Net Asset Value(s)

FRM Credit Alpha Limited
19 October 2007


                                   FRM Credit Alpha

                           Final NAV 28th- September-2007

FINAL MONTHLY NAV


FRM Credit Alpha Limited (the 'Company')


Final Net Asset Value GBP Shares as at 28th September 2007

The final net asset value per GBP share as at the close of business on 28th
September 2007 was 107.0 pence.

This valuation, which has been prepared in good faith by the Company's
Administrator, is based principally on formal valuations supplied to the Company
by the administrators of the Company's underlying investments.  Such valuations
or estimates are unaudited and may not comply with generally accepted accounting
or valuation principles.

Sedol:  B1QH6J2

ISIN:   GG00B1QH6J27


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