Net Asset Value Estimate

FRM Credit Alpha Limited
27 July 2007


                            FRM Credit Alpha Limited
                           Estimated NAV 20-JULY-2007
NAV ESTIMATE

FRM Credit Alpha Limited (the 'Company')

Estimated Net Asset Value GBP Shares as at 20th July 2007

The estimated net asset value per GBP share as at the close of business on 20th
July 2007 was 104.5 pence.

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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