Half-Yearly Results

Close AllBlue Fund Limited
24 September 2007

CLOSE ALLBLUE FUND LIMITED

PRELIMINARY ANNOUNCEMENT OF HALF-YEARLY RESULTS

The directors announce the statement of results for the period from 1 January to
30 June 2007 as follows:-

ABOUT THE COMPANY

Close AllBlue Fund Limited is a closed-ended investment company incorporated in
Guernsey on 21 April 2006 with an unlimited life. The Company has three classes
of shares in issue, being Sterling Shares, Euro Shares and US Dollar Shares. On
25 May 2006 all three classes were admitted to trading on AIM. Only the Sterling
Shares were admitted to listing and trading on the Channel Islands Stock
Exchange.

Pursuant to the Company's admission document dated 2 May 2006 the Company
offered its Shares for issue by means of a placing and on 26 May 2006 raised
approximately GBP144.3 million by the issue of 135,283,599 Sterling Shares at a
price of GBP 1 each, 5,676,877 Euro Shares at a price of EUR 1 each and
9,632,602 US Dollar Shares at a price of US Dollar 1 each.

INVESTMENT OBJECTIVE AND POLICY

The investment objective of the Company is to seek to provide consistent
long-term capital growth through an investment policy of investing substantially
all of its assets in AllBlue Limited ('AllBlue') or any successor vehicle of
AllBlue. The proceeds raised from the issue of Sterling Shares are substantially
invested in the Sterling share class of AllBlue. The proceeds raised from the
issue of Euro Shares are substantially invested in the Euro share class of
AllBlue. The proceeds raised from the issue of US Dollar Shares are
substantially invested in the US Dollar share class of AllBlue.

AllBlue is a fund of hedge funds incorporated in the Cayman Islands which seeks
to provide consistent long-term appreciation of its assets through investment in
a diversified portfolio of underlying funds, the majority of which are managed
by BlueCrest Capital Management L.P. ('BlueCrest') and the remainder of which
are managed by investment managers sharing close links with BlueCrest.

Investors in the Company are therefore offered an opportunity to participate
indirectly in the same investment portfolio as that of AllBlue.

BLUECREST

BlueCrest is an English limited partnership and acts through its general
partner, BlueCrest Capital Management Limited, which was incorporated in England
on 28 April 2000. BlueCrest Capital Management Limited is authorised and
regulated by the Financial Services Authority of the United Kingdom and is
registered with the Securities and Exchange Commission of the United States.

INVESTMENTS

The Company's investments in AllBlue as at 30 June 2007 were:
                                                                       Total Net
                                     *Valuation in      Valuation       Assets
INVESTMENT                Nominal    Local Currency           GBP            %

AllBlue Limited           1,381,738    146,733,471    146,733,471        94.26%
Sterling Shares

AllBlue Limited Euro      52,133       6,046,424      4,076,058          2.62%
Shares

AllBlue Limited US        87,185       10,470,954     5,212,542          3.35%
Dollar Shares

                                                      156,022,071        100.23%

* Source AllBlue Limited

NET ASSET VALUE PER SHARE

As at 30 June 2007, the net asset values of the shares were:

Sterling Shares                   GBP1.0829

Euro Shares                       EUR1.0633

US Dollar Shares                  USD1.0852


CHAIRMAN'S STATEMENT

Dear Shareholder

The period from 1 January to 30 June 2007 (the 'Period') saw the net asset value
of a Sterling Share in the Company rise to 108.01 pence, an increase of
approximately 6.5% during the Period.  The price at which the Sterling Shares
were trading rose to 104.13 pence at the end of the Period.  This performance is
in line with the Company's stated target annualised return on its investment in
AllBlue Limited ('AllBlue') of 12 to 14 per cent. and the Board is comfortable
with this performance.

Since the end of the Period financial markets have seen considerable turmoil and
some markets have fallen substantially.  Against this background we believe that
the performance of AllBlue has been satisfactory.

