Value Catalyst Fund Limited (The)
20 December 2005


VALUE CATALYST FUND LIMITED

Net Asset Value of the COMPANY

The Directors of The Value Catalyst Fund Limited (the "Company") wish to
announce that the final Net Asset Value for the Company as of 15 December 2005
was 9,755.6797 pence per share (US$172.0024 per share).


Enquiries:

Sharon Christian / Sandra Powell
HSBC Securities Services (Isle of Man) Limited
+44 (0)1624 637877

Azhic Basirov
Smith & Williamson Corporate Finance Limited
+44 (0)20 7131 4000


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