Monthly Net Asset Value & Declaration of Di...

7 July 2011

                          CRYSTAL AMBER FUND LIMITED                           

                     ("Crystal Amber Fund" or the "Fund")                      

              Monthly Net Asset Value and declaration of dividend              


Crystal Amber Fund announces that its unaudited net asset value ("NAV") per
share on 30 June 2011 was 109.01p (31 May 2011; 109.18p per share).

Commentary

The proportion of the Fund's NAV at 30 June 2011 represented by the five
largest holdings, other investments and cash (including accruals) was as
follows:


                                Pence per share        Percentage of investee  
                                                            equity held        
                                                                               
Pinewood Shepperton plc *            44.6                       28.9           
                                                                               
Omega Insurance Holdings             10.4                       3.2            
Ltd                                                                            
                                                                               
PayPoint plc                          8.5                       1.5            
                                                                               
JJB Sports plc                        6.4                       7.1            
                                                                               
Sutton Harbour Group plc              6.0                       13.6           
                                                                               
Total of five largest                75.9                                      
holdings                                                                       
                                                                               
Other investments                    25.9                                      
                                                                               
Cash/accruals                         7.2                                      
                                                                               
Total NAV                            109.0                                     


*Pinewood Shepperton holding at realisable value of 200p per share


Commentary on the Portfolio

The board of Pinewood Shepperton recommended a 200p cash offer in April 2011
from Peel Acquisitions (Pegasus) Limited ("Peel") ("the Offer"). In conjunction
with the Offer, the Fund entered an irrevocable commitment with Peel to accept
the Offer, except in the event of a third party making an alternative offer at
not less than 250p. Although there has been other activity around the company
since the offer, including the purchase of a substantial stake in the market by
Warren James Holdings at a higher price, a higher offer was not made and the
Offer was declared unconditional in all respects on 21 June 2011. The
completion of the Offer will realise a profit of £8.7 million for the Fund on a
total investment of £18.0 million. This uplift is reflected within the NAV as
at 30 June 2011.


Omega Insurance has disclosed bid approaches from several parties.

PayPoint continues to trade strongly and to develop its pay-by-phone and other
payment systems. It has net cash and a strong balance sheet. Sales and
operating profits for the year ended 31 March 2011 rose from the previous year
and a record volume of transactions was handled. Shares in Paypoint performed
strongly in the quarter rising by around 23 per cent to 509.5p. Crystal Amber
Fund again demonstrated the value of its flexible engagement model, using its
strategic and communications skills to help PayPoint deflect the possibility of
competition in its domestic market from the state monopoly lottery provider
Camelot. During the quarter ended 30 June 2011, the Fund sold around 20 per
cent of its holding at 522p per share. The Fund's cost of its remaining holding
is 315p per share.


Following the refinancing in April 2011, JJB Sports is striving to deliver on
its recovery plan. Richard Bernstein, of Crystal Amber Advisers (UK) LLP,
joined JJB Sports's board in May 2011, which has stepped up our intense
engagement with the company. Although the retail environment is generally
expected to remain challenging, JJB Sports should be in a position to build for
a successful future if the management team under the new chairman, Mike
McTighe, can deliver on the business plan presented to investors at the time of
the fundraising.


The Fund increased its holding in Sutton Harbour Group ("SUH") to 13.6 per
cent. SUH reported net losses of £6.45 million in the year to 31 March 2011
following £8.4 million losses on discontinued operations, mainly the Air
Southwest airline. Reported net asset value per share declined from 68.5p to
57.3p. This performance is clearly unacceptable and the Fund is now engaging
actively with the SUH board and management to ensure that a better return on
the asset base is delivered.


A very satisfactory profit was achieved on Forth Ports, previously the Fund's
fifth largest holding, following its takeover by Otter Ports Limited at 1630p
per share cash plus a final dividend of 20p per share. This represents a 12.4%
profit on the £3.5 million cost of the holding.

The Fund's holding in Tribal Group, disclosed following bid approaches to
Tribal, has recently been increased to 4.41 per cent following engagement with
the management.

Dividend

A number of the Fund's holdings comprise companies that pay dividends. It is
the intention of the Board to distribute a proportion of the dividends received
to shareholders from the Fund's realised distributable reserves. The level of
dividend receipts will vary based on the composition of the portfolio from time
to time.

The board is today declaring an interim dividend of 0.5p per share, to be paid
on 12 August 2011 to shareholders on record on the register on 15 July 2011.


William Collins, chairman of Crystal Amber Fund, commented:


"The outcome at Pinewood, our largest holding, is very satisfactory for the
Fund, which overall has continued to perform well in uncertain economic
conditions. New investments have been identified and the process of engagement
with potential investee companies is well advanced."


"We are pleased to be able to declare our first dividend to our shareholders.
We are confident that our strategy can continue to deliver good returns. "


For further enquiries please contact;

Crystal Amber Fund Limited

William Collins (Chairman)

Tel: [phone]

Merchant Securities Limited - Nominated Adviser

David Worlidge/Simon Clements

Tel: [phone]

Numis Securities Limited - Broker

Nathan Brown/Hugh Jonathan

Tel: [phone]

Crystal Amber Advisers (UK) LLP - Investment Adviser

Richard Bernstein

Tel: [phone]