During September 2007 (after the end of the period under review) BlueCrest
Capital Management Limited ('BlueCrest') decided to close the BlueCrest Equity
Fund Ltd, in which AllBlue, and thereby the Company, was invested.

The Company has been advised by BlueCrest that this decision was motivated by
three factors.  Firstly, performance of the fund had been lacklustre during the
second half of 2006 and the first half of 2007, during which period the return
was approximately flat.  Secondly, during August of 2007 the de-levering stops
used to protect investors from deep draw downs were triggered, reducing the risk
taking capacity of the fund.  Thirdly, the opportunities opened up within the
markets in the summer of 2007 are seen as largely in fixed income and foreign
exchange and the capital needed to be allocated to those new opportunities.

The Company has also been advised by BlueCrest that BlueCrest is constantly
looking for new investment opportunities and hopes in due course to find
appropriate ways of taking additional risk in the equity markets.  The
diversifying characteristics of the assets and the depth of liquidity they
provide remain attractive.  The expectation of BlueCrest over the medium term
has always been to introduce new funds to the AllBlue investment mix as
diversifying assets of sufficient quality and liquidity become available and
this remains the case.

After the end of the Period, the Board conducted a review of the fees payable by
the Company to Close Investments Limited for the provision of shareholder
liaison services.  It was agreed with the Shareholder Liaison Agent to reduce
these fees from the previous rate of 0.80% of the Company's net asset value (the
'NAV') per annum to 0.45% of the NAV per annum, subject to a cap in any calendar
year of £700,000, provided that, if the NAV increases to £300 million or more,
the Shareholder Liaison Agent's fee will be reduced to 0.4% per annum.  This
action was taken to reduce the Company's total expense ratio, which is now among
the lowest of the diversified hedge fund investments traded in London.

Close AllBlue Fund Limited is a company structured to allow shareholders access
to the investment management skills of BlueCrest without need of a high minimum
monetary investment, as is required for direct investment in AllBlue.  Coupled
with the ability to trade shares daily on AIM and the Channel Islands Stock
Exchange, the Board believes that these features make the Company an attractive
and rewarding investment for shareholders.

As the Company is a minority investor in AllBlue, your Board cannot direct the
investment policy of AllBlue.  However, AllBlue provides the Company with
regular information.  The Company publishes weekly and monthly net asset values
and monthly fact sheets based on information provided to the Company by
BlueCrest and AllBlue.

The Board is pleased to note that for the benefit of existing and future
shareholders the Shareholder Liaison Agent has recently commenced a regular
series of seminars and conference calls involving BlueCrest, which is enhancing
the level of information available concerning AllBlue.   Announcements
concerning these conference calls are now being released to a regulatory
information service.

In addition BlueCrest provides the Company with a commentary on AllBlue for
inclusion in the Company's own interim and annual reports to shareholders.
Their report is found below, which I recommend to you.

The Board has secured a facility from the Company's bankers to assist with the
buyback of shares should the Company's shares trade at a discount to net asset
value and if the Board believes that a buyback is warranted and is in the best
interests of shareholders.  The Board has the authority to buy back up to 14.99%
of each class of shares in issue as at 14 May 2007, renewal of which authority
will be sought at the next annual general meeting of the Company.

The Board pays close attention to the volume of trades in the Company's shares
and the discount or premium at which such transactions occur.  As at the date of
this statement the Company has made two purchases of its shares, totalling
198,000 Sterling Shares.  The Board is also looking closely at the issue of
convertability between share classes.

I look forward to reporting to you again in the annual report and accounts for
the year ended 31 December 2007 and thank you for your continued support.

Richard Crowder

Chairman

21 September 2007

REPORT BY THE INVESTMENT MANAGER OF ALLBLUE LIMITED

On the invitation of the Directors of the Company, this commentary is provided
by BlueCrest Capital Management Limited ('BlueCrest'), General Partner of the
Investment Manager of AllBlue Limited and is provided without any warranty as to
its accuracy and without any liability incurred on the part of BlueCrest,
BlueCrest Capital Management L.P. or AllBlue Limited. The commentary is provided
as a source of useful information for shareholders of the Company but is not
attributable to the Company.

