Inv Obj & Perf Update

Close AllBlue Fund Limited
08 January 2007

FOR IMMEDIATE RELEASE

8 January 2007

CLOSE ALLBLUE FUND LIMITED (THE 'COMPANY')

MONTHLY PERFORMANCE REVIEW FOR NOVEMBER 2006

INVESTMENT OBJECTIVE

Close AllBlue Fund Limited (the 'Company') is a Guernsey incorporated,
closed-ended investment company.  The investment objective of the Company is to
provide its Sterling, US Dollar and Euro shareholders with consistent long-term
capital growth through an investment policy of investing substantially all of
each share class' assets in the Sterling, US Dollar and Euro shares in AllBlue
Limited respectively.

AllBlue Limited provides access to a portfolio of seven diversified strategies
managed by BlueCrest Capital Management L.P. and managers with close links to
BlueCrest.  These include the BlueCrest flagship fund with a mixed arbitrage
strategy (BlueCrest Capital International Limited), an equity long/short fund
(BlueCrest Equity Fund Limited), an emerging markets macro strategy fund
(BlueCrest Emerging Markets Fund Limited) and a systematic trading process fund
(BlueTrend Fund Limited).

The net asset values ('NAV') of the Company's Shares as at the close of business
on 30 November 2006 were:-

                               Total Return         Last          Since
                    NAV        Last Month           Quarter       Launch**
Sterling Shares      £0.9902      1.79%              -0.35%        1.02%
US Dollar Shares     $0.9928      1.80%              -0.18%        1.29%
Euro Shares          €0.9818      1.67%              -0.78%        0.16%

**Based on opening NAV, being the Issue Price less Formation and Initial
Expenses, of £0.9802 per Sterling Share, $0.9802 per US Dollar Share and €0.9802
per Euro Share.

PERFORMANCE REPORT OF ALLBLUE LIMITED FOR THE MONTH OF NOVEMBER 2006

The following portfolio performance report for AllBlue Limited has been provided
to the Company by BlueCrest Capital Management Limited.  Whilst the Company
believes that the information has been received from a reliable source, the
Company is not able to verify the information and accepts no responsibility for
the accuracy of the comments made or figures given in the report, and neither
should any responsibility be implied.

REPORT BY BLUECREST ON ALLBLUE LIMITED

Investments in: Capital           Free Cash By Sector     %         Weighted
                Allocation%            %               Return        Return

Mixed Arb          19%                 61%             1.08%          0.20%
Systematic         22%                 83%             0.49%          0.11%
Equity             25%                 54%             3.19%          0.76%
Low Beta            1%                 91%            -1.28%         -0.01%
Emerging           22%                 49%             2.96%          0.61%
Markets
Credit Arb          8%                 44%             2.44%          0.19%
Event Driven        2%                 N/A             1.36%          0.03%
        Total     100%                                                1.91%

Equity and Emerging markets led the positive performance for November with four
of the remaining five sectors providing positive contributions.  Mixed
Arbitrage, Credit and Systematic trading had modest contributions.

The biggest highlight in Mixed Arbitrage came from the sudden sharp depreciation
of the US dollar around mid-November.  We do not take a directional view but
tend to be long wings on the volatility surface.   Any increase in market
volatility and movement of currencies tends to be good for the portfolio, hence
we benefited from the sharp increase in delivered volatility in the major
currencies.

Systematic trading had a moderate month. Within the different buckets, Equities
continued to be the strongest positive contribution on the back of strength in
Equity markets early in the month.  Interest rates continued to provide a
challenge as the markets traded in a very choppy fashion and failed to exhibit
any clear direction.  The sharp movement in the US dollar was picked up via a
continuation of the up-trend in sterling, which rallied from 1.88 to 1.98 (vs
the $USD) over the last 2 weeks in November.

