Net Asset Value(s)

8 April 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 31 March 2013 was 128.19p (28 February 2013: 124.05p per share).

The proportion of the Fund's NAV at 31 March 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                 15.1                    3.1%              
                                                                             
Norcros plc                        13.5                    8.2%              
                                                                             
Tribal Group plc                   10.3                    4.4%              
                                                                             
Devro plc                          10.1                    1.0%              
                                                                             
Sutton Harbour Holdings plc        10.1                    27.9%             
                                                                             
API Group plc                       8.5                    10.3%             
                                                                             
Smiths News plc                     8.1                    1.4%              
                                                                             
4imprint Group plc                  6.7                    3.2%              
                                                                             
Northgate plc                       5.0                    0.7%              
                                                                             
Hansard Global plc                  3.7                    1.6%              
                                                                             
Total of ten largest holdings      91.1                                      
                                                                             
Other investments                  16.8                                      
                                                                             
Cash and accruals                  20.3                                      
                                                                             
Total NAV                          128.2                                     

Investment adviser's quarterly commentary on the portfolio

Over the quarter to 31 March 2013, Net Asset Value grew by 6.75%. This follows
a 35% increase in the year to December 2012.  

The top three positive contributors to NAV performance over the last quarter
were TT Electronics (2.5% contribution), Tribal Group (2.4%) and Norcros
(2.4%).  The top three detractors have been Sutton Harbour (-3%), API Group
(-1.9%) and Renishaw (-0.4%).

TT Electronics' share price is up 22% over the quarter. Despite a challenging
economic backdrop and a decline in sales, TT reported 60bp margin improvement
for 2012.  At 6.2%, operating margins are progressing towards the 8% target for
2014.  With approximately £50 million of net cash, we are particularly
interested in the use of cash proceeds for acquisitions and the opportunities
for investment in consolidating Western European production sites.  In our
view, the initial move of production lines to Romania demonstrates that larger
scale consolidation exercises could materially improve margins, in addition to
the self-help measures that already underpin the current 8% target. We hope
that the company will elaborate on its strategy to consolidate sites at its
June capital markets day. 

Sutton Harbour's share price fell by 33% over the quarter.  Despite no material
developments, the share price's discount to its 38.3p NAV has widened to more
than 40%, highlighting what we consider to be a lack of investor confidence.
 As an activist Fund, we regard this situation as untenable and we are now
working on proposals to restore investor confidence and to unlock the company's
potential.

The February IMS from Norcros indicated stronger than expected sales growth,
albeit at some cost to margins. The share price rose 29% over the quarter.

Following the significantly upgraded guidance for estimates that was issued one
week before its results, Tribal Group's shares have responded strongly and are
up 42% over the quarter. An important contract in Australia is progressing
well.  There is considerable momentum both in Australia and other overseas
markets, and we believe that this will be helped in future by the recent
acquisition of i-graduate.

API's share price fell by 24% over the quarter.  In February 2013, after the
board announced that indicative bids were below 90p per share, we wrote to
the chairman indicating that, in our opinion, an offer at that level would not
reflect the value of the company. The board confirmed its agreement with our
position and the sale process was terminated. With the distraction of the sale
process now removed, we have held discussions with the board around key issues
including the reintroduction of a dividend and the consolidation of the two API
Foils Americas sites.  In our view the latter could release considerable value
from the Rahway freehold property, and be significantly accretive to margins.
Furthermore, our assessment is the business is now highly cash generative and
now in a position to embark on a significant, sustainable and growing dividend
distribution policy.   

Share buy-back

Over the quarter, and following the release of its interim results, the Fund
has purchased 1,705,000 of its own shares at an average price of 109.5p
per share, which are held as treasury shares together with the 1m shares
purchased in December. The buy-back has had the effect of reducing the share
price discount to the Fund's net asset value. 

Cash resources

Over the quarter, cash and accruals decreased from 21.4p per share to 20.3p per
share. A number of opportunistic investments have been undertaken. At current
market levels, the Adviser is keen to retain cash reserves to be in a position
to take advantage of a potential significant market sell-off.
  

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]