BlackRock's Closed-End Fund Board of Trustees Exploring Potential Solutions for Fund...

BlackRock's Closed-End Fund Board of Trustees Exploring Potential Solutions for Fund Shareholders Affected by Liquidity Issues in Auction Rate Preferred Shares

NEW YORK--(Business Wire)--
BlackRock's Closed-End Fund Board of Trustees has directed
BlackRock to continue to actively explore potential solutions for its
fund shareholders affected by the lack of liquidity in the auction
rate preferred shares (ARPS) market. Richard Davis, Head of the Office
of Mutual Funds at BlackRock and a Trustee of the BlackRock closed-end
funds, said that BlackRock and the Board of Trustees have been working
diligently on this issue. BlackRock sponsors 66 taxable and tax-exempt
bond funds, which utilize preferred leverage and have $9.8 billion in
ARPS outstanding.

Mr. Davis said that BlackRock and the Board are acutely aware of
the difficulties that this sudden event in the ARPS market has caused
for preferred shareholders in need of liquidity. This is an
industry-wide and complex problem that will require a certain degree
of regulatory input. "We understand the uncertainty that our
closed-end fund shareholders have faced," said Robert Kapito,
President of BlackRock. "The construction of effective solutions that
address the best interests of our closed-end fund shareholders is
BlackRock's top priority. It is the firm's intention to bring a
resolution to this difficult issue as soon as possible." BlackRock is
in the process of evaluating several different potential solutions and
the Board is fully supportive of BlackRock's efforts.

BlackRock believes, given the current short-term interest rate
environment, that leverage remains the most effective strategy to
offer enhanced return potential to common shareholders. There are
several potential solutions under consideration that include the
refinancing of the ARPS with other forms of leverage, which may
include debt in the case of the taxable funds. One promising approach
is the development of a put feature for the ARPS, making them eligible
for purchase by money market funds. In addition, BlackRock may seek to
introduce alternative forms of leverage, which might include bank
financing, lines of credit, margin commitment facilities, repurchase
agreements and/or the use of tender option bonds. At this time, there
is no assurance that the Board will adopt any of these potential
solutions, as the Board is assessing all alternatives, their viability
both short- and long-term and their impact on the common and preferred
shareholders of the funds. Any potential solution will be subject to
execution risk and dependent on both economic and market factors
beyond BlackRock's control. Therefore, BlackRock cannot provide a
definitive timeline for a resolution of this issue.

Given the current market conditions, BlackRock assumes that
auctions will continue to fail. BlackRock recognizes the urgency of
the matter and is working with all the major industry participants,
including broker dealers and commercial banks, to evaluate ways to
provide liquidity to the ARPS holders. BlackRock will 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
Media Relations
Bobbie Collins, 212-810-8155
Bobbie.Collins@blackrock.com
or
Media/Investor Relations
Brian Beades, 212-810-5596
invrel@blackrock.com

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