Net Asset Value(s)

FRM Credit Alpha Limited
20 July 2007


                              FRM Credit Alpha Limited

                               Final NAV 29 June 2007


FINAL MONTHLY NAV



FRM Credit Alpha Limited (the 'Company')


Final Net Asset Value GBP Shares as at 29 June 2007

The final net asset value per GBP share as at the close of business on 
29 June 2007 was 103.1 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



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