-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 RLGMwubp2evkJxbgVzNVxGzHLs86vExY6CWFOSbaNHsTCaMKigrmVYXUxqoC5/P8
 gg1/ysZOAa4GvugW3+Uhsg==

<SEC-DOCUMENT>0000930413-05-002790.txt : 20050421
<SEC-HEADER>0000930413-05-002790.hdr.sgml : 20050421
<ACCEPTANCE-DATETIME>20050421150119
ACCESSION NUMBER:		0000930413-05-002790
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20050526
FILED AS OF DATE:		20050421
DATE AS OF CHANGE:		20050421
EFFECTIVENESS DATE:		20050421

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II
		CENTRAL INDEX KEY:			0001176197
		IRS NUMBER:				010722231
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21124
		FILM NUMBER:		05764541

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK NEW YORK INSURED MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0001181024
		IRS NUMBER:				816105964
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21179
		FILM NUMBER:		05764549

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK NEW YORK MUNICIPAL INCOME TRUST III
		DATE OF NAME CHANGE:	20020816

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK FLORIDA INSURED MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0001181026
		IRS NUMBER:				816105967
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21180
		FILM NUMBER:		05764554

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK FLORIDA MUNICIPAL INCOME TRUST III
		DATE OF NAME CHANGE:	20020816

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK CALIFORNIA INSURED MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0001181027
		IRS NUMBER:				816105965
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21177
		FILM NUMBER:		05764559

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST III
		DATE OF NAME CHANGE:	20020816

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK INSURED MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0001181187
		IRS NUMBER:				816105962
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21178
		FILM NUMBER:		05764573

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK MUNICIPAL INCOME TRUST III
		DATE OF NAME CHANGE:	20020819

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK FLORIDA MUNICIPAL 2020 TERM TRUST
		CENTRAL INDEX KEY:			0001181249
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21184
		FILM NUMBER:		05764561

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK FLORIDA MUNICIPAL 2022 TERM TRUST
		DATE OF NAME CHANGE:	20020819

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MUNICIPAL 2020 TERM TRUST
		CENTRAL INDEX KEY:			0001181250
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21181
		FILM NUMBER:		05764529

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK MUNICIPAL 2022 TERM TRUST
		DATE OF NAME CHANGE:	20020819

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK PREFERRED OPPORTUNITY TRUST
		CENTRAL INDEX KEY:			0001213169
		IRS NUMBER:				270046786
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21280
		FILM NUMBER:		05764533

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK PREFERRED INCOME TRUST
		DATE OF NAME CHANGE:	20030107

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK LTD DURATION INCOME TRUST
		CENTRAL INDEX KEY:			0001233681
		IRS NUMBER:				200096695
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21349
		FILM NUMBER:		05764555

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-227

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK LIMITED DURATION INCOME TRUST
		DATE OF NAME CHANGE:	20030611

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK MANAGED DURATION INCOME TRUST
		DATE OF NAME CHANGE:	20030529

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK MANAGED DURATION TRUST
		DATE OF NAME CHANGE:	20030516

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK GLOBAL FLOATING RATE INCOME TRUST
		CENTRAL INDEX KEY:			0001287480
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21566
		FILM NUMBER:		05764551

	BUSINESS ADDRESS:	
		STREET 1:		40 EAST 52ND STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-754-5336

	MAIL ADDRESS:	
		STREET 1:		40 EAST 52ND STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK VARIABLE RATE & INFLATION PROTECTED SECURITIES
		DATE OF NAME CHANGE:	20040416

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BlackRock Global Energy & Resources Trust
		CENTRAL INDEX KEY:			0001306550
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21656
		FILM NUMBER:		05764527

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC
		CENTRAL INDEX KEY:			0000902717
		IRS NUMBER:				133710959
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07672
		FILM NUMBER:		05764572

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK ADVANTAGE TERM TRUST INC
		CENTRAL INDEX KEY:			0000845851
		IRS NUMBER:				133504092
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05757
		FILM NUMBER:		05764565

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKSTONE ADVANTAGE TERM TRUST INC/MD/
		DATE OF NAME CHANGE:	19930305

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKSTONE ADVANTAGE TERM TRUST INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKSTONE STAR TRUST INC
		DATE OF NAME CHANGE:	19900312

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MUNICIPAL TARGET TERM TRUST INC
		CENTRAL INDEX KEY:			0000877358
		IRS NUMBER:				133624797
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06355
		FILM NUMBER:		05764546

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKSTONE MUNICIPAL TARGET TERM TRUST INC
		DATE OF NAME CHANGE:	19600201

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK INSURED MUNICIPAL TERM TRUST INC
		CENTRAL INDEX KEY:			0000882346
		IRS NUMBER:				133642644
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06512
		FILM NUMBER:		05764550

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKSTONE INSURED MUNICIPAL TERM TRUST INC
		DATE OF NAME CHANGE:	19600201

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK INSURED MUNICIPAL 2008 TERM TRUST INC
		CENTRAL INDEX KEY:			0000889430
		IRS NUMBER:				223179975
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06721
		FILM NUMBER:		05764567

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK CALIFORNIA INSURED MUNICIPAL 2008 TERM TRUST INC
		CENTRAL INDEX KEY:			0000890514
		IRS NUMBER:				223184656
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07090
		FILM NUMBER:		05764571

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK FLORIDA INSURED MUNICIPAL 2008 TERM TRUST
		CENTRAL INDEX KEY:			0000890518
		IRS NUMBER:				223184654
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07092
		FILM NUMBER:		05764525

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK NEW YORK INSURED MUNICIPAL 2008 TERM TRUST INC
		CENTRAL INDEX KEY:			0000890519
		IRS NUMBER:				223184653
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07094
		FILM NUMBER:		05764566

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK BROAD INVESTMENT GRADE 2009 TERM TRUST INC
		CENTRAL INDEX KEY:			0000892789
		IRS NUMBER:				133683683
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07250
		FILM NUMBER:		05764568

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK CORPORATE TERM TRUST INC
		DATE OF NAME CHANGE:	19930524

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK CORPORATE AMERICA TERM TRUST INC
		DATE OF NAME CHANGE:	19921026

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC
		CENTRAL INDEX KEY:			0000894242
		IRS NUMBER:				133690436
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07354
		FILM NUMBER:		05764570

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC
		CENTRAL INDEX KEY:			0000902722
		IRS NUMBER:				133710957
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07664
		FILM NUMBER:		05764535

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC
		CENTRAL INDEX KEY:			0000902731
		IRS NUMBER:				133710958
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07670
		FILM NUMBER:		05764569

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK HIGH YIELD TRUST
		CENTRAL INDEX KEY:			0001068234
		IRS NUMBER:				134031238
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08991
		FILM NUMBER:		05764526

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK NEW YORK MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0001137390
		IRS NUMBER:				510409117
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-10337
		FILM NUMBER:		05764530

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0001137391
		IRS NUMBER:				510409109
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-10331
		FILM NUMBER:		05764547

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK FLORIDA MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0001137392
		IRS NUMBER:				510409116
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-10333
		FILM NUMBER:		05764539

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0001137393
		IRS NUMBER:				510409115
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-10339
		FILM NUMBER:		05764543

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK CALIFORNIA MUNICIPAL 2018 TERM TRUST
		CENTRAL INDEX KEY:			0001159038
		IRS NUMBER:				510413313
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-10499
		FILM NUMBER:		05764563

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK CORE BOND TRUST
		CENTRAL INDEX KEY:			0001160864
		IRS NUMBER:				522346891
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-10543
		FILM NUMBER:		05764562

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK STRATEGIC BOND TRUST
		CENTRAL INDEX KEY:			0001165216
		IRS NUMBER:				412024432
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-10635
		FILM NUMBER:		05764556

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MUNICIPAL BOND TRUST
		CENTRAL INDEX KEY:			0001167467
		IRS NUMBER:				383645602
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21036
		FILM NUMBER:		05764564

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK TAX FREE INCOME TRUST
		DATE OF NAME CHANGE:	20020213

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK NEW YORK MUNICIPAL BOND TRUST
		CENTRAL INDEX KEY:			0001167470
		IRS NUMBER:				383645605
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21037
		FILM NUMBER:		05764548

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK NEW YORK TAX FREE INCOME TRUST
		DATE OF NAME CHANGE:	20020213

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK CALIFORNIA MUNICIPAL BOND TRUST
		CENTRAL INDEX KEY:			0001169027
		IRS NUMBER:				383645606
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21052
		FILM NUMBER:		05764531

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK FLORIDA MUNICIPAL BOND TRUST
		CENTRAL INDEX KEY:			0001169028
		IRS NUMBER:				383645608
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21054
		FILM NUMBER:		05764558

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MARYLAND MUNICIPAL BOND TRUST
		CENTRAL INDEX KEY:			0001169029
		IRS NUMBER:				383645611
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21051
		FILM NUMBER:		05764544

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK NEW JERSEY MUNICIPAL BOND TRUST
		CENTRAL INDEX KEY:			0001169031
		IRS NUMBER:				383645610
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21050
		FILM NUMBER:		05764553

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK STRATEGIC DIVIDEND ACHIEVERS TRUST
		CENTRAL INDEX KEY:			0001277350
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21493
		FILM NUMBER:		05764528

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			S&P QUALITY RANKINGS GLOBAL EQUITY MANAGED TRUST
		CENTRAL INDEX KEY:			0001280936
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21522
		FILM NUMBER:		05764560

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK S&P GLOBAL QUALITY RANKINGS TRUST
		DATE OF NAME CHANGE:	20040324

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK S&P QUALITY RANKINGS TRUST
		DATE OF NAME CHANGE:	20040220

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK INCOME TRUST INC
		CENTRAL INDEX KEY:			0000832327
		IRS NUMBER:				133463349
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05542
		FILM NUMBER:		05764542

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKSTONE INCOME TRUST INC
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK INCOME OPPORTUNITY TRUST INC
		CENTRAL INDEX KEY:			0000880280
		IRS NUMBER:				133634989
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06443
		FILM NUMBER:		05764537

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			NY
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK NORTH AMERICAN GOVERNMENT INCOME TRUST INC
		DATE OF NAME CHANGE:	19920929

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKSTONE NORTH AMERICAN GOVERNMENT INCOME TRUST INC
		DATE OF NAME CHANGE:	19600201

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST
		CENTRAL INDEX KEY:			0000902719
		IRS NUMBER:				137014351
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07666
		FILM NUMBER:		05764538

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK DIVIDEND ACHIEVERS TRUST
		CENTRAL INDEX KEY:			0001265316
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21443
		FILM NUMBER:		05764532

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19808
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19808

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0001137440
		IRS NUMBER:				510409123
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-10335
		FILM NUMBER:		05764534

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK NEW YORK MUNICIPAL 2018 TERM TRUST
		CENTRAL INDEX KEY:			0001159039
		IRS NUMBER:				510413311
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-10503
		FILM NUMBER:		05764557

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MUNICIPAL 2018 TERM TRUST
		CENTRAL INDEX KEY:			0001159040
		IRS NUMBER:				510413263
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-10501
		FILM NUMBER:		05764552

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK VIRGINIA MUNICIPAL BOND TRUST
		CENTRAL INDEX KEY:			0001169034
		IRS NUMBER:				383645607
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21053
		FILM NUMBER:		05764540

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MUNICIPAL INCOME TRUST II
		CENTRAL INDEX KEY:			0001176194
		IRS NUMBER:				010722216
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21126
		FILM NUMBER:		05764545

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST II
		CENTRAL INDEX KEY:			0001176196
		IRS NUMBER:				010722234
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21125
		FILM NUMBER:		05764536

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>c36132_def14a.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
<PRE>

                                  SCHEDULE 14A

                                 (Rule 14a-101)

                     INFORMATION REQUIRED IN PROXY STATEMENT

                            SCHEDULE 14A INFORMATION

                Proxy Statement Pursuant to Section 14(a) of the
               Securities Exchange Act of 1934 (Amendment No.   )

Filed by the Registrant [X]
Filed by a Party other than the Registrant [_]

Check the appropriate box:

