Issue of Equity

FRM Credit Alpha Limited
23 November 2007


FRM Credit Alpha Limited

Re: Results of Placing

THIS COMMUNICATION IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO
THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA

This document constitutes the allocation statement and Admission announcement
relating to the Placing referred to in the prospectus published by FRM Credit
Alpha Limited (the 'Company') on 5 November 2007.

The Board of the Company, a closed-ended investment company listed on the Irish
Stock Exchange and admitted to trading on the International Bulletin Board of
the London Stock Exchange, is pleased to announce that subscriptions have been
received pursuant to the Placing with an aggregate Net Asset Value of
£32,823,817 comprising 29,263,701 Sterling Shares issued at 114.16 pence per
Share. The Shares issued under the Placing will rank pari passu with the Shares
already in issue.

The Company seeks to generate significant returns over cash with low volatility
and low beta to global credit markets when measured over a market cycle. The
Company's portfolio comprises between 12 to 25 specialist credit hedge funds,
which utilise fundamental research, asset allocation, security selection and
activism to invest in credit securities, as opposed to investing according to
macro views on interest rate movements or spreads.

The Company has produced net returns of 14.2% from inception on 1 April 2007
through to 31 October 2007. After the issuance of Shares under the Placing, a
total of 75,263,701 shares will be in issue, with a total Net Asset Value of
approximately £84,435,817.

Paul Dunning, CEO of Financial Risk Management Limited, says: 'We were very
pleased that FRM Credit Alpha investors have been able to take advantage of this
opportunity to invest in additional high quality capacity with specialist credit
managers. This offering expands the Company's market capitalisation by 64%,
which we expect will assist in increasing liquidity in the shares. FRM Credit
Alpha will continue to concentrate investments with managers who use fundamental
research skills and activism, as we believe this represents the best current
opportunity set in the credit space.'

The Company's Sterling Shares of no par value will be admitted to listing on the
Irish Stock Exchange on 27 November 2007 and to trading on the International
Bulletin Board of the London Stock Exchange with an ISIN code of GB00 B1QH6J27
and a TIDM of FCAP on 28 November 2007. The investment portfolio and general
deployment of assets of the Company are managed by FRM Investment Management
Limited. Investment advice is provided by Financial Risk Management Limited.
Both FRM Investment Management Limited and Financial Risk Management Limited are
part of the FRM Group which was founded in 1991 and has over US $13 billion in
funds of hedge funds assets under management and over 200 employees in offices
in London, New York, Tokyo, Sydney and Guernsey.

Additional information on the Company is available at www.frmcredit.com.

Enquiries:

Financial Risk Management Limited


Luke Burdess, 020 7968 6208

Tina Hugo, 020 7968 6209


Winterflood Investment Trusts


Nathan Brown, 020 3100 0292

Jane Lewis, 020 3100 0295


Broadgate


Roland Cross, Broadgate, 020 7776 0512

Sally Moore, Broadgate, 020 7776 0508

The defined terms used in this announcement have the meanings set out in the
Company's Prospectus dated 5 November 2007. There is no guarantee that the
returns that the company seeks to deliver will be achieved or that losses will
not be incurred.

The issuer has not been and will not be registered under the US Investment
Company Act of 1940, as amended (the 'Investment Company Act'). In addition, the
shares have not been and will not be registered under the US Securities Act of
1933, as amended (the 'Securities Act'). Consequently, the shares may not be
offered, sold or otherwise transferred within the United States or to, or for
the account or benefit of, US persons except in accordance with the Securities
Act or an exemption therefrom and under circumstances which will not require the
issuer to register under the Investment Company Act. No offering of the shares
will be made in the United States.

Neither this document nor anything contained herein shall form the basis of, or
be relied upon in connection with, any offer or commitment whatsoever in any
jurisdiction. Any offer to acquire securities referred to in this advertisement
should be made solely on the basis of information contained in a prospectus made
generally available in Ireland on 5 November 2007. Copies of such prospectus may
be obtained at no cost from FRM, through the website of the Irish Financial
Services Authority or the website of the issuer.

This communication is issued in the UK by Financial Risk Management Limited
which is authorised and regulated by the Financial Services Authority and whose
office is at 15 Adam Street, London WC2N 6AH.

This communication is directed only at (i) persons outside the United Kingdom,
or (ii) persons having professional experience in matters relating to
investments who fall within the definition of 'investment professionals' in
Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (the 'Order') or (iii) high net worth companies,
unincorporated associations and partnerships and trustees of high value trusts
as described in Article 49(2) (a) to (d) of the Order. Persons within the United
Kingdom who receive this communication (other than persons falling within (ii)
and (iii) above) should not rely on or act upon this communication.







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