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Dexion Equity Alt. - July Redemption Offer

Dexion Equity Alternative Limited

24 July 2012

July Redemption Offer

As set out in the Company's Circular dated 30 March 2012 ("Circular"), Shareholders (other than Restricted Shareholders) are now being offered a further Redemption Offer at NAV (less costs) for up to 20 per cent. of the Shares in issue (excluding Shares held in treasury) as at the Record Date.

In the event tenders for redemption of Shares are significantly in excess of 20 per cent., it is currently expected that the Redemption Offer will be withdrawn and the Directors will instead put forward alternative proposals which will include a full cash exit opportunity for those investors seeking one. The terms and conditions of the Redemption Offer are modified accordingly.

ADVERTISEMENT

The additional terms and conditions of the Redemption Offer are set out in Part III of the Circular. The procedure for tendering Shares for redemption is set out in the Annex to this Announcement.


2012

Opening Date - Redemption Offer opens

9.00 a.m. on 25 July

Record Date - participation in the Redemption Offer

5.00 p.m. on 30 July

Closing Date - Redemption Offer closes

1.00 p.m. on 8 August

Portfolio Split Date - for the purpose of the Redemption Offer (expected)

30 September

First (OTC BB: FSTC.OB - news) payment of proceeds (expected)

30 November (Stuttgart: A0Z24E - news)

Further Redemption Offers

For Guernsey law purposes the Board is required to and does retain all discretion as to voluntary redemption proposals. Nevertheless, it is the Board's current intention that, whilst the Shares trade at a discount to NAV, it will offer Shareholders the further opportunity to tender a portion of their Shares for redemption at NAV (less costs) on the remaining quarterly calendar date in 2012. The Shares which may be tendered for redemption pursuant to any future redemption offer would be such amount as would not cause aggregate redemptions pursuant to such offer on any quarterly calendar date to exceed 20 per cent of the Company's Shares then in issue (excluding Shares held in treasury). In respect of the period after 2012 the Board intends, if appropriate and at its discretion, to offer Shareholders the opportunity to tender a portion of their Shares for redemption on the same basis and at the same times. Further information on the potential for further redemption offers is set out in the Circular.

Enquiries:

Robin Bowie / Ana Haurie

Dexion Capital Plc

Tel: +44 (0) 20 7832 0900

Chris Copperwaite

Dexion Capital (Guernsey) Limited

Tel: +44 (0) 1481 743940

Stuart Klein

Jefferies Hoare Govett

Tel: +44 (0) 20 7029 8000



Terms used in this announcement shall, unless the context otherwise requires, bear the meanings given to them in the Circular dated 30 March 2012.

Annex

Procedure for tendering Shares for redemption

All Shareholders on the Register at the Record Date (other than Restricted Shareholders) may tender Shares for redemption and the Company will redeem such Shares on the terms and subject to the conditions set out in the Circular, this Announcement and, if relevant, the Redemption Form (which Redemption Form, together with this document, constitutes the Redemption Offer). The Redemption Form is available to download from the Opening Date from the following web address: http://dexionequity.com/redemption. The Redemption Form may also be obtained from the Company's transfer agent, Capita Registrars, Corporate Actions, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU.

Subject to the Redemption Offer becoming unconditional as set out in the Circular, unless the Redemption Offer has been or is terminated in accordance with the provisions of the Circular or this Announcement, the Company will accept offers of Shares by Eligible Shareholders validly made in accordance with these terms and conditions, on the basis that each Eligible Shareholder will be entitled to redeem up to all of its Basic Entitlement.

Upon the Redemption Offer becoming unconditional (and not having been terminated), the Company will accept valid offers of Shares on the following basis:

(a) each Shareholder (other than Restricted Shareholders) on the Register at the close of business on the Record Date will be entitled to redeem its Basic Entitlement; and

(b) Shareholders (other than Restricted Shareholders) may tender for redemption Shares in excess of their Basic Entitlement. Such excess redemption requests will be satisfied to the extent that other Shareholders tender for redemption Shares in respect of less than the whole of their Basic Entitlement (or do not tender Shares at all), pro rata in proportion to the amount in excess of the Basic Entitlement tendered (rounded down to the nearest whole number of Shares).

There are different procedures for tendering Shares depending on whether Shares are held in certificated or uncertificated form.

Shareholders who are in any doubt as to how to complete a Redemption Form or as to the procedure for redeeming Shares, should contact the Receiving Agent by telephone. Shareholders are reminded that if they are a CREST sponsored member, they should contact their CREST sponsor before taking any action.

For Shares held in certificated form (that is, not in CREST)

To tender for redemption Shares held in certificated form, Shareholders must complete, sign and have witnessed the Redemption Form.

The completed, signed and witnessed Redemption Form should be sent either by post or by hand (during normal business hours only) along with the relevant Share certificate(s) to the Receiving Agent at Capita Registrars, Corporate Actions, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU, as soon as possible and, in any event, so as to be received no later than 1.00 p.m. on 8 August 2012.

