Inv Obj & Perf Update

Close AllBlue Fund Limited
01 December 2006

FOR IMMEDIATE RELEASE

30 November 2006

CLOSE ALLBLUE FUND LIMITED (THE 'COMPANY')

MONTHLY PERFORMANCE REVIEW FOR OCTOBER 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 October 2006 were:-

                               Total Return    Last          Since
                    NAV        Last Month      Quarter       Launch**
Sterling Shares     £0.9728     0.98%          -0.35%        -0.75%
US Dollar Shares    $0.9752     1.02%          -0.18%        -0.51%
Euro Shares         €0.9657     0.84%          -0.78%        -1.48%


**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 SEPTEMBER 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         18%           63%           0.57%          0.10%
Systematic        23%           81%           2.51%          0.57%
Equity            28%           51%          -1.96%         -0.54%
Low Beta          1%            92%          -1.94%         -0.02%
Emerging          
Markets           20%           42%           4.14%          0.84%
Credit Arb        8%            39%           2.16%          0.17%
Event Driven      2%            N/A           0.79%          0.02%
Total             100%                                       1.14%


Emerging markets led the positive performance in October, closely followed by
Systematic. Other positive contributions came from Credit Arbitrage, Mixed
Arbitrage and Event Driven.  Equity and Low Beta had negative contributions.  In
terms of exposure, we have decided to reduce the Equity bucket by 2.5%,
re-allocating to Mixed Arbitrage and Emerging Markets.  Mixed Arbitrage
generally has a good run into year end, as window dressing trades in fixed
income markets provide opportunity for relative value exposure.  Our Emerging
markets team are seeing many opportunities due to increased confidence and
inflows returning to the space.

Mixed Arbitrage performed well in October. Within the Rates area, we took
advantage of short positions in the short end of the US and Europe fixed income
markets.  At the beginning of October, the US was pricing 75bps of rate cuts
next year. With the US unemployment rate below 5%, we believe the Fed will not
see the necessity to cut rates as aggressively as the market is pricing.  In
Europe, the market expected the early October 25bp rate hike that took the short
rates to 3.5%, however, the market was pricing no potential for further hikes
next year.  It is our view that as long as growth is expected to be close to
potential, around 2.1% and inflation expected to move back up from 1.7% to above
2%, the ECB have room to remain hawkish. Hence, the market is underestimating
the potential for further rate increases.

Systematic trading also had a good month. Within its different buckets, Equities
continued to provide a positive contribution on the back of renewed strength in
Equity markets.  On the fixed income side, positioning is skewed towards
flattening exposure, highlighting the unusual situation where the trend is
stronger in curve shape than outright direction.  Commodity and FX buckets
showed slight positive contribution.

Emerging Markets were rife with opportunity after the rocky September.  Large
inflows came back into the space as investors gained confidence in the stability
of the markets.  The majority of the positive contribution came from Eastern
European exposure along with South African fixed income.  On the LATAM side,
Mexico showed positive contribution along with Brazilian utility and domestic
stocks.  Highlights include exposure to Poland and Mexico, where we benefited
from curve flattening trades,  Hungary long exposure to the Florin via call
spreads, and short protection in roll-off trades in Russian CDS.

Equity losses came from our overweight in Basic Resources and Technology.  Short
positions in Basic Resources unfortunately rallied on the back of recovery
speculation and M&A activity in the steel sector following Tata's bid for Corus.
  We also suffered from our short exposure in construction and construction
materials, as the widly anticipated US housing slowdown became fully priced and
related sectors showed a strong bounce. Our long exposures to the banking and
healthcare sector delivered good returns, particularly the Greek financial
company Marfin Financial. This closed the month up 28%, as shareholders approved
the proposed acquisition by Cyprus Popular Bank

Credit Arbitrage posted a solid performance in October.  Our correlation
strategy was the largest, benefiting from a significant rally in implied equity
correlation.  Both fundamental and technical factors contributed as well as the
emergence of a new structured index product (CPDO's).  Intra and Inter Credit
strategies also posted attractive gains on the month, despite the
well-publicized loss in our Cablecom position.

Event Driven showed moderate positive contribution.  The major event in our
portfolio was the agreed merger between Banca Popolare Italiana and BPVN.  The
transaction itself was not well received by the market and our long position BPI
was not marked significantly higher.  Nevertheless, we benefited from an
offsetting short in BPVN that fell 10% in the two days following the
announcement.  Other highlights include our small position in the Spanish
company Europistas, as Sacyr Vallehermosa increased its bid for the company.
One major setback was the performance of Cairn Energy, which declined on
unfounded speculation of delays in the IPO of its Indian subsidiary and slight
disappointment over the size of the stake to be sold.

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

E&OE - in transmission






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