Interim Management Statement - 3 months to 30 September 2012 
To the members of BlackRock Absolute Return Strategies Ltd 
This interim management statement has been produced solely to provide
additional information to shareholders as a body to meet the relevant
requirements of the UK Listing Authority's Disclosure & Transparency Rules. It
should not be relied on by any other party for any other reason. 
This interim management statement relates to the period from 1 July 2012 to 
30 September 2012, and contains information that covers this period, and up to 
date of publication of this interim management statement. Please note further
detailed performance information, including the estimated weekly net asset
values are available on the Company's website
Following approval of the Managed Wind-down by Shareholders on 25 August 2011,
BlackRock Absolute Return Strategies Ltd is managed with the intention of
realising all remaining assets in the Portfolio, in a manner consistent with
the principles of prudent investment management and spread of investment risk,
with a view to returning invested capital to the Shareholders in an orderly
Stock Performance 
Cumulative Performance: 

                             30 September  30 June  31 March   31 December      

                                 2012     2012      2012          2011
GBP Shares*                                                                    
Share Price                         £9.00    £9.56     £8.92         £9.31
Net Asset Value per share           £9.66    £9.80    £10.07         £9.95
Discount                            6.83%    2.45%    11.42%         6.43% 
* the Euro and US Dollar denominated share classes were merged into the
Sterling denominated share class on 9 March 2012. 
Manager's Review 
US and European monetary policy announcements helped to ease investor concerns
over lurking macroeconomic risks, generally driving valuations of risk assets
higher in the third quarter.  The President of the ECB expressed a willingness
to "do whatever it takes" to support the financial stability of the Eurozone. 
Meanwhile, the Fed launched its third major quantitative easing program in an
attempt to accelerate tepid US economic growth. 
Material Events & Transactions 
There were no material events or transactions, except as disclosed, during the
three months to 30 September 2012, nor was the Company involved in any other
material transactions during the period except as disclosed herein. 
Monthly and Quarterly Reports 
The Company continued to publish monthly and quarterly updates during the
period, copies of which were also submitted to the National Storage Mechanism. 
Liquidity Update 
The following announcement was released on 19 November 2012: 
Company Update - Liquidity Profile 
The Board of Directors is providing shareholders with an estimate of the
current liquidity profile of the portfolio of BlackRock Absolute Return
Strategies Ltd (the "Company"). This liquidity profile relates to the
availability of funds without taking into consideration issues of portfolio
balance. Generally, certain strategies such as Long/Short Equity are more
liquid than other strategies, such as Distressed investing. In order to
maintain portfolio balance, it may be deemed advisable to effectuate liquidity
in a balanced manner rather than the most expeditious manner. This may lead to
a slower pace of actualized monetizations as compared to the table below. 
The table below sets forth the Company's current estimate of the earliest
possible redemption date schedule for the Company's portfolio. It summarises
the liquidity of remaining investments as well as taking into account available
cash and cash receivables held in the portfolio. The liquidity analysis assumes
that: (1) where redemption notices are currently placed, it is assumed
redemption proceeds will be received in the normal course following the
applicable redemption date; (2) for portfolio holdings for which redemption is
possible but redemption notices have not yet been placed due to the balanced
manner in which the wind-down is being managed, and taking into consideration
lock-ups, fund-level gates that are currently implemented and any
investor-level gates, as applicable, it is assumed that redemption notices have
been placed at 1st November 2012 and proceeds will be received in the normal
course following the applicable redemption date(s); (3) for portfolio holdings
that are either in side-pockets, suspended or liquidating, redemption dates are
estimated based on the Investment Manager's current understanding of the
underlying fund's targeted date(s) for lifting its suspension or paying out
proceeds, as applicable. In each case, actual receipt of proceeds will follow
the corresponding redemption date. 
Date                Cumulative Redemption 
30th November 2012          40.4%        
31st December 2012          65.8%        
31st March 2013             68.2%        
30th June 2013              71.8%        
30th September 2013         75.0%        
31st December 2013          80.6%        
31st December 2014          91.1%         
The above liquidity schedule is based on the Company's portfolio investments
and related estimated net asset values as of 1st November  2012(1), and actual
or anticipated changes in liquidity (gates, side pockets, suspension or
liquidation) that have been communicated to the Investment Manager by the
underlying funds. 
Actual proceeds would be expected to be received following the relevant
redemption date in accordance with the underlying fund's stated terms,
generally within 60 days (with the exception of proceeds held back until the
completion of the applicable annual audit), although where liquidity is
constrained, receipt might be further delayed. Other factors, including future
events, may affect the Company's ability to redeem its holdings in accordance
with the estimated timeframes set out above, as well as the availability,
amount or timing of receipt of redemption proceeds. 
The above details of the Company's estimated portfolio liquidity profile are
indicative only and should not under any circumstances be considered a
prediction, forecast or guarantee of the Company's actual portfolio liquidity
profile or an indication as to the timing of distributions to shareholders
pursuant to the managed wind-down of the Company's portfolio which was approved
by shareholders on 25 August 2011. In addition, there is no guarantee that the
Company's assets will be realized at their net asset value, and it is possible
that the Company may not be able to realize some of its assets at any value. 
(1) The above liquidity schedule is based on the estimated US dollar net asset 
values communicated to the Investment Manager by the underlying funds. 
estimated net asset values do not take into account the potential impact of 
Company's currency hedging policy. Currency fluctuations may impact 

