Net Asset Value(s)

25 May 2007 16:04

FRM Credit Alpha Limited25 May 2007 FRM Credit Alpha Fund NAV 18th May 2007MONTHLY NAV ESTIMATE FRM Credit Alpha Limited (the "Company") Estimated Net Asset Value* As at the close of business on 18th May 2007, the estimated net asset value ofthe Company's shares is as follows: Portfolio: FRM Credit Alpha LimitedShare Class: GBP Share ClassCurrency: GBPNAV per share (pence): 100.5 *IMPORTANT NOTES This valuation, which has been prepared in good faith by the Company'sInvestment Manager, is for information purposes only. This estimate is based onthe unaudited estimated valuations made available to the Company's InvestmentManager by service providers acting on behalf of funds held by the Company. Suchestimates may not be subject to any independent verification or other duediligence and may not comply with generally accepted accounting practices orother generally accepted valuation principles. In addition, some estimates maynot be supplied on a regular or timely basis with the result that the values ofsuch investments are based on the latest available estimates which may relate tosome time before the date set out above. Other risk factors which may berelevant to this valuation are set out in the Company's prospectus, dated 20March 2007. This information is provided by RNS The company news service from the London Stock Exchange