REG-BlackRock AbsRtnStrt: Estimated Net Asset Value(s)

.
WEEKLY 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 25 July 2008, 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 �10.01 -1.28% 0.05%

EUR Shares EUR 9.93 -1.67% -0.71%

US$ Shares $9.89 -1.80% -1.10%

*IMPORTANT NOTES

1. Calculation of Net Asset Value and Performance Data

Set out above are the estimated month to date ("MTD") and estimated calendar
year to date ("YTD") performance figures. Not all Managers report weekly,
bi-weekly or monthly estimated performance. The MTD 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 end 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 MTD 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"). 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
nPRrV7B0Aa