Results of Issue

FRM Credit Alpha Limited
27 March 2007

Company Announcement
For Immediate Release                                27 March 2007

1437034



FRM Credit Alpha Limited



Re: Results of Issue



THIS COMMUNICATION IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO
THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA



THIS COMMUNICATION IS AN ADVERTISEMENT AND NOT A PROSPECTUS AND IS NOT AN OFFER
TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN THE UNITED STATES
OR IN ANY OTHER JURISDICTION



The Board of FRM Credit Alpha Limited (the 'Company'), a newly formed
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 pursuant to the
Placing with an aggregate value of £46 million comprising 46 million Sterling
Shares issued at £1 per Share.



The Company will seek to deliver better risk adjusted returns than those
achieved by making passive investments in corporate debt securities, when
measured over a complete market cycle.  The Company will seek to achieve its
objective by investing in a portfolio of hedge funds pursuing a variety of
different credit and credit related investment strategies.  By investing in a
combination of investee funds managed by managers who adopt research-based value
/ event-driven or long-short approaches, the Company believes that volatility
and peak-to-trough drawdowns will be lower than those typically delivered by
long-only approaches.



The investment portfolio and general deployment of assets of the Company will be
managed by FRM Investment Management Limited.  Investment advice will be
provided by Financial Risk Management Limited, which has been allocating to
Credit Strategies since 1998 and currently advises on credit strategy
allocations valued at around US $1.5 billion.  Both FRM Investment Management
Limited and Financial Risk Management Limited are part of the FRM Group which
was founded in 1991, and as at December 31, 2006 had around US $12 billion in
funds of hedge funds assets under management.  FRM has over 200 employees in
offices in London, New York, Tokyo, Sydney and Guernsey.



Paul Dunning, CEO of Financial Risk Management Limited, says: 'Credit hedge
funds with a research-driven approach can offer investors diversification from
traditional investments in equities and bonds.  Credit is a growing asset class,
and there are a number of hedge funds which use sophisticated instruments,
extensive research and activism to generate attractive returns in this market.
Investing in these funds through FRM Credit Alpha brings investors the benefits
of FRM's proven track record in credit and our rigorous research and portfolio
construction capabilities.'



The Company's Sterling Shares of no par value have today been 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.

The defined terms used in this announcement have the meanings set out in the
Company's Prospectus dated 20 March 2007.  There is no guarantee that the
returns that the company seeks to deliver will be achieved or that losses will
not be incurred.



This announcement is an advertisement and not a prospectus and is not an offer
to sell or a solicitation of any offer to buy any securities in the United
States or in any other jurisdiction.

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 20 March 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.



Enquiries:



Financial Risk Management Limited



Luke Burdess, 020 7968 6208, [e-mail]

Tina Hugo, 020 7968 6209, [e-mail]



Winterflood Investment Trusts



Nathan Brown, 020 7621 5572, [e-mail]

Jane Lewis, 020 7621 5521, [e-mail]



Broadgate



Roland Cross, Broadgate, 020 7776 0512, [e-mail]

Sally Moore, Broadgate, 020 7776 0508, [e-mail]



Listing Sponsor at the Irish Stock Exchange



Roslyn Doran, McCann FitzGerald Listing Services Ltd, 353 1 6071294,
[e-mail]











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