8 June 2023

CRYSTAL AMBER FUND LIMITED

("Crystal Amber" or the "Fund")

Shareholder returns update and declaration of dividend

Within the Fund's interim results for the six months to 31 December 2022, announced on 21 March 2023, it was stated that the Board remained optimistic that the Fund would return significant disposal proceeds to shareholders in the second half of 2023, and that this would be principally determined by the outcome of the recommended acquisition of Hurricane Energy plc ("Hurricane").

In April 2023, the Fund stated that it intended to announce a substantial return of capital, as soon as practical, with a view to returning capital immediately after the receipt of the Initial Consideration from the Hurricane acquisition. Earlier today, Hurricane announced that the acquisition by Prax Exploration and Production PLC (by means of a Scheme of Arrangement) has become effective, with payment of the Initial Consideration by 22 June 2023. Accordingly, the Fund is expecting a cash payment in respect of its shareholding in Hurricane of £34.7 million on or before 22 June 2023.

As previously announced, the Fund intends to retain sufficient liquidity out of the Initial Consideration to continue to fund growth at GI Dynamics and protect the value of its holding in De La Rue plc ("De La Rue).

On 29 June 2023, De La Rue is scheduled to publish its results for the year ended 31 March 2023. In April 2023, the Fund set out evidence as to why the turnaround plan at De La Rue had failed, the serious failings in stewardship and governance and the requirement for an immediate change of leadership. Therefore, the Fund continues to believe that at this time, it is prudent to also retain sufficient liquidity to protect the value of its holding in De La Rue, but also to have the ability to help effect the urgent change required at De La Rue.

Declaration of interim dividend

With the acquisition of Hurricane now effective, the Board of Crystal Amber has resolved that it should now resume its returns to shareholders, whilst retaining liquidity for GI Dynamics and if required, De La Rue.  The Directors of the Fund are now pleased to declare a second interim dividend of 25p per share in respect of the financial year ending 30 June 2023. This dividend will be payable to shareholders on the register as at 16 June 2023, with an ex-dividend date of 15 June 2023 and, subject to the Initial Consideration from Hurricane being received as expected by 22 June 2023, a payment date on or around 7 July 2023.

The interim dividend of 25p per share represents a gross return of £20.8 million and will bring total distributions to shareholders since 2022 to 55p per share, representing a gross return of £45.8 million.

Following greater visibility at De La Rue, in the coming months, the Board of Crystal Amber may seek to make an additional return of capital to shareholders.

For further enquiries please contact:

Crystal Amber Fund Limited

Chris Waldron (Chairman)

Tel: 01481 742 742

www.crystalamber.com

Allenby Capital Limited - Nominated Adviser

Jeremy Porter/ Dan Dearden-Williams

Tel: 020 3328 5656

Winterflood Investment Trusts - Broker

Joe Winkley/Neil Langford

Tel: 020 3100 0160

Crystal Amber Advisers (UK) LLP - Investment Adviser

Richard Bernstein

Tel: 020 7478 9080