Estimated Monthly Net Asset Value(s)

BLACKROCK ABSOLUTE RETURN STRATEGIES LTD - Estimated Monthly Net Asset Value(s)

PR Newswire

London, January 11

MONTHLY NAV ESTIMATE

BlackRock Absolute Return Strategies Ltd (the "Company")

Estimated Net Asset Value and Performance Data*

As at the close of business on 31 December 2012, the estimated net asset valueand performance of the Company's shares are as follows:

1. Calculation of Net Asset Value and Performance Data

Set out above are the estimated performance figures for the month of Decemberand the year to 31 December 2012. Not all Managers report weekly, bi-weekly ormonthly estimated performance. The December performance figure is calculated byreference to the previous month's published estimated net asset value ("NAV"),or final NAV, if available, and the most recently available subsequentestimated performance. The year to 31 December 2012 performance figure iscalculated by reference to the NAV at the date of the last calendar year andadjusted for the most recently available subsequent month(s)' and/or week(s)'estimated or final NAV, as appropriate. A month to date performance figure isnot provided for the week in which the last business day of the month occurs.

Performance data is determined based upon the latest available valuations (orestimated valuations) provided, directly or indirectly, by the investmentmanagers ("Managers") selected by the Company's investment advisor (the"Investment Advisor"). In some cases, valuations, including estimates, useassumptions that may be complex and susceptible to significant uncertainty, andmay prove incorrect. Estimated valuations are particularly susceptible toinaccuracies during periods of market volatility or uncertainty, and additionalinformation may become available subsequently which materially altersassumptions or other inputs to the estimates. Final month-end NAVs may bematerially different from the intra-month estimates provided and NAV andperformance data should only be taken as indicative values for informationonly. No reliance should be placed on any estimated valuations. Furthermore,the actual value of the Company's assets may be materially different frompublished estimated values. In the event that an estimated valuationsubsequently proves to be incorrect, no adjustment to a previously publishedestimated valuation is expected to be made nor would compensation be payable.

Certain securities or other assets in which the Managers invest may not have areadily ascertainable market price or may otherwise be difficult to value andwill be priced by the Managers.

Valuations (or estimated valuations) received by the Company may be unauditedor may be subject to little verification or other due diligence and may notcomply with generally accepted accounting practices or other valuationprinciples.

Estimated valuation of the Company's NAV and performance have been prepared ingood faith by the Investment Advisor with respect to estimated performance andUBS Fund Services (Cayman) Ltd., the Company's sub-administrator (the"sub-Administrator") with respect to final monthly performance. Neither theCompany's Sub-Administrator nor the Investment Advisor will generally havesufficient information to be able to independently confirm or review thecompleteness, genuineness or accuracy of the Managers' valuations (or estimatedvaluations). In certain circumstances as set out in the Company's prospectus,including if the Investment Advisor determines, in its sole discretion, that avaluation is inaccurate or incomplete, the Investment Advisor may, in its solediscretion, determine the fair value of the Company's interests independentlyof the Managers' valuations based on information available to, and factorsdeemed relevant (at its sole discretion) by, the Investment Advisor at the timeof such valuation.

Other risk factors which may be relevant to this estimated valuation are setout in the Company's prospectus dated 4 April 2008, the circular sent toShareholders in connection with the Company's managed wind-down dated 15 July2011 and the circular sent to Shareholders in correction with the delisting ofthe Company's shares dated 26 November 2012.

2. ERISA

The articles of association of the Company prohibit any purchase or acquisitionof shares by or on behalf of or for the benefit of an ERISA plan or benefitplan investor subject to similar laws (a "Plan Investor"), and incorporateprovisions whereby purported purchases of shares by or on behalf of or for thebenefit of an ERISA plan or Plan Investor will not operate to confer anyinterest or rights whatsoever in such shares in favour of an ERISA plan or PlanInvestor, but instead will take effect as a trust for redemption in favour ofthe Company and the Company will subsequently purchase or redeem such shares,which purchase or redemption may take place at an amount per share which isless than the price paid by an ERISA plan or Plan Investor on the purportedacquisition.

3. For the Attention of United States Residents

The shares may not be offered or sold within the United States or to, or forthe account or benefit of, US Persons (as defined in the Regulation S under theSecurities Act of 1933, as amended or any person who would be considered a USperson under Rule 4.7 of the United States Commodity Exchange Act, as amended).

This document is for information purposes only and is not an offer to invest.Estimated results, performance or achievements may differ materially from anyactual results, performance or achievements. Except as required by applicablelaw, the Company expressly disclaims any obligations to update or revise suchestimates to reflect any change in expectations, new information, subsequentevents or otherwise. All investments are subject to risk and the value ofinvestments may fluctuate. Past performance is no guarantee of future returns.Prospective investors are advised to seek expert legal, financial, tax andother professional advice before making any investment decision.