Emerging Markets continued on the October themes yielding solid returns.  Retail
inflows into external debt continued to rise.  Our long local markets exposure
was concentrated in Hungary, South Africa, Brazil, Mexico and Turkey through
both Rates and FX.  In addition, we had long exposure to the Polish FX rate.  On
the short side, we had a negative bias on Slovakian and Indian Rates along with
Romanian FX.  We continue to see both long and short opportunities in the EMEA,
and to some degree, in the Latin American time zone.

Equity was the strongest component of the overall return of AllBlue during
November.  The returns were highly diversified across our portfolio.  Our
attribution analysis highlighted this diversified relative value performance.
We had 36 stocks which contributed more than 10bps to the underlying return,
with only 14 stocks detracting more than 10bps.  At the sector level, only two
sectors had a negative contribution, Retail and Basic Resources.  The best
performing sectors were Banks, Telecoms, Media, Travel & Leisure and Technology.

Credit Arbitrage again showed a balanced performance across the book. Top
performers include Correlation, Inter-Credit and Intra-Credit strategies.
Continued expectation of CPDO (Constant Proportion Debt Obligation) flow,
investor appetite for equity risk and stable, tight spreads promoted a moderate
correlation rally in November.  Highlights in the Inter-Credit strategy included
insurance, European media, European industrials, and new issues positions.  On
the Intra-Credit side we profited from curve, capital structure and bond basis
trades.

Event Driven showed moderate positive contribution.  M&A activity remained
robust with Scottish Power, agreeing to be bought by Iberdrola.  CSN of Brazil
indicated it would counterbid for Corus, NASDAQ made a formal bid for the London
Stock Exchange and  Danske Bank agreed to buy Finlands's Sampo bank.  The Sampo
bank sale helped produce our portfolio's good performance as the position rose
10% on the news.  In France, we also benefited as PagesJaunes rose rapidly
following the payment of a dividend equivalent to about 40% of its market
capitalisation.

Disclaimer:

This publication is issued by Close AllBlue Fund Limited (the 'Company') for
informational purposes exclusively to and for the benefit only of shareholders
in the Company and to no one else; and accordingly the Company accepts no
responsibility for the use any third party might make of the information herein
contained and neither is any responsibility implied.

Information on AllBlue Limited and its underlying funds have been provided to
the Company by BlueCrest Capital Management Limited and the Company is not
responsible for, nor does it warrant, the accuracy of such information.
Although BlueCrest Capital Management Limited believes that the information on
AllBlue Limited and its underlying funds is materially correct, no warranty is
given as to the accuracy of the information provided.

This publication may not be relied upon in evaluating the merits of investing in
any securities referred to herein.  Neither is it intended as and is not to be
taken as an offer or solicitation with respect to the purchase or sale of any
security, nor does it constitute an offer or solicitation in any jurisdiction,
including those in which such an offer or solicitation is not authorised or to
any person to whom it is unlawful to make such a solicitation or offer.

Where in this document an estimate of the Net Asset Value of a share in the
Company is given, although the information is believed to be materially correct,
no warranty is given as to the accuracy of the information provided.

The Company's underlying investment programme is speculative in nature and
entails substantial risks.  The underlying investments may be subject to sudden
and large falls in price or value and there could be a large loss upon
realisation which could equal the total amount originally invested.

Further information about Shares in Close AllBlue Fund Limited may be found on
the Company's website at www.closeallbluefund.com.

For further Company shareholder information about investing in the Company
contact:  Marc Gordon or Richard Bolchover of Close Fund Management
(Investments) Limited, the Shareholder Liaison Agent, Tel: London 020 7426 4000.

Neither this press release nor any part of it may be released, mailed,
transmitted, copied, distributed, taken or otherwise sent in or into the United
States of America, Canada, Australia or Japan.  Any failure to comply with these
restrictions may constitute a violation of United States of America, Canada,
Australia or Japanese Securities laws.

Anson Fund Managers Limited
Company Secretary.
Tel: Guernsey 01481 722260

END OF ANNOUNCEMENT

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