Net Asset Value(s)

8 January 2015 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 31 December 2014 was 152.72p (30 November 2014: 150.07p per share). The proportion of the Fund's NAV at 31 December 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 34.4 2.8% Sutton Harbour Holdings plc 11.9 29.2% Leaf Clean Energy Company 11.1 19.7% Thorntons plc 10.6 13.2% Tribal Group plc 7.7 3.9% NBNK Investments plc 7.5 28.2% Hurricane Energy plc 7.2 4.7% Juridica Investments Ltd 6.9 3.7% STV Group plc 6.9 3.6% 4imprint Group plc 6.8 2.3% Total of ten largest holdings 111.0 Other investments 37.6 Cash and accruals 4.1 Total NAV 152.7 Investment Adviser's quarterly commentary on the portfolio Over the quarter to 31 December 2014, NAV per share was down 1.48 per cent. The top three positive contributors to NAV growth over the quarter to 31December 2014 were Aer Lingus Group plc (7.8 per cent contribution), 4imprintGroup plc (0.53 per cent) and Plus500 Ltd (0.48 per cent). The three maindetractors have been Hurricane Energy plc (-2.34 per cent), Sutton HarbourHoldings plc (-1.67 per cent) and Thorntons plc (-1.29 per cent). Over the quarter to 31 December 2014, the Fund disclosed an increase in itspositions in Thorntons plc, NBNK Investments plc, Hurricane Energy plc and areduction in its holdings in 4imprint Group plc, Hayward Tyler Group plc andJuridica Investments Ltd. Aer Lingus Group plc ("Aer Lingus") Over the period, the company reported strong trading, implemented the staffpension fund solution following four years of negotiations, and received aconditional offer from International Consolidated Airline Group (IAG). Trading over the important summer months was strong, with revenue up 14%year-on-year, driven by strong short haul performance and success of the longhaul capacity expansion. As a result, profit guidance for 2014 was upgraded. In September 2014, Aer Lingus reached a tripartite agreement with trade unionsand the company's main pension fund trustees to implement the recommendationsof the Expert Panel. In November 2014, scheme members voted in favour of thesettlement and shareholders approved the €191 million contribution to thearrangement. On 23 December 2014, the Pension's regulator approved the changesto the scheme and so it was implemented as intended on 1 January 2015. On 14 December 2014, the company received a conditional approach from IAG whichwas rejected by Aer Lingus' board as undervaluing the company. In our view, Aer Lingus' growth strategy has been validated by its recentperformance. The Dublin hub, at the core of the company's transatlantic gatewaymodel, is gaining traction with the launch in 2014 of additional new long haulroutes and feeder connections. The Fund had considered Aer Lingus to be highly vulnerable to a takeover offerfrom one of its larger rivals. As the largest institutional shareholder in AerLingus, the Fund now looks forward to engaging with the board of Aer Lingus. API Group plc ("API") The company announced weaker trading in its metallic pigment product, aspeciality of its US foils division. Following engagement with the company, API announced that its chairman RichardWright would be stepping down in short order, with the CEO assuming his roletemporarily. The Fund has actively supported the search for a new chairman and looks forwardto engaging with a strengthened board. 4imprint Groupplc("4imprint") 4imprint reported good trading, with third quarter revenue in its main USdivision 25 per cent ahead of the previous year. Following the pension buy-in in September 2014, the company announced thechange of its presentational currency to US dollars from the 2014 preliminaryresults. In December 2014, 4imprint announced that the CEO of its operatingunit will become group CEO and its executive chairman will becomenon-executive. Thorntons plc ("Thorntons") On 23 December 2014, Thorntons announced that despite like-for-like salesgrowth in its retail division, a decline in sales in its UK commercial channelwould result in reduced earnings for the year to 30 June 2015. In addition, the company conceded that its customers had suffered from earlierdifficulties resulting from its new centralised warehouse. Despite these operational issues, the Fund remains confident in Thorntons'brand value, growth prospects and strategic value. Proposed placing of new ordinary shares and new dividend policy On 10 December 2014, the Fund announced that it was considering a secondaryissue of new shares to facilitate further investment opportunities. On 18December 2014 the Fund announced that it had received conditional commitmentsfrom investors and that it expected to raise minimum gross proceeds in excessof £30 million. The Fund's new dividend policy will aim to distribute income and realised gainsfrom investments. On 10 December 2014, the Board announced it intends torecommend a dividend of 2.5p per share in respect of the six months ending 30June 2015, which will be payable in or around September 2015 and an interimdividend of 2.5p per share in respect of the six months ending 31 December2015, making a total of 5p per share for the 2015 calendar year which, on thebasis of the NAV at 31 December 2014, would represent a dividend yield ofapproximately 3.3 per cent. Transactions in Shares Over the period, the Fund bought back 903,106 shares at an average price of135p per share as part of its previously announced buyback programme. 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