RNS Number:7444L
Dexion Absolute Limited
30 May 2003

Dexion Absolute Limited ("the Company")

April Net Asset Value

The net asset value per ordinary share as of 30 April 2003 was 101.84 pence.

This valuation, which has been prepared in good faith by the Company's
investment manager, is based principally on formal valuations supplied to the
Company by the administrators of the company's underlying investments. In the
case of 2 of the Company's 36 investments, where no such valuation has been
received by today's date, an estimated valuation prepared by the manager or
administrator of the underlying funds has been used. Such valuations or
estimates are unaudited and may not comply with generally accepted accounting or
valuation principles.

Performance Review

April was characterized by strong gains in the equity markets and continued
investor interest in the high yield market. With the war in Iraq winding down,
investors are placing less emphasis on geopolitical events, and instead are
focused on the stream of positive corporate earnings reports announced during
the month that fuelled the S&P 500 8.2% increase. Global markets were also
strong with MSCI World Index gaining 8.9%. Against this backdrop, Dexion
Absolute gained 1.37% in April and is up 3.66% year to date.

Distressed Securities was the largest contributor to performance for the fourth
consecutive month as credit spreads narrowed substantially relative to their
peak in October of last year with most returns generated from investments in
select credits in energy, cable, and financial services companies. Hedged
Equities managers had a successful month as the majority reported strong gains.
One of the financial services specialists led the way as he benefited from the
sector outperforming the broader market and from specific long positions in
companies such as investments in a property and casualty insurer and a
Bermuda-based reinsurer appreciated after both firms announced improved
operating numbers. The Opportunistic Strategy posted a positive month, with
gains from value equities, emerging markets, especially from index positions in
Brazil and Russia, and special situation European equities that included a
position in a Scandinavian bank. Equity Strategies managers benefited from the
market's rebound and derived gains from positions in a firm specializing in the
design and development of medical prostheses, an information technology research
and consulting company, and an auto salvage firm. Tactical Trading was positive
as managers generated profits from both currency, by capitalizing on the
strength of the euro relative to the U.S. dollar and yen, and fixed income
trading, where contributions were made by long positions in intermediate-term
U.S. Treasuries and long positions at the short end of the European yield curve.
Relative Value Arbitrage strategy was positive for the month. Convertible bond
arbitrage was mixed: one fund saw a strong turnaround in its Japanese portfolio
as corporate earnings disappointments led to resurgence in equity volatility;
while the decline in implied volatilities in the U.S. hampered others'
convertible portfolios, as well as one manager's individual equity volatility
book. The completion of the long-standing Pharmacia/Pfizer merger, as well as
the benefit of tightening credit spreads on event-driven credit portfolios, led
to a positive month for the event-driven strategy. Not surprisingly April proved
to be a difficult month for short-selling.

      Strategy          Allocation      Number of   Performance attribution %
                                        managers
                                                       Month          YTD
Distressed                 17%              4          7.95%        19.75%
Equity strategies           4%              2          5.02%        -4.49%
Hedged equities            32%             11          1.27%         2.08%
Event driven                2%              1          1.17%         7.35%
Opportunistic              14%              5          2.74%         3.05%
Relative value             14%              5          0.40%         3.98%
Short selling              11%              6         -7.46%        -6.66%
Tactical trading           6 %              2          2.57%         7.23%



Strategy returns are net of underlying manager fees only and not inclusive of
Dexion Absolute's fees and expenses.

Outlook

With the end of major combat operations in Iraq investors should increasingly
focus on corporate fundamentals and economic concerns. Federal Reserve Chairman
Alan Greenspan testified that the US economy is well positioned to expand at a
noticeably better pace, although he has shifted his monetary focus towards
deflationary concerns, perhaps providing a further boon to the treasury market.
In Europe these concerns are exacerbated by structural weakness in the economy
and the increasing strength of the euro against the dollar.



                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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