Net Asset Value(s)

FRM Credit Alpha

Final NAV 28TH February 2010

FINAL MONTHLY NAV

FRM Credit Alpha Limited (the "Company")

Final Net Asset Value GBP Shares as at 28th Feb 2010

The final net asset value per GBP share as at the close of business 28th February was 93.4 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