Interim Management Statement

FRM Credit Alpha Limited
15 November 2007























                            FRM Credit Alpha Limited



                          Interim Management Statement

              For the period from 30 June 2007 to 15 November 2007



























                                15 November 2007






This interim management statement covers the period from 30 June 2007 to 15
November 2007. 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 30 June 2007. 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 27 March
2007, and the nature of investments which were acquired by the Company in order
to achieve the investment objectives have not changed materially.



On 22 October 2007, the Directors of the Company announced their intention to
raise additional share capital through a secondary offering of Shares in the
Company. A prospectus for this placing was published on 5 November 2007, and the
new Shares are expected to be issued on 27 November 2007.



The Company has no controlled undertakings.



Financial Position and Performance



The table at Appendix A sets out the most recent NAV per Share information for
each class of Shares of the Company.






                                   APPENDIX A






           Share Class                       NAV per Share                      Valuation Date




             Sterling                         107.0 pence                     28 September 2007







This announcement has been issued through the Companies Announcement Service of

                           The Irish Stock Exchange.






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