REPORT ON ALLBLUE LIMITED ('ALLBLUE' or 'THE FUND') BY ITS MANAGER FOR THE
PERIOD JAN 1 - JUNE 30 2007

AllBlue Limited (US Dollar class) made 713bp during the period under review.
Allblue's quarterly annualised volatility averaged 5.43% during the period,
ranging between 3.43% and 7.11%.

The period was characterised by correlations (13 week average) in the mid teens;
the period average was 15.58% within a relatively stable range of -1.49% to
+34.26%.

Volatility in this range, i.e. close to the fund's target with correlations
stable and below average, describe an excellent operating environment.   The VaR
of the fund remained at extremely low levels (78bp), similar to those seen
during H2 of 2006.

These conditions ended in August where a significant de-levering in global
financial markets drove volatility and correlations sharply higher and cost the
fund 3.47% (estimated) of performance.

Taking each sector in turn:

Mixed Arbitrage returned 3.64% on the period, its contribution to AllBlue
approximately 84bp. After a steady, albeit slow, start to the period Mixed
Arbitrage had its best monthly performance in three years in the month of April,
coming in at 2.21%. Positive contributions were also made in May although
performance was slightly down in June. The Equity Derivatives desk was one of
the main driving factors in performance for the period, and we have increased
allocation from the fund accordingly to over 10%. RV also performed well,
providing the most performance contribution, followed by Rates. FX, Equity and
Trade Finance all had small positive contributions.

Equity lost -2.64%, affecting the AllBlue performance by approximately -52bp.
After disappointing performance from the Equity desk, the team has been
restructured from three main PM's and supporting analysts to a current portfolio
representing a merging of the individual portfolios of both the sector
specialists and generalists. The allocation to AllBlue has been reduced since
June from around 19% to 17%. All sub-portfolios still adhere to investment and
risk criteria and are constructed within the objectives of the overall fund, the
only difference being that the implementation process has changed.

Systematic had a mixed start to the period followed by very strong performance
from April to June, finishing up 14.60%, approximately 335bp for AllBlue.  The
main performance drivers across the period were Equities followed by Short
Interest Rates and FX (mainly Yen trades) and a smaller positive contribution
from Energies, Bonds and Crops. Losses were made within Metals and, to a smaller
extent, Meats.

Low Beta Systematic returns were 6.63%, adding approximately 6.6bps to AllBlue.
Short Interest Rates and FX were the main contributors to positive performance,
followed by Energies. Losses were concentrated in Metals, Equities, Crops; Meats
and Bonds were slightly down as well.

Emerging Markets returns were strong throughout the entire period (12.4%),
contributing approximately 272bp to AllBlue. Regional concentration of capital
was in Eastern Europe followed by LATAM and Asia, with positive performance
attribution coming mainly from Rates, followed by Issuer (credit risk), Equity
and FX.

Credit Arbitrage returned 10.81% for the period, approx 86bps for AllBlue.
Positive performance drivers across the period were Correlation, Inter-Credit,
Intra-Credit, Index Arbitrage and smaller positive contributions from Equity and
'Other'. There were no sectors which made losses over the period as a whole.

WestHarbor returned 4.99% for the period, contributing approximately 15bps to
AllBlue.  The first quarter was very successful with a number of catalytic
events, including bids for positions in the portfolio, driving performance. The
second quarter was more challenging as adverse corporate events in Italy and the
underperformance of the German portfolio, relative to its hedges, weighed on
performance.

