Dexion Absolute Limited (the "Company")

    Estimated Net Asset Value

    Ordinary Shares

    As at the close of business on 20 November 2015, the estimated net asset value
    of the Company's ordinary shares is as follows:-

    Ordinary        NAV per Share     Performance    MTD Performance* YTD Performance
    Share Class                         since 13                                     
                                        November                                     
                                                                                     
    £ Shares      192.23 pence           +0.23%           +0.61%          +4.54%     

    *Based on the Estimate NAV for 30 October 2015 reported on 5 November 2015.

    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 November 2015 approximately 93.99% of the
    Continuing Portfolio (by NAV) was invested in AOFL II. The value of designated
    investments as at 1 November 2015 equates to approximately 1.52% 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.