Letter from Saba Capital Management

25 June 2021

CRYSTAL AMBER FUND LIMITED

("Crystal Amber Fund" or the "Fund")

Letter from Saba Capital Management, L.P.

At an Extraordinary General Meeting of the Fund held on 30 July 2013 a resolution was passed that following the thirteenth anniversary of the Company's launch (in 2008), at the Annual General Meeting to be held in 2021, an Extraordinary Resolution, that would require a 75 per cent. majority, would be proposed that the Company continue as constituted ("the Continuation Vote"). If such a resolution was to be passed, a similar resolution would be proposed at every second annual general meeting thereafter. If the resolution were not passed at any of those meetings, the Directors would be required to formulate proposals to be put to the shareholders to reorganise, reconstruct, or wind up the Company.

Yesterday afternoon, a letter was received by the Fund from Saba Capital Management, L.P. ("Saba"), which holds more than 25 per cent. of the voting rights of the Fund, to inform the Fund that Saba will be voting its ordinary shares against the Continuation Vote and that, accordingly, the Continuation Vote will not pass.

The Directors expect that the next Annual Meeting of the Fund will be held at a similar time to the Annual General Meeting held in 2020, ie in late November 2021.

Following the 2020 Annual General Meeting, the Directors noted the diversity of voting in respect of certain resolutions including the continuation of the share buyback authority.  Since such time, the Fund has consulted widely with shareholders and in the light of the above letter from Saba will continue to do so particularly in order to formulate proposals to be put to the shareholders to reorganise, reconstruct, or wind up the Company following the Continuation Vote not being passed at the next Annual General Meeting of the Fund.

For further enquiries please contact:

Crystal Amber Fund Limited

Chris Waldron (Chairman)

Tel: 01481 742 742

www.crystalamber.com

Allenby Capital Limited - Nominated Adviser

David Worlidge/Liz Kirchner

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