BlueCrest Capital Management Limited

21 September 2007

STATEMENT OF OPERATIONS FOR THE PERIOD FROM 1 JANUARY 2007 TO 30 JUNE 2007
                                                          
                                                          
                                 Sterling      Euro       US Dollar
                                 Share         Share      Share
                                 Class         Class      Class        Total
                                 GBP           EUR        USD           GBP

Net movement in investments      9,824,640     359,909    697,104     10,428,350

Operating expenses               (681,877)     (30,088)   (51,485)     (728,836)

Gain on ordinary activities
before
taxation                         9,142,763     329,821    645,619     9,699,514

Taxation on ordinary             -             -          -           -
activities

Net gain for the period
attributable
to shareholders                  9,142,763    329,821    645,619     9,699,514


                               Pence (GBP) Cent (EUR) Cent (USD)
Earnings per share 
for the period - Basic and Diluted   6.76       5.81       6.70


In arriving at the results for the financial period, all amounts above relate to
continuing operations.

There are no recognised gains or losses for the period other than those
disclosed above.

STATEMENT OF OPERATIONS FOR THE PERIOD FROM INCORPORATION ON 21 APRIL 2006 TO 30
JUNE 2006
                                                       US Dollar
                        Sterling Share   Euro Share        Share
                                Class         Class        Class         Total
                                  GBP           EUR          USD           GBP
Net movement in
unrealised
appreciation on            (1,759,811)      (81,969)    (120,890)   (1,881,506)
investments

Operating expenses            (74,416)       (3,796)      (6,555)      (80,569)

Gain before financing
costs and
taxation                   (1,834,227)      (85,765)    (127,445)   (1,962,075)

Gain on ordinary
activities before
taxation                   (1,834,227)      (85,765)    (127,445)   (1,962,075)

Taxation on ordinary                -             -            -             -
activities

Net gain for the
period attributable
to shareholders            (1,834,227)      (85,765)    (127,445)   (1,962,075)



                            Pence (GBP)   Cent (EUR)   Cent (USD)
Earnings per share for 
the period - Basic and Diluted   (1.36)       (1.51)       (1.32)


In arriving at the results for the financial period, all amounts above relate to
continuing operations.

There are no recognised gains or losses for the period other than those
disclosed above.


BALANCE SHEET AS AT 30 JUNE 2007
                                                       US Dollar
                      Sterling Share   Euro Share          Share
                               Class         Class         Class          Total
                                GBP           EUR            USD            GBP

FIXED ASSETS

Unquoted financial
assets designated as fair
value through profit    
or loss                 146,733,471     6,046,424    10,470,954    156,022,071

CURRENT ASSETS

Debtors                      18,520           787         1,406         19,750

Cash at bank                 55,149         2,364         4,195         58,831

                             73,669         3,151         5,601         78,581

CURRENT
LIABILITIES

Bank overdrafts             102,943             -             -        102,943

Creditors - due             307,984        13,081        23,382        328,442
within one year

                            410,927        13,081        23,382        431,385

NET CURRENT ASSETS/        (337,258)       (9,930)      (17,781)      (352,804)
(LIABILITIES)

TOTAL ASSETS LESS
CURRENT
LIABILITIES             146,396,213     6,036,494    10,453,173    155,669,267

NET ASSETS
ATTRIBUTABLE TO
SHAREHOLDERS            146,396,213     6,036,494    10,453,173    155,669,267

CAPITAL AND
RESERVES

Share capital                     -             -             -              -

Share premium                     -             -             -              -

Own shares                 (103,582)            -             -       (103,582)

Retained earnings       146,499,795     6,036,494    10,453,173    155,772,849

                        146,396,213     6,036,494    10,453,173    155,669,267

SHARES IN ISSUE         135,183,599     5,676,877     9,632,602

NAV PER SHARE             GBP1.0829     EUR1.0633     USD1.0852

The NAV per share is calculated in accordance with International Financial
Reporting Standards.


