Net Asset Value(s)

FRM Credit Alpha Limited
24 May 2007


                             FRM Credit Alpha Fund

                              NAV 30th APRIL 2007

This valuation, which has been prepared in good faith by the Company's
investment manager, is based principally on formal valuations supplied to the
Company by the administrators of the Company's underlying investments. In the
case where no such formal valuation has been received by today's date from the
underlying companies, an estimated valuation prepared by the Company's
investment advisor or by the manager or administrator of the underlying funds
has been used. Such valuations or estimates are unaudited and may not comply
with generally accepted accounting or valuation principles.

MONTHLY NAV FINAL

FRM Credit Alpha Limited (the 'Company')

Final Net Asset Value

As at the close of business on 30th April 2007, the final net asset value of the
Company's shares is as follows:

Portfolio:     FRM Credit Alpha Limited
Share Class:   GBP Share Class
Currency:      GBP
NAV per share: 99.6 pence





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