Net Asset Value(s)

FRM Credit Alpha Limited
21 February 2008


                                  FRM Credit Alpha

                          Final NAV 31st January-2008


FINAL MONTHLY NAV


FRM Credit Alpha Limited (the 'Company')


Final Net Asset Value GBP Shares as at 31st January 2008

The final net asset value per GBP share as at the close of business on 31
January 2008 was 111.1 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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