Net Asset Value(s)

24 May 2007 11:15

FRM Credit Alpha Limited24 May 2007 FRM Credit Alpha Fund NAV 30th APRIL 2007 This valuation, which has been prepared in good faith by the Company'sinvestment manager, is based principally on formal valuations supplied to theCompany by the administrators of the Company's underlying investments. In thecase where no such formal valuation has been received by today's date from theunderlying companies, an estimated valuation prepared by the Company'sinvestment advisor or by the manager or administrator of the underlying fundshas been used. Such valuations or estimates are unaudited and may not complywith generally accepted accounting or valuation principles. MONTHLY NAV FINAL FRM Credit Alpha Limited (the "Company") Final Net Asset Value As at the close of business on 30th April 2007, the final net asset value of theCompany's shares is as follows: Portfolio: FRM Credit Alpha LimitedShare Class: GBP Share ClassCurrency: GBPNAV per share: 99.6 pence This information is provided by RNS The company news service from the London Stock Exchange