Company Update

FRM Credit Alpha Limited (the 'Company')

Company update - Currency Hedging

As previously announced on 15 December, 2010, following discussion with the Company's major shareholders, the Company's currency hedging programme will end with effect from 30 December, 2010. As all of the Company's issued shares are denominated in Sterling and the majority of the Company's assets are denominated in US Dollars, the value of the shares will be subject to currency fluctuations.

At the end of December, 2010, the Company's projected currency exposure will be approximately:

US Dollars 67.5%

Sterling 32.5%

The Company will provide a monthly update on its currency exposure. Shareholders requiring this information more frequently should contact the Company's investment manager, FRM Investment Management Limited.

Enquiries:

Chris Brierley

Financial Risk Management Limited

020 7968 6136

Jane Lewis

Winterflood Investment Trusts

020 3100 0295