RNS Number:3405M
Dexion Alpha Strategies Limited
20 November 2006


Dexion Alpha Strategies Limited


Conversion Notice


The Company's Articles of Association incorporate provisions enabling
Shareholders of any one class of Ordinary Shares to convert all or part of their
holding into Ordinary Shares of any other class as at the NAV Calculation Date
referable to the months of June and December in each year (each a "Conversion
Calculation Date").

Such conversion will be on the basis of the ratio of the NAV of the class of
Ordinary Shares to be converted from (less the costs of effecting such
conversion), to the NAV of the class of Ordinary Shares to be converted to (each
as at the relevant NAV Calculation Date) and otherwise as set out in the
Articles.

Shareholders may convert Ordinary Shares of any class into Ordinary Shares of
any other class by giving not less than 5 business days notice to the Company in
advance of the relevant Conversion Calculation Date, in the form of a Conversion
Notice available on request from the Company's Registrars at the following
address:

Capita Registrars (Corporate Actions)
P.O. Box 166
34 Beckenham Road
Beckenham
Kent BR3 4TH

Telephone:
From UK:  0870 162 3100
From Overseas:  +44 208 639 2157

To be valid the Conversion Notice and, where relevant, the appropriate Share
certificate must be received at the above address at least 5 business days
before the relevant Conversion Calculation Date. In addition, in the case of
Ordinary Shares held in uncertificated form, the relevant USE instruction must
also be submitted at least 5 business days before the relevant Conversion
Calculation Date.

Shareholders should note, however, that fractions of Ordinary Shares arising on
conversions will be rounded down and that the costs of conversion may be
disproportionate to the value of the Ordinary Shares converted.  Hence the
aggregate Net Asset Value of those Ordinary Shares held after conversion may be
less than before such conversion.  Shareholders should also note that if they
elect to convert Ordinary Shares they will be unable to deal in those Ordinary
Shares in the period between giving notice of conversion and the actual date of
conversion which may be 35 business days or longer. Such notice once given shall
be irrevocable without the consent of the Directors.

This notice is for information only.  Any Shareholder who is in any doubt
whether or not to convert is recommended to contact an independent financial
adviser.

Expected timetable

Latest date for receipt of Conversion Notice and submission     20 December 2006
of relevant USE instruction or Share certificate (as 
appropriate)

Conversion Calculation Date                                     29 December 2006

Conversion Date                                                 12 February 2007


Enquiries:

Martine Stanley                                          Tel: +44 (0)1481 707228
HSBC Securities Services (Guernsey) Limited



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

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