Crystal Amber Regulatory News (CRS)

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") pershare 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 largestholdings, 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 thelast six months, NAV per share rose by 10.8% and over the last 12 months, NAVper share increased by 26%. Total returns over the year including dividendswere 26.6%. The top three positive contributors to NAV performance over the last threemonths 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 itsgrowth potential in international markets. A well-attended investors' dayhighlighted Tribal's deep knowledge of educational institutions' needs and theproducts it has developed to meet them, as well as the on-going innovation atwork. The company appears to be on track for its target to double earnings within thethree year period to December 2014, and yet market estimates remain 24% belowTribal's target. API Group plc API Group's share price rose 19.4% over the quarter, partially recovering thenegative 23% performance seen in the first three months of the year, triggeredby the end of the sale process. The Fund supported the decision to terminate the process and has since engagedwith the company over the initiation of a dividend payment, the need to setstrategic targets for the business and the composition of the board. In May,the company reported good progress with earnings up 36% year on year, andannounced its intention to pay a meaningful progressive dividend starting inits next interim results. In our view, the cash generative nature of thebusiness should allow a generous pay-out rate. On market estimates, a twicecovered 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 thecompany over its strategic options with the view that some assets are not fullyreflected in the group's valuation. At the time of the release of its preliminary results, Norcros announced newstrategic targets to double revenues by 2018, to maintain overseas revenues atapproximately 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 companyannounced the renewal of its debt facilities and a small revaluation of itsproperty holdings that left its NAV per share at 38p (from 38.3p at September2012). Nevertheless, the shares trade at a 38% discount to its NAV. Operationally, the company is focusing on its harbour assets, as the universityand the city council move their attention to the seafront, supporting thecompany's "Destination Sutton Harbour" strategy. Putting to use the East Quayssite, no longer reserved for the BBC, could be a near term catalyst to increasereturns on assets. In the next year, the company will start seeing the incomefrom berth rental in its new King Point Marina and from new large vessel berthsin Sutton Harbour. Following discussions with the board, the Fund indicated its preferencefor board renewal. The company recently announced that it has started thesearch for a successor to the present Chairman. TT Electronics plc TT Electronics share price declined by 13% over the quarter with the continuingdifficult outlook for auto and industrial production combining with a recentsell off in many cyclical stocks. It has a £242 million market capitalizationand had £47 million of net cash at 31 December 2012. At its June investor day, TT announced a £30 million investment to improveproductivity and growth, which is planned to deliver approximately £8 millionannual savings. We support this initiative and have communicated theimportance of internal restructuring and cost savings in advance of any higherrisk expansion acquisitions, which could add complexity to TT's productionfootprint. Our view is that, if successfully executed, it should be able todeliver in excess of the announced savings estimate, leaving TT's 8-10% margintarget well underpinned. Share buy-back Over the quarter, the Fund has purchased 1,787,000 of its own shares at anaverage price of 126.76p per share, which are held as treasury shares togetherwith the 2,705,000 shares purchased previously. The buy-back has had the effectof reducing the share price discount to the Fund's net asset value, which at 30June 2013 was 0.8%. Cash resources Over the quarter, cash and accruals decreased from 20.3p per share to 10.0p pershare, as the Fund took advantage of recent share price weakness in holdings inwhich it is currently accumulating positions. Dividend The board has declared an interim dividend of 0.5p per ordinary share inrespect of the year ended 30 June 2013. The dividend will be paid on 20 August2013 to shareholders on the register (the record date) on 19 July 2013. Theshares will be quoted ex-dividend on 17 July 2013. Placing Further to the Fund's announcement of 23 April 2013, the board confirms that apotential secondary issue of shares continues to be under consideration. Afurther 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 interimdividend. For further enquiries please contact: Crystal Amber Fund Limited William Collins (Chairman) Tel: 01481 716 000 Sanlam Securities UK Limited - Nominated Adviser David Worlidge/Simon Clements Tel: 020 7628 2200 Numis Securities Limited - Broker Nathan Brown/Hugh Jonathan Tel: 020 7260 1426 Broker Profile Limited - Stockbroker Relations Consultants Simon Courtenay Tel: 020 7448 3244 Crystal Amber Advisers (UK) LLP - Investment Adviser Richard Bernstein

Tel: 020 7478 9080