Final NAVs 30APR2007

RNS Number:5498X
Dexion Alpha Strategies Limited
31 May 2007

Dexion Alpha Strategies Limited (the "Company")

April Net Asset Values

Ordinary Shares

The net asset values of the Company's Ordinary Shares as of 30 April 2007 are as
follows:-

# Shares 104.47 pence
EUR Shares EUR 1.4860
US$ Shares US$ 1.8428

For the purposes of calculating these valuations, investments in underlying
funds have been valued at the values provided by such entities or their
administrators or otherwise at fair market value. These values may be unaudited
or may themselves be estimates and neither the Administrator nor the Investment
Adviser has any means of independently verifying this information. Such
valuations may not be considered "independent" or may be subject to potential
conflicts of interest. In addition, these entities or their administrators may
not provide values at all or in a timely manner and, to the extent that values
are not available, the valuations will be prepared on the basis of estimates
made by the Investment Adviser. In the case of 10 of the Company's 66
investments, where no such formal valuation has been received by today's date,
an estimated valuation prepared by the Company's investment advisor or by the
manager or administrator of the underlying funds has been used. Other risk
factors which may be relevant to these valuations are set out in the Company's
prospectus dated 10 March 2006.

Manager's Report

Performance Review

Share Class April Performance YTD Performance
# Shares +1.43% +4.11%
EUR Shares +1.34% +3.66%
US$ Shares +1.48% +4.20%

Global equity markets were buoyant as stronger than expected first quarter
earnings boosted investor confidence. The month started off with a strong
employment report and hawkish Fed comments that centered on inflation. Data
releases were subsequently more mixed: March core CPI data surprised to the
downside and growth figures were rather weak, but to counterbalance this
consumer spending was strong, capex figures rebounded after a significant drop
in Q4 2006 and fears regarding the US housing market subsided. Healthy economic
news emanating from Europe was reflected in the FX markets as the Euro continued
to strengthen versus the US Dollar. There was a flurry of central bank action in
emerging markets in April. Thailand cut rates by 50bp as expected but the
Mexican central bank hiked unexpectedly by 25bp. In commodities, the base metals
complex was up sharply with zinc, copper and nickel all advancing strongly.

Asian Opportunities - Asia's equity performance was very much driven by smaller
markets with Indonesia, India and Malaysia leading the way. The strongest return
was posted by an aggressively positioned manager whose exposure to Korea and
Hong Kong generated the bulk of returns. Long positions in Singapore and
Malaysia, and Chinese and Hong Kong industrials, contributed further. In spite
of the challenging trading environment for our Japanese managers, good stock
picking helped them generate significant profits. While the bulk of returns came
from long positions, managers continued to maintain significant short exposure
in case Asian stocks were to correct to the downside. Healthcare Opportunities -
All managers contributed positively, with a double digit return posted by one
manager whose long term position in a drug manufacturer soared after the company
announced positive results in a phase III study. This was enhanced further by
general strength in US healthcare stocks. Special Situations - Gains overall
were posted despite a loss incurred by two special situations managers. Profits
came from positions in the utility sector and a position in a leading European
bank which rallied following news of a potential merger. Losses resulted from
exposure to media and property stocks following negative news. Energy &
Emissions - Strong profits were posted; gasoline prices surged higher but
natural gas and oil prices were range-bound. A US power and emissions trader
achieved the largest gain, profiting from a mark to market gain from an emission
reduction project in China. Elsewhere, losses were incurred from short positions
in the German power market, as it rebounded following several power outages.
Commodity Strategies - Managers posted solid returns as a surge in spot and
forward base metal prices proved hugely beneficial to our long-biased base metal
managers. Additional gains came from exposure to mining equities, while a
precious metals trader with a positive outlook on gold benefited from price
rises. Gains were partly eroded by losses in most agricultural and livestock
markets. Emerging Markets - Buoyant equity markets enabled managers with
exposure to this asset class to deliver strong performance. Positions in
Brazilian homebuilders and Chinese shipbuilders generated healthy gains and
further profits accrued from a rise in the Brazilian Real and Mexican fixed
income prices. Profitable too were long bond positions in Thailand, Indonesia
and Singapore as interest rates fell steadily, while short Yen positions against
a basket of Asian currencies also proved beneficial. European Loans - The style
posted its tenth consecutive positive return for the portfolio in April as
credit conditions remained strong and secondary market prices continued to push
higher. Returns were slightly impaired by record levels of prepayments during
the month.

Strategy Allocation as Number of Funds Performance by
of 1 May as of 1 May
Strategy
%
%

April YTD
Asian Opportunities 20 10 2.60 5.15
Healthcare Opportunities 9 8 3.33 6.99
Special Situations 20 10 0.54 8.01
Emerging Markets Macro 9 8 2.56 4.57
Commodity Strategies 12 17 0.99 1.56
Energy and Emissions 20 14 2.58 5.44
European Loan Opportunities Euro 10 1 0.94 4.43
Total 100 68

Strategy returns are in US$ (except where annotated) and net of underlying
manager fees only, and not inclusive of Dexion Alpha Strategies' fees and
expenses.

Outlook

The near-term outlook appears positive but we remain cautious given lingering
economic and geopolitical risks and the strong recent run in most asset classes.
Our Asian managers have reduced risk relative to 2006. We are happy to accept
more beta in special situations as the powerful M&A cycle shows little sign of
slowing, and remain positive on the opportunities for alpha within energy and
commodities, where increased volatility (e.g. arising from the coming US
hurricane season) would benefit our exposure to relative value strategies.

Investment Policy

The Company will seek to achieve its investment objective through investment in
an actively managed diversified portfolio of underlying funds across a range of
alternative investment strategies which target emerging and/or under-exploited
sources of alpha. The Company does not invest in other UK listed investment
companies (including UK listed investment trusts).

Voting Rights and Capital

The Company's capital consists of 90,142,343 # Shares, 7,252,548 US$ Shares and
32,333,467 Euro Shares with voting rights. Therefore, the total number of voting
rights in the Company is 90,142,343 in respect of the # Shares, 7,252,548 in
respect of the US$ Shares and 32,333,467 in respect of the Euro Shares.

All Shareholders have equal voting rights based on the number of Shares held.
Accordingly, the total number of voting rights in the Company is 129,728,358 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.

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

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