Seven BlackRock Closed-End Funds Announce Pricing and Placement of $855 Million Private Offering of Variable Rate Demand Preferred Shares

BlackRock Advisors, LLC today announced that seven BlackRock tax-exempt closed-end funds (the "Funds”) each successfully priced and placed a private offering of Variable Rate Demand Preferred Shares ("VRDP”) with qualified institutional buyers, as defined in Rule 144A under the Securities Act of 1933 (the "Securities Act”).

Totaling $855.1 million in aggregate, the VRDP issuances are expected to settle on May 19, 2011. Once settled, the proceeds from each VRDP offering will be used to redeem all of each Fund’s outstanding auction rate preferred shares ("ARPS”). The ARPS redemptions associated with each Fund’s issuance of VRDP, together with previously announced redemptions of ARPS by BlackRock closed-end funds, equal greater than $5.57 billion in redemptions of the total outstanding ARPS across BlackRock taxable and tax-exempt closed-end funds (56.7% of the total ARPS outstanding as of February 2008).

The VRDP issuances break down by Fund as follows:

The issuance of VRDP and associated redemptions of ARPS announced today reflect the intention of the Boards of Directors/Trustees (the "Boards") of the BlackRock closed-end funds with ARPS outstanding (the "ARPS Funds") to redeem the ARPS within the next 12 months where appropriate and in the best interest of each ARPS Fund and all of its shareholders, as outlined in the press release dated May 13, 2011 (the "Update”). The practicability and timing of each ARPS Fund’s replacement of ARPS may vary and is subject to a number of factors, including, but not limited to, the availability of alternative financing, approval by the ARPS Fund’s Board of the ARPS Fund’s leverage policy and of the terms and pricing for the alternative financing, and other factors as more fully described in the Update.

While any particular ARPS Fund may or may not redeem its outstanding ARPS, it is the intention of the Boards to redeem ARPS where practicable. The Boards will determine, based on the facts and circumstances applicable to each ARPS Fund at any particular time, whether available alternative financing is appropriate and in the best interest of the ARPS Fund and all of its shareholders.

BlackRock will continue to keep market participants and shareholders informed of its closed-end funds’ progress to redeem ARPS via press releases and on BlackRock’s website at www.blackrock.com.

This notice is being provided pursuant to Regulation FD (Fair Disclosure) to ensure that each Fund’s common and preferred shareholders have been informed of such Fund’s issuance of VRDP and its intention to redeem its outstanding ARPS, which may or may not occur.

VRDP have not been registered under the Securities Act or any state securities laws. Unless so registered, no VRDP may be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities.

About BlackRock

BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At March 31, 2011, BlackRock’s assets under management were $3.648 trillion. BlackRock offers products that span the risk spectrum to meet clients’ needs, including active, enhanced and index strategies across markets and asset classes. Products are offered in a variety of structures including separate accounts, mutual funds, iShares^® (exchange-traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions^®. Headquartered in New York City, as of March 31, 2011, the firm has approximately 9,300 employees in 26 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa. For additional information, please visit the firm’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 BlackRock’s 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 assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

With respect to the Funds, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the Funds or in the Funds’ net asset value; (2) the relative and absolute investment performance of the Funds and their investments; (3) the impact of increased competition; (4) the unfavorable resolution of any legal proceedings; (5) the extent and timing of any distributions or share repurchases; (6) the impact, extent and timing of technological changes; (7) the impact of legislative and regulatory actions and reforms, including the recently approved Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory, supervisory or enforcement actions of government agencies relating to the Funds or BlackRock, as applicable; (8) terrorist activities, international hostilities and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (9) BlackRock’s ability to attract and retain highly talented professionals; (10) BlackRock’s success in maintaining secondary market support for the Funds; (11) the impact of BlackRock electing to provide support to its products from time to time; (12) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions; and (13) the ability of BlackRock to integrate the operations of Barclays Global Investors.

The Annual and Semi-Annual Reports and other regulatory filings of the Funds with the Securities and Exchange Commission ("SEC”) are accessible on the SEC's website at www.sec.gov and on BlackRock’s website at www.blackrock.com, and may discuss these or other factors that affect the Funds. The information contained on BlackRock’s website is not a part of this press release.