Net Asset Value(s)

FRM Credit Alpha Limited
19 November 2007


                                  FRM Credit Alpha

                             Final NAV 31st October-2007


FINAL MONTHLY NAV





FRM Credit Alpha Limited (the 'Company')



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

The final net asset value per GBP share as at the close of business on 31
October 2007 was 112.2 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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