[_]  Preliminary Proxy Statement          [_]  Soliciting Material Under Rule
[_]  Confidential, For Use of the              14a-12
     Commission Only (as permitted
     by Rule 14a-6(e)(2))
[X]  Definitive Proxy Statement
[_]  Definitive Additional Materials
</PRE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="86%" height="20" align=left><center>
    <font size=2 face="serif">THE BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC. (&#147;RAA&#148;)</font>
  </center></TD>
  <TD width="86%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <font size=2 face="serif">THE BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC. (&#147;</font><font size=2 face="serif">RNY&#148;)</font>&nbsp;
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <font size=2 face="serif">THE BLACKROCK CALIFORNIA INSURED MUNICIPAL 2008 TERM TRUST INC. (&#147;</font><font size=2 face="serif">BFC&#148;)</font>  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <font size=2 face="serif">THE BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC. (&#147;</font><font size=2 face="serif">BKN&#148;)</font>&nbsp;
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <font size=2 face="serif">THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC.  (&#147;RNJ</font><font size=2 face="serif">&#148;)</font>&nbsp;
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <font size=2 face="serif">THE BLACKROCK BROAD INVESTMENT GRADE 2009 TERM TRUST INC. (&#147;BCT&#148;)</font>&nbsp;
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <font size=2 face="serif">THE BLACKROCK INSURED MUNICIPAL 2008 TERM TRUST INC.  (&#147;BRM&#148;)</font>&nbsp;
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <font size=2 face="serif">THE BLACKROCK NEW YORK INSURED MUNICIPAL 2008 TERM TRUST INC.  (&#147;BLN&#148;)</font>&nbsp;
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <font size=2 face="serif">THE BLACKROCK ADVANTAGE TERM TRUST INC. (&#147;BAT&#148;)</font>&nbsp;
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <FONT size=2 face="serif">BLACKROCK INSURED MUNICIPAL INCOME TRUST  (&#147;BYM&#148;)</font>&nbsp;
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <FONT size=2 face="serif">BLACKROCK MUNICIPAL BOND TRUST  (&#147;BBK&#148;)</font>&nbsp;
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <FONT size=2 face="serif">BLACKROCK CALIFORNIA MUNICIPAL 2018 TERM TRUST (&#147;BJZ&#148;)</font>  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <FONT size=2 face="serif">BLACKROCK CORE BOND TRUST (&#147;BHK&#148;)</font>&nbsp;
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <FONT size=2 face="serif">BLACKROCK FLORIDA MUNICIPAL 2020 TERM TRUST (&#147;BFO&#148;)</font>&nbsp;
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <FONT size=2 face="serif">S&amp;P QUALITY RANKINGS GLOBAL EQUITY MANAGED TRUST (&#147;BQY&#148;)</font>  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <FONT size=2 face="serif">BLACKROCK CALIFORNIA INSURED MUNICIPAL INCOME TRUST  (&#147;BCK&#148;)</font>&nbsp;
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <FONT size=2 face="serif">BLACKROCK FLORIDA MUNICIPAL BOND TRUST (&#147;BIE&#148;)</font>&nbsp;
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <font size=2 face="serif">BLACKROCK NEW YORK MUNICIPAL 2018 TERM TRUST (&#147;BLH&#148;)</font>&nbsp;
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <font size=2 face="serif">BLACKROCK STRATEGIC BOND TRUST (&#147;BHD&#148;)</font>  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <FONT size=2 face="serif">BLACKROCK LIMITED DURATION INCOME TRUST (&#147;BLW&#148;)</font>&nbsp;
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <FONT size=2 face="serif">BLACKROCK FLORIDA INSURED MUNICIPAL INCOME TRUST (&#147;BAF&#148;)</font>&nbsp;
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <FONT size=2 face="serif">BLACKROCK NEW JERSEY MUNICIPAL BOND TRUST (&#147;BLJ</font><font size=2 face="serif">&#148;)</font>&nbsp;
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <FONT size=2 face="serif">BLACKROCK MUNICIPAL 2018 TERM TRUST (&#147;BPK&#148;)</font>  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <FONT size=2 face="serif">BLACKROCK GLOBAL FLOATING RATE INCOME TRUST (&#147;BGT&#148;)</font>&nbsp;
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <FONT size=2 face="serif">THE BLACKROCK INSURED MUNICIPAL TERM TRUST INC. (&#147;BMT&#148;)</font>&nbsp;
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <FONT size=2 face="serif">BLACKROCK NEW YORK INSURED MUNICIPAL INCOME TRUST (&#147;BSE&#148;)</font>  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <FONT size=2 face="serif">BLACKROCK NEW YORK MUNICIPAL BOND TRUST (&#147;BQH&#148;)</font>&nbsp;
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <font size=2 face="serif">BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST (&#147;BFZ&#148;)</font>&nbsp;
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <font size=2 face="serif">THE BLACKROCK MUNICIPAL TARGET TERM TRUST INC. (&#147;BMN&#148;)</font>&nbsp;
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <font size=2 face="serif">BLACKROCK MUNICIPAL INCOME TRUST II (&#147;BLE&#148;)</font>&nbsp;
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <font size=2 face="serif">BLACKROCK MARYLAND MUNICIPAL BOND TRUST (&#147;BZM&#148;)</font>&nbsp;
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <font size=2 face="serif">BLACKROCK MUNICIPAL INCOME TRUST (&#147;BFK&#148;)</font>&nbsp;
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <font size=2 face="serif">THE BLACKROCK INCOME TRUST INC. (&#147;BKT&#148;)</font>  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <font size=2 face="serif">BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II (&#147;BFY&#148;)</font>&nbsp;
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <font size=2 face="serif">BLACKROCK VIRGINIA MUNICIPAL BOND TRUST (&#147;BHV&#148;)</font>  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <font size=2 face="serif">BLACKROCK FLORIDA MUNICIPAL INCOME TRUST (&#147;BBF&#148;)</font>&nbsp;
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <font size=2 face="serif">THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST (&#147;RFA&#148;)</font>  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <font size=2 face="serif">THE BLACKROCK INCOME OPPORTUNITY TRUST INC. (&#147;BNA&#148;)</font>&nbsp;
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <font size=2 face="serif">BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST II (&#147;BCL&#148;)</font>&nbsp;
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <font size=2 face="serif">BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST (&#147;BNJ</font><font size=2 face="serif">&#148;)</font>&nbsp;
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <font size=2 face="serif">BLACKROCK PREFERRED OPPORTUNITY TRUST (&#147;BPP&#148;)</font>&nbsp;
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <font size=2 face="serif">BLACKROCK DIVIDEND ACHIEVERS(TM) TRUST (&#147;BDV&#148;)</font>&nbsp;
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <font size=2 face="serif">BLACKROCK CALIFORNIA MUNICIPAL BOND TRUST (&#147;BZA&#148;)</font>&nbsp;
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> <center>
    <font size=2 face="serif">BLACKROCK NEW YORK MUNICIPAL INCOME TRUST (&#147;BNY&#148;)</font>&nbsp;
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <font size=2 face="serif">BLACKROCK MUNICIPAL 2020 TERM TRUST (&#147;BKK&#148;)</font>&nbsp;
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <font size=2 face="serif">BLACKROCK STRATEGIC DIVIDEND ACHIEVERS(TM) TRUST (&#147;BDT&#148;)</font>
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><center>
    <font size=2 face="serif">BLACKROCK GLOBAL ENERGY AND RESOURCES TRUST (&#147;BGR&#148;)</font>&nbsp;
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
          <center>
          <FONT size=2 face="serif">THE BLACKROCK HIGH YIELD TRUST (&#147;BHY&#148;)</font>&nbsp;
    </center></TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
          <center>
          <FONT size=2 face="serif">THE BLACKROCK FLORIDA INSURED MUNICIPAL 2008 TERM TRUST (&#147;BRF&#148;)</font>&nbsp;
    </center></TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<PRE>
- --------------------------------------------------------------------------------
                (Name of Registrant as Specified In Its Charter)



- --------------------------------------------------------------------------------
    (Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)


Payment of Filing Fee (Check the appropriate box):

[X]  No fee required.
[_]  Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.

1)   Title of each class of securities to which transaction applies:

________________________________________________________________________________
2)   Aggregate number of securities to which transaction applies:

________________________________________________________________________________

3)   Per unit price or other underlying value of transaction  computed  pursuant
     to Exchange  Act Rule 0-11 (set forth the amount on which the filing fee is
     calculated and state how it was determined):

________________________________________________________________________________
4)   Proposed maximum aggregate value of transaction:

________________________________________________________________________________
5)   Total fee paid:

________________________________________________________________________________
[_]  Fee paid previously with preliminary materials:

________________________________________________________________________________
[_]  Check box if any part of the fee is offset as provided by Exchange Act Rule
     0-11(a)(2)  and identify the filing for which the  offsetting  fee was paid
     previously.  Identify the previous filing by registration statement number,
     or the form or schedule and the date of its filing.

     1)   Amount previously paid:

________________________________________________________________________________
     2)   Form, Schedule or Registration Statement No.:

________________________________________________________________________________
     3)   Filing Party:

________________________________________________________________________________
     4)   Date Filed:

________________________________________________________________________________

</PRE>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>
<P></P>
<p align="center"><img src="blackrocklogox1x1.jpg">
<p></p>
<P align="center">
<B><FONT size=2 face="serif">BLACKROCK CLOSED-END FUNDS <br>
100 BELLEVUE PARKWAY <br>
WILMINGTON, DELAWARE 19809 </FONT></B></P>
<HR align="center"  width="15%" size=1 noshade>
<P align="center"><B><FONT size=2 face="serif">NOTICE OF JOINT ANNUAL MEETING OF <br>
  STOCKHOLDERS/SHAREHOLDERS <br>
</FONT></B><B><FONT size=2 face="serif">TO BE HELD ON MAY 26, 2005 </FONT></B></P>
<HR align="center"  width="15%" size=1 noshade>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Notice is hereby given to the Stockholders/Shareholders of each of the BlackRock Closed-End Funds listed on Appendix A to the Proxy Statement accompanying this notice (collectively, the
"Trusts") that: </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Joint Annual Meeting of Stockholders/Shareholders of the Trusts (the "Annual Meeting") will be held at the New York East Side Marriott, 525 Lexington Avenue, New York, New York, on
Thursday, May 26, 2005, at 10:00 a.m. (New York City time). For the sake of convenience and clarity, individual Trusts are identified throughout this notice and the attached Proxy Statement by their trading symbols. A list of the Trusts setting
forth each Trust's full name and trading symbol is attached to the Proxy Statement accompanying this notice as Appendix A. The Annual Meeting is being held for the following purposes:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=4% align=right valign="top">          <font size="2" face="serif">1.</font></TD>
        <TD width=4% align=right valign="top">
<FONT size=2 face="serif">A.</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD colspan=7 align=left>
<FONT size=2 face="serif">For each of the following Trusts, to elect five Directors, each to hold office for the term indicated in the</FONT> <font size=2 face="serif">attached Proxy Statement until their successors shall have been elected and qualified:</font>   </TD>
</TR>
<TR>
        <TD colspan=10 align="right" valign="top">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right valign="top">&nbsp;

        </TD>
        <TD align=left valign="top">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD width=12% align=left>
<FONT size=2 face="serif">RAA</FONT>&nbsp;
        </TD>
        <TD width=12% align=left><font size=2 face="serif">BFC</font>

        </TD>
        <TD width=11% align=left><FONT size=2 face="serif">RNJ</FONT>&nbsp; </TD>
        <TD width=11% align=left><FONT size=2 face="serif">BRM</FONT>&nbsp; </TD>
        <TD width=16% align=left><FONT size=2 face="serif">BAT</FONT></TD>
        <TD width=11% align=left>&nbsp;</TD>
        <TD width=16% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right valign="top">&nbsp;

        </TD>
        <TD align=left valign="top">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">RNY</FONT>&nbsp;
        </TD>
        <TD align=left><font size=2 face="serif">BKN</font>

        </TD>
        <TD align=left><FONT size=2 face="serif">BCT</FONT>&nbsp; </TD>
        <TD align=left><FONT size=2 face="serif">BLN</FONT>&nbsp; </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=10 align="right" valign="top">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right valign="top">
      <font size="2" face="serif">1.</font></TD>
        <TD align=right valign="top">
<FONT size=2 face="serif">B.</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan=7 align=left>
<FONT size=2 face="serif">For each of the following Trusts, to elect four Directors, each to hold office for the term indicated in the</FONT> <FONT size=2 face="serif">attached Proxy Statement until their successors shall have been elected and qualified:</FONT></TD>
</TR>
<TR>
        <TD colspan=10 align="right" valign="top">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right valign="top">&nbsp;

        </TD>
        <TD align=left valign="top">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BCK</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLJ</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BFZ</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BFY</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BNJ</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BDT</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right valign="top">&nbsp;

        </TD>
        <TD align=left valign="top">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BIE</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHV</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right valign="top">&nbsp;

        </TD>
        <TD align=left valign="top">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BJZ</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLH</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BBF</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right valign="top">&nbsp;

        </TD>
        <TD align=left valign="top">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BZM</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">RFA</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BZA</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right valign="top">&nbsp;

        </TD>
        <TD align=left valign="top">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BFO</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BSE</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BNY</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right valign="top">&nbsp;

        </TD>
        <TD align=left valign="top">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BQY</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BAF</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BQH</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BCL</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=10 align="right" valign="top">&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=10 align="right" valign="top">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right valign="top">
      <font size="2" face="serif">1.</font>     </TD>
        <TD align=right valign="top">
<FONT size=2 face="serif">C.</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan=7 align=left>
<FONT size=2 face="serif">For each of the following Trusts, to elect three Directors, each to hold office for the term indicated in the</FONT> <FONT size=2 face="serif">attached Proxy Statement until their successors shall have been elected and qualified:</FONT> </TD>
</TR>
<TR>
        <TD colspan=10>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BGR</FONT>&nbsp;
        </TD>
        <TD align=left><FONT size=2 face="serif">BHY</FONT>&nbsp; </TD>
        <TD align=left><FONT size=2 face="serif">BRF</FONT>&nbsp; </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_2"></A>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=4% align=right valign="top">
<FONT size=2 face="serif">2.</FONT>
        </TD>
        <TD width=4% align=right valign="top">
<FONT size=2 face="serif">A.</FONT>
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD colspan=6 align=left>
<FONT size=2 face="serif">For each of the following Trusts, to amend its respective Declaration of Trust in order to change the</FONT>&nbsp;<FONT size=2 face="serif">maximum number of permitted Directors allowed on its respective Board to 11:</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left valign="top">

        </TD>
        <TD align=left valign="top">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan=6 align=left>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left valign="top">

        </TD>
        <TD align=left valign="top">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD width=12% align=left>
<FONT size=2 face="serif">BJZ</FONT>&nbsp;
        </TD>
        <TD width=12% align=left>
<FONT size=2 face="serif">BQH</FONT>&nbsp;
        </TD>
        <TD width=13% align=left>
<FONT size=2 face="serif">BCL</FONT>&nbsp;
        </TD>
        <TD width=11% align=left>
<FONT size=2 face="serif">BSE</FONT>&nbsp;
        </TD>
        <TD width=12% align=left>
<FONT size=2 face="serif">BDT</FONT>&nbsp;
        </TD>
        <TD width=27% align=left>
<FONT size=2 face="serif">BNJ</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left valign="top">

