Net Asset Value(s)

8 October 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 September 2014 was 155.02p (31 August 2014: 156.3p per share). The proportion of the Fund's NAV at 30 September 2014 represented by the tenlargest holdings, other investments and cash (including accruals), was asfollows: Top ten holdings Pence per share Percentage of investee equity held AER Lingus Group plc 21.7 2.8% Sutton Harbour Holdings plc 14.4 29.2% Thorntons plc 12.5 13.0% Leaf Clean Energy Company 12.0 19.2% 4imprint Group plc 10.5 3.9% Tribal Group plc 9.7 4.6% Juridica Investments Ltd 9.1 4.5% NBNK Investments plc 8.5 27.9% STV Group plc 6.5 3.5% API Group plc 6.1 11.6% Total of ten largest holdings 111.0 Other investments 44.0 Cash and accruals 0.0 Total NAV 155.0 Investment Adviser's quarterly commentary on the portfolio Over the quarter to 30 September 2014, NAV per share decreased by 3.6 per cent,or 3.3 per cent after allowing for the dividend paid during the period. Overthe calendar year to date, NAV per share has decreased by 0.7 per cent or 0.4per cent after allowing for the dividend paid. The top three positive contributors to NAV growth over the quarter to the endof September were Sutton Harbour Holdings plc (1.76 per cent contribution),4imprint Group plc (0.97 per cent) and Imperial Innovations Group plc (0.27 percent). The three main detractors were API Group plc (-1.34 per cent), TTElectronics plc (-0.99 per cent) and Hurricane Energy plc (-0.90 per cent). Over the quarter to 30 September 2014, the Fund disclosed an increase in itspositions in Leaf Clean Energy Company, NBNK Investments plc and Thorntons plcand a reduction in its holding in Hayward Tyler Group plc. During the period the Fund disposed of its investment in Imperial InnovationsGroup plc, realising a profit of £1.7 million, and completed the exit from itsposition in Devro plc. Aer Lingus Group plc ("Aer Lingus") The company has been reporting good trading throughout the summer, particularlyin its long haul routes to North America. Short haul shows signs of recoveryfollowing the impact of industrial action on forward bookings in May. Aer Lingus is seeking to secure an agreement from its trade unions on theimplementation of the pensions deal and is targeting a union ballot in lateOctober or early November and a shareholder EGM in December, with regulatoryapproval anticipated by the end of the year. The Fund has expressed its support to management's decision to accept the €191million contribution recommended by the Expert Panel, however in our opinionthe contribution should be capped at that level, which represents 25 per centof Aer Lingus' market value. In our view, Aer Lingus operates in a competitive industry and its position isbeing damaged by ongoing industrial unrest. The Fund has indicated that it willonly vote favourably to that extraordinary contribution if it opens a newperiod of industrial peace at the company. Ryanair's appeal against the Competition Commission's ruling has been scheduledfor the last week of November. The Fund took advantage of share price weakness and is now the largestinstitutional shareholder in Aer Lingus. Over the quarter, the shares fell by 4.7 per cent. API Group plc ("API") The company announced a further deterioration of trading in its metallicpigment product, a speciality of its Foils Americas business unit. As a result,it is now anticipated that the unit will post a small loss for the year, versus£1.7m operating profit last year. Management believes that there is a recoveryin demand for the product, yet a long supply chain makes it difficult to assesswith great confidence. API's three other divisions, laminates, European foilsand holographics are trading in line with expectations. Following our engagement with the company, API announced that Richard Wright,chairman of the board, would be stepping down shortly, with the CEO assuminghis role temporarily. We look forward to engaging with the new board leadershipat API. Over the quarter, the shares fell by 26.1 per cent. 4imprint Group plc ("4imprint") 4imprint reported good trading, with revenue growth in its main US division of23 per cent, well ahead of its 15 per cent target. In our view, these resultsdemonstrate that ongoing improvements in the company's marketing systems areincreasing the effectiveness of its customer recruitment investments. In September, the company announced a buy-in of 57 per cent of its pension fundliabilities. This will utilise £13.7 million of its £26 million net cash.Including a previous buy-in exercise, 76 per cent of liabilities are nowinsured. The cost of the exercise, which could result in a buy-out of theremaining liabilities in 2015, was £2 million less than previously indicated. With this reduction of pension liabilities, the company enters a new phase,which will include revising its pension contribution schedule as well as theoptimal levels of growth investment spend and dividend pay-out. Over the quarter 4imprint's share price increased by 15.9 per cent. Leaf Clean Energy Company ("Leaf") Following the arrival of Mark Lerdal as executive chairman, Leaf's board hasconducted a thorough review of its investee companies. As part of this review,it has implemented a more conservative valuation policy, the result of whichhas been a $63.4 million loss on revaluation. This has reduced the company'sNAV per share from 142.66 cents to 89.9 cents per share, or 52.57p. Leaf'sshare price trades at 34 per cent discount to the revised NAV per share. Over the quarter Leaf's share price increased by 2.7 per cent. Sutton Harbour Holdings plc ("Sutton Harbour") The company indicated at its Annual General Meeting that the board was focusingon realising value from the former airport site. Trading remains in line withmarket expectations, with improved property occupancy. The share price hasperformed well as it has closed the discount to its NAV per share. Over the quarter Sutton Harbour's share price increased by 24.0 per cent. Hurricane Energy plc ("Hurricane") Following June's announcement of good results from its drilling campaign,Hurricane reported additional data in September. The share price remainsdisconnected from the growing value of Hurricane's assets, and the Fund isincreasing its engagement to have this value recognised. Over the quarter, the shares fell by 23.9 per cent. For further enquiries please contact: Crystal Amber Fund LimitedWilliam Collins (Chairman)Tel: 01481 716 000 Sanlam Securities UK Limited - Nominated AdviserDavid Worlidge/James ThomasTel: 020 7628 2200 Numis Securities Limited - BrokerNathan Brown/Hugh JonathanTel: 020 7260 1426 Crystal Amber Advisers (UK) LLP - Investment AdviserRichard BernsteinTel: 020 7478 9080