DEXION ABSOLUTE LTD - Estimated NAV 08.01.2016

Dexion Absolute Limited (the "Company")

Estimated Net Asset Value

Ordinary Shares

As at the close of business on 08 January 2016, the estimated net asset value of the Company’s ordinary shares is as follows:-

Ordinary Share Class	NAV per Share	Performance since 31 December	MTD Performance*	YTD Performance
£ Shares	189.02 pence	+0.22%	+0.22%	+0.22%

*Based on the Estimate NAV for 31 December 2015 reported on 07 January 2016.

This valuation, which has been prepared in good faith by the Company's administrator, is for information purposes only and is based on the unaudited estimated valuations supplied to the Company's investment adviser by the administrators or managers of the Company's underlying investments and such valuations may not be considered independent or may be subject to potential conflicts of interest. Both weekly manager estimates and monthly valuations may be produced as at valuation dates which do not co-incide with valuation dates for the Company, may be based on valuations provided as of a significantly earlier date, may differ materially from the actual value of the Company's portfolio and are unaudited or may be subject to little verification or other due diligence and may not comply with generally accepted accounting practices or other generally accepted valuation principles. The Company's investment adviser, investment manager and administrator may not have sufficient information to confirm or review the completeness or accuracy of information provided by those managers or administrators of the Company's investments. In addition, those entities may not provide estimates of the value of the underlying funds in which the Company invests on a regular or timely basis or at all with the result that the values of such investments may be estimated by the investment adviser. Since 1 April 2013 the Company has been transitioning to becoming a feeder fund of Aurora Offshore Fund Ltd II ("AOFL II"). AOFL II’s investment manager is also the investment adviser to the Company and so valuations of the Company’s investment in AOFL II may be subject to potential conflicts of interest. As at 1 January 2016 approximately 99.24% of the Continuing Portfolio (by NAV) was invested in AOFL II. The value of designated investments as at 1 January 2016 equates to approximately 1.17% of the Continuing Portfolio NAV. Certain other risk factors which may be relevant to these valuations are set out in the Company's prospectus dated 17 October 2007 and the Company’s circulars dated 15 April 2011, 5 April 2012, 22 February 2013, 27 May 2013 and 26 August 2015.

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