Company Update Liquidity Profile - January 2012

 
TIDMBARS TIDMBARE TIDMBARU 
 
BlackRock Absolute Return Strategies Ltd 
 
Company Update - Liquidity Profile - January 2012 
 
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. 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 January 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 Proceeds 
 
31st January 2012                    75.8% 
29th February 2012                   75.8% 
31st May 2012                        84.4% 
30th June 2012                       89.8% 
31st December 2012                   94.7% 
31st December 2013                   95.6% 
 
The above liquidity schedule is based on the Company's portfolio investments 
and related estimated net asset values as of 1 January 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. 
 
Notes: 
 
(1) The above liquidity schedule is based on the estimated US dollar net asset 
values communicated to the Investment Manager by the underlying funds. These 
estimated net asset values do not take into account the potential impact of the 
Company's currency hedging policy. Currency fluctuations may impact materially 
the actual redemption proceeds available for distribution to shareholders. 
 
This communication relating to the Company is being issued by the BlackRock 
Alternative Advisors business unit of BlackRock, Inc. ("BAA") for informational 
purposes only and does not constitute or form part of any offer to issue or 
sell, or the solicitation of an offer to acquire, purchase or subscribe for, 
any securities in any jurisdiction and should not be relied upon in connection 
with any decision to subscribe for or acquire any Shares. In receiving this 
document and the information contained herein, you will be deemed to have 
represented and agreed for the benefit of the Company, BAA and its affiliates 
(together with BAA, "BlackRock") that you are permitted, in accordance with all 
applicable laws, to receive this document and such information. 
 
In particular, this announcement does not constitute or form part of any offer 
to issue or sell, or the solicitation of an offer to acquire, purchase or 
subscribe for, any securities in the United States or to US Persons (as defined 
in Regulation S under the US Securities Act of 1933, as amended ("US 
Persons")). Neither this announcement nor any copy of it may be taken, 
released, published or distributed, directly or indirectly to US Persons or in 
or into the United States (including its territories and possessions), Canada, 
Australia or Japan, or any jurisdiction where such action would be unlawful. 
Accordingly, recipients represent that they are able to receive this 
announcement without contravention of any applicable legal or regulatory 
restrictions in the jurisdiction in which they reside or conduct business. No 
recipient may distribute, or make available, this announcement (directly or 
indirectly) to any other person. Recipients of this announcement should inform 
themselves about and observe any applicable legal requirements in their 
jurisdictions. 
 
The Shares have not been and will not be registered under the US Securities Act 
of 1933, as amended (the "Securities Act") or with any securities regulatory 
authority of any state or other jurisdiction of the United States and, 
accordingly, may not be offered, sold, resold, transferred, delivered or 
distributed, directly or indirectly, within the United States or to US Persons. 
In addition, the Company is not registered under the US Investment Company Act 
of 1940, as amended (the "Investment Company Act") and shareholders of the 
Company will not have the protections of that act. 
 
No liability whatsoever (whether in negligence or otherwise) arising directly 
or indirectly from the use of this announcement is accepted and no 
representation, warranty or undertaking, express or implied, is or will be made 
by the Company or BAA or any of their respective directors, officers, 
employees, advisers, representatives or other agents ("Agents") for any 
information or any of the opinions contained herein or for any errors, 
omissions or misstatements. None of BAA nor any of its respective Agents makes 
or has been authorised to make any representation or warranties (express or 
implied) in relation to the Company or as to the truth, accuracy or 
completeness of this announcement, or any other written or oral statement 
provided. In particular, no representation or warranty is given as to the 
achievement or reasonableness of, and no reliance should be placed on any 
projections, targets, estimates or forecasts contained in this announcement and 
nothing in this announcement is or should be relied on as a promise or 
representation as to the future. 
 
Other than as required by applicable laws, BlackRock gives no undertaking to 
update this announcement or any additional information, or to correct any 
inaccuracies in it which may become apparent and the distribution of this 
announcement. The information contained in this announcement is given at the 
date of its publication and is subject to updating, revision and amendment. The 
contents of this announcement have not been approved by any competent 
regulatory or supervisory authority. 
 
This announcement includes statements that are, or may be deemed to be, 
"forward looking statements". These forward looking statements can be 
identified by the use of forward looking terminology, including the terms 
"believes", "projects", "estimates", "anticipates", "expects", "intends", 
"plans", "goal", "target", "aim", "may", "will", "would", "could", "should" or 
"continue" or, in each case, their negative or other variations or comparable 
terminology. These forward looking statements include all matters that are not 
historical facts and include statements regarding the intentions, beliefs or 
current expectations of BlackRock. By their nature, forward looking statements 
involve risks and uncertainties because they relate to events and depend on 
circumstances that may or may not occur in the future and may be beyond the 
BlackRock's ability to control or predict. Forward looking statements are not 
guarantees of future performance. More detailed information on the potential 
factors which could affect the financial results of the Company is contained in 
the Company's public filings and reports. 
 
All investments are subject to risk. 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. The value 
of investments may fluctuate. Results achieved in the past are no guarantee of 
future results. 
 
 
 
END