RNS Announcements

Dexion Absolute Limited (the "Company")

11 March 2010

Conversion between Share Classes

In respect of the February 2010 Conversion Calculation Date and on the basis of the net asset values of the Company's Ordinary Shares as at 26 February 2010 (as previously announced on 5 March 2010) (and using spot currency exchange rates as appropriate, in each case as at 26 February 2010), the Conversion Ratios, calculated in accordance with the Company's articles of association are as follows:

GBP to EUR     0.8552

GBP to USD     0.8628

EUR to GBP     1.1693

EUR to USD     1.0088

USD to GBP     1.1591

USD to EUR     0.9913

On the basis of the aggregate level of Conversion Notices received by the Company, application has been made to the UK Listing Authority for 461,308 new € Shares to be admitted to the Official List and 539,416 £ Shares be delisted from the Official List.  It is expected that such admissions will be effective and that dealings in the new € Shares will commence on 16 March 2010. Accordingly, the Company's issued share capital with effect from 16 March 2010 will be as follows (excluding shares held in treasury):

504,075,531 £ Shares

19,748,119 € Shares

30,965,767 US$ Shares

All shareholders have equal voting rights based on the number of shares held. Accordingly, following conversion (which is expected to take place on 16 March 2010) the total number of voting rights in the Company will be 554,789,417.  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.

The expected timetable to Conversion is as follows: