Net Asset Value(s)

4 July 2013

                          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 June 2013 was 133.05p (31 May: 134.43p per share).

The proportion of the Fund's NAV at 30 June 2013 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                 13.2                    3.1%              
                                                                             
Tribal Group plc                   12.9                    4.4%              
                                                                             
Norcros plc                        12.7                    7.3%              
                                                                             
API Group plc                      11.2                    11.5%             
                                                                             
Sutton Harbour Holdings plc        11.2                    28.6%             
                                                                             
Devro plc                           8.4                    1.0%              
                                                                             
4imprint Group plc                  7.9                    3.2%              
                                                                             
Smiths News plc                     6.5                    1.3%              
                                                                             
Northgate plc                       5.5                    0.7%              
                                                                             
Thorntons plc                       4.7                    4.3%              
                                                                             
Total of ten largest holdings      94.2                                      
                                                                             
Other investments                  28.9                                      
                                                                             
Cash and accruals                  10.0                                      
                                                                             
Total NAV                          133.1                                     

Investment Adviser's quarterly commentary on the portfolio

Over the quarter to 30 June 2013, NAV per share increased by 3.8%. Over the
last six months, NAV per share rose by 10.8% and over the last 12 months, NAV
per share increased by 26%. Total returns over the year including dividends
were 26.6%.

The top three positive contributors to NAV performance over the last three
months have been Tribal Group (1.7% contribution), API Group (1%) and Thorntons
(0.8%).  The top three detractors have been TT Electronics (-1.9%), Devro
(-1.7%) and Smiths News (-1.1%).

 

Tribal Group plc

Tribal Group's share price increased by 19% over the quarter.

The company is gaining increased recognition from investors for its
growth potential in international markets. A well-attended investors' day
highlighted Tribal's deep knowledge of educational institutions' needs and the
products it has developed to meet them, as well as the on-going innovation at
work. 

The company appears to be on track for its target to double earnings within the
three year period to December 2014, and yet market estimates remain 24% below
Tribal's target.

 

API Group plc

API Group's share price rose 19.4% over the quarter, partially recovering the
negative 23% performance seen in the first three months of the year, triggered
by the end of the sale process.

The Fund supported the decision to terminate the process and has since engaged
with the company over the initiation of a dividend payment, the need to set
strategic targets for the business and the composition of the board. In May,
the company reported good progress with earnings up 36% year on year, and
announced its intention to pay a meaningful progressive dividend starting in
its next interim results. In our view, the cash generative nature of the
business should allow a generous pay-out rate. On market estimates, a twice
covered dividend would put the shares at a 6.4% yield.

 

Norcros plc

Norcros is up 3.5% over the period. The Fund continued its engagement with the
company over its strategic options with the view that some assets are not fully
reflected in the group's valuation. 

At the time of the release of its preliminary results, Norcros announced new
strategic targets to double revenues by 2018, to maintain overseas revenues at
approximately 50%, and to sustain a RoCE over the cycle between 12% and 15%. 

 

Sutton Harbour Holdings plc

Sutton Harbour's share price has closed the three months period flat. 

At the time of the release of its preliminary results in June 2013, the company
announced the renewal of its debt facilities and a small revaluation of its
property holdings that left its NAV per share at 38p (from 38.3p at September
2012). Nevertheless, the shares trade at a 38% discount to its NAV.

Operationally, the company is focusing on its harbour assets, as the university
and the city council move their attention to the seafront, supporting the
company's "Destination Sutton Harbour" strategy.  Putting to use the East Quays
site, no longer reserved for the BBC, could be a near term catalyst to increase
returns on assets.  In the next year, the company will start seeing the income
from berth rental in its new King Point Marina and from new large vessel berths
in Sutton Harbour.

Following discussions with the board, the Fund indicated its preference
for board renewal.  The company recently announced that it has started the
search for a successor to the present Chairman. 

 

TT Electronics plc

TT Electronics share price declined by 13% over the quarter with the continuing
difficult outlook for auto and industrial production combining with a recent
sell off in many cyclical stocks. It has a £242 million market capitalization
and had £47 million of net cash at 31 December 2012.

At its June investor day, TT announced a £30 million investment to improve
productivity and growth, which is planned to deliver approximately £8 million
annual savings.  We support this initiative and have communicated the
importance of internal restructuring and cost savings in advance of any higher
risk expansion acquisitions, which could add complexity to TT's production
footprint. Our view is that, if successfully executed, it should be able to
deliver in excess of the announced savings estimate, leaving TT's 8-10% margin
target well underpinned.

 

Share buy-back

Over the quarter, the Fund has purchased 1,787,000 of its own shares at an
average price of 126.76p per share, which are held as treasury shares together
with the 2,705,000 shares purchased previously. The buy-back has had the effect
of reducing the share price discount to the Fund's net asset value, which at 30
June 2013 was 0.8%.

Cash resources

Over the quarter, cash and accruals decreased from 20.3p per share to 10.0p per
share, as the Fund took advantage of recent share price weakness in holdings in
which it is currently accumulating positions.

Dividend

The board has declared an interim dividend of 0.5p per ordinary share in
respect of the year ended 30 June 2013. The dividend will be paid on 20 August
2013 to shareholders on the register (the record date) on 19 July 2013. The
shares will be quoted ex-dividend on 17 July 2013.

Placing

Further to the Fund's announcement of 23 April 2013, the board confirms that a
potential secondary issue of shares continues to be under consideration. A
further announcement will be made in due course. For the avoidance of doubt,
any new shares issued after the 30th June will not participate in the interim
dividend.

 For further enquiries please contact:

Crystal Amber Fund Limited

William Collins (Chairman)

Tel: [phone]

Sanlam Securities UK Limited - Nominated Adviser

David Worlidge/Simon Clements

Tel: [phone]

Numis Securities Limited - Broker

Nathan Brown/Hugh Jonathan

Tel: [phone]

Broker Profile Limited - Stockbroker Relations Consultants

Simon Courtenay

Tel: [phone]

Crystal Amber Advisers (UK) LLP - Investment Adviser

Richard Bernstein

Tel: [phone]