Cash Received Update

HIGHBRIDGE MULTI-STRATEGY FUND LIMITED (THE 'COMPANY')

CASH RECEIVED UPDATE

The Board of the Company is pleased to announce that it has now received from AllBlue Limited and AllBlue Leveraged Feeder Limited a further tranche of redemption monies in the sum of approximately £32 million and $1.7 million. The Company has made a subscription for the continuing proceeds of approximately £11 million and will make a further announcement in due course detailing any distributions to be made to cash exit shareholders.

The Company has received a total of approximately £661 million and $40 million from AllBlue and AllBlue Leveraged (the "AllBlue Funds"), representing approximately 93% of the value of the Company's investment in the Sterling classes of the AllBlue Funds and approximately 94% of the value of its investment in the US$ classes of the AllBlue Funds. To date, £1.76 per Sterling Share and $1.68 per US Dollar Share have been distributed to former shareholders who participated in the cash exit offer.

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. For further information about this announcement contact:

E&OE - in transmission