Voting Rights attached to Shs

FRM Credit Alpha Limited
29 November 2007


Standard Form TR-1
Voting rights attached to shares- Article 12(1) of directive 2004/109/EC
Financial instruments - Article 11(3) of the Commission Directive 2007/14/EC(i)

1. Identity of the issuer or the underlying issuer of existing shares to which
voting rights are attached (ii):

2. Reason for the notification (please tick the appropriate box or boxes):

(x) an acquisition or disposal of voting rights

( ) an acquisition or disposal of financial instruments which may result in the
acquisition of shares already issued to which voting rights are attached

( ) an event changing the breakdown of voting rights

3. Full name of person(s) subject to the notification obligation(iii): Newton
Investment Management Ltd.

4. Full name of shareholder(s) (if different from 3.)(iv):

5. Date of the transaction and date on which the threshold is crossed or reached
(v): 27/11/07

6. Date on which issuer notified; 29/11/07

7. Threshold(s) that is/are crossed or reached: An increase from 5.88% to 13.22%

8. Notified details:

A) Voting rights attached to shares
-----------------------------------------------
            
Class/type   Situation previous   Resulting situation after the triggering
of shares    to the Triggering    transaction(1)
(if possible transaction (1)      
using the    
ISIN CODE)   
-----------  Number of   Number   Number   Number of voting  % of voting rights
             Shares(1)   of       of       rights(1)         
                         Voting   shares   
                         rights   (1)
                         (1)      
                         
                                  Direct   Direct   Indirect Direct      Indirect
                                             (1)      (1)          
                                  
-----------  ----------  -------  -------  -------  -------  -------     -------
GG00B1QH6J27 2,703,500     5.88%                             9,946,590    13.22%
-----------  ----------  -------  -------  -------  -------  --------    -------
  
SUBTOTAL A
(based on        
aggregate
voting
rights)
--------------------------------------------------------------------------------



B) Financial Instruments
-----------------------------------------------
Resulting situation after the triggering transaction(1)
-----------------------------------------------
            
Type of      Expiration  Exercise/       Number of voting rights    % of voting
financial    Date(1)     Conversion      that may be acquired if    rights
instrument               Period/ Date(1) the instrument is         
                                         exercised/converted
                                         
-----------  ----------  ------------     -----------------------  -------------
                         SUBTOTAL B (in
                         relation to all               
                         expiration
                         dates)
                         -------------------------------------------------------

Total (A+B)     number of voting rights             % of voting rights
9,946,590                                           13.22


9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable(vi): Newton Investment
Management Ltd hold these shares as a discretionary Investment Manager.

10. In case of proxy voting: (name of the proxy holder) will cease to hold
(number) voting rights as of (date). N/A

11. Additional information:

Done at (place) on (date).

Annex to the standard form TR-1 (vii)

a) Identity of the person or legal entity subject to the notification
obligation:

Full name (including legal form for legal      Newton Investment Management Ltd.
entities)

Contact address (registered office for legal   160 Queen Victoria Street, London
entities)                                      England, EC4V 4LA

Phone number                                   44 (0)207 163 9000

Other useful information (at least legal       Rachel Wheeler
representative for legal persons)

b) Identity of the notifier, if applicable(viii):

Full name                                              Asif S Lalani

Contact address                                        160 Queen Victoria Street
                                                       London, England, 
                                                       EC4V 4LA

Phone number                                           44 (0)207 7163 5115

Other useful information (e.g. functional relationship
with the person or legal entity subject to the
notification obligation)

c) Additional information

Notes to Form TR-1


--------------------------

(i) This form is to be sent to the issuer or underlying issuer and to be filed
with the competent authority.



(ii) Either the full name of the legal entity or another method for identifying
the issuer or underlying issuer, provided it is reliable and accurate.



(iii) This should be the full name of (a) the shareholder; (b) the natural
person or legal entity acquiring, disposing of or exercising voting rights in
the cases provided for in Article 10 (b) to (h) of Directive 2004/109/EC; (c)
all the parties to the agreement referred to in Article 10 (a) of that
Directive, or (d) the holder of financial instruments entitled to acquire shares
already issued to which voting rights are attached, as appropriate.


In relation to the transactions referred to in points (b) to (h) of Article 10
of that Directive, the following list is provided as indication of the persons
who should be mentioned:


- in the circumstances foreseen in letter (b) of Article 10 of that Directive,
the natural person or legal entity that acquires the voting rights and is
entitled to exercise them under the agreement and the natural person or legal
entity who is transferring temporarily for consideration the voting rights;


- in the circumstances foreseen in letter (c) of Article 10 of that Directive,
the natural person or legal entity holding the collateral, provided the person
or entity controls the voting rights and declares its intention of exercising
them, and natural person or legal entity lodging the collateral under these
conditions;


- in the circumstances foreseen in letter (d) of Article 10 of that Directive,
the natural person or legal entity who has a life interest in shares if that
person or entity is entitled to exercise the voting rights attached to the
shares and the natural person or legal entity who is disposing of the voting
rights when the life interest is created;


- in the circumstances foreseen in letter (e) of Article 10 of that Directive,
the controlling natural person or legal entity and, provided it has a
notification duty at an individual level under Article 9, under letters (a) to
(d) of Article 10 of that Directive or under a combination of any of those
situations, the controlled undertaking;


- in the circumstances foreseen in letter (f) of Article 10 of that Directive,
the deposit taker of the shares, if he can exercise the voting rights attached
to the shares deposited with him at his discretion, and the depositor of the
shares allowing the deposit taker to exercise the voting rights at his
discretion;


- in the circumstances foreseen in letter (g) of Article 10 of that Directive,
the natural person or legal entity that controls the voting rights;


- in the circumstances foreseen in letter (h) of Article 10 of that Directive,
the proxy holder, if he can exercise the voting rights at his discretion, and
the shareholder who has given his proxy to the proxy holder allowing the latter
to exercise the voting rights at his discretion.

(iv) Applicable in the cases provided for in Article 10 (b) to (h) of Directive
2004/109/EC. This should be the full name of the shareholder who is the
counterparty to the natural person or legal entity referred to in Article 10 of
that Directive unless the holdings of the shareholder would be lower than 5% of
the total number of voting rights.



(v) The date of the transaction should normally be, in the case of an on
exchange transaction, the date on which the matching of orders occurs; in the
case of an off exchange transaction, date of the entering into an agreement.


The date on which threshold is crossed should normally be the date on which the
acquisition, disposal or possibility to exercise voting rights takes effect. For
passive crossings, the date when the corporate event took effect.(DEL: :DEL)



(vi) The notification should include the name(s) of the controlled undertakings
through which the voting rights are held. The notification should also include
the amount of voting rights and the percentage held by each controlled
undertaking, (DEL:i:DEL)nsofar as individually the controlled undertaking holds
3% or more, and insofar as the notification by the parent undertaking is
intended to cover the notification obligations of the controlled undertaking.



(vii) This annex is only to be filed with the competent authority.



(viii) Whenever another person makes the notification on behalf of the
shareholder or the natural person/legal entity referred to in Articles 10 and 13
of Directive 2004/109/EC




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