FRM Credit Alpha Limited (the "Company")

9 November 2009

Since the final Net Asset Value for 30 September 2009 was calculated and determined by the Company's administrator, further information has been made available to the Company relating to the value of its investment in Harbinger Capital Partners Special Situations Offshore Fund ("HCPSS") as at 30 September 2009.

In accordance with the Company's Net Asset Value calculation policy, the 30 September 2009 Net Asset Value was calculated using an estimated net asset value for HCPSS. HCPSS has now released its final 30 September 2009 net asset value, which is significantly higher than its estimate net asset value. The reason for this revision is due to Harbinger now expecting a greater recovery of its assets from the Lehman Brothers International (Europe) administration.

The revision of the net asset value for HCPSS will cause an increase in the Company's Net Asset Value per share of 1.06%. This increase will be reflected in the Company's published 31 October 2009 Net Asset Value.

Contacts: 

FRM 

Mark Shaw         020 7968 6141

Greg Taylor        020 7968 6206

Winterflood Securities

Jane Lewis        020 3100 0295