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

    Third 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 appointed Ashley
    Paxton and Linda Johnson of KPMG Channel Islands Limited as joint liquidators
    (the "Liquidators").

    Following the receipt of proceeds from the sale of investment positions, the
    Liquidators announce their intention to make a third interim liquidation
    distribution (the "Third Interim Distribution") of:

            GBP   0.105207    per Sterling Redeemable Participating Preference
    Share issued

            EUR   0.085411    per Euro Redeemable Participating Preference Share
    issued

    The Third Interim Distribution will be effected pro rata to the holdings of
    Sterling and Euro Redeemable Participating Preference Shares on the register at
    the close of business on 14 October 2015 (the "Record Date").

    The distribution will be paid on 23 October 2015 (the "Payment Date").  Payment
    will be by way of Sterling and Euro cheques drawn upon a UK clearing bank
    posted to the Shareholder's registered address as at the Record Date.

    The Liquidators anticipate that a further distribution will be made during the
    fourth quarter of 2015 following receipt of proceeds from the sale of the
    Company's remaining investment portfolio. A further announcement will be made
    by the Liquidators once the quantum and timing of the next distribution have
    been determined.

    Enquiries:

    The Liquidators
    Ashley Paxton and Linda Johnson
    Glategny Court
    Glategny Esplanade
    St Peter Port
    Guernsey
    GY1 1WR

    Tel:  01481 741898
    Fax: 01481 722373
    Restructuring-ci@kpmg.com