        </TD>
        <TD align=left valign="top">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BZA</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BFO</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BQY</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BNY</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left valign="top">

        </TD>
        <TD align=left valign="top">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLH</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BIE</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BFY</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left valign="top">

        </TD>
        <TD align=left valign="top">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BZM</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BCK</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BFZ</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left valign="top">

        </TD>
        <TD align=left valign="top">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLJ</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BAF</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BBF</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left valign="top">

        </TD>
        <TD align=left valign="top">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHV</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=9 valign="top">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right valign="top">
<FONT size=2 face="serif">2</FONT>
        </TD>
        <TD align=right valign="top">
<FONT size=2 face="serif">B.</FONT>
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan=6 align=left>
<FONT size=2 face="serif">For each of the following Trusts, to amend its respective Declaration of Trust in order to reduce the</FONT> <FONT size=2 face="serif">maximum number of permitted Directors allowed on its respective Board from 15 to 11:</FONT></TD>
</TR>
<TR>
        <TD colspan=9 valign="top">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left valign="top">

        </TD>
        <TD align=left valign="top">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BGR</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BRF</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">RFA</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=9 valign="top">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right valign="top">
<FONT size=2 face="serif">3</FONT>
        </TD>
        <TD align=left valign="top">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan=6 align=left>
<FONT size=2 face="serif">To transact such other business as may properly come before the Annual Meeting or any adjournments or</FONT><FONT size=2 face="serif"> postponements thereof.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left valign="middle">

        </TD>
        <TD align=left valign="middle">&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan=3 align=left>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P>
<B><FONT size=2 face="serif">THE BOARD OF DIRECTORS (THE "BOARD") OF EACH TRUST, INCLUDING THE INDEPENDENT DIRECTORS, UNANIMOUSLY RECOMMENDS THAT YOU VOTE "FOR" EACH OF THE PROPOSALS.</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We encourage you to contact BlackRock toll free at (800) 227-7BFM (7236) from 9:00 a.m. to 6:00 p.m. EST if you have any questions. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Board of each Trust has fixed the close of business on February 28, 2005 as the record date for the determination of Stockholders/Shareholders entitled to notice of, and to vote at, the
Annual Meeting. We urge you to mark, sign, date, and mail the enclosed proxy in the postage-paid envelope provided or record your voting instructions via telephone or the internet (for those Trusts that permit voting by telephone or internet) so you
will be represented at the Annual Meeting. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=50% align=left>&nbsp;</TD>
        <TD width=50% align=left>
<FONT size=2 face="serif">By order of the</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">Board of each Trust</FONT>&nbsp;
        </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
        <TD>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">Vincent B. Tritto, Secretary of each Trust</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><FONT size=2 face="serif">New York, New York</FONT></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><FONT size=2 face="serif">April 21, 2005</FONT></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<FONT size=2 face="serif"> </FONT>
<P>&nbsp;</P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><HR noshade  width="100%" size=1></td>
  </tr>
  <tr>
    <td><FONT size=2 face="serif">IT IS IMPORTANT THAT YOUR SHARES BE REPRESENTED AT THE ANNUAL MEETING IN PERSON OR BY PROXY. WHETHER OR NOT YOU PLAN TO ATTEND THE ANNUAL MEETING, PLEASE VOTE BY TELEPHONE, INTERNET OR MAIL. (NOT EVERY TRUST PERMITS VOTING BY INTERNET AND TELEPHONE. PLEASE CHECK YOUR PROXY CARD.) IF VOTING BY MAIL PLEASE SIGN, DATE AND RETURN THE ENCLOSED PROXY CARD IN THE ACCOMPANYING POSTAGE-PAID ENVELOPE. IF YOU ATTEND THE ANNUAL MEETING AND WISH TO VOTE IN PERSON, YOU WILL BE ABLE TO DO SO AND YOUR VOTE AT THE ANNUAL MEETING WILL REVOKE ANY PROXY YOU MAY HAVE SUBMITTED. YOUR VOTE IS EXTREMELY IMPORTANT. NO MATTER HOW MANY OR HOW FEW SHARES YOU OWN, PLEASE SEND IN YOUR PROXY CARD TODAY. </FONT></td>
  </tr>
  <tr>
    <td><HR noshade  width="100%" size=1></td>
  </tr>
</table>
<P align="center">
<FONT face="serif">2</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_3"></A>

<P align="center">
<B><FONT size=2 face="serif">BLACKROCK CLOSED-END FUNDS <br>
PROXY STATEMENT <br>
</FONT></B><B><FONT size=2 face="serif">FOR <br>
</FONT></B><B><FONT size=2 face="serif">JOINT ANNUAL MEETING OF STOCKHOLDERS/SHAREHOLDERS <br>
TO BE HELD ON MAY 26, 2005 </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">This document will give you the information you need to vote on the matters listed on the accompanying Notice of Joint Annual Meeting of Stockholders/Shareholders ("Notice of Annual Meeting").
Much of the information in this joint proxy statement ("Proxy Statement") is required under rules of the Securities and Exchange Commission ("SEC"); some of it is technical. If there is anything you don't understand, please contact us at our
toll-free number, (800) 227-7BFM (7236). </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">This Proxy Statement is furnished in connection with the solicitation by the respective Board of Directors or Trustees, as the case may be (the "Board"), of each of the Trusts of proxies to be
voted at the Joint Annual Meeting of Stockholders/Shareholders of the Trusts to be held on Thursday, May 26, 2005, and any adjournment or postponement thereof (the "Annual Meeting"). The Annual Meeting will be held at the New York East Side
Marriott, 525 Lexington Avenue, New York, New York, on May 26, 2005, at 10:00 a.m. (New York City time). As used in the Notice of Annual Meeting and as used herein, the term "Directors" shall include Trustees, the term "shareholders" shall include
stockholders and the term "share" shall include stock where the use of the terms "Trustees" or "stockholders" or "stock" would otherwise be appropriate. This Proxy Statement, the Notice of Annual Meeting and the enclosed proxy card are first being
sent to the Trusts' shareholders on or about April 21, 2005. </FONT></P>
<P>
<B><I><FONT size=2 face="serif">* &nbsp; &nbsp; &nbsp; &nbsp;WHY IS A SHAREHOLDER MEETING BEING HELD? </FONT></I></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Because the common shares of each Trust are listed on a nationally recognized stock exchange that requires each Trust to hold an annual meeting of shareholders.</FONT></P>
<P>
<B><I><FONT size=2 face="serif">* &nbsp; &nbsp; &nbsp; WHAT PROPOSALS WILL BE VOTED ON?</FONT></I></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In the first proposal, shareholders of all Trusts are being asked to elect nominees for the Board of each Trust in which they own shares (the "First Proposal").</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In the second proposal (the "Second Proposal"), proposal 2A, shareholders of the following Trusts are being asked to approve an amendment to the Declaration of Trust of each such Trust to
change the maximum number of permitted Directors allowed on its respective Board to 11 ("Proposal 2A"): </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=29% align=right>&nbsp;</TD>
        <TD width=10% align=left>
<FONT size=2 face="serif">BJZ</FONT>&nbsp;
        </TD>
        <TD width=11% align=left>
<FONT size=2 face="serif">BQH</FONT>&nbsp;
        </TD>
        <TD width=10% align=left>
<FONT size=2 face="serif">BCL</FONT>&nbsp;
        </TD>
        <TD width=10% align=left>
<FONT size=2 face="serif">BSE</FONT>&nbsp;
        </TD>
        <TD width=11% align=left>
<FONT size=2 face="serif">BDT</FONT>&nbsp;
        </TD>
        <TD width=19% align=left>
<FONT size=2 face="serif">BNJ</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BZA</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BFO</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BQY</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BNY</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">BLH</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BIE</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BFY</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BZM</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BCK</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BFZ</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLJ</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BAF</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BBF</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHV</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In the Second Proposal, proposal 2B, shareholders of the following Trusts are being asked to approve an amendment to the Declaration of Trust of each such Trust to change the maximum number of
permitted Directors allowed on its respective Board from 15 to 11 ("Proposal 2B"): </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="29%" align=right>&nbsp;</TD>
    <TD width="10%" align=left><FONT size=2 face="serif">BHY</FONT>&nbsp; </TD>
    <TD width="11%" align=left><FONT size=2 face="serif">BGR</FONT>&nbsp; </TD>
    <TD width="10%" align=left><FONT size=2 face="serif">BRF</FONT>&nbsp; </TD>
    <TD width="10%" align=left><FONT size=2 face="serif">RFA</FONT>&nbsp; </TD>
    <TD width="24%" align=left>&nbsp; </TD>
    <TD width="6%" align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P><BR>
</P>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_4"></A>

<P>
<FONT size=2 face="serif">Summary: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=37% align=left>
<B><U><FONT size=2 face="serif">PROPOSALS</FONT></U></B>&nbsp;
        </TD>
        <TD width=63% align=left>
<B><U><FONT size=2 face="serif">TRUST</FONT></U></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">#1 To elect Directors</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">All Trusts</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=2>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">#2A To amend the Trusts' Declaration of Trust</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BJZ, BPK, BLH, BHK, BHD, BBK, BQH,</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=2 face="serif">BZA, BIE, BZM, BLJ, BHV, BCL, BLE,</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=2 face="serif">BFY, BCK, BAF, BYM, BSE, BFO, BKK,</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=2 face="serif">BPP, BLW, BDV, BDT, BQY, BGT, BFZ,</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=2 face="serif">BBF, BFK, BNJ and BNY</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=2>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">#2B To amend the Trusts' Declaration of Trust</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHY, BGR, BRF and RFA</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">or Articles of Incorporation, as appropriate</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P>
<B><I><FONT size=2 face="serif">* &nbsp;&nbsp;WILL MY VOTE MAKE A DIFFERENCE? </FONT></I></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">YES! </FONT></B><FONT size=2 face="serif">Your vote is important and will make a difference in the governance of the Trust(s), no matter how many shares you own. </FONT></P>
<P>
<B><I><FONT size=2 face="serif">* &nbsp;&nbsp;WHO IS ASKING FOR YOUR VOTE? </FONT></I></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The enclosed proxy is solicited by the Board of each Trust for use at the Annual Meeting to be held on Thursday, May 26, 2005, and, if the Annual Meeting is adjourned or postponed, at any later
meetings, for the purposes stated in the Notice of Annual Meeting (see previous pages). The Notice of Annual Meeting, the proxy and this Proxy Statement are being mailed on or about April 21, 2005. </FONT></P>
<P>
<B><I><FONT size=2 face="serif">* &nbsp;&nbsp;HOW DO THE TRUSTS' BOARDS RECOMMEND THAT SHAREHOLDERS VOTE ON THE PROPOSALS? </FONT></I></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Each Board unanimously recommends that you vote </FONT><B><FONT size=2 face="serif">"FOR"</FONT></B><FONT size=2 face="serif"> each respective Proposal on which you are entitled to vote.
</FONT></P>
<P>
<B><I><FONT size=2 face="serif">* &nbsp;&nbsp;WHO IS ELIGIBLE TO VOTE? </FONT></I></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Shareholders of record of each Trust at the close of business on February 28, 2005 are entitled to be present and to vote at the Annual Meeting or any adjourned or postponed meeting. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Each share is entitled to one vote. Shares represented by duly executed proxies will be voted in accordance with your instructions. If you sign the proxy, but don't fill in a vote, your shares
will be voted in accordance with your Board's recommendation. If any other business is brought before your Trust's Annual Meeting, your shares will be voted at your Board's discretion. </FONT></P>
<P>
<B><I><FONT size=2 face="serif">* &nbsp;&nbsp;HOW MANY SHARES OF EACH TRUST WERE OUTSTANDING AS OF THE RECORD DATE?</FONT></I></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Appendix B sets forth the number of outstanding shares for each Trust at the close of business on February 28, 2005. </FONT></P>
<P>
<B><I><FONT size=2 face="serif">* &nbsp;&nbsp;WHY DOES THIS PROXY STATEMENT LIST SEVERAL CLOSED-END FUNDS?</FONT></I></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Trusts have at least one similar proposal and it is cost-efficient to have a joint proxy statement and one annual meeting. In the event that any shareholder present at the Annual Meeting
objects to the holding of a joint meeting and moves for an adjournment of his or her Trust's meeting to a time immediately after the Annual Meeting so that such Trust's meeting may be held separately, the persons named as proxies will vote in favor
of such adjournment. Shareholders of each Trust will vote separately on the respective Proposals relating to their Trust. In any event, an unfavorable vote on any Proposal by the shareholders of one Trust will not affect the implementation of such
Proposal by another Trust if the Proposal is approved by the shareholders of that Trust. </FONT></P>
<P align="center">
<FONT face="serif">2</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_5"></A>

