ABSOLUTE RETURN TRUST LTD - Second Interim Distribution Announcement

ABSOLUTE RETURN TRUST LIMITED (IN VOLUNTARY LIQUIDATION) (THE "COMPANY")

Second Interim Distribution Announcement

At an extraordinary general meeting of the Company held on 20 November 2013,
shareholders passed resolutions to wind-up the Company and appoint Ashley
Paxton and Linda Johnson of KPMG Channel Islands Limited as joint liquidators
(the "Liquidators").

On 19 December 2013 the Liquidators made a first interim distribution payment
to holders of Sterling and Euro Redeemable Participating Shares. This
distribution payment represented 48.45 percent of the NAV of the Company as at
31 October 2013. The first interim distribution is summarised below:

GBPShares:      Date Settled       Amount paid Proportion of 31 October 2013
                                                               NAV returned
                                (GBP per share)

                 19-Dec-2013          0.603876                       48.45%

EURShares:      Date Settled       Amount paid     Proportion of 31 October
                                                          2013 NAV returned
                                (EUR per share)

                 19-Dec-2013          0.434480                       48.45%

In the Circular dated 11 October 2013, it was noted that a second interim
distribution payment was anticipated during the first quarter of 2014,
following the receipt of the majority of the anticipated redemption proceeds in
accordance with the estimated liquidity profile of the Company's assets.

The Liquidators became aware that a number of audit hold backs were due to be
received during April and May 2014 and therefore the Liquidators decided to
postpone the second interim liquidation distribution until after receipt of
these amounts.

The Liquidators now anticipate that a second interim liquidation distribution
will be made to holders of Sterling and Euro Redeemable Participating Shares on
or around 30 May 2014 and that, following this payment, cumulative liquidation
distribution payments will represent approximately 75 percent of the NAV of the
Company as at 31 October 2013.

A further announcement will be made to shareholders prior to the second interim
liquidation distribution once the final rate and date of the distribution have
been determined.

Enquiries:

The Liquidators
Ashley Paxton and Linda Johnson
20 New Street
St Peter Port
Guernsey
GY1 4AN

Tel: [phone]
Fax: [phone]

[e-mail]

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