BALANCE SHEET AS AT 31 DECEMBER 2006
                                                      US Dollar
                       Sterling Share   Euro Share        Share
                               Class         Class        Class          Total
                                 GBP           EUR          USD            GBP

FIXED ASSETS

Financial assets
designated as fair
value
through profit or loss   137,752,831     5,723,515    9,836,851    146,630,747


CURRENT ASSETS

Debtors                       13,718           583        1,016         14,629

Cash at bank                   1,100            23           88          1,160

                              14,818           606        1,104         15,789

CURRENT LIABILITIES

Bank overdrafts              118,063         5,017        8,741        125,905

Creditors - due              292,554        12,431       21,660        311,986
within one year
                             410,617        17,448       30,401        437,891

NET CURRENT ASSETS/         (395,799)      (16,842)     (29,297)      (422,102)
(LIABILITIES)

TOTAL ASSETS LESS
CURRENT
LIABILITIES              137,357,032     5,706,673    9,807,554    146,208,645

NET ASSETS
ATTRIBUTABLE TO
SHAREHOLDERS             137,357,032     5,706,673    9,807,554    146,208,645

CAPITAL AND
RESERVES

Share capital                      -             -            -              -

Share premium                      -             -            -              -

Own shares                         -             -            -              -

Retained earnings        137,357,032     5,706,673    9,807,554    146,208,645

                         137,357,032     5,706,673    9,807,554    146,208,645

SHARES IN ISSUE          135,283,599     5,676,877    9,632,602

NAV PER SHARE              GBP1.0153     EUR1.0052    USD1.0181

The NAV per share is calculated in accordance with International Financial
Reporting Standards.


BALANCE SHEET AS AT 30 JUNE 2006
                                                      US Dollar
                       Sterling Share   Euro Share        Share
                               Class         Class        Class          Total
                                 GBP           EUR          USD            GBP
FIXED ASSETS

Unquoted financial
assets designated
as fair value through    
profit and loss          130,531,189     5,469,031    9,298,110    139,346,342

CURRENT ASSETS

Debtors                       34,550         1,429        2,414         36,845

Cash at bank                 517,750        21,419       36,171        552,142

                             552,300        22,848       38,585        588,987

CURRENT LIABILITIES

Creditors - due              297,049        12,288       20,753        316,780
within one year

                             297,049        12,288       20,753        316,780

NET CURRENT ASSETS/          255,251        10,560       17,832        272,207
(LIABILITIES)

TOTAL ASSETS LESS
CURRENT
LIABILITIES              130,786,440     5,479,591    9,315,942    139,618,549

NET ASSETS
ATTRIBUTABLE TO
SHAREHOLDERS             130,786,440     5,479,591    9,315,942    139,618,549

CAPITAL AND
RESERVES

Share capital                      -             -            -              -

Share premium            132,620,667     5,565,211    9,443,394    141,462,640

Own shares                         -             -            -              -

Retained earnings         (1,834,227)      (85,765)    (127,445)    (1,962,075)

Exchange gains/                    -           145           (7)       117,984
(losses)

                         130,786,440     5,479,591    9,315,942    139,618,549

SHARES IN ISSUE          135,283,599     5,676,877    9,632,602

NAV PER SHARE              GBP0.9668     EUR0.9652    USD0.9671

The NAV per share is calculated in accordance with International Financial
Reporting Standards.


STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD FROM 1 JANUARY 2007 TO 30 JUNE
2007
                                                    US Dollar
                        Sterling       Euro Share   Share
                        Share
                        Class          Class        Class                Total
                        GBP            EUR          EUR                   GBP

Opening balance          137,357,032    5,706,673     9,807,554    146,208,645

Issue of shares                    -            -             -              -

Share issue costs                  -            -             -              -

Net gain for the period
attributable to
shareholders               9,142,763      329,821       645,619      9,699,514

Currency consolidation             -            -             -       (135,310)
adjustment

Purchase of own             (103,582)           -             -       (103,582)
shares

Closing balance          146,396,213    6,036,494    10,453,173    155,669,267


STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD FROM INCORPORATION ON 21 APRIL
2006 TO 30 JUNE 2006
                                                     
                         Sterling       Euro Share   US Dollar        
                         Share                       Share
                         Class          Class        Class             Total
                         GBP            EUR          EUR               GBP

Issue of shares           135,283,599    5,676,877    9,632,602    144,304,624

Share issue costs          (2,662,932)    (111,666)    (189,208)    (2,841,984)