    the actual redemption proceeds available for distribution to shareholders.

Second Redemption

At the close of business on 6 July 2012, 55.9% of the Company's issued share
capital was redeemed.  The payment made to Shareholders and the number of
shares redeemed were as follows:
                        Number of shares      Resulting shares  Amount paid per
                                redeemed           outstanding            share

Sterling denominated                                                           
shares                         1,806,516             1,428,138         
Third Redemption and Cancellation of the Company's Listing 
The Company released the following announcement on 16 November 2012: 
Redemption of Shares 
Further to the powers granted to the Board at the Company's extraordinary
general meeting in August 2011, the Company today announces that approximately
35.26 per cent. of the Company's issued share capital will be redeemed at close
of business on 23 November 2012 (the "Redemption Date") by way of a compulsory
partial redemption of shares by reference to the unaudited estimated monthly
NAV of the Company as at 31 October 2012 of £9.71 per Share (the "Third
The Third Redemption will be effected pro rata to holdings of shares on the
register at the close of business on the Redemption Date (which is the record
date for the purposes of the Third Redemption), being 23 November 2012. The
payments made to shareholders in respect of redeemed shares will be as follows: 
GBP4,889,439 to the Sterling share class (equivalent to £9.71 per share) 
Fractions of Shares will not be redeemed and so the number of shares to be
redeemed for each shareholder will be rounded down to the nearest whole number
of shares. The amount to be applied to the partial redemption of shares
comprises the monies from the realisation of the Company's investments to be
received up to and including 13 November 2012 pursuant to the winding down of
the Company, less any funds used or required to settle any liabilities
(including the estimated ongoing day to day running costs of the Company and
the costs and expenses of this partial redemption). 
As at today's date, the Company has 1,428,138 Sterling shares, in issue of
which none are held in treasury. All of the shares redeemed on the Redemption
Date will be cancelled. 
The Company's Shares will be disabled in CREST on the Redemption Date and the
existing ISIN number JE00B8BKNL68 (Sterling) will expire. The new ISIN number
JE00B705MR41 (Sterling) in respect of the remaining Shares which have not been
redeemed will be enabled and available for transactions from and including 
26 November 2012. Up to and including the Redemption Date, Shares will be 
under the old ISINs and as such, a purchaser of such Shares would have a market
claim for a proportion of the redemption proceeds. CREST will automatically
transform any open transactions as at the Redemption Date into the New ISINs. 
Cancellation of the Company's listing 
Since the announcement on 28 June 2012, the Board of BlackRock Absolute Return
Strategies Ltd has continued to monitor the cost efficiency and benefits of
retaining the Company's listing during the managed wind-down process.  Given
the resulting size of the Company following this third redemption, the Board
announces that an extraordinary general meeting (EGM) shall be convened to
consider the cancellation of the admission of ordinary shares to the Official
List and to trading on the London Stock Exchange's Main Market for listed
securities. Such cancellation is expected to become effective, subject to
shareholder approval at the EGM, in early January 2013. A shareholder circular
and formal notice in respect of the EGM will posted to shareholders as soon as
practicable with a view to holding the meeting in December 2012. The meeting
will be held at One Waverley Place, Union Street, St Helier Jersey JE2 3RF. 
The time and date of the meeting will be confirmed in the notice. 
Half Yearly Financial Report 
The Company announced its half yearly financial results for the period ended 
30 June 2012 on 22 August 2012. 
The Board is not aware of any material events or transactions, except as
disclosed herein, occurring between 1 July 2012 and the date of publication of
this interim management statement which would have a material impact on the
financial position of the Company. 
BlackRock (Channel Islands) Limited
Date: 19 November 2012 
-0- Nov/19/2012 16:41 GMT
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