Net Asset Value(s)

8 July 2014 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 2014 was 160.8p (31 May 2014:157.29p per share). The proportion of the Fund's NAV at 30 June 2014 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 Sutton Harbour Holdings plc 11.6 29.2% Tribal Group plc 10.2 4.6% 4imprint Group plc 9.8 4.2% AER Lingus Group plc 9.8 1.2% Leaf Clean Energy Company 9.6 15.9% Thorntons plc 9.5 10.0% Juridica Investments Ltd 8.9 4.5% API Group plc 8.4 11.6% TT Electronics plc 8.1 1.9% NBNK Investments plc 8.0 25.4% Total of ten largest holdings 93.9 Other investments 65.5 Cash and accruals 1.4 Total NAV 160.8 Investment Adviser's quarterly commentary on the portfolio Over the quarter to 30 June 2014, NAV per share declined by 0.88%. Over the2014 fiscal year, NAV per share rose by 20.8% or 21.11% including the dividendpaid in August 2013. The Fund's average cash position over the fiscal year hasbeen 13.7%, implying a return on the investment portfolio of 25.72% per annum. The top three contributors to NAV growth over the quarter to 30 June 2014 wereHurricane Energy plc (+2%), NBNK Investments plc (+1.6%) and Sutton HarbourHoldings plc (+1.4%). The three main detractors have been Thorntons plc(-2.1%), Leaf Clean Energy Company (-1.6%) and Johnston Press plc (-1.4%). Over the quarter to 30 June 2014, the Fund disclosed holdings in NBNKInvestments plc, Johnston Press plc and Juridica Investments Ltd. During the quarter, the Fund participated in Johnston Press plc's refinancingexercise. Positions exited, included Connect Group plc (previously known asSmiths News plc) and Norcros plc, realising profits of £2.7m and £3.9mrespectively. Sutton Harbour Holdings plc ("Sutton Harbour") During the quarter, Sutton Harbour reported a 5.2% increase in NAV to 40p pershare. The Fund is confident in the leadership of the new Chairman, Graham Miller, whois addressing the key issue of asset efficiency. Over the quarter, Sutton Harbour's share price increased by 24%. Thorntons plc ("Thorntons") The Fund is now the largest shareholder in Thorntons and retains the view thatthe company's operating margins have the potential to increase verysignificantly and that current market estimates fail to reflect this.Moreover, international sales can provide an additional channel for top-linegrowth as the business continues to benefit from its brand recognition. TheFund believes that the profit trajectory will enable the company to makedividend distributions as free cash flow generation increases. Over the quarter, Thorntons' share price was hit by disappointing third quartertrading. However, the full year trading statement released on 3 July 2014reported fourth quarter double digit revenue growth in UK commercial. As aresult, the share price recovered by 9 % following the announcement. Over the quarter, the share price of Thorntons declined by 28.3%. NBNK Investments plc (`NBNK') Over the quarter, the Fund increased its stake in NBNK to 25.11%. The Fund hasacquired more than 25% of the issued share capital of NBNK at 15% below thevalue of NBNK's reported net cash. In 2011, NBNK competed against the Co-op to acquire 631 Lloyds TSB andCheltenham & Gloucester branches, in earlier rounds. However, when the Co-opfailed to complete, Lloyds went ahead with plans to float the business,culminating in the recent IPO. Since failing to buy the branches, or findanother banking business to acquire, NBNK's operations have been scaled backand costs reduced to a minimum. The Fund has engaged with the current board of NBNK and with founding directorLord Levene. The Fund is fully supportive of the board. Over the quarter, NBNK's share price increased by 43.8%. AER Lingus Group plc ("AER Lingus") The Expert Panel investigating a resolution of the industrial relations issuesconnected to the Irish Airlines pension fund put forward a proposal to addressthe fund's deficit. This was subsequently accepted by the company. Over the quarter, trading has been negatively affected by the threat of strikeaction. Whilst the Expert Panel proposal implies a cost higher thananticipated, in our view it is a step forward towards a final resolution ofthis labour unrest. Resolution of the above, in addition to clarity surrounding pressure on Ryanairto dispose of its 29.8% stake, should prove near term catalysts for realisingshareholder value. The company retains €420 million of net cash. Its market capitalisation is €775 million. The share price of AER Lingus declined by 11.8% over the quarter. API Group plc ("API") During the quarter, API announced its full year results, demonstrating furtherstrengthening of the company's financial position. API closed the fiscal yearwith year on year revenue growth of 2% and a net cash position for the firsttime in fifteen years (2013: net debt of £2.6m). The company proposed a finaldividend of 1.3p per share, giving a total of 2p for the full year. Strongperformances have been maintained from Laminates and Foils Europe andrestructuring of UK foils has been successfully completed. The Fund remains supportive of management's actions and is continuing itsengagement with the board over its composition and over the quantum of thedividend. Over the quarter, API's share price declined by 2%. Leaf Clean Energy Company ("Leaf") Mark Lerdal, the Executive Chairman proposed by the Fund, has carried out hisfirst review of Leaf Clean's portfolio. As a result, in June, Leaf Cleanannounced that MaxWest would not receive additional funding and that its valuewould be written down to nil. Having met with the board of MaxWest as part ofour due diligence, we were unsurprised at this outcome. However, we remainconfident in the realisable value of several of Leaf's assets, includingInvenergy. Moreover, we note the new board's decisiveness and are confident inits ability to realise Leaf's investments in an orderly manner and return allproceeds to shareholders. Over the quarter, Leaf's share price declined by 29.2%. Hurricane Energy plc ("Hurricane") On 25 June 2014, Hurricane announced that it had successfully completed thetesting phase of its key horizontal appraisal well in the Lancaster fracturedbasement oil discovery West of Shetland. The flow rate far exceededexpectations and should significantly de-risk the company's acreage across thisbasin. Production tests achieved a sustainable oil flow rate of 9,800 stock tankbarrels of oil per day, the established oil flow rate being constrained by thecapacity of the surface test equipment. The Lancaster Field, which is 100%owned by Hurricane, has estimated 2C Contingent Resources of 207 millionbarrels of oil equivalent (MMboe). Hurricane's share price increased by 131% over the quarter. Transactions in Shares Over the quarter, the Fund bought back 1,440,000 shares at an average price of149.09p as part of its previously announced buyback policy. On 5 June 2014, the Fund sold an aggregate of 1,151,656 Treasury shares at aprice of 158p per share, which equated approximately to the then net assetvalue of the Fund per share, in consideration for the acquisition of 5,703,912ordinary shares in NBNK Investments PLC ("NBNK"), representing 10.61% of theissued share capital of NBNK. Cash Resources The Fund is currently almost fully invested as a result of additionalinvestments in existing holdings and a number of new investments in positionswith strong activist potential. Dividend The board has declared an interim dividend of 0.5p per ordinary share inrespect of the year ended 30 June 2014. The dividend will be paid on 15 August2014 to shareholders on the register (the record date) on 18 July 2014. Theshares will be quoted ex-dividend on 16 July 2014. For further enquiries please contact: Crystal Amber Fund LimitedWilliam Collins (Chairman)Tel: 01481 716 000 Sanlam Securities UK Limited - Nominated AdviserDavid Worlidge/Simon ClementsTel: 020 7628 2200 Numis Securities Limited - BrokerNathan Brown/Hugh JonathanTel: 020 7260 1426 Crystal Amber Advisers (UK) LLP - Investment AdviserRichard BernsteinTel: 020 7478 9080