Net Asset Value(s)

FRM Credit Alpha Limited
18 April 2008


                                                   FRM Credit Alpha

                                               Final NAV 31st March-2008


FINAL MONTHLY NAV


FRM Credit Alpha Limited (the 'Company')


Final Net Asset Value GBP Shares as at 31st March 2008

The final net asset value per GBP share as at the close of business on 31 March
2008 was 112.5 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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