RNS Announcements

Dexion Equity Alternative Limited (the "Company")

Estimated Net Asset Values

Ordinary Shares

As at the close of business on 19^th February 2010, the estimated net asset values of the Company's ordinary shares are as follows:-

* Based on Estimated NAV for 29^th January 2010 reported on 8th February 2010. The final NAV for the 29^th January 2010 may differ from the Estimated NAV and will be reflected in the current MTD performance.

These valuations, which have been prepared in good faith by the Company's administrator, 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 and such valuations may not be considered independent or may be subject to potential conflicts of interest. Both weekly manager estimates and monthly valuations may be produced as at valuations dates which do not co-incide with valuation dates for the Company, may be based on valuations provided as of a significantly earlier date, may differ materially from the actual value of the Company's portfolio and are unaudited or 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. The Company's investment adviser, investment manager and administrator may not have sufficient information to confirm or review the completeness or accuracy of information provided by those managers or administrators of the Company's investments. In addition, those entities may not provide estimates of the value of the underlying funds in which the Company invests on a regular or timely basis or at all with the result that the values of such investments may be estimated by the investment manager. In the case of 3 of the Company's 29 investments, where no such formal valuation has been received by today's date, an estimated valuation prepared by the Company's investment adviser or by the manager or administrator of the underlying funds has been used. Certain other risk factors which may be relevant to these valuations are set out in the Company's prospectus dated 11 March 2005.