22 December 2009

                 The Value Catalyst Fund Limited ("the Company")

                        Result of Annual General Meeting

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
          10 December 2008.

Resolution 2 -     To adopt the financial statements, the directors and auditors
          reports for the year ended 30 June 2009

Resolution  3 -     To approve the declaration of a capitalisation in lieu of  a
          final dividend of US$0.07 per Ordinary Share which will be payable  on
          23 December 2009.

Resolution  4  -      To re-appoint Mr C Kingsnorth as a director of the Company
          who is due to retire by rotation.

Resolution  5 -     To re-appoint Mr J Bourbon as a director of the Company, who
          is due to retire by rotation.

Resolution  6  -     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  7 -     To authorise the Directors to allot Ordinary Shares for cash
          up to a nominal value of $506.84.

Resolution  8 -     To authorise the Directors to allot Ordinary Shares for cash
          on a non pre-emptive basis up to a nominal value of $152.05.


Following  the approval of Resolution 3,the new Ordinary shares to be issued  to
shareholders in lieu of a final dividend will be issued on or around 30 December
2009.   The  number  of  Ordinary Shares to be issued to  shareholders  will  be
calculated based on the net asset value as at 24 December 2009.  Application has
been made for such shares to be admitted to trading on the 31 December 2009.

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