<P>
<B><FONT size=2 face="serif">The Proposals</FONT></B></P>
<P>
<B><FONT size=2 face="serif">*&nbsp;&nbsp; </FONT></B><B><U><FONT size=2 face="serif">FIRST PROPOSAL</FONT></U></B><B><FONT size=2 face="serif">: TO ELECT DIRECTORS </FONT></B></P>
<P><B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHO ARE THE NOMINEES FOR DIRECTORS?</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Directors of the Trusts are classified into three classes of Directors: Class I, Class II and Class III. Each class has a term of three years. The term of office of one class of Directors
is expiring for each Trust and the Directors of the respective Trust whose current terms are expiring are being nominated for election at the Annual Meeting. In addition, some Directors have been appointed to fill vacancies created since the last
annual meeting and certain of these Directors are being nominated for election as required by law. </FONT></P>
<P>
<FONT size=2 face="serif">The following table sets forth the class and nominees to be voted on by each Trust. Each nominee's background is described in further detail below.</FONT><FONT face="serif"> </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD colspan="2" align=center>
<B><FONT size=1 face="serif">DIRECTORS</FONT></B>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD colspan=2 align=center>
 &nbsp; &nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="serif">ADDITIONAL</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD colspan=2 align=center>
<B><FONT size=1 face="serif">STANDING FOR ELECTION</FONT></B>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD colspan=2 align=center>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="serif">NOMINEES FOR DIRECTORS</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD colspan=2>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD colspan=2>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">Class I Directors</FONT></B>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">Class II Directors</FONT></B>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">Class III Directors</FONT></B>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="serif">Richard E. Cavanagh</FONT><SUP><FONT size=1 face="serif">(1)</FONT></SUP>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">Frank J. Fabozzi</FONT><SUP><FONT size=1 face="serif">(1)</FONT></SUP>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">Andrew F. Brimmer</FONT>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">Joining as Class I Director</FONT></B>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">Joining as Class II</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="serif">James Clayburn La Force, Jr.</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">Kathleen F. Feldstein</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">Kent Dixon</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">Director</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="serif">R. Glenn Hubbard</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">Walter F. Mondale</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">Robert S. Kapito</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">R. Glenn Hubbard</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">Kathleen F. Feldstein</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="serif">Ralph L. Schlosstein</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="4" align=center>
<B><FONT size=1 face="serif">TRUST</FONT></B>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD colspan=2>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">BGR</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="serif">YES</FONT><SUP><FONT size=1 face="serif">(2)</FONT></SUP>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">__</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">__</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">__</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">__</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFZ</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BJZ</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">BDT</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BQY</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLH</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="serif">YES</FONT><SUP><FONT size=1 face="serif">(2)</FONT></SUP>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">__</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">__</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">__</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">YES</FONT><SUP><FONT size=1 face="serif">(3)</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">BBF</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNJ</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNY</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="serif">__</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD colspan="7" align="left">
<HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">YES</FONT><SUP><FONT size=1 face="serif">(2)</FONT></SUP>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="serif">__</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">__</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">YES</FONT><SUP><FONT size=1 face="serif">(4)</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFO</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="serif">__</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">YES</FONT><SUP><FONT size=1 face="serif">(2)(3)</FONT></SUP>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">__</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">__</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">__</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">RNY</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">RNJ</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">RAA</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="serif">__</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">YES</FONT><SUP><FONT size=1 face="serif">(2)</FONT></SUP>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">__</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">YES</FONT><SUP><FONT size=1 face="serif">(4)</FONT></SUP>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">__</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">RFA</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="serif">__</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">YES</FONT><SUP><FONT size=1 face="serif">(2)</FONT></SUP>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">__</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">__</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">__</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BRF</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=1 face="serif">__</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">__</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">YES</FONT><SUP><FONT size=1 face="serif">(2)</FONT></SUP>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">__</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">__</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHV</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFY</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCK</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">BQH</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BIE</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BAF</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">__</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">__</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">YES</FONT><SUP><FONT size=1 face="serif">(2)</FONT></SUP>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">__</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">YES</FONT><SUP><FONT size=1 face="serif">(3)</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">BZA</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLJ</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">BZM</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCL</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSE</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFC</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLN</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">__</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">__</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">YES</FONT><SUP><FONT size=1 face="serif">(2)</FONT></SUP>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">YES</FONT><SUP><FONT size=1 face="serif">(4)</FONT></SUP>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">__</FONT>&nbsp;
        </TD>
</TR>
<TR>
  <TD align="left"><HR noshade size=1>
  </TD>
  <TD align="left"><HR noshade size=1>
  </TD>
  <TD align="left"><HR noshade size=1>
  </TD>
  <TD align="left"><HR noshade size=1>
  </TD>
  <TD><HR noshade size=1>
  </TD>
  <TD><HR noshade size=1>
  </TD>
  <TD><HR noshade size=1>
  </TD>
  <TD><HR noshade size=1>
  </TD>
  <TD><HR noshade size=1>
  </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="36" valign=top nowrap>
<SUP><FONT size=2 face="serif">(1)</FONT></SUP></TD>
        <TD width="1050">
<FONT size=2 face="serif">To be elected by holders of preferred shares only, except that, for BCT, BAT, BKT, BNA, BDT, BQY, BHK, BHD, BLW and BDV which do not have preferred shares, to be elected by holders of common shares.</FONT> </TD>
</TR>
<TR><TD colspan=2 valign="top">&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=1 face="serif">(2)</FONT></TD>
        <TD>
<FONT size=2 face="serif">Normal scheduled class of directors standing for election.</FONT>     </TD>
</TR>
<TR><TD colspan=2 valign="top">&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=1 face="serif">(3)</FONT></TD>
        <TD>
<FONT size=2 face="serif">The election of Ms. Feldstein to the Board of each of these Trusts is contingent upon the shareholders of the respective Trust approving Proposal 2A as set forth in this Proxy Statement, the approval of which would increase
the maximum number of Directors permitted for the respective Trust and permit Ms. Feldstein to join the respective Boards as a Class II Director.</FONT>        </TD>
</TR>
<TR><TD colspan=2 valign="top">&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=1 face="serif">(4)</FONT>&nbsp;      </TD>
        <TD>
<FONT size=2 face="serif">All of these trusts are organized as Maryland corporations. Under Maryland law, directors who have been appointed by a board of directors since the prior annual shareholders' meeting to fill a vacancy on the Boards must be
nominated for election at the next shareholders' meeting.</FONT>        </TD>
</TR>
</TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The holders of any Trust's preferred shares will have equal voting rights with the holders of that Trust's common shares (i.e., one vote per share), and will vote together with the holders of
common shares as a single class on the proposal to elect Directors, except that the holders of preferred shares of each Trust which is electing Class I or II Directors at this Annual Meeting, voting separately as a class, will elect the preferred
shares Director from each of such classes. The two Directors that have been designated as representing the holders of each respective Trust's preferred shares are Messrs. Cavanagh and Fabozzi. </FONT></P>
<P align="center">
<FONT face="serif">3</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_6"></A>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In addition, under Maryland law, directors who have been appointed by a board of directors since the prior annual shareholders' meeting to fill a vacancy on the Boards must be nominated for
election at the next shareholders' meeting. On November 16, 2004, the Board of each Trust increased the size of each Board and appointed Mr. Hubbard to fill the vacancy created by such increase. Therefore, Mr. Hubbard is being nominated for election
with respect to BKN, BRM, BFC, BLN, BCT, BAT, RAA, RNJ and RNY, even though he is not in the class of Directors standing for election, because these Trusts are organized as Maryland corporations. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On December 23, 2004, the Board of each Trust approved adding Ms. Feldstein to each Board as of January 19, 2005. The charters of BKT, BNA, BMN, BMT, BGR, RNY, RNJ, RFA, RAA, BCT, BAT, BKN,
BRM, BFC, BRF, BLN and BHY (the "Expanded Board Trusts") permitted the Board of each Expanded Board Trust to increase the size of the Boards of those Trusts and to appoint Ms. Feldstein to fill the vacancy created by such increases as of January 19,
2005. Each of the Expanded Board Trusts (other than BGR, RFA, BRF and BHY) is a Maryland corporation, however, and therefore Ms. Feldstein (a Class II Director of each Trust) is being nominated for election even if such Trust is not voting for Class
II Directors at this meeting.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Board of each Trust that was not expanded to add Ms. Feldstein already had the maximum number of Directors permitted under its charter, so the Boards of those Trusts could not appoint Ms.
Feldstein as a Director of those Trusts. Instead, the Board of each such Trust formed an advisory board and appointed Ms. Feldstein to serve as an advisory board member as of January 19, 2005, until they could seek shareholder approval to amend
their charters to increase the maximum number of Directors, which proposal is included as Proposal 2A in this Proxy Statement. Ms. Feldstein is being nominated for election with respect to each of these other Trusts, even if she is not in the class
of Directors standing for election, because the vacancy which she is filling will be created at the Annual Meeting if Proposal 2A is approved and, as a result, Section 16(a) of the Investment Company Act of 1940, as amended (the "40 Act"), requires
her to be nominated for election at this meeting. If Proposal 2A is not approved at this Annual Meeting for a Trust, Ms. Feldstein will not serve as a Director of such Trust that is not an Expanded Board Trust, even if she receives sufficient votes
to be elected under this Proposal. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Each Director elected will hold office for three years and until their successors shall have been elected and qualified, except that Mr. Hubbard and Ms. Feldstein will serve until the end of
the term for the class of Directors to which they were appointed, if such class is not standing for election at this meeting. The other Directors of the Trusts will continue to serve under their current terms. The other classes will be elected at
subsequent annual meetings of shareholders. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">BAT and BCT each hold substantially all of their assets in their respective wholly owned subsidiaries, BAT Subsidiary Inc. ("BATS") and BCT Subsidiary Inc. ("BCTS"). The Board of each wholly
owned subsidiary is identical to the Board of its respective parent company. Accordingly, nominees elected as Directors of BAT and BCT, respectively, will be appointed by BAT and BCT, respectively, to serve as Directors of BATS and BCTS,
respectively, each of which has investment objectives and policies identical to BAT and BCT, respectively.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Certain information concerning the nominees for each of the Trusts is set forth in the table below. All of the nominees are currently Directors of each of the Trusts, including BATS and BCTS,
and have served in such capacity since each of the Trusts commenced their respective operations, except for the following exceptions: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">Mr. Richard E. Cavanagh has served as Director since his appointment by the Boards of BKN, BRM, BFC, BRF, BLN, BCT,</FONT> <FONT size=2 face="serif">BKT, BAT, BMN, RAA, RFA, RNJ, RNY, BNA and BMT on August 11, 1994 to fill
a vacancy;<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Mr. James Clayburn La Force, Jr. has served as Director since his election at the Trusts' annual meeting of shareholders on June</FONT> <FONT size=2 face="serif">19, 1992 with respect to BKT, BAT, BMN, BNA and
BMT;<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Mr. Walter F. Mondale, who was previously a Director of BKN, BRM, BFC, BLN, BCT, BKT, BAT, BMN, BMT, RFA, RAA,</FONT> <FONT size=2 face="serif">RNJ, RNY, BNA and BRF from inception to August 12, 1993, has served as Director
since his election at the Trusts' annual</FONT> <FONT size=2 face="serif">meeting of shareholders on April 15, 1997, except that he resigned on October 31, 2002 to run for the U.S. Senate and was</FONT> <FONT size=2 face="serif">subsequently
reappointed by the Boards on November 12, 2002, and was re-elected by the shareholders of BKN, BRM, BFC,</FONT> <FONT size=2 face="serif">BLN, BCT, BKT, BAT, BMN, BMT, RAA, RNJ, RNY and BNA on May 22, 2003;<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Mr. Robert S. Kapito was appointed by the Boards on August 22, 2002 to fill a vacancy;<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Mr. R. Glenn Hubbard was appointed to the Board of each Trust November 23, 2004; and<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">Ms. Kathleen F. Feldstein was appointed to the Expanded Board Trusts as of January 19, 2005 and also was appointed as an</FONT> <FONT size=2 face="serif">advisory board member on the remaining 32 Trusts as of January 19,
2005.</FONT></LI>
</UL>
<P align="center">
<FONT face="serif">4</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_7"></A>

<P>
<FONT size=2 face="serif">Pursuant to the requirements of Maryland law, Messrs. Mondale and Kapito were elected as Directors of BKN, BRM, BFC, BLN, BCT, BKT, BAT, BMN, BMT, RAA, RNJ, RNY and BNA at the Trusts' annual meeting of shareholders on May
22, 2003.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As of February 28, 2005, each Director holds his/her position as to each of the 52 active funds</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP><FONT size=2 face="serif"> advised by
BlackRock Advisors, Inc. (the "Fund Complex"). As of February 28, 2005, the Fund Complex consisted of 52 active funds, each with one investment portfolio. Certain information concerning the nominees for each of the Trusts is set forth in the table
below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. The "interested" Directors (as defined in Section 2(a)(19) of the 40 Act) are indicated by an asterisk(*).
Independent directors are those who are not interested persons of the Trusts or BlackRock Advisors, Inc. and comply with the definition of "independent" (as defined in Rule 10A-3 under the Securities Exchange Act of 1934) (the "Independent
Directors"). Unless specified otherwise below, the business address of the Directors and officers of each of the Trusts is 40 East 52nd Street, New York, New York 10022, and the address of BlackRock Advisors, Inc. (the "Advisor") is 100 Bellevue
Parkway, Wilmington, Delaware 19809. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="center" valign="bottom">
        <TD width="32%">&nbsp;

        </TD>
        <TD width="34%">&nbsp;

        </TD>
        <TD width="34%">
 &nbsp;<B><FONT size=1 face="serif">OTHER DIRECTORSHIPS HELD BY</FONT></B>&nbsp;
        </TD>
</TR>
<TR align="center" valign="bottom">
        <TD>&nbsp;

