Issue of Equity

FRM Credit Alpha Limited
15 February 2008



15 February 2008

FRM Credit Alpha Fund Limited
(the 'Company')


Re: Issue of Shares

The Board of FRM Credit Alpha Limited (the 'Company') announces that it intends
to issue new shares in the Company by way of a tap issue.

The number of shares to be issued will be determined by the Board, but will not
exceed 10% of the issued share capital of the Company, with applications being
accepted before 5:00pm on 21 February (or such other date as the Board may
determine) . New shares will be issued at a price by reference to the Net Asset
Value per share prevailing as at 31 January. Any excess demand for shares in
the tap issue will be scaled-back on a pro rata basis.

For further information, please contact Tina Hugo or Luke Burdess at Financial
Risk Management on 020 7968 6000.


Enquiries:

Financial Risk Management                              Tina Hugo or Luke Burdess
                                                       Phone: [phone]

Winterflood Securities Limited                         Darren Willis
                                                       Phone: [phone]

McCann FitzGerald Listing Services Limited             Aisling Ruane
                                                       Phone: [phone]






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