Net Asset Value(s)

7 April 2011

                          CRYSTAL AMBER FUND LIMITED                           

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

                            Monthly Net Asset Value                            


Crystal Amber Fund announces that its unaudited net asset value ("NAV") per
share on 31 March 2011 was 100.71p per share (28 February 2011; 93.54p per
share).


Commentary
The proportion of the Fund's NAV at 31 March 2011 represented by the largest
five holdings, other investments and cash (including accrued dividends) was as
follows:

                                Pence per share        Percentage of investee  
                                                            equity held        
                                                                               
Pinewood Shepperton plc              35.2                       28.9           
                                                                               
Omega Insurance Holdings             10.8                       3.2            
Ltd                                                                            
                                                                               
JJB Sports plc                       9.9*                      15.5*           
                                                                               
PayPoint plc                          8.7                       1.9            
                                                                               
Forth Ports plc                       6.5                       0.5            
                                                                               
Total of five largest                71.1                                      
                                                                               
Other investments                    19.3                                      
                                                                               
Cash                                 10.3                                      
                                                                               
Total NAV                            100.7                                     


* 10.3p and 7.1 per cent, respectively, following the April 2011 fundraising by
JJB Sports plc ("JJB").


Pinewood Shepperton plc ("Pinewood"), the Fund's largest holding, reported an
increase in turnover and profits for 2010. The Fund remains of the view that
there is considerable untapped potential at Pinewood and continues to work on a
strategy to unlock that value.

Omega Insurance Holdings Ltd ("Omega") has now reported two bid approaches. The
Fund expects any offer to reflect both Omega's net asset value and a premium
for control.


JJB has made considerable progress towards delivering on its significant
turnaround potential, announcing agreement on a further fundraising and a
Company Voluntary Arrangement. The Fund was actively involved in discussions to
secure the funding. We are confident that a refinanced JJB now has a stable
platform for recovery. The Fund continues to engage intensely with the
management of JJB as they endeavour to ensure that this time a permanent
turnaround in JJB's fortunes is secured.


PayPoint plc ("PayPoint") started the quarter as the Fund's second largest
holding. Its share price rose 15 per cent over the quarter. The National
Lottery Commission ruled against allowing Camelot, operator of the UK National
Lottery, to engage in commercial activities using its Lottery terminals. The
Fund realised some profits on its investment but continues to be a holder and
remains confident about PayPoint's prospects.

Forth Ports plc ("Forth Ports"), where the Fund renewed its investment in
recent months, has recommended an offer from Otter Ports Limited at 1630p per
share cash plus a final dividend of 20p per share. The average cost of the
Fund's holding is 1460p per share.


Following a strengthening of the share price of Trading Emissions plc ("Trading
Emissions"), which was previously one of the top five holdings, profits were
taken on part of the holding. Trading Emissions has reported approaches both
for its private equity portfolio and for its carbon credit portfolio.


William Collins, chairman of Crystal Amber Fund, commented:


"This has been a busy quarter for the Fund as we continue to follow our
strategy of active engagement with our portfolio companies to deliver value
from all our holdings. Progress has been made at several of the Fund's
investments, be it corporate activity at companies we identified as undervalued
and candidates for takeover or progress towards recovery at turnaround
opportunities such as JJB."

For further enquiries please contact;

Crystal Amber Fund Limited

William Collins (Chairman)

Tel: [phone]

Merchant Securities Limited - Nominated Adviser & Joint Broker

David Worlidge/Bidhi Bhoma

Tel: [phone]

Numis Securities Limited - Joint Broker

Nathan Brown

Tel: [phone]

Crystal Amber Advisers (UK) LLP - Investment Adviser

Richard Bernstein

Tel: [phone]