Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

FRM Credit Alpha Fund

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

X

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to thenotification obligation: iii

SARASIN & PARTNERS LLP

4. Full name of shareholder(s)  (if different from 3.):iv

The Bank of New York Mellon (Brussels (Pooled))

BNP Paribas Security Services (Guernsey)

BNP Paribas Security Services (Jersey)

The Bank of New York Mellon (Brussels)

The Bank of New York Mellon (London)

The Northern Trust Company Limited (London)

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

10.01.2011

6. Date on which issuer notified:

11.01.2011

7. Threshold(s) that is/are crossed orreached: vi, vii

0%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

GG00B1QH6J27

3,959,278

3,959,278

0

0

0%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

0

0%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will ceaseto hold:

12. Date on which proxy holder will cease to holdvoting rights:

13. Additional information:

14. Contact name:

15. Contact telephone number:

Note: Annex should only be submitted to the FSA not the issuer

Annex: Notification of major interests in share

A: Identity of the persons or legal entity subject to the notification obligation

Full name

(including legal form of legal entities)

SARASIN & PARTNERS LLP

Contact address

(registered office for legal entities)

JUXON HOUSE, 100 ST. PAUL'S CHURCHYARD, LONDON EC4M 8BU

Phone number & email

020 7038 7000

www.sarasin.co.uk

Other useful information

(at least legal representative for legal persons)

B: Identity of the notifier, if applicable

Full name

TIM BACKHOUSE

Contact address

JUXON HOUSE, 100 ST. PAUL'S CHURCHYARD, LONDON EC4M 8BU

Phone number & email

020 7038 7195

[email protected]

Other useful information

(e.g. functional relationship with the person or legal entity subject to the notification obligation)

C: Additional information

For notes on how to complete form TR-1 please see the FSA website.