Potential issue of new shares

FRM Credit Alpha Limited
05 October 2007






The Board of FRM Credit Alpha Limited (the 'Company') announces that it is
considering issuing new shares in the Company. If at some point the Board
decides to proceed with an issue of new shares, details on the timing of such
issue will be disclosed. For further information, please contact Tina Hugo or
Luke Burdess at Financial Risk Management on 020 7968 6000 or Chris Gook at
Winterflood Investment Trusts on 020 3100 0256.



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