FCAP.L Regulatory News (FCAP)

FRM Credit Alpha Limited

(the "Company")

Notice of compulsory partial redemption of shares

Following on from the distributions of cash to shareholders in May 2011, July 2011, January 2012, June 2012, November 2012 and March 2013 the Company has resolved to return approximately £2 million by way of a further compulsory partial redemption of shares (the "Redemption") at a price based on the Company's final NAV per share as at 30 September 2013. The Company's NAV as at 30 September 2013 is expected to be published on or around 21 October 2013. Payments of Redemption monies are expected to be effected either through CREST (in the case of shares held in uncertificated form) or by cheque (in the case of shares held in certificated form) by 31 October 2013. Certificated shareholders must send all of their share certificates to the Company's Registrar in order to receive their Redemption monies.

The Redemption will be effected pro rata to holdings of shares on the register at the close of business on 24 October 2013 (the "Redemption Date"). Based on the Company's current estimated NAV, approximately 28.32% per cent. of the Company's issued share capital (that is 28.32 shares for every 100 held (the "Redemption Ratio")) would be redeemed on the Redemption Date. Further more detailed information will be released in due course. Fractions of shares produced by the Redemption Ratio will not be redeemed and so the number of shares to be redeemed for each shareholder will be rounded down to the nearest whole number of shares. The Redemption amount is equivalent to approximately 22.76 pence per share.

The Redemption amount comprises the monies from the realisation of the Company's investments received up to and including 1 October 2013 pursuant to the managed wind-down of the Company, less the costs and expenses of this Redemption and cash being retained for the Company's working capital requirements. The costs and expenses of this Redemption are estimated not to exceed £5,000.

The Company currently has 8,787,136 shares in issue. All of the shares redeemed on the Redemption Date will be cancelled.

The shares will be disabled in CREST on the Redemption Date and the existing ISIN number GG00B91SP220 (the "Old ISIN") will expire. The new ISIN number in respect of the remaining shares which have not been redeemed will be enabled and available for transactions from and including 25 October 2013. Up to and including the Redemption Date, shares will be traded under the Old ISIN and as such, a purchaser of such shares may have a market claim for a proportion of the Redemption proceeds following the activation of the new ISIN. CREST will automatically transfer any open transactions as at the Redemption Dateto the new ISIN.

Enquiries:

Chris Pyper 020 7144 3682

(Financial Risk Management Limited)

Neil Morgan 020 3100 0292

(Winterflood Investment Trusts)