareholder CREST accounts for
converting shareholders are expected to be updated by 5.00pm on 2 April 2015.

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

- 3,043,081 US Dollar Shares

- 8,320,819 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 March 2015, the total number of voting rights in the Company (rounded
down to the whole number) is 16,168,341.

Enquiries:

Website: www.dwcatalystltd.com

Northern Trust International Fund Administration Services (Guernsey) Limited
Andrew Maiden
Tel: [phone]