DEA Dexion EQ.Alt

DEXION EQUITY ALTERNATIVE LIMITED (IN VOLUNTARY LIQUIDATION)

FOURTH INTERIM LIQUIDATION DISTRIBUTION: CONTINUING PORTFOLIO

At an extraordinary general meeting of Dexion Equity Alternative Limited (in
voluntary liquidation) (the "Company") held on 8 November 2012, shareholders
passed resolutions to wind up the Company and Linda Johnson and Ashley Paxton
of KPMG Channel Islands Limited were appointed Joint Liquidators.

On 31 December 2014, the Joint Liquidators authorised the Company's Custodian
to redeem all units in Pershing Square International, Ltd ("Pershing Square")
held within the Company's Continuing Portfolio. The investment in Pershing
Square is expected to redeem in three tranches and the first tranche redemption
occurred on 1 April 2015.

Following the receipt of redemption proceeds, the Joint Liquidators announce
their intention to make a fourth interim liquidation distribution to the
Continuing Portfolio shareholders (the "Fourth Interim Distribution") of:

GBP 0.019964 per share in issue


The redemption proceeds in respect of Pershing Square were received in US$ and
were exchanged into Sterling on 21 May 2015. In accordance with the Circular
dated 8 October 2012, currency hedging in respect of shares has been terminated
and shareholders are now exposed to movements in exchange rates between US$ and
Sterling.

The Fourth Interim Distribution will be effected pro rata to the holdings of
Sterling shares on the register as at the close of business on 22 May 2015 (the
"Record Date").

This distribution will be paid on 2 June 2015 (the "Payment Date") by way of
cheques drawn upon a UK clearing bank posted to the shareholder's registered
address as at the Record Date.

Enquiries:
The Joint Liquidators
Glategny Court
Glategny Esplanade
St Peter Port
GUERNSEY
GY1 1WR
Telephone: +44 (0)1481 741898
Email: restructuring@kpmg.guernsey.gg