RNS Number:5509U
Dexion Absolute Limited
22 January 2004

Dexion Absolute Limited (the "Company")

Estimated Net Asset Value

As at the Calculation Date (31 December 2003) for the Conversion of C Shares
into Ordinary Shares, the estimated net asset value per C Share was 98.56 pence
whilst the estimated net asset value per Ordinary Share was 110.60 pence, giving
an illustrative Conversion Ratio of 0.8911. 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 6 February 2004 and Conversion
is expected to take place on 10 February 2004.

On that illustrative basis 57,030,400 new Ordinary Shares would arise on
Conversion of the C Shares increasing the number of issued Ordinary Shares to
91,030,400.

As at the close of business on 16 January 2004, the estimated aggregate net
asset value of the Company was approximately #101.60m. On the basis of the
illustrative increased number of issued Ordinary Shares noted above, this is
equivalent to an estimated net asset value per Ordinary Share of 111.62p.

These valuations, which have been prepared in good faith by the Company's
investment manager, are for information purposes only and are 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. Additionally, the increased number of Ordinary
Shares is based on estimated values and hence that number, and the net asset
value per Ordinary Share, may be incorrect. Other risk factors which may be
relevant to this valuation are set out in the Company's listing particulars
dated 26 September 2003.

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).


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

NAVILFVRLRIFFIS