Holding in Company

FRM Credit Alpha Limited
27 March 2008


TR-1:               notification of major interests in shares

1. Identity of the issuer or the underlying issuer of existing             FRM CREDIT ALPHA
shares to which voting rights are attached:
2. Reason for the notification     (please tick the appropriate box or boxes)
An acquisition or disposal of voting rights                                                       X
An acquisition or disposal of financial instruments which may result in the acquisition of
shares already issued to which voting rights are attached
An event changing the breakdown of voting rights
Other (please specify):___________________________________________
3. Full name of person(s) subject to the notification            SARASIN  & PARTNERS LLP
obligation:
4. Full name of shareholder(s) (if different from 3.):           THE BANK OF NEW YORK (BRUSSELS)

                                                                 THE BANK OF NEW YORK (LONDON)

                                                                 BNP PARIBAS SECURITY SERVICES (GUERNSEY)

                                                                 BNP PARIBAS SECURITY SERVICES (JERSEY)

                                                                 FORTIS BANK LUXEMBOURG S.A (EFA)

                                                                 THE NORTHERN TRUST COMPANY (LONDON)
5. Date of the transaction (and date on which the threshold is                 25/02/08
crossed or reached if different):
6. Date on which issuer notified:                                                03/03/08
7. Threshold(s) that is/are crossed or reached:                                  17.446%
8. Notified details:                                                  PRF SHARES NPV 13,131,767










A: Voting rights attached to shares
Class/type of      Situation previous to the Resulting situation after the triggering transaction
shares             Triggering transaction
                   Number of    Number of    Number of     Number of voting rights   % of voting rights
 if possible using Shares       Voting       shares
the ISIN CODE                   Rights       Direct        Direct       Indirect     Direct     Indirect
 GG00B1QH6J27       12,009,450  12,009,450   13,131,767                  13,131,767               17.4476%







B: Financial Instruments
Resulting situation after the triggering transaction
Type of financial    Expiration date Exercise/ Conversion      Number of voting rights    % of voting
instrument                           Period/ Date              that may be acquired if    rights
                                                               the instrument is
                                                               exercised/ converted.



Total (A+B)
Number of voting rights                            % of voting rights
13,131,767                                            17.4476%












9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively
held, if applicable :



Proxy Voting:
10. Name of the proxy holder:                                                       N/A
11. Number of voting rights proxy holder will cease to hold:                        N/A
12. Date on which proxy holder will cease to hold voting rights:                    N/A


13. Additional information:
14. Contact name:                            JOY IGHADE, FUNDS COMPLIANCE   MANAGER
15. Contact telephone number:                0207 038 7150

Annex Notification Of Major Interests In Shares
A: Identity of the person or legal entity subject to the notification obligation
Full name (including legal form for legal entities)             N/A
Contact address (registered office for legal entities)          N/A
Phone number                                                    N/A
Other useful information (at least legal representative         N/A
for legal persons)



B:        Identity of the notifier, if applicable
Full name                                                       N/A
Contact address                                                 N/A
Phone number                                                    N/A
Other useful information (e.g. functional relationship          N/A
with the person or legal entity subject to the
notification obligation)



C:        Additional information
N/A





This announcement has been issued through the Companies Announcement Service of

                           The Irish Stock Exchange.




                      This information is provided by RNS
            The company news service from the London Stock Exchange