BARS Smo Gold

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 value and performance of the Company's shares are as follows:

Share class                                     Est.            
                    Est.        Est.            Year to         
                    Net Asset   MTD             31 December 2012
                    Value       performance     performance     
                                                                
GBP Shares          £9.48       -2.84%          -4.68%          
                                                                

*IMPORTANT NOTES

1. Calculation of Net Asset Value and Performance Data

Set out above are the estimated performance figures for the month of December and the year to 31 December 2012. Not all Managers report weekly, bi-weekly or monthly estimated performance. The December 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 year to 31 December 2012 performance figure is calculated by reference to the NAV at the date 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 month to date performance figure is not provided for the week in which the last business day of the month occurs.

Performance data 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, including estimates, use assumptions that may be complex and susceptible to significant uncertainty, and may prove incorrect. Estimated 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. 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. 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 principles.

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, the circular sent to Shareholders in connection with the Company's managed wind-down dated 15 July 2011 and the circular sent to Shareholders in correction with the delisting of the Company's shares dated 26 November 2012.

2. ERISA

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 acquisition.

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, as amended or any person who would be considered a US person 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 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.