BlackRock Debt Strategies Fund, Inc.

Cusip: 09255R202

Ticker: DSU

Record Date		December 15, 2021
Pay Date		December 22, 2021
Distribution Amount per share	$	0.060500

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net income, net realized capital gains and return of capital. All amounts are expressed per common share.

			% Breakdown			Total Cumulative		% Breakdown of the Total
			of the Current			Distributions for the Fiscal		Cumulative Distributions for
	Current Distribution		Distribution			Year to Date		the Fiscal Year to Date
Net Income	$	0.048115		80	%	$	0.586122		88	%
Net Realized Short-Term Capital Gains	$	-		0	%	$	-		0	%
Net Realized Long-Term Capital Gains	$	-		0	%	$	-		0	%
Return of Capital	$	0.012385		20	%	$	0.079378		12	%
Total (per common share)	$	0.060500		100	%	$	0.665500		100	%
Average annual total return (in relation to NAV) for the 5-year period ending on November 30, 2021									6.37	%
Annualized current distribution rate expressed as a percentage of NAV as of November 30, 2021									6.29	%
Cumulative total return (in relation to NAV) for the fiscal year through November 30, 2021									5.38	%
Cumulative fiscal year distributions as a percentage of NAV as of November 30, 2021									5.24	%

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Funds Managed Distribution Plan.

The Fund estimates that it has distributed more than its net income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income’.

When distributions exceed total return performance, the difference will reduce the Fund’s net asset value per share.

The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Contact Number: 800-882-0052

BlackRock Debt Strategies Fund, Inc.

Cusip: 09255R202

Ticker: DSU

Record Date	December 31, 2021
Pay Date	January 11, 2022
Distribution Amount per share	$                  0.060500

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net income, net realized capital gains and return of capital. All amounts are expressed per common share.

			% Breakdown			Total Cumulative		% Breakdown of the Total
			of the Current			Distributions for the Fiscal		Cumulative Distributions for
	Current Distribution		Distribution			Year to Date		the Fiscal Year to Date
Net Income	$	0.028019		46	%	$	0.614086		85	%
Net Realized Short-Term Capital Gains	$	-		0	%	$	-		0	%
Net Realized Long-Term Capital Gains	$	-		0	%	$	-		0	%
Return of Capital	$	0.032481		54	%	$	0.111914		15	%
Total (per common share)	$	0.060500		100	%	$	0.726000		100	%
Average annual total return (in relation to NAV) for the 5-year period ending on November 30, 2021									6.37	%
Annualized current distribution rate expressed as a percentage of NAV as of November 30, 2021									6.29	%
Cumulative total return (in relation to NAV) for the fiscal year through November 30, 2021									5.38	%
Cumulative fiscal year distributions as a percentage of NAV as of November 30, 2021									5.77	%

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Funds Managed Distribution Plan.

The Fund estimates that it has distributed more than its net income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income’.

When distributions exceed total return performance, the difference will reduce the Fund’s net asset value per share.

The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Contact Number: 800-882-0052