RNS Announcements

Dexion Absolute Limited (the "Company")

January Net Asset Values

Ordinary Shares

The net asset values of the Company's Ordinary Shares as of 29 January 2010 are as follows:-

The approximate impacts of the reverse auction on the net asset values of the Company's ordinary shares on the basis of the Redemption Prices as announced on 1^st February 2010 were +0.3% for the £ Shares, +0.2% for the EUR Shares and +0.2% for the US$ Shares.

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 valuation 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 11 of the Company's 43 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 17 October 2007.

Monthly Portfolio Review

Investment Adviser Portfolio Outlook

The Investment Adviser has observed that the Portfolio's managers are optimistic about the outlook for their portfolios in 2010. The Portfolio's managers are keen to pursue opportunities despite there being a considerable dispersion of views as to the sustainability of the recent recovery. This is largely due to the growing belief that markets are returning to an environment where fundamentals drive returns and, as a result, their strategies are positioned to profit as market forces increasingly differentiate the best performers from the worst.

Market Overview

After an initial rally, global financial markets declined following several macroeconomic developments that left investors concerned about the pace of the economic recovery. In the US, continuing improvement in economic data was overshadowed by the proposed banking regulations on behalf of the Obama administration that could force commercial banks to exit certain profitable business activities. Earnings were profitable overall; however, reports from certain leading companies added to negative sentiment. Asian markets also traded lower on speculation that the Chinese government would begin monetary tightening, hindering optimistic expectations for growth. In reaction to this, equities in emerging markets fell sharply, as did stocks in Japan. Meanwhile, European equity markets performed negatively as concerns about Greece's budget deficit heightened, causing a sell-off in Greek sovereign credit. Despite the overall bearish sentiment globally, capital markets activity was relatively strong, with increasing debt and equity issuance and several large mergers and acquisitions. US Treasuries and credit indices generally appreciated, while prices of most commodities declined.

Long/Short Credit: +3.44%. Long/Short Credit managers delivered strong performance amid a generally favourable credit environment. Debt holdings in banks and other financials were significant contributors to performance. For example, bonds of a rescued bank and hybrid securities of UK banks produced substantial profits for two managers. Opportunistic equity positions in a number of US banks contributed further to performance as well as investments in media companies. One manager's debt holdings in a yellow page publisher continued to move away from the potential risk of bankruptcy, while positions in two newspaper publishers and a provider of print advertising services also contributed positively to performance. Finally, a manager benefited from its investments in a Japanese consumer lender after the company won approval from creditors for a debt restructuring plan that will enable it to avoid bankruptcy.

Long/Short Equities: -0.96%. Long/Short Equities managers experienced a small loss, as global equities markets rallied sharply. Detractors included investments in European industrials, international mining companies, global financial institutions and Asian energy and infrastructure firms. One manager stood out as a strong performer taking profits from its Japanese long positions, as well as reaping gains from shorts in India, Taiwan, and Singapore. Another manager took advantage of the market's downward momentum, generating positive returns from holdings in basic materials and Indian companies that rallied on favourable developments. Other managers posted mixed returns, with losses from technology and industrial longs offsetting gains from credit-related investments and short positions in a variety of sectors. Our global financials specialist suffered losses as Chinese monetary tightening, proposed US banking regulations, and Greek sovereign debt fears pushed the sector down as a whole. A manager that invests in transportation-related equities also declined, while a healthcare specialist posted a positive return due to profitable shorts and credit investments.

Multi-Strategy Opportunistic: +0.35%. Despite the challenges faced from falling markets, Multi-Strategy Opportunistic managers experienced gains. Profitable credit positions drove returns for several managers, including investments in distressed debt of several media and financial services companies. Favourable company-specific developments also led to strong performance from several long equity holdings. One manager's investment in shares of a Canadian oil sands producer rose sharply following increased speculation of its takeover by a larger competitor. Another manager yielded gains from its holdings in a UK confectionary company when shareholders gained approval for its acquisition. On the other hand, emerging markets exposure proved costly as monetary tightening and sovereign debt fears rattled investors. Positions held in Chinese real estate and Indian energy and utilities companies were among the detractors.

Macro: +0.53%. Macro managers were modestly profitable. The top-performing manager produced profits in each of its strategies, including trades in directional fixed income, yield curves, volatility, and small-cap equity hedges. Amid a volatile and difficult month for commodities, the specialist manager in this sector generated solid gains early in the month as commodity prices saw a sharp increase. However, increasing concerns that China would restrict bank lending resulted in a dramatic fall in commodity prices later in the month, which negatively impacted the manager's portfolio. Notable detractors from performance included equity holdings in gold mining, steel, and energy services companies. Our remaining managers reported losses from long positions in gold, unprofitable trading in rates and currencies and a sell-off in Latin American equities.

Portfolio Hedge: +3.53%. Short-sellers posted strong returns, fuelled by a rally in the US equities market during the month. Managers experienced gains largely due to short exposure to the technology sector. Disappointing earnings triggered share price declines for several short positions within the technology sector. This included an internet communications company, a semiconductor industry supplier, and a marketing solutions provider. Other sources of positive returns included short positions in a real estate investment trust, a luxury hotel brand, and two major US financial institutions. Other detractors included regional bank shorts, which rose on proposed US banking regulations and casinos, which rallied upon the opening of a new development in Las Vegas.

Activist: -0.43%. Equity markets trended lower, thereby creating strong challenges for activist managers. Managers performed well relative to the broad equity markets. One manager, in particular, delivered a gain after shares of several core holdings appreciated strongly. In one instance, an information technology research and advisory firm benefited from an announcement that it will acquire a competitor, generating lucrative synergies for its business. Performance was also driven by investments in a multi-national specialty pharmaceutical company that traded higher in anticipation of an optimistic financial outlook. Other managers experienced losses across a variety of sectors. A global supplier of process industry machinery, a Nordic telecommunications company, and a major financial services provider were among the detractors.

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

Voting Rights and Capital

The Company's share capital consists of 504,614,947 £ shares (excluding treasury shares) with voting rights, 19,286,811 € Shares (excluding treasury shares) and 30,965,767 US$ Shares (excluding treasury shares) with voting rights. All Shareholders have equal voting rights based on the number of Shares held. Accordingly, the total number of voting rights in the Company is 554,867,525 and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FSA's Disclosure and Transparency Rules.

Supplementary Information

Click on, or paste the following link into your web browser, to view a full review of the Dexion Absolute Limited portfolio.

http://www.rns-pdf.londonstockexchange.com/rns/9352H_-2010-3-2.pdf