        </TD>
        <TD>
<B><FONT size=1 face="serif">PRINCIPAL OCCUPATION(S) DURING</FONT></B>&nbsp;
        </TD>
        <TD>
<B><FONT size=1 face="serif">DIRECTOR OR NOMINEE FOR</FONT></B>&nbsp;
        </TD>
</TR>
<TR align="center" valign="bottom">
        <TD>
<B><FONT size=1 face="serif">NAME, ADDRESS AND AGE</FONT></B>&nbsp;
        </TD>
        <TD>
<B><FONT size=1 face="serif">PAST 5 YEARS</FONT></B>&nbsp;
        </TD>
        <TD>
<B><FONT size=1 face="serif">DIRECTOR</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=1 face="serif">INTERESTED DIRECTORS:</FONT></B>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=3>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Ralph L. Schlosstein*</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Director since 1999 and President of</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Chairman and President of the BlackRock</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Age 54</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BlackRock, Inc. since its formation in 1998</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Liquidity Funds (10 portfolios). Director of</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Class II</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">and of BlackRock, Inc.'s predecessor entities</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Anthracite Capital, Inc. and Director of</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">since 1988. Member of the Management</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">several of BlackRock's alternative investment</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">Committee and Investment Strategy Group of</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">vehicles. Currently a member of the Visiting</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">BlackRock, Inc. Formerly, Managing</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Board of Overseers of the John F. Kennedy</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">Director of Lehman Brothers, Inc. and Co-</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">School of Government at Harvard University,</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">head of its Mortgage and Savings Institutions</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">a member of the board of the Financial</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">Group. Currently, Chairman and President of</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Institutions Center of The Wharton School of</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">the BlackRock Liquidity Funds and Director</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">the University of Pennsylvania, a trustee of</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">of several of BlackRock&#146;s alternative</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">the American Museum of Natural History, a</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">investment vehicles.</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">trustee of Trinity School in New York City, a</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">member of the Board of Advisors of</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">Marujupu LLC, and a Trustee of New Visions</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">for Public Education and of The Public</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">Theater in New York City. Formerly, a</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">Director of Pulte Corporation, the nation&#146;s</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">largest homebuilder, a Trustee of Denison</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">University and a member of Fannie Mae's</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">Advisory Council.</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=3>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Robert S. Kapito*</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Vice Chairman of BlackRock, Inc., Head of</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Chairman of the Hope and Heroes Children's</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Age: 48</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">the Portfolio Management Group. Also a</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Cancer Fund. President of the Board of</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Class III</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">member of the Management Committee, the</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Directors of the Periwinkle National Theatre</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">Investment Strategy Group, the Fixed Income</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">for Young Audiences. Director of</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">and Global Operating Committees and the</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">icruise.com, Corp.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">Equity Investment Strategy Group of</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR align="left" valign="bottom">
        <TD>&nbsp;
        </TD>
    <TD><FONT size=1 face="serif">BlackRock, Inc. Responsible for the portfolio</FONT></TD>
    <TD>&nbsp;</TD>
</TR>
<TR align="left" valign="bottom">
        <TD>&nbsp;
</TD>
    <TD><FONT size=1 face="serif">management of the Fixed Income, Domestic</FONT> </TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">Equity and International Equity, Liquidity,</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">and Alternative Investment Groups of</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">BlackRock.</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><HR align="left" width="12%" size=1 noshade></TD>
  </TR>
<TR>
        <TD width="34" valign=top nowrap>
<FONT size=1 face="serif">1</FONT></TD>
        <TD width="1052">
<FONT size=2 face="serif">The 52 active funds consist of 51 funds listed on a nationally recognized stock exchange and one interval fund, Partners Balanced Trust. The BlackRock Pennsylvania Strategic Municipal Trust (BPS), The BlackRock Strategic
Municipal Trust (BSD) and Partners Balanced Trust are not specifically included in this Proxy Statement but may be referred to throughout.</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT face="serif">5</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_8"></A>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="center" valign="bottom">
        <TD width=32%>&nbsp;

        </TD>
        <TD width=34%>&nbsp;

        </TD>
        <TD width=34%>
 &nbsp;<B><FONT size=1 face="serif">OTHER DIRECTORSHIPS HELD BY</FONT></B>&nbsp;
        </TD>
</TR>
<TR align="center" valign="bottom">
        <TD>&nbsp;

        </TD>
        <TD>
<B><FONT size=1 face="serif">PRINCIPAL OCCUPATION(S) DURING</FONT></B>&nbsp;
        </TD>
        <TD>
<B><FONT size=1 face="serif">DIRECTOR OR NOMINEE FOR</FONT></B>&nbsp;
        </TD>
</TR>
<TR align="center" valign="bottom">
        <TD>
<B><FONT size=1 face="serif">NAME, ADDRESS AND AGE</FONT></B>&nbsp;
        </TD>
        <TD>
<B><FONT size=1 face="serif">PAST 5 YEARS</FONT></B>&nbsp;
        </TD>
        <TD>
<B><FONT size=1 face="serif">DIRECTOR</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=1 face="serif">INDEPENDENT DIRECTORS:</FONT></B>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=3>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Andrew F. Brimmer</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">President of Brimmer &amp; Company, Inc., a</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Director of CarrAmerica Realty Corporation</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">P.O. Box 4546</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Washington D.C.-based economic and</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">and Borg-Warner Automotive. Formerly</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">New York, NY 10163</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">financial consulting firm, also Wilmer D.</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Director of AirBorne Express, BankAmerica</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Age: 78</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Barrett Professor of Economics, University of</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Corporation (Bank of America), BellSouth</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Class III</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Massachusetts - Amherst. Formerly member</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Corporation, College Retirement Equities</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">of the Board of Governors of the Federal</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Fund (Trustee), Commodity Exchange, Inc.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">Reserve System. Formerly Chairman,</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">(Public Governor), Connecticut Mutual Life</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">District of Columbia Financial Control Board.</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Insurance Company, E.I. du Pont de Nemours</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">&amp; Company, Equitable Life Assurance</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">Society of the United States, Gannett</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">Company, Mercedes-Benz of North America,</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">MNC Financial Corporation (American</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">Security Bank), NCM Capital Management,</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">Navistar International Corporation, PHH</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">Corp. and UAL Corporation (United</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">Airlines).</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=3>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Richard E. Cavanagh</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">President and Chief Executive Officer of The</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Trustee, Aircraft Finance Trust (AFT) and</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">P.O. Box 4546</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Conference Board, Inc., a leading global</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Educational Testing Service (ETS). Director,</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">New York, NY 10163</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">business research organization, from 1995-</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Arch Chemicals, Fremont Group and The</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Age: 58</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">present. Former Executive Dean of the John</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Guardian Life Insurance Company of</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Class I</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">F. Kennedy School of Government at</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">America.</FONT>&nbsp;
        </TD>
</TR>
<TR align="left" valign="bottom">
        <TD>&nbsp;
</TD>
    <TD><FONT size=1 face="serif">Harvard University from 1988-1995. Acting</FONT> </TD>
    <TD>&nbsp;</TD>
</TR>
<TR align="left" valign="bottom">
        <TD>&nbsp;

        </TD>
        <TD>
<FONT size=1 face="serif">Director, Harvard Center for Business and</FONT>&nbsp;
        </TD>
        <TD>&nbsp;

        </TD>
</TR>
<TR align="left" valign="bottom">
        <TD>&nbsp;
</TD>
    <TD><FONT size=1 face="serif">Government (1991-1993). Formerly Partner</FONT></TD>
    <TD>&nbsp;</TD>
</TR>
<TR align="left" valign="bottom">
        <TD>&nbsp;

        </TD>
        <TD>
<FONT size=1 face="serif">(principal) of McKinsey &amp; Company, Inc.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;

        </TD>
</TR>
<TR align="left" valign="bottom">
        <TD>&nbsp;
</TD>
    <TD><FONT size=1 face="serif">(1980-1988). Former Executive Director of</FONT> </TD>
    <TD>&nbsp;</TD>
</TR>
<TR align="left" valign="bottom">
        <TD>&nbsp;

        </TD>
        <TD>
<FONT size=1 face="serif">Federal Cash Management, White House</FONT>&nbsp;
        </TD>
        <TD>&nbsp;

        </TD>
</TR>
<TR align="left" valign="bottom">
        <TD>&nbsp;

        </TD>
        <TD>
<FONT size=1 face="serif">Office of Management and Budget (1977-</FONT>&nbsp;
        </TD>
        <TD>&nbsp;

        </TD>
</TR>
<TR align="left" valign="bottom">
        <TD>&nbsp;

        </TD>
        <TD>
<FONT size=1 face="serif">1979). Co-author, THE WINNING</FONT>&nbsp;
        </TD>
        <TD>&nbsp;

        </TD>
</TR>
<TR align="left" valign="bottom">
        <TD>&nbsp;
</TD>
    <TD><FONT size=1 face="serif">PERFORMANCE (best selling management</FONT></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">book published in 13 national editions).</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=3>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Kent Dixon</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Consultant/Investor. Former President and</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Former Director of ISFA (the owner of</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">P.O. Box 4546</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Chief Executive Officer of Empire Federal</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">INVEST, a national securities brokerage</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">New York, NY 10163</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Savings Bank of America and Banc PLUS</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">service designed for banks and thrift</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Age: 67</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Savings Association, former Chairman of the</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">institutions).</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Class III</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Board, President and Chief Executive Officer</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">of Northeast Savings.</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=3>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Frank J. Fabozzi</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Consultant. Editor of THE JOURNAL OF</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Director, Guardian Mutual Funds Group (18</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">P.O. Box 4546</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">PORTFOLIO MANAGEMENT and</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">portfolios).</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">New York, NY 10163</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Frederick Frank Adjunct Professor of Finance</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Age: 56</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">at the School of Management at Yale</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Class II</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">University. Author and editor of several</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR align="left" valign="bottom">
        <TD>&nbsp;
</TD>
    <TD><FONT size=1 face="serif">books on fixed income portfolio management.</FONT></TD>
    <TD>&nbsp;</TD>
</TR>
<TR align="left" valign="bottom">
        <TD>&nbsp;
</TD>
    <TD><FONT size=1 face="serif">Visiting Professor of Finance and Accounting</FONT> </TD>
    <TD>&nbsp;</TD>
</TR>
<TR align="left" valign="bottom">
        <TD>&nbsp;

        </TD>
        <TD>
<FONT size=1 face="serif">at the Sloan School of Management,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;

        </TD>
</TR>
<TR align="left" valign="bottom">
        <TD>&nbsp;
</TD>
    <TD><FONT size=1 face="serif">Massachusetts Institute of Technology from</FONT> </TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">1986 to August 1992.</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=3>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Kathleen F. Feldstein</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">President of Economics Studies, Inc., a</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Director of BellSouth Inc., Ionics, Inc., and</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">P.O. Box 4546</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Belmont, MA-based private economic</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Knight Ridder, Inc.; Trustee of the Museum</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">New York, NY 10163-4546</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">consulting firm, since 1987; Chair, Board of</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">of Fine Arts, Boston, and of the Committee</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Age: 63</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Trustees, McLean Hospital in Belmont, MA.</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">for Economic Development; Corporation</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Class II</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">Member, Partners HealthCare and Sherrill</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">House; Member of the Visiting Committee of</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">the Harvard University Art Museums and of</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">the Advisory Board to the International</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">School of Business at Brandeis University.</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT face="serif">6</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_9"></A>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="center" valign="bottom">
        <TD width=32%>&nbsp;

        </TD>
        <TD width=34%>&nbsp;

        </TD>
        <TD width=34%>
 &nbsp;<B><FONT size=1 face="serif">OTHER DIRECTORSHIPS HELD BY</FONT></B>&nbsp;
        </TD>
</TR>
<TR align="center" valign="bottom">
        <TD>&nbsp;

