BlackRock Addresses Third Party Pricing of Closed-End Fund Auction Rate Preferred...

BlackRock Addresses Third Party Pricing of Closed-End Fund Auction Rate Preferred Shares

NEW YORK--(Business Wire)--
BlackRock, Inc. (NYSE:BLK) today announced that it has learned
that as a result of the recent illiquidity in the auction rate
preferred shares (ARPS) market certain broker dealers recently made
the decision to value ARPS below par on client statements. Any
such change in valuation is at the discretion of the broker dealer and
does not affect the credit quality of the ARPS issued by BlackRock's
closed-end funds or their ability to pay dividends. The ARPS issued by
BlackRock's closed-end funds continue to meet the asset coverage
requirements imposed by the Investment Company Act of 1940 and the
ratings agencies. All ARPS issued by BlackRock's closed-end funds also
retain their triple-A rating. There can be no assurance, however, that
the failed auctions or changes in market conditions will not adversely
affect the funds in the future.

As stated in a previous press release, BlackRock continues to
actively explore potential solutions for its fund shareholders
affected by the lack of liquidity in the auction rate preferred share
market. The firm recognizes the urgency of the matter and continues to
work with all major industry participants. We are deeply engaged in
evaluating several different potential solutions and our Closed-End
Fund Board of Trustees is fully supportive of our efforts.
Implementation of any potential solution is subject to market risk and
factors that may be beyond BlackRock's control.

BlackRock will continue to provide periodic updates to market
participants and shareholders via press releases and on its website at
www.blackrock.com.

About BlackRock

BlackRock is one of the world's largest publicly traded investment
management firms. At December 31, 2007, BlackRock's AUM was $1.357
trillion. The firm manages assets on behalf of institutions and
individuals worldwide through a variety of equity, fixed income, cash
management and alternative investment products. In addition, a growing
number of institutional investors use BlackRock Solutions investment
system, risk management and financial advisory services. Headquartered
in New York City, as of December 31, 2007, the firm has approximately
5,500 employees in 19 countries and a major presence in key global
markets, including the U.S., Europe, Asia, Australia and the Middle
East. For additional information, please visit the Company's website
at www.blackrock.com.

Forward-Looking Statements

This press release, and other statements that BlackRock may make,
may contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act, with respect to the
BlackRock closed-end funds' future financial or business performance,
strategies or expectations. Forward-looking statements are typically
identified by words or phrases such as "trend," "potential,"
"opportunity," "pipeline," "believe," "comfortable," "expect,"
"anticipate," "current," "intention," "estimate," "position,"
"assume," "outlook," "continue," "remain," "maintain," "sustain,"
"seek," "achieve," and similar expressions, or future or conditional
verbs such as "will," "would," "should," "could," "may" or similar
expressions.

BlackRock cautions that forward-looking statements are subject to
numerous assumptions, risks and uncertainties, which change over time.
Forward-looking statements speak only as of the date they are made,
and BlackRock and the closed-end funds managed by BlackRock and its
affiliates assume no duty to and do not undertake to update publicly
or revise any forward-looking statements. Actual results could differ
materially from those anticipated in forward-looking statements and
future results could differ materially from historical performance.

The following factors, among others, could cause actual results to
differ materially from forward-looking statements or historical
occurrences: (1) the ability of BlackRock and the BlackRock closed-end
funds that have issued ARPS to develop and finalize fund-by-fund
specific proposals to restructure the leverage of such funds; (2) the
need for such BlackRock funds to obtain formal fund-by-fund approval
of certain types of specific proposals as they are developed and
finalized; (3) the ability of such BlackRock funds to negotiate and
obtain from third parties the necessary debt facilities and other
commitments and agreements necessary for the BlackRock funds to
refinance all or a portion of their leverage on terms and conditions
acceptable to the funds and in a timely manner; (4) the ability of
such BlackRock funds to negotiate and obtain from broker-dealers or
other financial institutions the put commitments necessary to make the
ARPS eligible for purchase by money market funds on terms acceptable
to the BlackRock funds and in a timely manner; (5) the acceptance by
the market, and demand for, ARPS with a put feature in amounts
sufficient for the BlackRock funds to find investors for all or a
portion of their leverage; (6) the need to obtain any necessary
regulatory approvals to make the ARPS eligible for purchase by money
market funds or for the implementation of such BlackRock funds' plan
to restructure their leverage; (7) the ability of such BlackRock funds
to structure and create a sufficient number of tender option bonds
from their portfolios; (8) the effects of changes in market and
economic conditions; (9) other legal and regulatory developments; and
(10) other additional risks and uncertainties.

BlackRock Closed-End Fund Shareholders
1-800-882-0052
or
Media Relations
Brian Beades, 212-810-5596

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