Trading Statement

7 December 2010

AMBRIAN CAPITAL PLC

TRADING UPDATE

Ambrian Capital plc ("Ambrian" or the "Group") today issues a trading update based on unaudited management accounts.

The second half ending 31 December 2010 has so far seen a significant improvement in the Group's financial performance compared to the first half of the year. The key drivers of this improved financial performance are:

·; a convincing return to profitability of Ambrian Partners Limited as a result of H2 2010 revenues that are expected to be approximately double H1 2010 revenues as well as the benefits arising from a lower cost base. Fund raisings in the second half of 2010 include acting as lead broker to Archipelago Resources plc's £28 million fund raising and joint-broker to Nautical Petroleum plc's £46.6 million placing of new and secondary shares;

·; continued growth in physical metals sales volumes with the total tonnage of refined copper supplied in H2 2010 expected to be approximately 130,000 tonnes (H1 2010: 110,892 tonnes);

·; a positive contribution, after start-up costs, from the new physical bio-fuels trading business which was established in August 2010; and

·; a strong performance from the Group's principal investment portfolio which has benefitted from the increase in the gold price.

The decision has been taken to withdraw from the LME futures & options brokerage business by the end of the first quarter of 2011 to focus on trading physical metals and physical energy products which offer greater growth potential and higher returns on capital. The LME futures & options brokerage business is expected to generate profits before tax of approximately £250,000 (before closure costs) in the year ending 31 December 2010 and currently utilises £5 million of equity capital. In 2009, the LME futures & options brokerage business generated profits before tax of £224,020.

Assuming current market conditions remain stable, we expect total income for the second half to be materially ahead of total income generated in the first half of 2010 and profits before tax and share-based payment charges to be in the region of £1.75 million for the second half of 2010, compared to £0.07 million in the first half of the year. Net asset value per share at 31 December 2010 is expected to be not less than 32.4p as reported at 30 June 2010.

We look forward to 2011 with confidence based on the continuing growth of our physical commodities activities and sharp focus as the leading corporate financier and broker to the mid and small cap natural resources sector in London.

Enquiries

Notes to Editors:

AMBRIAN CAPITAL PLC

Ambrian Capital plc (AIM: AMBR) is a specialist natural resources investment bank active in Commodities, Corporate Finance & Equities and Principal Investments.

Commodities

Ambrian Metals Limited is an independent physical metals supplier with a particular strength in refined copper. Through Ambrian Metals' offices in London and Shanghai and agents in New York, Santiago, São Paulo, Seoul and Tokyo, it sources non-ferrous metals from producers for distribution to an international client base of metals consumers and merchants.

Ambrian Energy Limited is a newly established physical energy trading company focused on the supply of bio-fuels and crude oil.

Corporate Finance & Equities

Ambrian Partners Limited is known in the market for its leading positions in the metals & mining, oil & gas and cleantech sectors. It provides corporate finance advice, equity research, sales and trading and market making services. Ambrian Partners is a member of the London Stock Exchange and is authorised and regulated by the Financial Services Authority.

Principal Investments

Ambrian Principal Investments Limited is an investment company which holds the Group's principal investment portfolio. It is managed by Ambrian Asset Management Limited, which is authorised and regulated by the Financial Services Authority.

Further information on Ambrian is available on the Company's website: www.ambrian.com