Net Asset Value(s)

10 January 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 December 2010 was 101.92 pence per share (30 November 2010; 99.90
pence per share).


Commentary


The rise in NAV in December was due to gains in the share prices of several of
the Fund's larger holdings. These included:

- PayPoint plc, the second largest holding, where the share price rose
following its interim results, when the company reported increased net
revenues, profits and dividends; and

- Omega Insurance Holdings Ltd, the Fund's third largest holding, also
performed well as did Trading Emissions plc, which reported that it had
received an approach to purchase its private equity portfolio.

The Fund continues to work towards the release of value at its largest holding,
Pinewood Shepperton plc.

In December, following the receipt of a takeover approach for Tribal Group plc,
the Fund disclosed a 2.99 per cent. holding. The total cost of the 2.8 million
shares acquired was £1.2 million with 75% of this holding purchased in November
2010 at 30 pence per share.


The Fund continued to engage actively with JJB Sports plc ("JJB"). On 24
December 2010, JJB announced measures to strengthen its short-term financing
and its board, including a proposed £31.5m capital raising, the appointment of
a new chairman, Mike McTighe, and a new finance director who has a retail
background. These measures were supported by key shareholders and the Fund was
actively involved in the discussions to secure the funding and in the
negotiations on the terms. The Fund has indicated it will subscribe for £4.5m
in the fundraising. It is proposed that subscribers in the capital raising will
receive warrants to subscribe for JJB shares for the next three years at the
lower of 5p and the prevailing share price. JJB has also agreed to invite
appointees of certain investors, including the Fund, to join the board. At 31
December 2010, the Fund's holding in JJB was valued at £4.9m, equivalent to
8.2p of the Fund's NAV per share.

The proportion of the Fund's NAV at 31 December 2010 represented by the largest
five holdings, other investments and cash was as follows:

                      Pence per share 
                                      
Pinewood Shepperton   30.3            
                                      
PayPoint              17.2            
                                      
Omega                 12.5            
                                      
JJB Sports            8.2             
                                      
Trading Emissions     7.2             
                                      
Other investments     19.1            
                                      
Cash                  7.4             
                                      
Total NAV             101.9           


                                                            
                                                                
                           

                        



William Collins, Chairman of Crystal Amber Fund, commented:

"We continue to pursue our strategy of active engagement with our portfolio
companies to deliver value from all our holdings. This activism has been
particularly marked in respect of JJB, whose performance has obviously been
disappointing. We still believe that the company has great turnaround potential
and believe that we will have greater opportunity to help drive that recovery
by taking a seat on the board."

For further enquiries please contact

Crystal Amber Fund Limited
William Collins (Chairman)          Tel:  [phone]

Merchant Securities Limited
David Worlidge/Bidhi Bhoma      Tel:  [phone]

Crystal Amber Advisers (UK) LLP
Richard Bernstein                          Tel: [phone]