Company Update

23 April 2013

                          Crystal Amber Fund Limited                           

                                 (the "Fund")                                  

                                Company update                                 

The Fund has reported a 35.3 per cent. increase in net asset value ("NAV") per
share over the 2012 calendar year and a further 6.8 per cent. increase in NAV
per share over the three months to 31 March 2013.

The board, the investment manager and investment adviser believe that the Fund
is appropriately positioned to continue to deliver attractive returns, through
its focus on special situation holdings more dependent upon self-help and
active engagement than upon macroeconomic recovery. Preliminary discussions
have therefore been initiated with certain of the major shareholders regarding
the potential to finance further investment opportunities through a secondary
issue of shares. The board believes that by increasing the size of the Fund, it
will be able to acquire larger holdings to potentially increase its influence
and invest in a wider portfolio of companies and also provide greater liquidity
for shareholders.

In light of positive feedback from these discussions, the board has instructed
the Fund's advisers to give consideration to a transaction involving a
secondary issue of shares. The board intends that any secondary issue of shares
would be priced at a price equal to at least the prevailing NAV per share. At
31 March 2013, the NAV per share was 128.19p. The board intends to continue the
discount management policy, through the share buyback programme, for the
foreseeable future, subject to the board's discretion and the requirements of
the AIM Rules.

The Fund's advisers intend to discuss the potential for a secondary issue of
shares with other shareholders and with potential new investors.

A further announcement will be made in due course.

For further enquiries please contact:                                          
                                                                               
Crystal Amber Fund Limited                                                     
                                                                               
William Collins (Chairman)                                                     
                                                                               
Tel: [phone]                                                             
                                                                               
Sanlam Securities UK Limited - Nominated Adviser                               
                                                                               
David Worlidge/Simon Clements                                                  
                                                                               
Tel: [phone]                                                             
                                                                               
Numis Securities Limited - Broker                                              
                                                                               
Nathan Brown/Hugh Jonathan                                                     
                                                                               
Tel: [phone]                                                             
                                                                               
Broker Profile Limited - Stockbroker Relations                                 
Consultants                                                                    
                                                                               
Simon Courtenay                                                                
                                                                               
Tel: [phone]                                                             
                                                                               
Crystal Amber Advisers (UK) LLP - Investment Adviser                           
                                                                               
Richard Bernstein                                                              
                                                                               
Tel: [phone]                                                             


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