Interim Management Statement

RNS Number : 2825I
FRM Credit Alpha Limited
17 November 2008

FRM Credit Alpha Limited

Interim Management Statement
For the period from 1 July 2008 to 17 November 2008

17 November 2008

This interim management statement covers the period from 1 July 2008 to 17 November 2008. It has been produced for the sole purpose of
providing information to the Company's Shareholders in accordance with the requirements of Directive 2004/109/EC (the Transparency
Directive). It should not be relied upon for any other purpose.

Material Events and Transactions during the Period

There have been no material events or transactions since 1 July 2008. There has been no material change in the business of the Company's
operations. The Company's investment objectives, as set out in the prospectus dated 5 November 2007, and the nature of investments which
were acquired by the Company in order to achieve the investment objectives have not changed materially.

On 29 August 2008 the Company, under the terms of its Distribution Facility, paid a distribution to Shareholders of �147,651 and,
accordingly, the number of Shares in issue fell by 123,145 Shares to 82,666,926 Shares.

On 4 September 2008 the Company de-listed from the Irish Stock Exchange and was admitted to the Official List of the UK Listing
Authority and to trading on the Main Market of the London Stock Exchange.

The Company has no controlled undertakings.

Financial Position and Performance

The table below sets out the most recent net asset value per share information.

Share Class NAV per Share Valuation Date

Sterling 108.3 pence 30 September 2008

This announcement has been issued through the Companies Announcement Service of
the Irish Stock Exchange.

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