Dexion Absolute Limited (the "Company")

    Estimated Net Asset Values

    Ordinary Shares

    As at the close of business on 29 January 2016, the estimated net asset value
    of the Company's ordinary shares is as follows:-

    Ordinary    NAV per Share   Performance       MTD           YTD     
    Share Class                  since 22    Performance*   Performance 
                                  January                               
                                                                        
    £ Shares    185.48 pence      -0.37%         -2.09%     -2.09%      

    * based on Final NAV for 31 December 2015 reported on 29 January 2016 

    2011 Redeemed Shares

    The estimated net asset value of the Company's 2011 Redemption Portfolio was
    $0.47 million as of 29 January 2016. This was attributed to the Redeemed Share
    class as follows:-

    Share Class                         NAV per Redeemed Share       
                                                                     
    EUR Shares                                US$ 0.0084             

    All of the Redeemed Shares have been cancelled. Accordingly, the "NAV per
    Redeemed Share" represents the amount then owed by the Company in respect of
    such Redeemed Shares at the relevant date.

    2012 Redeemed Shares

    The estimated net asset value of the Company's 2012 Redemption Portfolio was
    $1.61 million as of 29 January 2016. Shares redeemed pursuant to the 2012
    Redemption Offer have a single USD net asset value based upon exchange rates at
    the relevant date. This was attributed between Redeemed Share classes as
    follows:-

    Share Class                           NAV per Redeemed Share       
                                                                       
    EUR Shares                                  US$ 0.0124             
                                                                       
    USD Shares                                  US$ 0.0136             

    All of the Redeemed Shares have been cancelled. Accordingly, the "NAV per
    Redeemed Share" represents the amount then owed by the Company in respect of
    such Redeemed Shares at the relevant date.

    2013 Redeemed Shares

    The estimated net asset value of the Company's 2013 Redemption Portfolio was
    $1.99 million as of 29 January 2016. Shares redeemed pursuant to the 2013
    Redemption Offer have a single USD net asset value based upon exchange rates at
    the relevant date. This was attributed between Redeemed Share classes as
    follows:-

    Share Class                           NAV per Redeemed Share       
                                                                       
    GBP Shares                                  US$ 0.0150             
                                                                       
    EUR Shares                                  US$ 0.0185             
                                                                       
    USD Shares                                  US$ 0.0212             

    All of the Redeemed Shares have been cancelled. Accordingly, the "NAV per
    Redeemed Share" represents the amount then owed by the Company in respect of
    such Redeemed Shares at the relevant date.

    2015 Redeemed Shares

    The net asset value of the Company's 2015 Redemption Portfolio was $54.88
    million as of 29 January 2016. Shares redeemed pursuant to the 2015 Redemption
    Offer have a single USD net asset value based upon exchange rates at the
    relevant date. This was attributed between Redeemed Share classes as follows:-

    Share Class                           NAV per Redeemed Share       
                                                                       
    GBP Shares                                   $2.8719               
                                                                       
    EUR Shares                                   $2.9369               
                                                                       
    USD Shares                                   $4.0112               

    All of the Redeemed Shares have been cancelled. Accordingly, the "NAV per
    Redeemed Share" represents the amount then owed by the Company in respect of
    such Redeemed Shares at the relevant date.

    These valuations, which have been prepared in good faith by the Company's
    administrator, are for information purposes only and are 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 February 2016 approximately 103.39% of the
    Continuing Portfolio (by NAV) was invested in AOFL II. The value of designated
    investments as at 1 February 2016 equates to approximately 1.07% 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.