Net Asset Value(s) clarification

FRM Credit Alpha Fund

Final NAV 31-MARCH-2009 (Clarification)

FINAL MONTHLY NAV

FRM Credit Alpha Limited (the "Company")

Final Net Asset Value GBP Shares as at 31st March 2009

The final net asset value per GBP share as at the close of business on 31st March 2009 was 88.9 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