Company Update

CRYSTAL AMBER FUND LIMITED - Company Update

PR Newswire

London, April 23

The Fund has reported a 35.3 per cent. increase in net asset value ("NAV") pershare over the 2012 calendar year and a further 6.8 per cent. increase in NAVper share over the three months to 31 March 2013.

The board, the investment manager and investment adviser believe that the Fundis appropriately positioned to continue to deliver attractive returns, throughits focus on special situation holdings more dependent upon self-help andactive engagement than upon macroeconomic recovery. Preliminary discussionshave therefore been initiated with certain of the major shareholders regardingthe potential to finance further investment opportunities through a secondaryissue of shares. The board believes that by increasing the size of the Fund, itwill be able to acquire larger holdings to potentially increase its influenceand invest in a wider portfolio of companies and also provide greater liquidityfor shareholders.

In light of positive feedback from these discussions, the board has instructedthe Fund's advisers to give consideration to a transaction involving asecondary issue of shares. The board intends that any secondary issue of shareswould be priced at a price equal to at least the prevailing NAV per share. At31 March 2013, the NAV per share was 128.19p. The board intends to continue thediscount management policy, through the share buyback programme, for theforeseeable future, subject to the board's discretion and the requirements ofthe AIM Rules.

The Fund's advisers intend to discuss the potential for a secondary issue ofshares with other shareholders and with potential new investors.

A further announcement will be made in due course.

Tel: 020 7478 9080