Net Asset Value

9 January 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 31 December 2011 was 88.72p (30 November 2011: 92.50p per share).

The proportion of the Fund's NAV at 31 December 2011 represented by the five
largest holdings, other investments and cash (including accruals), was as
follows:

Top five holdings         Pence per share     Percentage of investee   
                                                   equity held         
                                                                       
TT Electronics plc              20.0                   5.8%            
                                                                       
Renishaw plc                    8.3                    0.7%            
                                                                       
N Brown Group plc               8.3                    0.8%            
                                                                       
Omega Insurance Holdings        7.2                    3.2%            
Ltd                                                                    
                                                                       
Devro plc                       6.4                    0.9%            
                                                                       
Total of five largest           50.2                                   
holdings                                                               
                                                                       
Other investments               25.6                                   
                                                                       
Cash and accruals               12.9                                   
                                                                       
Total NAV                       88.7                                   

Commentary on the Portfolio

During the final quarter of 2011 the Fund utilised its strong cash balances by
increasing its holding in TT Electronics plc from 2.1% to 5.8% of the issued
share capital. The Fund is now one of the three largest shareholders in TT
Electronics. The Fund also increased its holding in Renishaw plc by
approximately 40% during the quarter. The Directors believe both TT Electronics
and Renishaw have good potential for value enhancement, being debt free with
strong customer franchises and access to growth markets outside of Europe.

The Fund also increased its holding in Devro plc, a company in which the Fund
has been a shareholder for the last three years. The Fund considers the company
to be well-managed with growth prospects no longer being recognised by the
stock market.

During the quarter, the Fund realised further profits in Paypoint plc, bringing
realised gains to date to £2.9m. The Fund now owns 650,000 shares at a cost of
313p per share, which represents the Fund's sixth largest holding. The current
Paypoint share price is 560p.

Cash reserves comprise 14% of the Fund which allows the Fund to take advantage
of opportunities to make investments at attractive prices. For example, in
December 2011, the Fund committed to a conditional placing and open offer to
subscribe for between £1.4m and £3.6m (if there is a minimum take-up under the
open offer) in Sutton Harbour Holdings plc, resulting in a potential
shareholding of between 17.2% and 29.3% of the enlarged issued share capital.
This was priced at the Fund's recommendation at 18p per share, a substantial
discount to Sutton Harbour's unaudited net asset value of 55p per share at 30
September 2011.

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]