Net Asset Value(s)

FRM Credit Alpha Limited
25 May 2007


                             FRM Credit Alpha Fund
                               NAV 18th May 2007
MONTHLY NAV ESTIMATE

FRM Credit Alpha Limited (the 'Company')

Estimated Net Asset Value*

As at the close of business on 18th May 2007, the estimated 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 (pence): 100.5

*IMPORTANT NOTES

This valuation, which has been prepared in good faith by the Company's
Investment Manager, is for information purposes only. This estimate is based on
the unaudited estimated valuations made available to the Company's Investment
Manager by service providers acting on behalf of funds held by the Company. Such
estimates may not be subject to any independent verification or other due
diligence and may not comply with generally accepted accounting practices or
other generally accepted valuation principles. In addition, some estimates may
not be supplied on a regular or timely basis with the result that the values of
such investments are based on the latest available estimates which may relate to
some time before the date set out above. Other risk factors which may be
relevant to this valuation are set out in the Company's prospectus, dated 20
March 2007.





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