The Value Catalyst Fund Limited ("VCF" or "the Company")

Result of AGM

The  Company announces that at its Annual General Meeting held, today,  all  the
resolutions, as set out below, were duly passed.

Ordinary Resolutions:

Resolution 1 - To approve the minutes of the Annual General Meeting held on
               21 November 2007

Resolution 2 - To  approve  the financial statements, the directors  and  the
               auditors reports for the year ended 30 June 2008

Resolution 3 - To approve the declaration of a capitalisation in lieu of a final
               dividend  of  UD$0.13 per Ordinary Share which will be payable  on
               11 December 2008

Resolution 4 - To elect Michael Haxby as a director who retires at the  first
               annual general meeting following his appointment

Resolution 5 - To re-elect Andrew Pegge as a director who is due to  retire  by
               rotation

Resolution 6 - To re-elect Gordon Brough as a director who is due to  retire  by
               rotation

Resolution 7 - To re-appoint KPMG Audit LLC as auditors of the Company and  to
               authorise the directors to fix their remuneration for the year
               ending 30 June 2009

Special Resolutions:

Resolution 8 - To authorise the Directors to allot Ordinary Shares for cash up
               to a nominal value of $440.41

Resolution 9 - To authorise the Directors to allot Ordinary Shares for cash on a
               non pre-emptive basis up to a nominal value of $132.12

Resolution 10 - To amend the Articles in order that the Directors are given  a
                general power to repurchase shares in all circumstances

Resolution 11 - To  amend the Articles in order that the Company  be  given  a
                general authority to repurchase 14.99% of its own Ordinary Shares
                in the  market  in  any  accounting year of the Company  and  that
                such authority be for an indefinite period

Resolution 12 - To amend the Articles imposing an obligation on Shareholders to
                comply  with the notification and disciplinary requirements set out
                in Chapter 5 of the Disclosure and Transparency Rules Sourcebook of
                the FSA Handbook

10 December 2008

Enquiries:

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