Holding(s) in Company

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

FRM Credit Alpha Ltd

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

An acquisition or disposal of voting rights 

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):  Compulsory Redemption

(X)

3. Full name of person(s) subject to the notification obligation:

RATHBONE BROTHERS PLC

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

RATHBONE BROTHERS PLC

Rathbone Investment Management Ltd

Rathbone Unit Trust Management Ltd

Rathbone Investment Management (C.I.) Limited

5. Date of the transaction (and date on which the threshold is crossed or reached if different):

12th June 2009

6. Date on which issuer notified:

16th June 2009

7. Threshold(s) that is/are crossed or reached:

5%

8. Notified details:

A: Voting rights attached to shares

Class/type of shares 

if possible using the ISIN CODE

Situation previous to the Triggering transaction

Resulting situation after the triggering transaction

Number of Shares

Number of Voting Rights

Number of shares 

Number of voting rights

% of voting rights

Direct

Direct

Indirect

Direct

Indirect

RED PART PREF SHS

GC00B1QH6J27

4,858,276

4,858,276

N/A

N/A

2,884,536

N/A

3.49%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument 

Expiration date

Exercise/ Conversion Period/ Date

Number of voting rights that may be acquired if the instrument is exercised/ converted. 

% of voting rights

N/A

N/A

N/A

N/A

N/A

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument 

Exercise price

Expiration date

Exercise/ Conversion Period/ Date

Number of voting rights instrument refers to

% of voting rights

N/A

N/A

N/A

N/A

N/A

Nominal

Delta

Total (A+B+C)

Number of voting rights

% of voting rights

2,884,536

3.49%

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

RATHBONE BROTHERS PLC*

Rathbone Investment Management Limited 1.67%

Rathbone Unit Trust Management Limited 1.42%

Rathbone Investment Management (C.I.) Limited 0.40%

* Rathbone Brothers Plc is the holding company of the following.

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease to hold:

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

13. Additional information:

Total shares in Issued used a denominator is 82,666,926

14. Contact name:

COMPLIANCE DEPARTMENT

15. Contact telephone number:

020 7399 0000