Acquisition of FRM

FRM Credit Alpha Limited

(the "Company")

Acquisition of FRM

The Directors note that, following the requisite regulatory and judicial approvals, Man Group's acquisition of the FRM Group has been completed. Senior investment executives from both firms will continue to serve the combined business and there will be no material change in the investment process employed by FRM Investment Management Limited, who will continue to act as investment manager to the Company. The acquisition will not affect the terms of the Company's investment management agreement.

Enquiries:

Chris Brierley 020 7968 6136

(Financial Risk Management Limited)

Jane Lewis 020 3100 0295

(Winterflood Investment Trusts)