Publication of Prospectus

FRM Credit Alpha Limited
06 November 2007


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


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


 Investors should not subscribe to the shares referred to in this advertisement
   except on the basis of the information contained in the prospectus dated 2
  November 2007 in connection with the proposed placing (and any supplement or
amendment thereto). Copies of the prospectus will be available on the Company's
  website (www.frmcredit.com), at the Company's registered office, PO Box 173,
Trafalgar Court, Admiral Park, St. Peter Port, Guernsey GY1 4HG, at the offices
 of Herbert Smith LLP, Exchange House, Primrose Street, London EC2A 2HS, and on
          the Irish Financial Services Regulatory Authority's website
                          (www.financialregulator.ie).


FRM Credit Alpha Limited (the 'Company')


Publication of Prospectus


Further to the Company's announcement on 22 October 2007, FRM Credit Alpha
Limited announces that a prospectus in connection with the placing of New Shares
has been published today.


The Company is listed on the Irish Stock Exchange and its shares are available
to trade on the London Stock Exchange's International Bulletin Board.


The minimum subscription amount under the placing is £50,000 (in the case of
subscriptions for New Sterling Shares), €75,000 (in the case of subscriptions
for Euro Shares) or US$100,000 (in the case of subscriptions for Dollar Shares).
The placing price of New Sterling Shares will be announced on 22 November 2007,
the placing price of the Euro Shares is €1 per Euro Share and the placing price
for the Dollar Shares is $1 per Dollar Share.


The expected timetable is as follows:

                                                                          2007
Placing Price of New Sterling Shares announced                       22 November
Latest time and date for commitments under the Placing           5.00 p.m. on 21
                                                                        November
Dealings in New Shares commence                                  8.00 a.m. on 27
                                                                        November


Additional information on the Company is available at www.frmcredit.com.

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 2 November 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:


Tina Hugo/Luke Burdess, Financial Risk Management 020 7968 6000

Chris Gook, Winterflood Investment Trusts 020 3100 0256

Roland Cross/Sally Moore, Broadgate 020 7776 0508



                      This information is provided by RNS
            The company news service from the London Stock Exchange