Portfolio Update

Close AllBlue Fund Limited
12 September 2007

12 September 2007

Close AllBlue Fund Limited (the 'Company')

PORTFOLIO UPDATE

The Company notes the announcement issued by BlueCrest Capital Management
Limited on Friday 7 September 2007 as follows:

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BlueCrest Capital Management today announces the decision to close two equity
investment funds, the BlueCrest Equity Fund Limited and BlueCrest Equity Fund
LP, after a period of unacceptable performance. The funds, totalling $550
million, which sought to achieve investment returns through bottom-up stock
selection within a market-neutral framework, are estimated to be down
approximately 8% year-to-date as at August 31, despite having been broadly flat
for the year in mid-July.

A spokesman for BlueCrest said that 'Although the funds have generated a total
net return of approximately 17% since inception in 2004, recent performance has
been disappointing and the decision has therefore been taken to begin the
process of closing the Funds, which have already been de-risked to a very great
extent. BlueCrest manages over $11 billion and we anticipate asset outflows of
less than $100 million as a result of these decisions, as the majority of the
invested capital will be reallocated to other BlueCrest strategies where we see
greater opportunities.'

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The Board announces that AllBlue Limited, in which substantially all of the
Company's assets are invested, had invested 16.5% of its gross assets in the
BlueCrest Equity Fund Limited as at close of business on 7 September 2007.

The Company also advises that the next monthly conference call with Jonathan
Martin of Bluecrest Capital Management Limited will take place on 13 September
2007 at 11.00 a.m. Shareholders wishing to participate in the conference call
should contact the Shareholder Liaison Agent, Close Investments Limited, on 44
(0)800 269 824 for dial in details.

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.

For further information contact:

Anson Fund Managers Limited
Company Secretary

Tel: Guernsey 44 (0)1481 722260

Collins Stewart Europe Limited
Nominated Advisor
Hugh Field
Tel: [phone]

END OF ANNOUNCEMENT

E&OE - in transmission



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