Change in Accounting Reference Date

FRM Diversified Alpha Limited (the "Company")

Following a meeting of the Board of Directors held on 14 June 2011 the Company announces that its accounting reference date has changed from 30 June to 31 December. Accordingly, the 12-month accounting period which would have ended on 30 June 2011 has been extended to an 18-month accounting period ending on 31 December 2011.

Enquiries:

Financial Risk Management Limited

Chris Brierley 020 7968 6136

J.P. Morgan Cazenove

William Simmonds 020 7588 2828