August Net Asset Values

RNS Number:6614E
Dexion Alpha Strategies Limited
27 September 2007

Dexion Alpha Strategies Limited (the "Company")

Ordinary Shares

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

# Shares 106.53 pence
EUR Shares EUR 1.5198
US$ Shares US$ 1.8787

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 9 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 August Performance YTD Performance
# Shares -2.10% +6.16%
EUR Shares -2.22% +6.01%
US$ Shares -2.15% +6.23%

August was a month of severe financial market turbulence. Problems started early
in the month as large institutions were forced to de-leverage amid mounting
credit based losses. Added to this were increased worries over the US housing
market and a massive re-pricing of risk. The ensuing search for quality sent
T-Bill yields tumbling and banks were no longer willing to transact with each
another sending overnight lending rates soaring. A wave of risk aversion caused
violent moves among risky assets and volatility rocketed to levels not seen
since 1998, with the VIX peaking at 30.7%. In an effort to restore some
confidence and liquidity to markets, the Fed lowered the discount rate. This
resulted in a 180 degree reversal sparing most markets from further immediate
losses. By month end equities had clawed back, and in some cases, even finished
in positive territory.

Asian Opportunities - Managers faced a challenging trading environment and
returns were very disappointing. The US credit crisis sparked a huge global risk
reduction exercise and Asian equity markets were not spared in the capital
flight. The scale and speed of the correction, combined with the dramatic
turnaround, caught out the majority of managers with all but one manager posting
a loss. Healthcare Opportunities - Healthcare was the one bright spot amid the
market turmoil. The sector was a beneficiary of asset flows due to its perceived
safe-haven status in times of severe market stress. Good earnings momentum
contributed to an increased interest in healthcare stocks, further boosting
managers' performance. Emerging Markets - Managers encountered a difficult
market place with concerns about the US housing sector leading to investors
being risk averse. Exchange rate positions in the Mexican Peso and long
positions in Turkish T-bills combined to detract from performance, as did Asian
gaming and leisure equity positions. Gains came from equity exposure in Saudi
Arabia, short positions in Japan, a long bias to Hong Kong and the China H share
market. Special Situations - Managers, on the whole struggled. Those with a long
bias to equities were impacted by the contagion effects of the sub-prime crisis.
Gains were achieved by an Asian-focused special situations manager who profited
from the divergence between Chinese A and H shares. Further gains came from a
US-based manager who continued to profit from short positions in the US
sub-prime mortgage market. Energy & Emissions - A modest loss was recorded as
equity-focused managers incurred the brunt of losses. US natural gas was
extremely volatile, surging on fears of productions losses resulting from
hurricane Dean and a heat wave in the US, and then falling as a consequence of
storage inventories remaining very healthy for the upcoming heating season. In
contrast, oil and refined product prices came under pressure but recovered in
the second half of August on the back of fundamental news regarding low stock
levels. Commodity Strategies - Commodities were far from exempt from the
turmoil; wheat was the only notable exception as it continued it's phenomenal
up-trend. Elsewhere, directional and spread trading in copper and aluminium were
detrimental to performance. Further losses came from exposure to mid-cap
equities and gold stocks. On a positive note, profits were derived from
inter-product volatility spreads and inter-class wheat spreads. European Loans -
The ongoing sub-prime mortgage crisis and the associated tightening of liquidity
continued to cast a cloud over the leveraged loans market. The sub-portfolio
suffered as prices were marked down a little further, despite the fact that all
the assets in the fund are performing assets with strong underlying
fundamentals. We continue to view the correction as being overdone, but prices
are unlikely to recover until liquidity improves.

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

August YTD
Asian Opportunities 20 10 -3.82 11.02
Healthcare Opportunities 9 6 1.01 4.83
Special Situations 26 11 -1.54 18.98
Emerging Markets Macro 8 7 -3.94 13.72
Commodity Strategies 12 17 -4.32 -0.14
Energy and Emissions 17 14 -0.68 7.41
European Loan Opportunities Euro 8 1 -3.51 -9.97
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

While the Fed's decision to cut interest rates has stabilised markets, the
underlying reasons for the turmoil remain. Falling US house prices could drag
the US into recession and liquidity in the credit markets remains tight. The
move into this more turbulent period was difficult for hedge funds, but now that
the altered financial position is upon us, we expect our managers to take
advantage of, rather than avoid, the opportunities that emerge.

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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