Net Asset Value(s)

7 July 2010

                          CRYSTAL AMBER FUND LIMITED                           

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

            Monthly Net Asset value and Quarterly Portfolio Review             

Crystal Amber Fund announces that its unaudited net asset value ("NAV") on 30
June 2010 was 115.50 pence per share (31 May 2010: 120.71 pence per share).

Quarterly Portfolio Update

The recent period has been one of intense engagement for the Company in respect
of its largest holdings.

In the last month, the NAV has been affected by the fall in the share price of
JJB Sports plc ("JJB"), the Company's largest equity holding. As a result of
the Company's activism, there is now fresh leadership in place at JJB, but the
turnaround will inevitably take time. The Board is confident that the new
management team, with experienced retailers John Clare as Chairman and Keith
Jones as Chief Executive will capitalise on the tremendous potential within the
business. The Board is greatly encouraged by the recent operational
improvements that it sees now being put in place.

 

The Company has also publicly sought change at Pinewood Shepperton plc (`PWS'),
having come to the conclusion that the current chairman, Michael Grade, is not
best placed to lead the board in driving value for shareholders. Crystal Amber
Fund will continue to press for greater clarity from the board with respect to
its strategy for improving performance. The Board believes that more
transparency in PWS's financial reporting and greater visibility on the
objective value of the group's asset base is essential to a clearer
understanding of PWS's potential.

 

At PayPoint plc, the Company's activism has been directed at helping management
to counter the threat of the proposed entry of lottery operator Camelot to the
bill payment market. A survey commissioned by Crystal Amber Advisers found that
six out of ten lottery customers would not wait to buy tickets if delayed while
others paid bills. The findings were forwarded to the National Lottery
Commission.

William Collins, Chairman of Crystal Amber Fund, commented;

"We continue to pursue active engagement in line with the objectives set out in
the Company's admission document. We are committed to delivering value from our
engagement strategy.

Following recent successful realisations in Chloride plc and Delta plc, we are
pleased to be in a position to deploy significant cash resources as suitable
opportunities arise".

 

For further enquiries please contact:

Crystal Amber Fund Limited

William Collins (Chairman)

Tel: [phone]

Merchant John East Securities Limited

David Worlidge/Bidhi Bhoma

Tel: [phone]

Crystal Amber Advisers (UK) LLP

Richard Bernstein

Tel: [phone]