        </TD>
        <TD>
<B><FONT size=1 face="serif">PRINCIPAL OCCUPATION(S) DURING</FONT></B>&nbsp;
        </TD>
        <TD>
<B><FONT size=1 face="serif">DIRECTOR OR NOMINEE FOR</FONT></B>&nbsp;
        </TD>
</TR>
<TR align="center" valign="bottom">
        <TD>
<B><FONT size=1 face="serif">NAME, ADDRESS AND AGE</FONT></B>&nbsp;
        </TD>
        <TD>
<B><FONT size=1 face="serif">PAST 5 YEARS</FONT></B>&nbsp;
        </TD>
        <TD>
<B><FONT size=1 face="serif">DIRECTOR</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">R. Glenn Hubbard</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Dean of Columbia Business School since July</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Director of ADP, Dex Media, KKR Financial</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">P.O. Box 4546</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">1, 2004. Columbia faculty member since</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Corporation, and Ripplewood Holdings.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">New York, NY 10163</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">1988. Co-director of Columbia Business</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Member of Board of Directors of Duke</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Age: 46</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">School&#146;s Entrepreneurship Program 1994-</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Realty. Formerly on the advisory boards of</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Class I</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">1997. Visiting Professor at the John F.</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">the Congressional Budget Office, the Council</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">Kennedy School of Government at Harvard</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">on Competitiveness, the American Council on</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">University and the Harvard Business School,</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Capital Formation, the Tax Foundation and</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">as well as the University of Chicago. Visiting</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">the Center for Addiction and Substance</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">scholar at the American Enterprise Institute in</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Abuse. Trustee of Fifth Avenue Presbyterian</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">Washington and member of International</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Church of New York.</FONT>&nbsp;
        </TD>
</TR>
<TR align="left" valign="bottom">
        <TD>&nbsp;
</TD>
    <TD><FONT size=1 face="serif">Advisory Board of the MBA Program of Ben-</FONT></TD>
    <TD>&nbsp;</TD>
</TR>
<TR align="left" valign="bottom">
        <TD>&nbsp;
</TD>
    <TD><FONT size=1 face="serif">Gurion University. Deputy assistant secretary</FONT></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">of the U.S. Treasury Department for Tax</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">Policy 1991-1993. Chairman of the U.S.</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">Council of Economic Advisers under the</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">President of the United States 2001-2003.</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=3>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">James Clayburn La Force, Jr.</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Dean Emeritus of the John E. Anderson</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Director of Payden &amp; Rygel Investment</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">P.O. Box 4546</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Graduate School of Management, University</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Trust, Metzler-Payden Investment Trust,</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">New York, NY 10163</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">of California since July 1, 1993. Acting Dean</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Advisors Series Trust, Arena</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Age: 76</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">of the School of Business, Hong Kong</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Pharmaceuticals, Inc. and CancerVax</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Class I</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">University of Science and Technology 1990-</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Corporation.</FONT>&nbsp;
        </TD>
</TR>
<TR align="left" valign="bottom">
        <TD>&nbsp;
</TD>
    <TD><FONT size=1 face="serif">1993. From 1978 to September 1993, Dean</FONT> </TD>
    <TD>&nbsp;</TD>
</TR>
<TR align="left" valign="bottom">
        <TD>&nbsp;
</TD>
    <TD><FONT size=1 face="serif">of the John E. Anderson Graduate School of</FONT></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">Management, University of California.</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=3>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Walter F. Mondale</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Senior Counsel, Dorsey &amp; Whitney LLP, a</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Chairman of Panasonic Foundation Board of</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">P.O. Box 4546</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">law firm (January 2004 - present); Partner,</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Directors and Director of United Health</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">New York, NY 10163</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Dorsey &amp; Whitney LLP, (December 1996 -</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Foundation. Member of the Hubert H.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Age: 77</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">December 2003, September 1987 - August</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Humphrey Institute of Public Affairs</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Class II</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">1993). Formerly U.S. Ambassador to Japan</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Advisory Board, The Mike and Maureen</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">(1993 - 1996). Formerly Vice President of</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Mansfield Foundation, Dean's Board of</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">the United States, U.S. Senator and Attorney</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Visitors of the Medical School at the</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">General of the State of Minnesota. 1984</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">University of Minnesota.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">Democratic Nominee for President of the</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=1 face="serif">United States.</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P>
<B><I><FONT size=2 face="serif">DO THE TRUSTS HAVE ANY COMMITTEES? </FONT></I></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Yes. The Trusts' Directors have determined that the efficient conduct of the Trusts' affairs makes it desirable to delegate responsibility for certain specific matters to committees of the
Boards. The committees meet as often as necessary, either in conjunction with regular meetings of the Directors or otherwise. The Governance Committee appoints the members and chairperson of the Audit Committee and the chairperson of the Governance
Committee. </FONT></P>
<P>
<B><FONT size=2 face="serif">EXECUTIVE COMMITTEE </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Each Trust has an Executive Committee composed of Messrs. Schlosstein and Kapito, which acts on behalf of the full Board on certain matters in the interval between meetings of the Board.
</FONT></P>
<P>
<B><FONT size=2 face="serif">AUDIT COMMITTEE </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Each of the Trusts has an Audit Committee, composed of four of the Independent Directors, which is charged with selecting a firm of independent registered public accountants for its respective
Trust and reviewing accounting matters with the accountants. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Audit Committee of each Trust presents the following report:</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Audit Committee of each Trust has performed the following functions: (i) the Audit Committee reviewed and discussed the audited financial statements of each Trust with management of each
respective Trust, (ii) the Audit Committee discussed with the independent registered public accounting firm the matters required to be discussed by the Statement on Auditing </FONT></P>
<P align="center">
<FONT face="serif">7</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_10"></A>

<P>
<FONT size=2 face="serif">Standards No. 61, (iii) the Audit Committee received the written disclosures and the letter from the independent registered public accounting firm required by ISB Standard No. 1 and has discussed with the independent
registered public accounting firm their independence and (iv) the Audit Committee recommended to the Board of Directors of each Trust that the financial statements be included in each Trust's Annual Report for the past fiscal year. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The members of the Audit Committee of each Trust are Messrs. Brimmer (Chairman of the Audit Committee), Cavanagh, Dixon and Fabozzi, all of whom are Independent Directors. The Board of each
Trust has determined that each Trust has two audit committee financial experts serving on its Audit Committee, Dr. Brimmer and Mr. Dixon, both of whom are independent for the purpose of the definition of audit committee financial expert as
applicable to the Trusts. The Audit Committee of each Trust has determined that service by each member of the Audit Committee on the Audit Committee of each fund in the Fund Complex shall be deemed to be the functional equivalent of service on a
single Audit Committee for purposes of the corporate governance rules of the New York Stock Exchange and the American Stock Exchange and that such simultaneous service does not impair the ability of members of the Audit Committee to effectively
serve on the Audit Committee of each Trust. The Audit Committee is governed by a written charter, which was reapproved on February 19, 2005 and is attached hereto as Appendix C. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=50% align=left>&nbsp;</TD>
        <TD width=50% align=left>
<FONT size=2 face="serif">AUDIT COMMITTEE</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">Andrew Brimmer (Chairman)</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">Richard E. Cavanagh</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">Kent Dixon</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">Frank J. Fabozzi</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P>
<B><FONT size=2 face="serif">GOVERNANCE COMMITTEE </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Each of the Trusts has a Governance Committee, which also performs the functions normally performed by a nominating committee. The Governance Committee is composed of all of the Independent
Directors. The 40 Act requires that the Trusts have a minimum proportion of directors who are not affiliated in any way with the investment manager, principal underwriter or any broker-dealer of the Trusts. These Independent Directors must vote
separately to approve all financial arrangements and other agreements with the Trusts' investment manager and other affiliated parties. Each Trust's Independent Directors meet regularly as a group in executive session as the Governance Committee. As
part of its duties, the Governance Committee makes recommendations to the full Board of each Trust with respect to candidates for the Board and with respect to the compensation of Directors. The Governance Committee will consider director candidates
recommended by shareholders. In considering candidates submitted by shareholders, the Governance Committee will take into consideration the needs of the Board and the qualifications of the candidate. The Governance Committee may also take into
consideration the number of shares held by the recommending shareholder and the length of time that such shares have been held. To have a candidate considered by the Governance Committee, a shareholder must submit the recommendation in writing and
must include: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">The name of the shareholder and evidence of the person's ownership of shares of the applicable Trust(s),</FONT> <FONT size=2 face="serif">including the number of shares owned and the length of time of ownership;
and<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">The name of the candidate, the candidate's resume or a listing of his or her qualifications to be a Director of</FONT> <FONT size=2 face="serif">the Trust(s) and the person's consent to be named as a Director if selected by
the Governance Committee and</FONT> <FONT size=2 face="serif">nominated by the Board.</FONT></LI>
</UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The shareholder recommendation and information described above must be sent to the Corporate Secretary, c/o BlackRock, P.O. Box 4546, New York, New York 10163, and must be received by the
Corporate Secretary not less than 120 days prior to the anniversary date of the Trust's most recent annual meeting of shareholders (which will be no later than January 26, 2006, for next year's Annual Meeting). The Governance Committee believes that
the minimum qualifications for serving as a Director of the Trust(s) are that a candidate demonstrate, by significant accomplishment in his or her field, an ability to make a meaningful contribution to the Board's oversight of the business and
affairs of the Trust(s) and have an impeccable record and reputation for honest and ethical conduct in both his or her professional and personal activities. In addition, the Governance Committee examines a candidate's specific experiences and
skills, time availability in light of other commitments, potential conflicts of interest and independence from management and the Trust(s). The Governance Committee also seeks to have the Board represent a diversity of backgrounds and experience.
</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Joint Governance Committee Charter of the Trusts is available at BlackRock's website at http://www.blackrock.com/indiv/products/closedendfunds/corpgov.html. </FONT></P>
<P align="center">
<FONT face="serif">8</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_11"></A>

<P>
<B><I><FONT size=2 face="serif">* &nbsp;&nbsp;DO THE TRUSTS HAVE A POLICY WITH RESPECT TO THE ATTENDANCE OF DIRECTORS AT THE ANNUAL MEETING? </FONT></I></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">It is the Trusts' policy to encourage Directors to attend the Annual Meeting. At the Annual Meeting on May 26, 2004, all of the Trusts' Directors serving at that time were present. </FONT></P>
<P>
<B><I><FONT size=2 face="serif">* &nbsp;&nbsp;HOW CAN THE TRUSTS' SHAREHOLDERS SEND COMMUNICATIONS TO THE DIRECTORS?</FONT></I></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Shareholders and other interested parties may contact the Boards or any member of the Boards by mail or electronically. To communicate with the Boards or any member of the Boards,
correspondence should be addressed to the Board or the Board members with whom you wish to communicate by either name or title. All such correspondence should be sent c/o Secretary of the applicable Trust or Trusts at P.O. Box 4546, New York, New
York 10163. Shareholders may communicate with the Boards electronically by sending an email to closedendfundsbod@blackrock.com. </FONT></P>
<P>
<B><I><FONT size=2 face="serif">* &nbsp;&nbsp;HOW MANY SHARES OF THE TRUSTS DO THE DIRECTORS OWN? </FONT></I></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The chart attached hereto as Appendix D lists the number of shares beneficially owned by the Directors and the number of share equivalents owned by the Directors pursuant to the Directors'
deferred compensation plan.</FONT></P>
<P>
<B><I><FONT size=2 face="serif">* &nbsp;&nbsp;HOW OFTEN DO THE DIRECTORS MEET?</FONT></I></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Six meetings of the Boards of each of BZA, BIE, BZM, BBK, BLJ, BQH, BHV, BLE, BCL, BFY, BYM, BCK, BAF and BSE were held during their last fiscal year between September 1, 2003 and August 31,
2004. Eight meetings of the Boards of each of BNA, BHD, BCT, BHY, BKN, BKT, RAA, RNJ, RNY, BHK, RFA, BBF, BFK, BFZ, BNJ, BLW and BNY were held during their last fiscal year between November 1, 2003 and October 31, 2004. Seven meetings of the Boards
of each of BMN, BFC, BLN, BMT, BRM, BAT, BRF, BJZ, BLH, BKK, BFO, BPP and BPK were held during their last fiscal year between January 1, 2004 and December 31, 2004. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Six meetings of the Audit Committees of each of BZA, BIE, BZM, BBK, BLJ, BQH, BHV, BLE, BCL, BFY, BYM, BCK, BAF and BSE were held during their last fiscal year between September 1, 2003 and
August 31, 2004. Six meetings of the Audit Committees of each of BNA, BHD, BCT, BHY, BKN, BKT, RAA, RFA, RNJ, RNY, BFK, BFZ, BBF, BNJ, BNY, BLW and BHK were held during their last fiscal year between November 1, 2003 and October 31, 2004. Seven
meetings of the Audit Committees of each of BPK, BJZ, BLH, BMN, BFC, BLN, BMT, BRF, BRM, BAT, BKK, BFO and BPP were held during their last fiscal year between January 1, 2004 and December 31, 2004. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Five meetings of the Governance Committees of each of BZA, BIE, BZM, BBK, BLJ, BQH, BHV, BLE, BCL, BFY, BYM, BCK, BAF and BSE were held during their last fiscal year between September 1, 2003
and August 31, 2004. Five meetings of the Governance Committees of each of BNA, BHD, BCT, BHY, BKN, BKT, RAA, RFA, RNJ, RNY, BFK, BFZ, BBF, BNJ, BNY, BLW and BHK were held during their last fiscal year between November 1, 2003 and October 31, 2004.
Five meetings of the Governance Committees of each of BPK, BJZ, BLH, BMN, BFC, BLN, BMT, BRF, BRM, BAT, BKK, BFO and BPP were held between their last fiscal year from January 1, 2004 and December 31, 2004. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">During each Trust's last full fiscal year, each Director attended at least 75% of the aggregate of: (i) all regular meetings of the Board of each Trust (held during the period for which the
Director served on the Board); and (ii) all meetings of all committees of the Board of each Trust on which the Director served (during the periods that the Director served).</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Annual meeting information and Directors' attendance for BGR, BDT, BQY, BDV and BGT have not been provided because such Trusts have not been in operation for a full fiscal year. </FONT></P>
<P>
<B><I><FONT size=2 face="serif">* &nbsp;&nbsp;WHAT ARE THE DIRECTORS PAID FOR THEIR SERVICES? </FONT></I></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table sets forth certain information regarding the compensation of the Trusts' Directors (other than the "interested" Directors (as defined in Section 2(a)(19) of the 40 Act) who
do not receive a salary from the Trusts): </FONT></P>
<P align="center">
<FONT face="serif">9</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_12"></A>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="center" valign="bottom">
        <TD width=31%>&nbsp;

