Net Asset Value(s)-Replacemnt

FRM Credit Alpha Limited
25 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 Ltd.
Class of Shares:           GBP shares
ISIN Number:               GG00B1QH6J27
SEDOL Number:              B1QH6J2
NAV Date:                  31st May 2007
Currency:                  GBP
NAV per Share:             101.9 pence


Kind Regards,


JP Morgan Hedge Fund Services



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