RNS Number:1278U
Dexion Absolute Limited
12 January 2004

Dexion Absolute Limited (the "Company")


Estimated Net Asset Values and Illustrative Conversion Ratio


Ordinary Shares


As at the close of business on 31 December 2003, the estimated net asset value
per ordinary share was 110.60 pence.


This valuation, which has been prepared in good faith by the Company's
investment manager, is for information purposes only and is based on the
unaudited estimated valuations supplied to the Company's investment adviser by
the administrators or managers 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 generally
accepted valuation principles. In addition, some of those estimates may not be
supplied on a regular or timely basis with the result that the values of such
investments are based on the latest available estimates which may be some time
before the date set out above. Other risk factors which may be relevant to this
valuation are set out in the Company's listing particulars dated 26 September
2003.


C Shares


As at the close of business on 31 December 2003, the estimated net asset value
per C share was 98.56 pence.


Prior to that date, the net proceeds of the recent placing of C shares had been
invested in short term money market investments and cash.


By 1 January 2004, in excess of 98 per cent. of the net proceeds of the recent
placing of C shares had been invested (or were committed to be invested) in a
diversified portfolio of hedge funds across 7 hedge fund strategies.
Accordingly, as set out in the Company's listing particulars dated 26 September
2003, the Calculation Time in respect of Conversion is 31 December 2003. The
actual Conversion Ratio for C shares into ordinary shares is in the process of
being calculated. The expected timetable to Conversion is as follows:

                                                                                                                  2004

Announcement of actual Conversion Ratio                                                             Friday, 6 February

Record date for Conversion                                                                   5pm on Monday, 9 February

C share register closes
                                                                                             5pm on Monday, 9 February
Conversion Time                                                                                   Tuesday, 10 February

C shareholder CREST accounts credited with new ordinary shares
                                                                                     By 8.00am on Tuesday, 10 February


Illustrative Conversion Ratio


On the basis of the estimated net asset values per ordinary share and C share
set out above, the illustrative Conversion Ratio, calculated in accordance with
the Company's listing particulars dated 26 September 2003, is 0.8911 ordinary
shares for every one C share.


On the basis of the illustrative Conversion Ratio, a holder of 1,000 C shares
would receive 891 new ordinary shares on Conversion.


The illustrative Conversion Ratio has been calculated for information purposes
only and is not intended to be, nor should it be taken as, a forecast of either
the actual Conversion Ratio or the number of new ordinary shares which will
arise on Conversion. The actual Conversion Ratio is expected to be announced on
Friday, 6 February 2004.


Investment Policy


The Company's investment policy is to invest in an actively managed portfolio of
hedge funds which is diversified by investment strategy, style and manager, to
achieve attractive risk-adjusted returns with low correlation to equity and
fixed interest benchmarks. The Company does not invest in other UK listed
investment companies (including UK listed investment trusts).


Enquiries:
Hugh Field                                                  Tel: +44 (0)207 678 8000

Hoare Govett Limited
Anthony Payne                                               Mobile: +44 (0)7930 643 983

Peregrine Communications                                    Email: apayne@peregrinecommunications.co.uk




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

NAVELLFFZFBEBBB