Holding(s) in Company

Embargoed: 0700hrs 18 April 2011



Crosby Asset Management Inc.

("Crosby" or the "Company")

Strategic Investment in Crosby

&

Holdings in Company

Crosby Asset Management Inc., the natural resources focused investment company, was notified on 15 April 2011 by ARA Capital Limited ("ARA"), a company beneficially owned by Mr Arkadiy Abramovich, that it has acquired 95,200,000 ordinary shares of US$0.01 ("Ordinary Shares") in Crosby and now holds 26% of the Company's issued share capital, as the Company's largest shareholder.

ARA's strategic investment is designed to further advance the process of identifying suitable acquisition opportunities for Crosby in order to allow the Company to fulfil its previously announced investing strategy of acquiring holdings in the natural resources sector.

The Company has also been notified on 15 April 2011 of the following shareholdings in the Company:

·; Old Church Street Holdings Limited: 93,440,711 Ordinary Shares (25.5%);

·; ECK Partners Holdings Limited: 66,783,723 Ordinary Shares (18.2%); and

·; Montpelier Capital Limited: 17,974,987 Ordinary Shares (4.91%).

Old Church Street Holdings Limited is a privately owned investment holding company that predominately invests in the natural resources sector. Old Church Street Holdings Limited is owned by Eqinox Trustees for a trust for which Mr John McKeon is the primary discretionary beneficiary.

ECK Partners Holdings Limited is an investment holding company, owned as to 95% by TW Indus Limited, a company beneficially wholly-owned by Mr Ilyas Khan, and 5% beneficially owned by Mr Robert Owen, a director of the Company.

Robert Owen, Chairman of Crosby, commented,

"The Board of Crosby is pleased to welcome Arkadiy Abramovich as a new substantial shareholder in Crosby Asset Management. The Company will continue to assess potential opportunities within its investing strategy, and the Board continues to focus its activities in the natural resources sector, leveraging the experience and relationships of the Board and the Company's strategic investors. The Board will update shareholders of its progress in due course."

Total Voting Rights

The total number of shares in issue is 366,092,043 ordinary US$0.01 shares. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the Disclosure and Transparency Rules.

For further information please contact:

Crosby Asset Management Limited

Trevor Wells / Waseem Shiraz

Tel. +44 (0)20 7399 4384

M: Communications

Ben Simons / Maria Souvorov

Tel. +44 (0)20 7920 2340/2327

Strand Hanson Limited

Stuart Faulkner / James Spinney

Tel. +44 (0) 207 409 3494