Net Asset Value(s)

FRM Diversified Alpha

Final NAV 31st October 2010

FINAL MONTHLY NAV

FRM Diversified Alpha Limited (the "Company")

Final Net Asset Value GBP Shares as at 31st October 2010

The final net asset value per GBP share as at the close of business on 31st October 2010 was 90.30 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: B2RBZQ0

ISIN: GG00B2RBZQ02