Net gain for the period
attributable to
shareholders               (1,834,227)     (85,765)    (127,445)    (1,962,075)

Exchange gains/(losses)
on currency
balances                            -          145           (7)       117,984

Purchase of own shares              -            -            -              -

Closing balance           130,786,440    5,479,591    9,315,942    139,618,549


STATEMENT OF CASH FLOWS FOR THE PERIOD FROM 1 JANUARY 2007 TO 30 JUNE 2007

                                                      US Dollar
                       Sterling Share   Euro Share        Share
                               Class         Class        Class          Total
                                 GBP           EUR          USD            GBP

Operating activities

Net gain for the
period attributable to
shareholders               9,142,763       329,821      645,619      9,699,514

Less: Unrealised
depreciation on
investments               (9,784,915)     (358,610)    (693,956)   (10,386,119)

Add: Increase in              15,430           650        1,722         16,456
accrued expenses

Less: (Increase) in
prepayments and
accrued income                (4,802)         (204)        (390)        (5,121)

Net cashflow from           (631,524)      (28,343)     (47,005)      (675,270)
operating
activities

Investing activities

Purchase of financial       (103,582)            -            -       (103,582)
assets

Proceeds from sale of        804,275        35,701       59,853        858,139
financial assets

Net cashflow from            700,693        35,701       59,853        754,557
investing
activities

Financing
activities

Proceeds of issue of               -             -            -              -
shares

Share issue costs                  -             -            -              -

Net cashflow from                  -             -            -              -
financing
activities

Cash at beginning of        (116,963)       (4,994)      (8,653)      (124,745)
period

Exchange losses on                 -             -            -          1,346
currency balances

Increase in cash and          69,169         7,358       12,848         79,287
cash equivalents

Cash at end of               (47,794)        2,364        4,195        (44,112)
period

Interest income in the period equivalent to GBP1,841 was received. Interest
income has been netted off against operating expenses.


STATEMENT OF CASH FLOWS FOR THE PERIOD FROM INCORPORATION ON 21 APRIL 2006 TO 30
JUNE 2006
                                                     US Dollar
                     Sterling Share   Euro Share         Share
                             Class         Class         Class           Total
                               GBP           EUR           USD             GBP

Operating activities

Loss on ordinary        (1,834,227)      (85,765)     (127,445)     (1,962,075)
activities after
taxation

Exchange gains /
(losses) on
currency
balances                         -           145            (7)        117,984

Add: Unrealised          1,759,811        81,968       120,890       1,881,506
depreciation on
investments

Exchange gains /
(losses) on
currency
balances                         -             -             -             433

Add: Increase in           297,049        12,289        20,753         316,780
accrued expenses

Less: (Increase) in
prepayments and
accrued income             (34,550)       (1,429)       (2,414)        (36,845)

Net cashflow from          188,083         7,208        11,777         317,783
operating
activities

Investing activities

Purchase of           (132,291,000)   (5,551,000)   (9,419,000)   (141,228,281)
financial assets

Net cash outflow      (132,291,000)   (5,551,000)   (9,419,000)   (141,228,281)
from investing
activities

Financing
activities

Proceeds of issue      135,283,599     5,676,877     9,632,602     144,304,624
of shares

Share issue costs       (2,662,932)     (111,666)     (189,208)     (2,841,984)

Net cash inflow        132,620,667     5,565,211     9,443,394     141,462,640
from financing
activities

Cash at beginning                -             -             -               -
of period

Increase in cash           517,750        21,419        36,171         552,142
and cash
equivalents

Cash at end of             517,750        21,419        36,171         552,142
period

Interest income in the period equivalent to GBP77,281 was received. Interest
income has been netted off against operating expenses.

For further information contact:

Anson Fund Managers Limited

Company Secretary

Tel: [phone]

Collins Stewart Europe Limited
Nominated Adviser and Broker

Hugh Field

Tel: [phone]

www.closeallbluefund.com

24 September 2007

E&OE - in transmission

                              END OF ANNOUNCEMENT

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