Net Asset Value(s)

FRM Credit Alpha Limited
22 June 2007



Dear Sir/Madam



I confirm the following NAV details for the GBP Class of shares in FRM Credit
Alpha Fund Ltd for 31st May 2007.


Fund Name:                 FRM Credit Alpha Fund Fund Ltd.
Class of Shares:           GBP shares
ISIN Number:               GG00B1QH6J27
Sedol Number:              B1QH6J2
NAV Date:                  31st May 2007
NAV per Share:             GBP 1.019


Kind Regards,

JP Morgan Hedge Fund Services




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