BLACKROCK ABSOLUTE RETURN STRATEGIES LTD - Estimated Monthly Net
Asset Value(s)
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.