Result of Tap Issue

FRM Credit Alpha Limited
22 February 2008


FRM Credit Alpha Limited

Re: Results of Tap Issue

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 issue of shares referred to in the announcement released by FRM
Credit Alpha Limited (the 'Company') on 15 February 2008.

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 for 7,526,370 Sterling Shares at a price of 113.04 pence per Share, a
1.75% premium to the 31 January 2008 Net Asset Value of 111.1 pence per Share.
The number of Shares to be issued represents 10% of the number of Shares already
in issue, the maximum allowable without publishing a prospectus under the
Prospectus Directive. The Shares issued 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 13.08% from inception on 1 April 2007
through to 31 January 2008. After the issuance of Shares, a total of 82,790,071
shares will be in issue, with a total Net Asset Value in excess of £92 million.

The Company's Sterling Shares of no par value will be admitted to listing on the
Irish Stock Exchange 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
27 February 2008. 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 $14 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


Darren Willis, 020 3100 0258



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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