If all of the Share certificate(s) and/or other documents of title are not readily available (for example, if they are with a stockbroker, bank or other agent) or are lost, the Redemption Form should nevertheless be completed, signed and returned as described above so as to be received by Capita Registrars, Corporate Actions, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU, not later than 1.00 p.m. on 8 August 2012 together with any Share certificate(s) and/or documents of title available, accompanied by a letter of explanation stating that the (remaining) Share certificate(s) and/or other document(s) of title will be forwarded as soon as possible thereafter and, in any event, not later than 1.00 p.m. on 8 August 2012. If one or more Share certificate(s) and other document(s) of title have been lost, Shareholders should write to Capita Registrars, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU for a letter of indemnity in respect of the lost Share certificate(s) which, when completed in accordance with the instructions given, should be returned to Capita Registrars so as to be received not later than 1.00 p.m. on 8 August 2012.

For Shares held in uncertificated form (that is, in CREST)

To tender for redemption Shares held in uncertificated form, Shareholders should take (or procure to be taken) the action set out below to transfer (by means of a TTE Instruction) the number of Shares which Shareholders wish to have redeemed under the Redemption Offer to an escrow balance, specifying Capita Registrars (in its capacity as a CREST receiving agent under its participant ID and Member Account ID referred to below) as the escrow agent as soon as possible and, in any event, so that the transfer to escrow settles by not later than 1.00 p.m. on 8 August 2012. The Company shall be entitled (in its sole discretion) to accept late transfers to escrow.

Shareholders who are CREST sponsored members should refer to their CREST sponsor before taking any action. The CREST sponsor will be able to confirm details of a Shareholder's Participant ID and the member account ID under which Shares are held. In addition, only the Shareholder's CREST sponsor will be able to send a TTE Instruction to Euroclear UK in relation to the Shares which a Shareholder wishes to tender. Shareholders should send (or, if they are a CREST sponsored member, procure that their CREST sponsor sends) a TTE Instruction to Euroclear UK, which must be properly authenticated in accordance with Euroclear UK's specification and which must contain, in addition to other information that is required for the TTE Instruction to settle in CREST, the following details:

· the number of Shares to be transferred to an escrow balance;

· the Member Account ID under which the Shares are held;

· the Shareholder's CREST participant ID;

· the participant ID of the escrow receiving agent, in its capacity as a CREST receiving agent. This is RA10;

· the Member Account ID of the escrow receiving agent. This is 27632DEX;

· the intended settlement date for the transfer to escrow. This should be as soon as possible and, in any event, by no later than 1.00 p.m. on 8 August 2012;

· the Corporate Action Number of the Redemption Offer, which is allocated by CREST;

· the ISIN of the Shares, which GB0034312321;

· input with the standard delivery instruction, priority 80; and

· a contact name and telephone number in the shared note field.

After settlement of the relevant TTE Instruction, Shareholders will not be able to access the Shares concerned in CREST for any transaction or for charging purposes, notwithstanding that they will be held by the Receiving Agent as escrow agent for the Redemption Offer until completion or lapsing of the Redemption Offer. Provided that the Redemption Offer is not terminated, the Redeemed Shares will be cancelled.

Shareholders do not need to complete or submit a Redemption Form if the Shares they wish to tender for redemption are in uncertificated form.

Shareholders are recommended to refer to the CREST manual published by Euroclear UK for further information on the CREST procedures outlined above.

Shareholders should note that Euroclear UK does not make available special procedures, in CREST, for any particular corporate action. Normal system timings and limitations will therefore apply in connection with a TTE Instruction and its settlement. Shareholders should therefore ensure that all necessary action is taken by them (or by their CREST sponsor) to enable a TTE Instruction relating to the Shares Shareholders wish to have redeemed to settle prior to 1.00 p.m. on 8 August 2012. In this regard, Shareholders are referred in particular to those sections of the CREST Manual concerning practical limitations of the CREST system and timings. The Company shall be entitled (in its sole discretion) to accept late TTE Instructions to settle.

Deposits of Shares into, and withdrawal of Shares from, CREST

Normal CREST procedures (including timings) apply in relation to any Shares that are, or are to be, converted from uncertificated to certificated form, or from certificated to uncertificated form, during the course of the Redemption Offer (whether such conversion arises as a result of a transfer of Shares or otherwise). Eligible Shareholders who are proposing to convert any such Shares are recommended to ensure that the conversion procedures are implemented in sufficient time to enable the person holding or acquiring Shares as a result of the conversion to take all necessary steps in connection with such person's participation in the Redemption Offer (in particular, as regards delivery of Share certificates and/or other documents of title or transfers to an escrow balance as described above) prior to 1.00 p.m. on 8 August 2012.

Shareholders who are in any doubt as to how the complete a Redemption Form or as to the procedure for tendering Shares for redemption, should contact the Receiving Agent by telephone on 0871 664 0321 or, if, calling from outside the UK, on +44 208 639 3399. Calls to the Capita Registrars 0871 664 0321 number are charged at 10 pence per minute (including VAT) plus any of the service provider's network extras. Calls to the Capita Registrars +44 208 639 3399 number from outside the UK are charged at applicable international rates. Different charges may apply to calls made from mobile telephones and calls may be recorded and monitored randomly for security and training purposes. Capita Registrars cannot provide advice on the merits of the offer or give any financial, legal or tax advice. Shareholders are reminded that, if they are a CREST sponsored member, they should contact their CREST sponsor before taking any action.

Shareholders should note that once tendered for redemption, Shares, whether certificated or uncertificated, may not be sold, transferred, charged or otherwise disposed of.

ENDMSCEASXLASNAEFF