Net Asset Value(s)

NET ASSET VALUE – Adjustment to Capital only NAV

BLACKROCK INCOME STRATEGIES TRUST PLC

The unaudited net asset values for BlackRock Income Strategies Trust plc at close of business on 30 July 2015 were:

141.63p  Capital only and including debt at par value
136.64p  Capital only and including debt at fair value
143.82p  Including current year income and debt at par value
138.83p  Including current year income and debt at fair value

Notes:

1.        Investments have been valued on a bid price basis.

2.       Following the buyback of 250,000 ordinary shares on 29 July 2015, the Company has 274,687,282 ordinary shares in issue,
          excluding 16,425,000 which are held in treasury.

3.        Revenue items included in net asset value, with dividends payable deducted on the ex-dividend date.

4.        The unaudited NAV above has been calculated on the basis of 274,687,282 Ordinary Shares in issue.

5.       An amount of approximately £2.2m of option premium income has been reallocated from income to capital.  This has no impact on the Company’s cum income NAV but has resulted in an increase of approximately 0.83p (61 basis points) to the Company’s capital only NAV. This reallocation adjustment was made because this income was generated by options that were written and purchased as part of a combined strategy to create a portfolio hedge against downside risk, and consequently the related premium income is deemed to be a capital item.