Net Asset Value(s)

5 October 2012

                          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 30 September 2012 was 106.92p (31 August 2012: 104.81p per share).

The proportion of the Fund's NAV at 30 September 2012 represented by the ten
largest holdings, other investments and cash (including accruals), was as
follows:

Top ten holdings              Pence per share  Percentage of investee equity 
                                                           held              
                                                                             
TT Electronics plc                 19.0                    5.1%              
                                                                             
Sutton Harbour Holdings plc         9.5                    26.9%             
                                                                             
Devro plc                           8.2                    0.9%              
                                                                             
Northgate plc                       8.0                    1.5%              
                                                                             
N Brown Group plc                   7.7                    0.6%              
                                                                             
Norcros plc                         6.7                    6.0%              
                                                                             
Tribal Group plc                    6.5                    4.4%              
                                                                             
API Group plc                       6.1                    7.3%              
                                                                             
Renishaw plc                        5.5                    0.3%              
                                                                             
United Drug plc                     5.3                    0.6%              
                                                                             
Total of ten largest holdings      82.5                                      
                                                                             
Other investments                  15.2                                      
                                                                             
Cash and accruals                   9.2                                      
                                                                             
Total NAV                          106.9                                     

Investment adviser's commentary on the portfolio

Over the quarter, the Fund's NAV has grown by 1.3%.  This was helped by a
positive performance from the majority of the holdings, led by Renishaw, United
Drug and Smiths News.  The overall gain was held back by a 4.3% negative
contribution from JJB Sports plc, which has been written down to £Nil in the
portfolio, following the appointment of an administrator.

Renishaw had an excellent quarter, delivering a 20% return, which produced a
1.5% positive contribution to the Fund's NAV.  Its preliminary results on 25
July 2012 beat market estimates and confirmed a positive outlook supported by
the demand for production automation tools.  Though its metrology revenues have
low visibility, it has given improved guidance for the lossmaking healthcare
division.  Over the quarter, the Fund took profits on some of its holding.

United Drug's share price gained 40% in the quarter in sterling terms, making a
1.4% contribution to the Fund's NAV growth.  During the period, it increased
its earnings growth guidance on the back of strong trading in international
operations.  It also announced five acquisitions for an aggregate consideration
of €130m, which complement its two main growth platforms, sales/ marketing and
packaging.  The company announced its decision to delist from the Irish Stock
Exchange and make its listing in London its sole listing, which it expects to
increase international investor awareness.  Throughout its holding period, the
Fund has remained supportive of the management's growth strategy.  In its
engagement with the board, the Fund supported moving the principal listing to
London.

TT Electronics' share price fell 5% over the quarter, subtracting 1% from the
Fund's NAV. TT Electronics has been left behind in the market re-rating since
it guided, in its interims, to lower sales and profit than it previously
expected.  This reduced guidance was compounded by the dilutive effect of the
disposal of its UK secure power business and the uncertainly around the
deployment of the £10m proceeds of sale.  In our view, TT Electronics is in a
good position to acquire complementary technology attractive to its customer
base, however no acquisition has been announced to date.  While the Fund has
publicly highlighted the vulnerability of the business to an opportunist
acquirer, it remains supportive of the company's management and its focus on
self-help.

JJB Sports warned of deterioration in trading on 9 July 2012 and of the need
for an accelerated funding on 19 July.  On 30 August, having failed to secure
additional funding, the company was put up for sale.  On 24 September, the
board announced that the sale would be made through an administration process,
with no value attributed to its shares.  As an investor in JJB Sports, the Fund
did its utmost to help the company to deliver the operational changes needed. 
With this investment, the Fund has learnt the limits of activism in a company
in need of a fundamental turnaround.

The Fund has recently invested in Northgate, which owns a fleet of commercial
vehicles in the UK and Spain, rented out to a range of businesses including
support services, manufacturing and construction.  In our view, the company's
cash generation is strong and a reduced cost of borrowing would be available to
an owner that could exploit a better credit rating.

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]