        </TD>
        <TD width=13%>&nbsp;
        </TD>
        <TD colspan="3">
      <B><FONT size=2 face="serif">TOTAL COMPENSATION FROM THE FUND</FONT></B>
        </TD>
  </TR>
<TR align="center" valign="bottom">
        <TD>
<B><FONT size=2 face="serif">NAME OF DIRECTOR</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="3">
<B><FONT size=2 face="serif">COMPLEX PAID TO DIRECTORS</FONT></B><B><SUP><FONT size=2 face="serif">(1)</FONT></SUP></B>
        </TD>
  </TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD width="24%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="24%">
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Andrew F. Brimmer</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">270,000</FONT>
        </TD>
        <TD align=left>
<SUP><FONT size=2 face="serif">(2)(3)(4)</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Richard E. Cavanagh</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">210,000</FONT>
        </TD>
        <TD align=left>
<SUP><FONT size=2 face="serif">(2)(4)</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Kent Dixon</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">210,000</FONT>
        </TD>
        <TD align=left>
<SUP><FONT size=2 face="serif">(2)(4)</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Frank J. Fabozzi</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">203,333</FONT>
        </TD>
        <TD align=left>
<SUP><FONT size=2 face="serif">(2)(4)</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Kathleen F. Feldstein</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD align=left>
<SUP><FONT size=2 face="serif">(5)</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">R. Glenn Hubbard</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">11,875</FONT>
        </TD>
        <TD align=left>
<SUP><FONT size=2 face="serif">(6)</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">James Clayburn La Force, Jr.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">190,000</FONT>
        </TD>
        <TD align=left>
<SUP><FONT size=2 face="serif">(2)</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Walter F. Mondale</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">190,000</FONT>
        </TD>
        <TD align=left>
<SUP><FONT size=2 face="serif">(2)</FONT></SUP>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><HR align="left" width="12%" size=1 noshade></TD>
  </TR>
<TR>
        <TD nowrap valign=top>
<FONT size=2 face="serif">(1)</FONT></TD>
        <TD>
<FONT size=2 face="serif">Represents the total compensation earned by such persons during the calendar year ended December 31, 2004, from the Fund Complex.</FONT>      </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=2 face="serif">(2)</FONT></TD>
        <TD>
<FONT size=2 face="serif">Represents the aggregate compensation earned by such persons during the calendar year ended December 31, 2004. Of this amount, Dr. Brimmer, Mr. Cavanagh, Mr. Dixon, Mr. Fabozzi, Ms. Feldstein, Mr. Hubbard, Mr. La Force and
Mr.</FONT> <FONT size=2 face="serif">Mondale deferred &#36;50,000, &#36;50,000, &#36;50,000, &#36;43,333, &#36;0, &#36;11,875, &#36;190,000 and &#36;30,000, respectively, pursuant to the Fund Complex's deferred compensation plan (described below).</FONT> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=2 face="serif">(3)</FONT></TD>
        <TD>
<FONT size=2 face="serif">Dr. Brimmer serves as "lead independent director" for each Board in the Fund Complex. For his services as lead independent director, Dr. Brimmer is compensated in the amount of &#36;50,000 per annum by the Fund Complex
allocated among the Trusts in the Fund Complex based on each Trust's relative net assets. Dr. Brimmer receives an additional &#36;30,000 per annum from the Fund Complex for his service as the Audit Committee Chairman of the Fund
Complex.</FONT> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=2 face="serif">(4)</FONT></TD>
        <TD>
<FONT size=2 face="serif">Messrs. Brimmer, Cavanagh, Dixon and Fabozzi serve on the Audit Committee of the Fund Complex and for their service receive an additional &#36;20,000 base per annum, allocated among the Trusts in the Fund Complex based on
their relative net assets.</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=2 face="serif">(5)</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD>
<FONT size=2 face="serif">Ms. Feldstein joined each Trust as a Director or an advisory board member as of January 19, 2005, and therefore received no compensation in 2004.</FONT>      </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=2 face="serif">(6)</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD>
<FONT size=2 face="serif">Mr. Hubbard was appointed to each Board as of November 16, 2004. The annual fee paid by each Trust to Mr. Hubbard was pro rated for the 46 days of 2004 he served on the Boards.</FONT>       </TD>
</TR>
</TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">During the last fiscal year, each Independent Director received an annual fee calculated as follows: (i) &#36;6,000 from each Trust in the Fund Complex and (ii) &#36;1,000 for each meeting of
each Board in the Fund Complex attended by such Independent Director. The total annual aggregate compensation for each Independent Director was capped at &#36;190,000 per annum, except that Dr. Brimmer received an additional &#36;45,000 (&#36;50,000
per annum pro-rated for mid-year compensation increases) from the Fund Complex for acting as the lead independent director for each Board in the Fund Complex and an additional &#36;15,000 (&#36;30,000 per annum pro-rated for mid-year compensation
increases) from the Fund Complex for acting as the Audit Committee Chairman of the Fund Complex and Messrs. Brimmer, Cavanagh and Dixon received an additional &#36;20,000 base per annum, and Mr. Fabozzi received an additional &#36;13,333
(&#36;20,000 base per annum pro-rated for appointment to the Audit Committee) mid-year from the Fund Complex for their service on the Audit Committee of the Fund Complex. This additional compensation to Messrs. Brimmer, Cavanagh, Dixon and Fabozzi
was allocated among the Trusts in the Fund Complex based on their relative net assets. In the event that the &#36;190,000 cap was met with respect to an Independent Director, the amount of the Independent Director's fee borne by each Trust in the
Fund Complex was reduced by reference to the net assets of the Trust relative to the other Trusts in the Fund Complex. In addition, the attendance fees of each Independent Director of the Trusts were reduced proportionately, based on each respective
Trust's net assets, so that the aggregate per meeting fee for all meetings of the Boards of the Trusts (excluding the per annum Audit Committee fee) held on a single day did not exceed &#36;15,834 for any Independent Director.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following Directors fees were accrued by the following Trusts during their last fiscal year from January 1, 2004 to December 31, 2004:</FONT><BR>
</P>
<P align="center">
<FONT face="serif">10</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<p><A name="page_13"></A>

</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="left" valign="bottom">
  <TD width=15%><FONT size=2 face="serif">BAT</FONT></TD>
  <TD width=1% align=right><FONT size=2 face="serif">&#36;</FONT></TD>
  <TD width=14%><FONT size=2 face="serif">17,100</FONT></TD>
  <TD width=15%><FONT size=2 face="serif">BMN</FONT></TD>
  <TD width=1% align=right><FONT size=2 face="serif">&#36;</FONT></TD>
  <TD width=14%><FONT size=2 face="serif">72,200</FONT></TD>
  <TD width=15%><FONT size=2 face="serif">BPP</FONT></TD>
  <TD width=1% align=right><FONT size=2 face="serif">&#36;</FONT></TD>
  <TD width=24%><FONT size=2 face="serif">56,400</FONT></TD>
</TR>
<TR align="left" valign="bottom">
        <TD>
<FONT size=2 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD>
<FONT size=2 face="serif">78,700</FONT>&nbsp;
        </TD>
        <TD>
<FONT size=2 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD>
<FONT size=2 face="serif">20,000<SUP><FONT size=2 face="serif">(1)</FONT></SUP>&nbsp;</FONT></TD>
        <TD>
<FONT size=2 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD>
<FONT size=2 face="serif">40,300</FONT>&nbsp;
        </TD>
</TR>
<TR align="left" valign="bottom">
        <TD>
<FONT size=2 face="serif">BLN</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD>
<FONT size=2 face="serif">27,800</FONT>&nbsp;
        </TD>
        <TD>
<FONT size=2 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD>
<FONT size=2 face="serif">41,700</FONT>
        </TD>
        <TD>&nbsp;

        </TD>
        <TD>

        </TD>
        <TD>&nbsp;

        </TD>
</TR>
<TR align="left" valign="bottom">
        <TD>
<FONT size=2 face="serif">BFC</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD>
<FONT size=2 face="serif">26,000</FONT>&nbsp;
        </TD>
        <TD>
<FONT size=2 face="serif">BJZ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD>
<FONT size=2 face="serif">13,500</FONT>
        </TD>
        <TD>&nbsp;

        </TD>
        <TD>

        </TD>
        <TD>&nbsp;

        </TD>
</TR>
<TR align="left" valign="bottom">
        <TD>
<FONT size=2 face="serif">BRF</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD>
<FONT size=2 face="serif">20,900</FONT>&nbsp;
        </TD>
        <TD>
<FONT size=2 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD><FONT size=2 face="serif">33,300</FONT>
        </TD>
        <TD>&nbsp;

        </TD>
        <TD>

        </TD>
        <TD>&nbsp;

        </TD>
</TR>
<TR align="left" valign="bottom">
        <TD>
<FONT size=2 face="serif">BFO</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD>
<FONT size=2 face="serif">13,200</FONT>&nbsp;
        </TD>
        <TD>
<FONT size=2 face="serif">BLH</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD>
<FONT size=2 face="serif">12,800</FONT>
        </TD>
        <TD>&nbsp;

        </TD>
        <TD>

        </TD>
        <TD>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD colspan="2" valign=top nowrap><HR align="left" width="12%" size=1 noshade></TD>
  </TR>
<TR>
        <TD width="32" valign=top nowrap>
<FONT size=1 face="serif">(1)</FONT>    </TD>
        <TD width="1053">
<FONT size=2 face="serif">BGT accrual does not represent a full fiscal year because the Trust was formed during the prior fiscal year.</FONT>   </TD>
</TR>
</TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following Directors fees were accrued by the following Trusts during their last fiscal year from November 1, 2003 to October 31, 2004: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=15% align=left>
<FONT size=2 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD width=14% align=left>
<FONT size=2 face="serif">12,400</FONT>
        </TD>
        <TD width=15% align=left>
<FONT size=2 face="serif">RNY</FONT>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD width=14% align=left>
<FONT size=2 face="serif">12,500</FONT>
        </TD>
        <TD width=15% align=left>
<FONT size=2 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD width=21% align=left>
<FONT size=2 face="serif">58,200</FONT>
        </TD>
        <TD width=3% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">13,000</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">36,700</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">13,900</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">RAA</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">12,500</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">59,800</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">79,800</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">RFA</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">12,500</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BBF</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">14,300</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BNJ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">15,700</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BFZ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">30,700</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BNY</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">26,700</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">80,200</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">RNJ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">12,500</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">78,300</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">67,300<SUP><FONT size=2 face="serif">(2)</FONT></SUP></FONT></TD>
        <TD align=left>
<SUP></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BDT</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">39,400<SUP><FONT size=2 face="serif">(2)</FONT></SUP>&nbsp;</FONT></TD>
        <TD align=left>
<FONT size=2 face="serif">BQY</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">6,400<SUP><FONT size=2 face="serif">(2)</FONT></SUP></FONT></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD colspan="2" valign=top nowrap><HR align="left" width="12%" size=1 noshade></TD>
  </TR>
<TR>
        <TD width="3%" valign=top nowrap>
<FONT size=1 face="serif">(2)</FONT></TD>
        <TD width="97%">
<FONT size=2 face="serif">BDV, BDT and BQY accruals do not represent a full fiscal year because the Trust was formed during the prior fiscal year. BGR was not yet formed during this time period.</FONT>       </TD>
</TR>
</TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following Directors fees were accrued by the following Trusts during their last fiscal year from September 1, 2003 to August 31, 2004: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=15% align=left>
<FONT size=2 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD width=14% align=left>
<FONT size=2 face="serif">21,200</FONT>&nbsp;
        </TD>
        <TD width=15% align=left>
<FONT size=2 face="serif">BHV</FONT>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD width=14% align=left>
<FONT size=2 face="serif">12,400</FONT>&nbsp;
        </TD>
        <TD width=15% align=left>
<FONT size=2 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD width=24% align=left>
<FONT size=2 face="serif">54,500</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BZA</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">12,800</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">45,400</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BCK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">13,200</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BIE</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">12,800</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BCL</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">16,100</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BAF</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">18,300</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BZM</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">12,400</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLJ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">12,400</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BSE</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">13,500</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BQH</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">12,800</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BFY</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">13,200</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">None of the Directors received any pension or retirement benefits. Under the deferred compensation plan (the "Plan") approved by each Trust's Board, Independent Directors may elect to defer
receipt of all or a portion of their annual compensation. As of January 1, 2003, the Board elected to require its Independent Directors to defer a portion of their annual compensation pursuant to the Plan. Deferred amounts earn an approximate return
as though equivalent dollar amounts had been invested in common shares of certain BlackRock closed-end Trusts selected by the Directors. This has the same economic effect for the Directors as if the Directors had invested the deferred amounts in
such Trusts. The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of the Trust. Each Trust may, however, elect to invest in common shares of those Trusts selected by the Directors in order
to match its deferred compensation obligations.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Independent Directors have voluntarily agreed that at least &#36;30,000 of their &#36;190,000 base fee will be mandatorily deferred pursuant to the Plan. Also, members of the Audit
Committee of the Fund Complex are required to defer all of the &#36;20,000 base per annum fee they will receive for their services on the Audit Committee pursuant to the Plan. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">None of the officers of the Trusts received any compensation, including pension or retirement benefits, from the Trusts for such period. Messrs. Schlosstein, Kapito, Gabbay, Klingert, Kong,
Gary, Shea, Tritto, Battista, Kindelan and Ms. Ackerley, officers of the Trusts, are also affiliated with the Advisor or its affiliates. They receive compensation from the Advisor or one of its affiliates, although under the terms of the investment
advisory agreements some portion of their compensation could be reimbursable by a particular Trust to the extent such person's working time (other than time related to providing investment advisory services) is devoted to certain of that particular
Trust's operations.</FONT></P>
<P>
<B><I><FONT size=2 face="serif">* &nbsp;&nbsp;HOW LARGE A STAKE DO THE DIRECTORS HAVE IN THE TRUSTS? </FONT></I></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Directors believe each Director should have a beneficial investment in the BlackRock closed-end Trusts. The Directors allocate their investments among the 52 active BlackRock closed-end
Trusts based on their own investment needs. The </FONT></P>
<P align="center">
<FONT face="serif">11</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_14"></A>

