Net Asset Value(s)

FRM Credit Alpha Fund

Estimated NAV 22-JANUARY-2010

NAV ESTIMATE

FRM Credit Alpha Limited (the "Company")

Estimated Net Asset Value GBP Shares as at 22 January 2010.

The estimated net asset value per GBP share as at the close of business on 22 January 2010 was 92.7 pence.

This is an estimated valuation of the net assets of the Company as at the above date. It has been prepared in good faith by the Company's Investment Manager for information purposes only. It is based principally on unaudited estimated valuations supplied by the administrators, managers or investment advisers of the Company's underlying investments. Such estimates may be subject to little verification or other due diligence and may not comply with generally accepted accounting practices or other valuation principles. Whilst the Company believes this information to be useful to investors, it may be subject to significant change and, therefore, no assumption should be made as to its accuracy. 

Sedol: B1QH6J2

ISIN: GG00B1QH6J27