Value Catalyst Fund Limited (The)
06 January 2006


THE 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 31 December 2005
was 10,146.5507 pence per share (US$174.1909 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

6 January 2006







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