Update on Continuation Proposals

BlueCrest AllBlue Fund Limited (the "Company")

25 January 2016

Update on Continuation Proposals

The Company is pleased to announce that it has now received from AllBlue Limited and AllBlue Leveraged Feeder Limited the first tranche of redemption monies in the sum of approximately £335 million and US$22 million representing approximately 44% of the Company's net asset value. These proceeds have been invested in cash deposits with a diversified range of higher rated banks. Additional relationships are being established which will enable additional monies, when received, to be placed with further counterparties, pending completion of the Proposals to be put to Shareholders, as outlined in the Company's announcement on 14 January 2016.

The Board and its advisers continue to progress documentation in relation to the Proposals and intend to publish a circular as soon as practicable in early February.

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