TIDMCRS 
 
6 July 2012 
 
                          CRYSTAL AMBER FUND LIMITED 
 
                     ("Crystal Amber Fund" or the "Fund") 
 
             Monthly Net Asset Value and declaration of dividend. 
 
 
Crystal Amber Fund announces that its unaudited net asset value ("NAV") per 
share on 30 June 2012 was 105.59p (31 May 2012: 106.91p per share). 
 
The proportion of the Fund's NAV at 30 June 2012 represented by the ten largest 
holdings, other investments and cash (including accruals), was as follows: 
 
Top ten holdings          Pence per share     Percentage of investee 
                                                   equity held 
 
TT Electronics plc              19.0                   4.8% 
 
Renishaw plc                    10.5                   0.6% 
 
N Brown Group plc               8.7                    0.8% 
 
Sutton Harbour Holdings         8.6                   26.9% 
plc 
 
Omega Insurance Holdings       8.6 *                   3.2% 
Ltd 
 
Devro plc                       7.6                    0.9% 
 
Tribal Group plc                5.6                    4.2% 
 
API Group plc                   5.4                    7.3% 
 
Norcros plc                     4.9                    4.6% 
 
JJB Sports plc                  4.7                    7.1% 
 
Total of ten largest            83.6 
holdings 
 
Other investments               18.6 
 
Cash and accruals               3.4 
 
Total NAV                      105.6 
 
* Position valued at the quoted bid price of 65.75p per share 
 
Investment advisor's commentary on the portfolio 
 
Despite a difficult macroeconomic backdrop and a general flight to safety as 
Eurozone concerns amplified substantially over the quarter to 30 June 2012, the 
Fund's NAV was relatively stable, declining by only 0.3 per cent. The Fund's 
predominant focus has continued to be on quality, cash generative businesses 
combined with asset backing and insulated performance in what has been an 
adverse environment. Over the six months to 30 June 2012, the Fund's NAV has 
increased by 19 per cent. The Fund continues to maintain a tight oversight of 
and regular contact with its investee companies. 
 
During the quarter, the share price of Tribal Group appreciated by 15.5 per 
cent to 87p compared to the Fund's cost of investment of 41.8p. N Brown Group, 
the Fund's third largest holding, was also a positive contributor, with its 
share price appreciating 8.7 per cent during the period. After the period end, 
N Brown Group announced significant management succession changes and the share 
price increased by a further 5 per cent. 
 
API Group's share price has continued to strengthen following the release of 
its full year results. The Fund commenced stake building in February 2012 and 
is now the third largest shareholder. At 30 June 2012, the share price was more 
than 40 per cent above the Fund's cost of investment. We remain confident in 
both API Group's prospects and the ultimate release of value through 
significant surplus property disposals in New Jersey. 
 
General stock market risk aversion and a de-rating in cyclical stocks 
contributed to a 4.7 per cent decline in the share price of TT Electronics. 
Management has indicated that the benefits of past investment and future cost 
savings will accelerate in the second half of the year. We remain confident in 
the management's ability to increase margins with self-help measures, the 
strategic value of its client relationships and importantly management's 
ability to release value through the disposal of its non-core secure power 
operations. We also regard share price weakness as a potential catalyst to 
corporate activity. 
 
During the quarter, the share price of Sutton Harbour declined by 6.5 per cent. 
Last week, the company published its audited full year results with net asset 
value of 43.1p. Whilst the company has made progress in re-aligning its cost 
base and being ready to start building the 171 berth marina in Millbay, 
Plymouth, the share price is at a 50 per cent discount to net asset value. The 
Fund has recently put forward specific ideas to management with the objective 
of bringing about a share price re-rating. 
 
Omega Insurance announced on 25 April 2012 a recommended cash acquisition by 
Canopius Group at 67p per share, a 12 per cent discount to the NAV at 31 
December 2011. At the general meeting of Omega Insurance on 7 June 2012, 90 per 
cent of shares were voted in favour of the acquisition and the acquisition is 
expected to complete once the remaining regulatory conditions have been 
satisfied. 
 
The Fund took advantage of general stock market weakness during the quarter and 
utilised its cash reserves to acquire and accumulate positions. At the period 
end, cash levels were 3.3p per share (March 31:15.9p; May 31: 8.4p). Cash 
resources are expected to rise in the coming weeks, following the receipt of 
more than GBP5 million (8.6p per share) from the Omega Insurance proceeds. 
 
Dividend 
 
The board has today declared an interim dividend of 0.5p per ordinary share in 
respect of the year ended 30 June 2012. The dividend will be paid on 20 August 
2012 to shareholders on the register (the record date) on 20 July 2012. The 
shares will be quoted ex-dividend on 18 July 2012. 
 
For further enquiries please contact: 
 
Crystal Amber Fund Limited 
 
William Collins (Chairman) 
 
Tel: 01481 716 000 
 
Merchant Securities Limited - Nominated Adviser 
 
David Worlidge/Simon Clements 
 
Tel: 020 7628 2200 
 
Numis Securities Limited - Broker 
 
Nathan Brown/Hugh Jonathan 
 
Tel: 020 7260 1426 
 
Crystal Amber Advisers (UK) LLP - Investment Adviser 
 
Richard Bernstein 
 
Tel: 020 7478 9080 
 
 
 
END
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