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Dexion Absolute Ltd completes multi-currency share issue

London Stock Exchange-listed fund of hedge funds Dexion Absolute Limited has raised an aggregate of GBP 229 million of new monies (before expenses) from its latest share placement.

Ana Haurie, Managing Director of Dexion Capital Plc said: 'We are delighted by the success of this issue which marks the largest issue for Dexion Absolute so far, following the GBP 133 million (US$230 million) issue in December 2005, and represents a further international broadening of the Company's investor base.'

Haurie added: 'The issue has been strongly supported by a number of significant new investors in the UK and by international investors from a number of jurisdictions including for the first time Latin America and Australia, where we have launched a new AUSD share class. In a highly competitive season for closed ended fund of hedge fund offerings we believe that this result is a testament to investors' demand for high quality best of breed products with a strong track record that have the scale to provide ample liquidity.'

Placing Agents for the issue were Dexion Capital Plc and Deutsche Bank. This is the fifth capital raising for Dexion Absolute since its launch in December 2002.

Dexion Absolute is now firmly established as the world's largest exchange-traded fund of hedge funds with net assets in excess of GBP 758 million.

Dexion Absolute provides direct access to Chicago-based Harris Alternatives L.L.C., manager of the 'Aurora' range of funds.  Harris Alternatives has a proven 18 year investment record and currently manages in excess of USD 8.2 billion in funds of hedge funds and segregated accounts.

Roxanne Martino, President and CEO of Harris Alternatives L.L.C. said: 'We're pleased to expand our relationship with Dexion Capital through another successful issue of shares in Dexion Absolute Ltd. Dexion's strategy of broadening and diversifying the shareholder base and developing an extremely stable and diverse pool of capital enhances our ability to maintain our investment focus on some of the world's most talented hedge funds.  Dexion's structurally unique approach to hedge fund investing represents a successful marriage of two distinct goals:  the preference among investors for reliable, daily liquidity and the preference among very talented and selective hedge fund managers for a stable and diverse capital base.'

Dealings are expected to commence in the C Shares of each class on 26 September 2006. At least 85% of the aggregate net proceeds of the issue are expected to be invested, or committed to be invested, by 2 October 2006.

The Company's shareholder base comprises a broad range of UK, European, Australian, Latin American and Asian-based investors including insurance companies, pension funds, private wealth managers and discretionary asset managers.

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