Interim Management Statement

FRM Credit Alpha Limited
07 May 2008























                            FRM Credit Alpha Limited



                          Interim Management Statement

                For the period from 1 January 2008 to 2 May 2008



























                                   2 May 2008






This interim management statement covers the period from 1 January 2008 to 2 May
2008. It has been produced for the sole purpose of providing information to the
Company's Shareholders in accordance with the requirements of Directive 2004/109
/EC (the Transparency Directive). It should not be relied upon for any other
purpose.





Material Events and Transactions during the Period



There have been no material events or transactions since 1 January 2008. There
has been no material change in the business of the Company's operations. The
Company's investment objectives, as set out in the prospectus dated 5 November
2007, and the nature of investments which were acquired by the Company in order
to achieve the investment objectives have not changed materially.



On 27 February 2008, the Company issued 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 'New Shares').  The number of New Shares issued
represented 10% of the number of shares already in issue (the 'Shares'), the
maximum allowable without publishing a prospectus under the Prospectus
Directive. The New Shares issued rank pari passu with the Shares already in
issue.

After the issuance of New Shares, a total of 82,790,071 shares are in issue,
with a total Net Asset Value in excess of £92 million.



The New Shares were admitted to listing on the Official List and to trading on
the Main Market of the Irish Stock Exchange and to trading on the International
Bulletin Board of the London Stock Exchange on 27 February 2008.  The New Shares
have an ISIN code of GB00 B1QH6J27 and a TIDM of FCAP.



The Company has no controlled undertakings.



Financial Position and Performance



The table below sets out the most recent net asset value per share information.




           Share Class                       NAV per Share                      Valuation Date




             Sterling                         112.5 pence                       31 March 2008









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