Cash Exit Payment and Subscription into Highbridge

HIGHBRIDGE MULTI-STRATEGY FUND LIMITED, FORMERLY BLUECREST ALLBLUE FUND LIMITED (the "Company")

29 February 2016

Confirmation of Cash Exit Payment and Subscription into Highbridge

Further to the announcements dated 24, 25 and 26 February 2016, the Board of the Company is pleased to announce that an amount equal to £1.54 per GBP Share participating in the Cash Exit Opportunity and $1.51 per US Dollar Share participating in the Cash Exit Opportunity are expected to be paid to former shareholders of the Company who have chosen to take part in the Cash Exit Opportunity on Thursday 3 March 2016.

The Board is further pleased to announce that proceeds equal to £1.54 per continuing share, following the conversion announced on 26 February 2016 will be invested into the Sterling class of Highbridge Capital Corporation, a limited liability company through which the Company intends to invest in Highbridge Multi-Strategy Fund.

Further distributions, and subscriptions into Highbridge Capital Corporation, will take place as advised in the Circular once proceeds are received from the Company's investments in AllBlue and AllBlue Leveraged.

Terms used and not defined in this announcement will bear the meanings given in the Circular dated 8 February 2016.

For further information contact:

JTC (Guernsey) Limited, Secretary

Tel: +44 (0) 1481 702 400

Jefferies International Limited

Gary Gould/ Alex Collins

Tel: + 44 (0) 20 7029 8000

Dexion Capital Plc

Robin Bowie/ Katie Standley

Tel: +44 (0) 20 7832 0900