Conversion Between Classes

RNS Number:0895A
Dexion Alpha Strategies Limited
11 July 2007


Dexion Alpha Strategies Limited (the "Company")

Conversion Between Classes

The table below summarises the aggregate Conversion Notices received in respect
of the June 2007 Conversion Calculation Date:


Class of Ordinary    Total Ordinary  Class of Ordinary Share to be converted to
Share to be be         Shares to 
converted from         converted                
                                     # Shares      EUR Shares       US$ Shares

# Shares                 6,000          -               -              6,000

EUR Shares             4,553,191     4,403,191          -             150,000

US$ Shares             1,728,253     1,728,253          -                -

Illustrative Conversion Ratios

The Conversion Calculation Date is 29 June 2007.  On the basis of the estimated
net asset values of the Company's Ordinary Shares as at 29 June 2007 (and using
assumed spot currency exchange rates as appropriate, in each case at the
Conversion Calculation Date), the illustrative Conversion Ratios, calculated in
accordance with the Company's articles of association, are as follows:

               1.1379 US$ Shares for every one # Share

               0.9595 # Shares for every one EUR Share

               1.0918 US$ Shares for every one EUR Share

               0.8788 # Shares for every one US$ Share

The illustrative Conversion Ratios have been calculated for information purposes
only and are not intended to be, nor should they be taken as, a forecast of
either the actual Conversion Ratios or a forecast of the number of # Shares, EUR
Shares or US$ Shares (as appropriate) which will arise on Conversion.

Expected Timetable to Conversion

The actual Conversion Ratios will be calculated and announced in accordance with
the following expected timetable:
                                                                            2007

Announcement of actual Conversion Ratios                      Wednesday 8 August

Conversion Date                                                 Friday 10 August


Ordinary Shareholder CREST or Euroclear accounts   By 8.00am on Friday 10 August
credited with new Shares (of the relevant class)


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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