Expected Receipt of Redemption Proceeds

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

EXPECTED RECEIPT OF REDEMPTION PROCEEDS

The Company announces that is has been notified by AllBlue Limited and AllBlue Leveraged Limited ("AllBlue") that further distributions of redemption proceeds were initiated this week. As a result of this the Company expects to receive proceeds equivalent to approximately £24 million in the course of the next seven days. Following receipt of these proceeds, the Company estimates that it will have received approximately 93 per cent. of AllBlue proceeds due.

Further announcements, including confirmation of the receipt of proceeds and details of any distributions to be made by the Company, will be released in due course.

For further information about this announcement contact:

E&OE - in transmission