Net Asset Value(s)

FRM Credit Alpha Limited
21 December 2007

FRM Credit Alpha Fund

Final NAV 30-Nov-2007

FINAL MONTHLY NAV

FRM Credit Alpha Limited (the 'Company')

Final Net Asset Value GBP Shares as at 30th November 2007

The final net asset value per GBP share as at the close of business on 30th
November 2007 was 111.90 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




                      This information is provided by RNS
            The company news service from the London Stock Exchange