Net Asset Value(s)

10 January 2014

                          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 2013 was 156.14p (30 November: 156.02p per share).

The proportion of the Fund's NAV at 31 December 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              
                                                                               
Sutton Harbour Holdings plc         10.0                    28.8%              
                                                                               
Thorntons plc                        9.6                     8.2%              
                                                                               
TT Electronics plc                   9.5                     2.3%              
                                                                               
Tribal Group plc                     9.2                     4.5%              
                                                                               
Norcros plc                          9.0                     5.1%              
                                                                               
API Group plc                        8.5                    11.6%              
                                                                               
4imprint Group plc                   8.0                     3.4%              
                                                                               
Leaf Clean Energy Company            7.9                    10.0%              
                                                                               
Devro plc                            6.5                     1.1%              
                                                                               
Smiths News plc                      6.1                     1.1%              
                                                                               
Total of ten largest holdings       84.3                                       
                                                                               
Other investments                   48.3                                       
                                                                               
Cash and accruals                   23.5                                       
                                                                               
Total NAV                          156.1                                      

Investment Adviser's quarterly commentary on the portfolio

Over the quarter to 31 December 2013, NAV per share increased by 5.4 per cent. 
Over the 2013 calendar year, NAV per share rose by 30.0 per cent or 30.4 per
cent including the dividend paid in August.  The Fund's average cash position
over the calendar year has been 16.3 per cent, implying a return on the
investment portfolio of 36.4 per cent. 

The top three positive contributors to NAV growth over the quarter to the end
of December were Plus500 Limited (1.9 per cent contribution), Thorntons plc
(1.7 per cent) and 4imprint Group plc (1 per cent).  The three main detractors
have been Tribal Group plc (-1 per cent), Devro plc (-0.6 per cent) and Hansard
Global plc (-0.3 per cent).  Over the 2013 calendar year, the key drivers of
positive performance have been Norcros plc (5.6 per cent), Tribal Group plc
(4.9 per cent) and Thorntons plc (4.4 per cent) and on the negative side Sutton
Harbour Holdings plc (-1 per cent), Renishaw (-0.8 per cent), and API Group plc
(-0.6 per cent).

Over the quarter to 31 December 2013, the Fund disclosed notifiable holdings in
Leaf Clean Energy Company, NBNK Investments plc and STV Group plc.  During the
quarter, the Fund increased its holding in Thorntons plc and is currently its
largest shareholder.  Following strong share price rises, the Fund has banked
some profits on its holdings in Norcros plc, Plus 500 Limited and Smiths News
plc, with all those stocks delivering returns in excess of 100 per cent.

API Group plc ("API")

In December 2013, API resumed dividend payments.  Following significant
investment in the business, management actions are starting to deliver
improvements and underpin growth.  We remain supportive of this strategy which
we believe will help to build a stronger company in the medium term.  In its
recent engagement with API, the Fund has expressed its views about the board's
composition and how it might support management most effectively, and we look
forward to discussing this further with the board.

Leaf Clean Energy Company ("Leaf")

During the quarter to 31 December 2013, the Fund acquired a 10 per cent
shareholding in Leaf, the renewable energy investment group, from two
institutional investors in exchange for shares in Crystal Amber Fund.

Leaf listed in London in June 2007 at 100p a share, raising $399 million. Six
years later, net assets are $185 million. The shares currently trade on a
discount of 56 per cent to latest audited net asset value. We believe this
reflects not only the very poor investment track record but also the scale of
annual running costs, of $5.2 million per annum.

We have written to the Chairman of Leaf urging that the cost base be realigned
rather than maintained in anticipation of new investments appearing. We also
believe that the company needs to provide greater visibility of realisable
values within the portfolio. The Fund is ready to adopt a more intense activist
strategy if necessary.

STV Group plc ("STV")

The Fund disclosed a stake in STV, the Scottish television and digital media
group, as it increased its position following the placing of ITV's shares.

The Fund has been a holder since March 2013 at an average cost of 180p a share.
STV is a national channel ideally placed to benefit from an improving
environment for advertising, content distribution and production.

Cash resources

Over the quarter, cash resources decreased from 34.2p per share to 23.5p as the
Fund has built positions with strong activist potential. Last summer's fund
raise has allowed the Fund to make these investments without disposing of
positions where the Fund sees further upside.

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]

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