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Value Catalyst Fund Limited (T (VCF)

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Friday 06 July, 2007

Value Catalyst Fund Limited (T

Change to Valuation Basis

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

Change of the valuation basis of the Net Asset Value of the Company

The  Board of The Value Catalyst Fund Limited (AIM: VCF) announces that  it  has
resolved  that the Company should amend the calculation basis of the  Net  Asset
Value  ("NAV")  of  the  Company  in  order  to  reflect  the  requirements   of
International Accounting Standard 39 ("IAS 39").  Under the terms of the IAS 39,
long  positions  are  to be valued at bid price and short positions  are  to  be
valued  at  offer price. The financial statements of the Company  are  currently
adjusted to comply with the IAS 39.

The  amendment to the valuation basis of the NAV of the Company is  with  effect
from July 2007 and the first NAV, post the change to the valuation basis of  the
NAV,  will  be  announced on 9 July 2007.  The Company does not anticipate  that
this change in valuation basis will have a material impact on the NAV.

6 July 2007

Enquiries:

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