Inv Obj & Perf Update

Close AllBlue Fund Limited
06 June 2007




FOR IMMEDIATE RELEASE

6 June 2007


CLOSE ALLBLUE FUND LIMITED (THE 'COMPANY')

MONTHLY PERFORMANCE REVIEW FOR APRIL 2007

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 April 2007 were:-

                                         Total Return      Last       Since
                    NAV                  Last Month       Quarter    Launch**
Sterling Shares     £143,641,416.43         3.90%          0.64%      8.31%
US Dollar Shares    $10,257,166.21          3.91%          0.65%      8.63%
Euro Shares         €5,936,934.79           3.78%          0.25%      6.69%


**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 APRIL 2007


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

AllBlue returns were up 3.32% for April, boosted by strong performance across
most underlying funds, especially Systematic, which recovered well from the
prior two months.

The Capital International fund was up 2.21%, with positive returns contributed
from each of the trading desks. Strong performances from the relative value
capital allocations (Equity, RV) were backed up by good results from the
predominately volatility trading capital allocations (Rates, FX and Equity
Derivatives), and the final Systematic allocation (4%) was removed mid month.
Within RV, the majority of the return came from European Fixed Income. The books
benefited from their structural long gamma positions that were accumulated
cheaply, and from the rapid upward re-pricing of interest rate forwards in the
Eurozone during April. There were also small additional returns in the dollar
and sterling RV books. On the Rates desk, profits were made from three areas. 1)
the long-end vol went up, coupled also with increasing delivered vol, 2) curve
positions in the US worked well (sell-off of the 1 and 2 years vs 5 and 10
years), and 3) delta positions in Euro (short the front end). These gains were
realised with no major losses in any other positions.

Systematic recovered from the drawdowns of February and March to finish the
month up 6.01%. While the model entered April moderately long in Equities, by
the end of the month the equity levels were higher than levels for the last 12
months. This corresponded with a strong equity drive and rising inflation
concerns led to a sell-off in interest rate products and the short Euribor
positions came in as the top earners for the month by some margin. Overall, the
month saw a good turnaround of P&L and brings the model back into positive
territory on the year.

Emerging Markets returned 3.85% for the month. From a local markets point of
view, Emerging Europe outperformed Latin America and Asia. Currencies in
Colombia, South Africa and Poland made strong gains against the US dollar. Our
local markets long exposure was concentrated in Hungary (Rates and FX), Brazil
(FX), Colombia (Rates and FX) and South Africa (FX), with short positions in
Poland (Rates), Mexico (Rates) and the Czech Republic (Rates). On the external
debt side, The Coite d'Ivoire was the best performer for the second month in a
row, up 16.98%, followed again by both Ecuador (4.49%), and Uruguay (2.31%).

Current portfolio themes have remained in place for sometime. In Brazil, the
desk believes rates will continue to fall, which will be positive to economic
growth and equities. Another sector the desk has exposure to is house builders,
where there is pent-up domestic demand after years of underinvestment. In
addition, the desk has increased its exposure to mining stocks recently due to
the low relative valuation.

April was a good month for Equity, with the fund returning 2.6% for the month.
Long positions contributed 8.5% and the short book closed down 5.9%. After the
disappointing returns of March, the portfolio was restructured with some poorly
performing larger long positions trimmed. The short book was reviewed with
particular emphasis on potential M&A targets and these positions were replaced
with sector swaps. The top 10 performing positions were long holdings in
European and UK mid- to large-cap stocks that contributed almost 3%. These
returns were spread over a diversified sector base ranging from Technology and
Telecommunications to Healthcare and Banks. The best performing shorts were US
stocks levered to slowing US growth. These included a financial services holding
company and a US healthcare provider.

Credit Arbitrage posted a positive return of 1.77%, with performance mainly
being again driven by Inter-Credit (driven across trades in Technology, European
Industrials, Consumer Products and Media), Correlation (driven by a correlation
rally in off-the-run index equity tranches and range trading in correlation
levels) and Intra-Credit (contributions by capital structure and credit curve
trades) strategies.

WestHarbor was the only strategy to post a negative return for the month; down
1.88%. Poor corporate news flow damaged performance over two main positions. The
fund was also caught by a relative overexposure in the underperforming
construction and materials sector.

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:  Richard Killingbeck or Roland Kitson 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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