Possible Issue of Shares

FRM Credit Alpha Limited
10 January 2008

COMPANY ANNOUNCEMENT
For Immediate Release                                                                       10 January 2008



                         FRM Credit Alpha Fund Limited

                                (the 'Company')

                          Re: Possible Issue of Shares



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.
Enquiries:


Financial Risk Management                                           Tina Hugo or Luke Burdess

                                                                    Phone: + 44 20 7968 6000


McCann FitzGerald Listing Services Limited                          Aisling Ruane

                                                                    Phone: [phone]







This announcement has been issued through the Companies Announcement Service of

                           The Irish Stock Exchange.






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