Inv Obj & Perf Update

Close AllBlue Fund Limited
09 February 2007


FOR IMMEDIATE RELEASE

9 FEBRUARY 2007

CLOSE ALLBLUE FUND LIMITED (THE 'COMPANY')

MONTHLY PERFORMANCE REVIEW FOR DECEMBER 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 31 December 2006 were:-

                               Total Return         Last          Since
                    NAV        Last Month           Quarter       Launch**
Sterling Shares     £1.0132    2.32%                5.17%          3.37%
US Dollar Shares    $1.0160    2.34%                5.24%          3.65%
Euro Shares         €1.0031    2.17%                4.74%          2.34%


**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 DECEMBER 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          %Return        Weighted 
                Allocation%       By Sector%                         Return
Mixed Arb           20                61              1.39            0.27
Systematic          24                84              4.31            1.00
Equity              23                52              1.27            0.29
Low Beta            1                 90              0.33              0
Emerging Markets    22                51              4.36            0.93
Credit Arb          8                 43              1.41            0.11
Event Driven        2                  0              0.83            0.02
Total              100%                                               2.62%


All components of AllBlue showed positive contributions for December, with
Emerging Markets and Systematic leading the way.


Mixed Arbitrage benefited from large inflows during December. Our most
profitable strategies included positions related to futures expiry across
Sterling, US dollars and European fixed income, particularly in the US ten year
vs off the run bonds.  We also made money being long volatility.  Over the past
year, we have continuously observed the decline in both delivered and implied
volatility. We are now at levels where implied volatility has bottomed and
delivered volatility has picked up. This has resulted in a benefit from long
volatility exposures.


Systematic trading had a strong contribution towards the end of the month as
major trends re-established themselves in Equities and the US dollar. The
largest positive contribution came from Equities. Energies, where we are short,
and short interest rates also made small contributions. Long bond and metals
positions failed to perform as those markets saw large downward movements.

Emerging Markets continued to provide an environment ripe with opportunity.  On
the long side, positive contributions came from Eastern European Rates and FX,
in particular Hungary where the re-rating of the country benefited long end
credits. We also benefited in Russia, where credits in the 5-yr part of the
curve tightened from 48 to 42bps.  In terms of short exposure, we were short
5-yr Indian rates and short in Ecuador via CDS.  Our Equity exposure was
concentrated in Brazil, mainly through long Utility stocks.  Finally,
Argentinean risk also provided strong positive returns as perceptions of growth
improved prospects.


Equities continued to produce a solid return after a very strong November. Long
positions rose 5.73% and shorts and futures were down 4.49%. The portfolio's
long exposure to the Industrial Goods and Services sector delivered the best
performance this month, followed by exposure to Banks and Financial Services,
where we benefited from further consolidation within the industry.  The worst
performing sectors were Oil and Gas, Travel and Leisure and Basic Resources.
Regional exposure to Europe and Rest of World returned 3% whilst exposure to the
US dragged performance.  Most value this month was seen exposure to large cap
stocks. We see opportunities for the year ahead in stocks that are not dependent
on the economic growth cycle and have also identified a number of short selling
prospects in overpriced, badly managed companies.


Credit Arbitrage showed strong performance in inter-credit and intra-credit
books, with significant contributions from the other strategies.  Within the
inter-credit portfolio, the top contributors included media, oil and gas,
leisure and auto strategies.  In the intra-credit bucket, profits were driven by
bonds vs CDS trades and curve positions. Strong contributions in volatility and
cross-market trades were offset by underperformance in dispersion strategies
within the Equity book.


Event Driven performed positively as well.  In the US, Corus benefited from the
bidding battle between Tata and CSN, and CRH benefited from the expectations of
positive results. Cairn fell as the IPO of Cairn India was only marginally
oversubscribed during a volatile period for the Indian market.  The portfolio
remained beta neutral throughout the month.


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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