Appoint ofAdditional Director

FRM Credit Alpha Limited
12 September 2007

COMPANY ANNOUNCEMENT
For Immediate Release                                                                      12 September 2007






                    FRM Credit Alpha Limited (the 'Company')





Re: Appointment of additional Director



The Board of Directors of the Company wish to announce the appointment of Mr
Andrew Duquemin as an additional director of the Company, with effect from 11
September 2007.



Andrew Duquemin is Chairman of Elysium Fund Management Limited since 12 October
2006, a company providing fund management and corporate finance services to a
range of funds and trading companies.  Elysium was formed in October 2006 to
complete the management buyout of the business of Collins Stewart Fund
Management Limited, a Guernsey registered company and wholly owned subsidiary of
Collins Stewart Tullett plc, where Andrew was managing director from 27 November
1998 to 20 July 2006. Mr Duquemin has extensive experience in the listing of
companies on both the London Stock Exchange and The Channel Islands Stock
Exchanges. He is also a director of Corporate Consultants Limited, a Guernsey
based consultancy business which has provided corporate finance and management
consultancy services since 1991. Mr Duquemin sits on the boards of several local
trading companies, has a degree in Accounting and Finance and qualified as a
Chartered Accountant in 1983. He is also a Fellow of the Securities Institute
and holds the advanced diploma in Corporate Finance.



Mr Duquemin has never; (i) had any unspent convictions in relation to indictable
offences; or (ii) been bankrupt or the subject of a voluntary arrangement, or
has had a receiver appointed to any of his assets; or (iii) been a director of
any company which, while he was a director with an executive function or within
12 months after he ceased to be a director with an executive function, had a
receiver appointed or went into compulsory liquidation, creditors voluntary
liquidation, administration or company voluntary arrangements, or made any
composition or arrangements with its creditors generally or with any class of
its creditors; or (iv) been a partner of any partnership, which while he was a
partner or within 12 months after he ceased to be a partner, went into
compulsory liquidation, administration or partnership voluntary arrangement, or
had a receiver appointed to any partnership asset; or (v) had any public
criticism by statutory or regulatory authorities (including recognised
professional bodies); or (vi) been disqualified by a court from acting as a
director or from acting in the management or conduct of affairs of any company.



A list of past and current directorships and partnerships held by Mr Duquemin
over the past 5 years is available for inspection on request for a period of 14
days from the date of this announcement from McCann FitzGerald Listing Services
Limited, Riverside One, Sir John Rogerson's Quay, Dublin 2, Ireland.




Enquiries:


FRM Investment Management Limited

                                                                            Susan Gilliver

                                                                            Phone: [phone]


McCann FitzGerald Listing Services Limited                                  Michelle Davey

                                                                            Phone: [phone]



This announcement has been issued through the Companies Announcement Service of

                           The Irish Stock Exchange.




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