Estimate NAV: 31st October 07

FRM Credit Alpha Limited
13 November 2007



13 November 2007

                              FRM Credit Alpha Limited
                           Estimated NAV 31-October -2007

NAV ESTIMATE


FRM Credit Alpha Limited (the 'Company')

Estimated Net Asset Value GBP Shares as at 31st October 2007

The estimated net asset value per GBP share as at the close of business on 31st
October 2007 was 112.1 pence.

This reflects an estimated increase of +4.77% versus the Net Asset Value per
ordinary share as at 30 September 2007

This is an estimated valuation of the net assets of the Company as at the above
date. It has been prepared in good faith by the Company's Investment Manager for
information purposes only. It is based principally on unaudited estimated
valuations supplied by the administrators, managers or investment advisers of
the Company's underlying investments. Such estimates may be subject to little
verification or other due diligence and may not comply with generally accepted
accounting practices or other valuation principles. Whilst the Company believes
this information to be useful to investors, it may be subject to significant
change and, therefore, no assumption should be made as to its accuracy.


Sedol: B1QH6J2
ISIN: GG00B1QH6J27



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