Final NAVs 31JULY2007

RNS Number:0682D
Dexion Alpha Strategies Limited
31 August 2007

Dexion Alpha Strategies Limited (the "Company")

July Net Asset Values

Ordinary Shares

The net asset values of the Company's Ordinary Shares as of 31 July 2007 are as
follows:-

# Shares 108.82 pence
EUR Shares EUR 1.5543
US$ Shares US$ 1.9200

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 65
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 July Performance YTD Performance
# Shares +1.35% +8.44%
EUR Shares +1.65% +8.42%
US$ Shares +1.42% +8.56%

The long term uptrend in equities came to an abrupt end in July; after reaching
an all time high mid-month, the S&P 500 fell more than -6%, and in Europe the
major bourses shed nearly -5% in a week. In Asia, there was a delayed reaction
and while intra-month losses were substantial, the region's equity markets were
mostly positive by month end. The catalyst for the rapid sell-off was growing
concern over credit deterioration within US sub-prime and the possible
spill-over into wider credit markets. The ensuing flight to quality caused bonds
to rally, pushing rates to multi-month lows. Markets in Brazil, Turkey and Korea
reached all time highs before correcting. Commodities had another volatile
month, as crude oil was up +10% and natural gas fell by -9%. In softs, sugar
rose +8.5% and hog futures jumped +14% in response to short covering and rumours
over Chinese imports.

Asian Opportunities - Managers had an excellent month with several managers
posting returns in excess of +7%. A Japanese focused manager was the only
manager to record a loss. Long exposure in Hong Kong was beneficial,
particularly in real estate developers, shipping, financials and energy
companies. Healthcare Opportunities - Managers sustained losses both on their
long and short positions, amid a difficult environment in which healthcare
indices lost between -3.5% and -4%. Exposure to US small-cap biotechnology
stocks and emerging market healthcare exposure hurt performance. Elsewhere,
positive returns were derived from long-term holdings in pharmaceuticals.
Special Situations - This was the best performing strategy in July. Managers
derived profits from various areas including exposure to Taiwanese and Chinese
financial and banking stocks, Chinese property exposure and positions in mining
stocks as M&A opportunities remained strong. The bulk of the performance came
from a manager with a significant short-bias to the US sub-prime mortgage
market, which posted returns in excess of +30%. Energy & Emissions - Solid
returns were posted by the majority of managers. Profits accrued from a short
bias to natural gas, which fell significantly as a result of high storage levels
and lack of demand. Performance from equity focused managers was mixed; a
long-biased small-cap Canadian manager holding oil-related stocks suffered
losses, while managers with a bias to shipping and transportation stocks
outperformed. Commodity Strategies - Amid a choppy trading environment, managers
posted good returns. Positions in base metals added to performance, benefiting
from US Dollar weakness and the release of favourable Q2 China GDP growth data.
Equity-biased commodity managers also fared well with gains coming from both
base and precious metal holdings. An agricultural-focused manager incurred a
loss, with positions in soybeans and corn off-setting gains made in the
livestock complex and in wheat. Emerging Markets - Managers generated an
excellent return as a combination of global liquidity, increased risk appetite
and solid earnings fuelled emerging market assets higher for most of the month.
The picture changed swiftly during the last week as indications emerged that the
sub-prime problems were worsening and that the potential for a global credit
crisis was growing. The main contributors to performance were equity positions
in Korea, Taiwan, Thailand and Brazil, with long and short positions in the
banking industry generating healthy returns. Stock-picking in China, Korea,
Australia, Brazil and Saudi Arabia generated a sizeable return for one manager
in particular. European Loans - Returns suffered as a result of mark-to-market
losses across most corporate loans. While the returns were disappointing, it
should be noted that the credit quality of the portfolio remains strong and this
bodes well for performance once fundamentals begin to dominate credit pricing
once more.

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

July YTD
Asian Opportunities 21 10 4.86 15.43
Healthcare Opportunities 8 6 -2.18 3.79
Special Situations 26 11 5.84 20.84
Emerging Markets Macro 8 7 4.50 18.38
Commodity Strategies 12 18 1.10 4.37
Energy and Emissions 17 13 0.78 8.15
European Loan Opportunities Euro 8 1 -11.89 -6.70
Total 100 66

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

Given the turn that we saw in markets towards the end of July, it was pleasing
to report another strong positive month. Conditions have worsened since then and
no markets or assets have been immune to the turmoil. While the portfolio has
been affected, the increasingly cautious stance we have taken in recent months
has provided a degree of protection. The risks of a recession in the US are
beginning to loom large and given our expectation of further market volatility,
we have recently reduced exposure to long-biased Asian long/short and emerging
market 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 93,704,379 # Shares (excluding treasury
shares), 5,694,893 US$ Shares (excluding treasury shares) and 25,780,276 Euro
Shares (excluding treasury shares) with voting rights. Therefore, the total
number of voting rights in the Company is 93,704,379 in respect of the # Shares,
5,694,893 in respect of the US$ Shares and 25,780,276 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 125,179,548 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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