BARU Blackrck AB $

 
TIDMBARS TIDMBARE TIDMBARU 
 
MONTHLY NAV ESTIMATE 
 
BlackRock Absolute Return Strategies Ltd (ticker symbols BARS, BARE and BARU) 
(the "Company") 
 
Estimated Net Asset Value and Performance Data* 
 
As at the close of business on 31 January 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          GBP10.04      0.98%           0.98% 
 
EUR Shares          EUR10.02      0.99%           0.99% 
 
US$ Shares          $10.29      0.96%           0.96% 
 
*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 date ("YTD"). 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 YTD 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. 
 
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 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. 
 
 
 
END 
 

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