BlackRock Absolute Return Strategies Ltd (ticker symbols BARS) (the "Company") 
Estimated Net Asset Value and Performance Data* 
As at the close of business on 7 December 2012, the estimated net asset value
and performance of the Company's shares are as follows: 
Share class         Est.        Est.            Est.             

                    Net Asset   MTD             YTD             
                    Value       performance     performance     

GBP Shares          £9.74       -0.15%          -2.05            
1. Calculation of Net Asset Value and Performance Data 
Set out above are the estimated month to date ("MTD") and estimated calendar
year to date ("YTD") performance figures. Not all Managers report weekly,
bi-weekly or monthly estimated performance. The MTD performance figure is
calculated by reference to the previous month's published estimated net asset
value ("NAV"), or final NAV, if available, and the most recently available
subsequent estimated performance. The YTD performance figure is calculated by
reference to the NAV at the end of the last calendar year and adjusted for the
most recently available subsequent month(s)' and/or week(s)' estimated or final
NAV, as appropriate. A MTD performance figure is not provided for the week in
which the last business day of the month occurs. 
Performance data generally is determined based upon the latest available
valuations (or estimated valuations) provided, directly or indirectly, by the
investment managers ("Managers") selected by the Company's investment advisor
(the "Investment Advisor"). In some cases, valuations use assumptions that may
be complex and susceptible to significant uncertainty, and may prove incorrect.
Final month-end NAVs may be materially different from the intra-month estimates
provided and NAV and performance data should only be taken as indicative values
for information only. No reliance should be placed on any estimated valuations.
Furthermore, the actual value of the Company's assets may be materially
different from published estimated values. Such estimations and valuations are
particularly susceptible to inaccuracies during periods of market volatility or
uncertainty, and additional information may become available subsequently which
materially alters assumptions or other inputs to the estimates. In the event
that an estimated valuation subsequently proves to be incorrect, no adjustment
to a previously published estimated valuation is expected to be made nor would
compensation be payable. 
Certain securities or other assets in which the Managers invest may not have a
readily ascertainable market price or may otherwise be difficult to value and
will be priced by the Managers. 
Valuations (or estimated valuations) received by the Company may be unaudited
or may be subject to little verification or other due diligence and may not
comply with generally accepted accounting practices or other valuation
Estimated valuation of the Company's NAV and performance have been prepared in
good faith by the Investment Advisor with respect to estimated performance and
UBS Fund Services (Cayman) Ltd., the Company's sub-administrator (the
"sub-Administrator") with respect to final monthly performance. Neither the
Company's Sub-Administrator nor the Investment Advisor will generally have
sufficient information to be able to independently confirm or review the
completeness, genuineness or accuracy of the Managers' valuations (or estimated
valuations). In certain circumstances as set out in the Company's prospectus,
including if the Investment Advisor determines, in its sole discretion, that a
valuation is inaccurate or incomplete, the Investment Advisor may, in its sole
discretion, determine the fair value of the Company's interests independently
of the Managers' valuations based on information available to, and factors
deemed relevant (at its sole discretion) by, the Investment Advisor at the time
of such valuation. 
Other risk factors which may be relevant to this estimated valuation are set
out in the Company's prospectus dated 4 April 2008 and the Circular sent to
Shareholders dated 15 July 2011 and 26 November 2012. 
The articles of association of the Company prohibit any purchase or acquisition
of shares by or on behalf of or for the benefit of an ERISA plan or benefit
plan investor subject to similar laws (a "Plan Investor"), and incorporate
provisions whereby purported purchases of shares by or on behalf of or for the
benefit of an ERISA plan or Plan Investor will not operate to confer any
interest or rights whatsoever in such shares in favour of an ERISA plan or Plan
Investor, but instead will take effect as a trust for redemption in favour of
the Company and the Company will subsequently purchase or redeem such shares,
which purchase or redemption may take place at an amount per share which is
less than the price paid by an ERISA plan or Plan Investor on the purported
3. For the Attention of United States Residents 
The shares may not be offered or sold within the United States or to, or for
the account or benefit of, US Persons (as defined in the Regulation S under the
Securities Act of 1933 or any person who would be considered a US person under
Rule 4.7 of the United States Commodity Exchange Act). 
This document is for information purposes only and is not an offer to invest.
Estimated results, performance or achievements may differ materially from any
actual results, performance or achievements. Except as required by applicable
law, the Company expressly disclaims any obligations to update or revise such
estimates to reflect any change in expectations, new information, subsequent
events or otherwise. All investments are subject to risk and the value of
investments may fluctuate. Past performance is no guarantee of future returns.
Prospective investors are advised to seek expert legal, financial, tax and
other professional advice before making any investment decision. 
-0- Dec/17/2012 10:13 GMT
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