Net Asset Value(s)

FRM Credit Alpha Limited
22 January 2008


                                   FRM Credit Alpha

                          Final NAV 31st December-2007


FINAL MONTHLY NAV

FRM Credit Alpha Limited (the 'Company')

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

The final net asset value per GBP share as at the close of business on 31
December 2007 was 111.8 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