<P>
<FONT size=2 face="serif">table attached at Appendix E to this Proxy Statement sets forth the dollar range of equity securities beneficially owned and share equivalents held by each Director in all of the BlackRock closed-end Trusts represented in
this Proxy Statement as of February 28, 2005. </FONT></P>
<P>
<B><I><FONT size=2 face="serif">* &nbsp;&nbsp;WHAT VOTE IS REQUIRED TO APPROVE THIS PROPOSAL? </FONT></I></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The affirmative vote of a plurality of the shares present for each Trust at the Annual Meeting at which a quorum is present is necessary to approve Proposal 1 for each respective Trust.
</FONT></P>
<P>
<B><I><FONT size=2 face="serif">* &nbsp;&nbsp;HOW DO THE DIRECTORS RECOMMEND I VOTE ON THIS PROPOSAL? </FONT></I></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">THE BOARD OF EACH TRUST, INCLUDING THE INDEPENDENT DIRECTORS, UNANIMOUSLY RECOMMENDS THAT YOU VOTE "FOR" EACH OF THE DIRECTORS NOMINATED UNDER PROPOSAL 1. </FONT></B></P>
<P>
<B><FONT size=2 face="serif">*&nbsp;&nbsp; </FONT></B><B><U><FONT size=2 face="serif">SECOND PROPOSAL</FONT></U></B><B><FONT size=2 face="serif">: </FONT></B><B><U><FONT size=2 face="serif">PROPOSAL 2A</FONT></U></B><B><FONT size=2 face="serif">: FOR EACH OF
BJZ, BPK, BLH, BHK, BHD, BBK, BQH, BZA, BIE, BZM, BLJ, BHV, BCL, BLE, BFY, BCK, BAF, BYM, BSE, BFO, BKK, BPP, BLW, BDV, BDT, BQY, BGT, BFZ, BBF, BFK, BNJ AND BNY TO AMEND ITS DECLARATION OF TRUST, TO CHANGE THE MAXIMUM NUMBER OF PERMITTED DIRECTORS
ALLOWED ON ITS RESPECTIVE BOARD TO 11 </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Board of each Trust has adopted a mandatory retirement age applicable to its members that requires a Director to retire on December 31st following the Director's 75th birthday, subject to
certain exceptions, including an extension of the retirement age if unanimously approved by the members of the Governance Committee. Because three members of the Boards (Dr. Brimmer and Messrs. LaForce and Mondale) currently serve pursuant to such
exceptions, the Governance Committee recently has concluded that it would be in the best interests of each Trust to elect new Directors to each Board, in order to permit the new Directors to become familiar with the operations of the Boards and to
generally provide for an orderly transition, prior to any potential retirements. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">To this end, based on the recommendation of the Governance Committee, the Directors appointed Mr. Hubbard to serve as the ninth Director of each Board on November 16, 2004.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On December 23, 2004, the Directors also appointed Ms. Feldstein to serve, as of January 19, 2005, as the 10th Director of the Board of each Expanded Board Trust (as defined in Proposal 1).
Each of these Trusts currently permits a maximum of 15 Directors on its Board. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Declaration of Trust of each Trust submitting this Proposal 2A to its shareholders (the "Proposal 2A Trusts") currently permits a maximum of nine Directors. In order to obtain the benefit
of Ms. Feldstein's knowledge and experience for all of the Trusts and to permit her to become familiar with the operations of the Board of each Trust, the Board of each Proposal 2A Trust formed an advisory board and appointed Ms. Feldstein to serve
each Proposal 2A Trust as an advisory board member. At that time, the Board of each Proposal 2A Trust also approved amending its Declaration of Trust or Articles of Incorporation, as appropriate, to increase the maximum number of Directors to 11, so
that Ms. Feldstein could seek to be elected to its Board and to allow for an additional director to be elected in the future. Such an amendment, however, requires the approval of shareholders of the respective Proposal 2A Trusts, so the Board of
each Proposal 2A Trust also approved submitting the amendment to shareholders of each Proposal 2A Trust. In addition, Ms. Feldstein has been nominated by each Board to serve as a Director of each Trust voting on Class II Directors at the meeting and
each other Trust for which her nomination was required by law, as set forth in Proposal 1 of this Proxy Statement, where biographical information about Ms. Feldstein may be found. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">If Proposal 2A is approved by the shareholders of a Proposal 2A Trust, the Declaration of Trust of such Trust will be amended to increase the maximum number of Directors to 11. Ms. Feldstein,
however, will serve as a Director of such Trust only if she also is elected a Director under Proposal 1. Ms. Feldstein's election to the Board of a Trust would not increase the expenses of such a Trust, because Ms. Feldstein currently receives the
same compensation as an advisory board member as she would receive as a Director. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The holders of the preferred shares, if any, and the holders of the common shares of a Proposal 2A Trust are entitled to vote on Proposal 2A as a single class. Approval of Proposal 2A for a
Trust requires the affirmative vote of (i) 67% or more of the shares present for such Trust at the meeting, if holders of more than 50% of the outstanding shares of such Trust are present at the meeting or represented by proxy or (ii) more than 50%
of the outstanding shares of such Trust, whichever is less, is required to approve this proposal. </FONT></P>
<P align="center">
<FONT face="serif">12</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_15"></A>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">THE BOARD OF EACH PROPOSAL 2A TRUST, INCLUDING THE INDEPENDENT DIRECTORS, UNANIMOUSLY RECOMMENDS THAT YOU VOTE "FOR" THIS PROPOSAL 2A. </FONT></B></P>
<P>
<B><FONT size=2 face="serif">*&nbsp;&nbsp; </FONT></B><B><U><FONT size=2 face="serif">PROPOSAL 2B</FONT></U></B><B><FONT size=2 face="serif">: FOR EACH OF BHY, BGR, BRF AND RFA TO AMEND ITS DECLARATION OF TRUST TO REDUCE THE MAXIMUM NUMBER OF PERMITTED
DIRECTORS ALLOWED ON ITS BOARD FROM 15 TO 11 </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Declaration of Trust of each Trust submitting this Proposal 2B to its shareholders (the "Proposal 2B Trusts") currently permits a maximum of fifteen (15) Directors. The Directors believe
that consistency among the Trusts generally enhances efficiency in administering the various Trusts. To this end, the Directors believe that creating a uniform maximum number of Directors for all of the Trusts is in the best interests of the
shareholders of the Trusts, including the Proposal 2B Trusts. In order to achieve uniformity in the closed-end fund family (assuming Proposal 2A is passed by each Proposal 2A Trust), it is necessary for each Proposal 2B Trust to reduce the maximum
number of Directors permitted to serve on its Board to 11. Such an amendment, however, requires the approval of shareholders of the respective Proposal 2B Trust, so the Board of each Proposal 2B Trust has approved submitting this proposal to
shareholders of each Proposal 2B Trust. If Proposal 2B is approved by the shareholders of a Proposal 2B Trust, the Declaration of Trust of such Trust will be amended to reduce the maximum number of Directors to 11.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The holders of the preferred shares, if any, and the holders of the common shares of a Proposal 2B Trust are entitled to vote on Proposal 2B as a single class. The affirmative vote of a
majority of the outstanding shares of a Proposal 2B Trust is necessary to approve Proposal 2B for the respective Trust.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">THE BOARD OF EACH PROPOSAL 2B TRUST, INCLUDING THE INDEPENDENT DIRECTORS, UNANIMOUSLY RECOMMENDS THAT YOU VOTE "FOR" THIS PROPOSAL 2B. </FONT></B></P>
<P>
<B><FONT size=2 face="serif">FURTHER INFORMATION ABOUT VOTING AND THE ANNUAL MEETING </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The cost of soliciting proxies will be borne by each Trust in proportion to the amount of proxies solicited on behalf of a Trust bears to the total proxies solicited on behalf of all of the
Trusts. In addition, certain officers, directors and employees of each of the Trusts and the Advisor, located at 100 Bellevue Parkway, Wilmington, Delaware 19809, (none of whom will receive additional compensation therefor) may solicit proxies by
telephone or mail. Also, certain of the Trusts may employ The Altman Group, Inc. pursuant to its standard contract as proxy solicitor, the cost of which will be borne proportionately by each of the Trusts and is estimated to be approximately
&#36;2,500 per Trust. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Abstentions will be counted as shares present at the Annual Meeting and will not affect the result of the vote on Proposal 1. Abstentions on Proposals 2A and 2B will have the same effect as a
negative vote. Broker non-votes, if any, will not affect the result of the vote on Proposal 1. Broker non-votes, if any, will have the same effect as a negative vote on Proposals 2A and 2B. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">All properly executed proxies received prior to the Annual Meeting will be voted at the Annual Meeting in accordance with the instructions marked thereon or otherwise as provided therein.
Shareholders may revoke their proxies at any time prior to the time they are voted by giving written notice to the Secretary of the Trust by delivering a subsequently dated proxy or by attending and voting at the Annual Meeting. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Board of each Trust has fixed the close of business on February 28, 2005 as the record date for the determination of shareholders of each Trust entitled to notice of, and to vote at, the
Annual Meeting. Shareholders of each Trust on that date will be entitled to one vote on each matter to be voted on by that Trust for each share held and a fractional vote with respect to each fractional share held with no cumulative voting rights.
</FONT></P>
<P align="center">
<FONT face="serif">13</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_16"></A>

<P align="center">
<B><FONT size=2 face="serif">ADDITIONAL INFORMATION</FONT></B></P>
<P>
<B><FONT size=2 face="serif">EXECUTIVE OFFICERS</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In addition to Messrs. Schlosstein and Kapito, all the following executive officers, except Messrs. Gary and Klingert, hold the same position with each of the Trusts. With respect to Mr.
Klingert, he is an officer of BRM, BLN, BFC, BRF, BKN, BMN, RAA, RFA, RNJ, RNY, BMT, BBF, BFK, BFZ, BNJ, BNY, BJZ, BPK, BLH, BBK, BZA, BIE, BZM, BLJ, BQH, BHV, BLE, BCL, BFY, BYM, BCK, BAF, BSE, BKK and BFO only. With respect to Mr. Gary, he is an
officer of BHY, BHK, BHD and BNA only. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="center" valign="bottom">
        <TD width=26%>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=28%>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=40%>
<B><FONT size=1 face="serif">OTHER PRINCIPAL OCCUPATIONS IN</FONT></B>&nbsp;
        </TD>
</TR>
<TR align="center" valign="bottom">
        <TD>
<B><FONT size=1 face="serif">NAME AND AGE</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>
<B><FONT size=1 face="serif">TITLE</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD>
<B><FONT size=1 face="serif">PAST 5 YEARS</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Anne Ackerley</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Vice President</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Managing Director of BlackRock, Inc. since</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Age: 43</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">2000. Formerly First Vice President and</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Chief Operating Officer, Mergers and</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Acquisitions Group at Merrill Lynch &amp; Co.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">from 1997 to 2000; First Vice President and</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Chief Operating Officer, Public Finance</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Group at Merrill Lynch &amp; Co. from 1995 to</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">1997; First Vice President, Emerging Markets</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Fixed Income Research at Merrill Lynch &amp;</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Co. prior thereto.</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Bartholomew A. Battista</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Chief Compliance Officer</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Chief Compliance Officer and Anti-Money</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Age: 46</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Laundering Compliance Officer of</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BlackRock, Inc. since 2004. Chief Com-</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">pliance Officer and Anti-Money Laundering</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Compliance Officer of the BlackRock Funds</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">and BlackRock Liquidity Funds since 2004.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Managing Director (since 2003), and Director</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">(2000-2002) of BlackRock, Inc. Compliance</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Officer at Moore Capital Management from</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">1995-1998.</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Henry Gabbay</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Treasurer</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Managing Director of BlackRock, Inc. and its</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Age: 57</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">predecessor entities.</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Jeff Gary</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Vice President</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Managing Director of BlackRock, Inc. since</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Age: 42</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">2003. Formerly, Managing Director and high</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">yield portfolio manager with AIG (American</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">General) Investment Group.</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Brian P. Kindelan</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Assistant Secretary</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Managing Director and Senior Counsel (since</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Age: 45</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">January 2005), Director and Senior Counsel</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">(2001-2004) and Vice President and Senior</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Counsel (1998-2000), BlackRock, Inc.;</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Senior Counsel, PNC Bank Corp. from May</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">1995 to April 1998; Associate, Stradley,</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Ronon, Stevens &amp; Young, LLP from March</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">1990 to May 1995.</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Kevin Klingert</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Vice President</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Managing Director of BlackRock, Inc. and its</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Age: 42</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">predecessor entities.</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">James Kong</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Assistant Treasurer</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Managing Director of BlackRock, Inc. and its</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Age: 44</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">predecessor entities.</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Richard Shea, Esq.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Vice President/Tax</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Managing Director of BlackRock, Inc. since</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Age: 45</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">2000; President (since 2004), Chief Operating</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Officer (since 1998) and Chief Financial</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Officer (1998-2004) of Anthracite Capital,</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Inc. Formerly, Director of BlackRock, Inc.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">and its predecessor entities.</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT face="serif">14</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_17"></A>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=26% align=left>
<FONT size=1 face="serif">Vincent B. Tritto</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=28% align=right>
<FONT size=1 face="serif">Secretary</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=40% align=left>
<FONT size=1 face="serif">Managing Director, Senior Counsel and</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Age: 43</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Assistant Secretary of BlackRock, Inc. (since</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">January 2005) and Director, Senior Counsel</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">and Assistant Secretary (2002-2004) of</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BlackRock, Inc. Formerly, Executive</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Director (2000-2002) and Vice President</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">(1998-2000), Morgan Stanley &amp; Co.</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Incorporated and Morgan Stanley Asset</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Management Inc. and officer of various</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Morgan Stanley-sponsored investment</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">vehicles; Counsel (1998) and associate (1988-</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">1997), Rogers &amp; Wells LLP, New York, NY;</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Foreign Associate (1992-1994), Asahi Law</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">Offices/Masuda &amp; Ejiri, Tokyo, Japan.</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<P>
<B><FONT size=2 face="serif">INVESTMENT ADVISOR</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Advisor, located at 100 Bellevue Parkway, Wilmington, Delaware 19809, is a wholly owned subsidiary of BlackRock, Inc. ("BlackRock"), which is one of the largest publicly traded investment
management firms in the United States, with approximately &#36;342 billion of assets under management as of December 31, 2004. BlackRock manages assets on behalf of institutions and individual investors worldwide, through a variety of equity, fixed
income, liquidity and alternative investment separate accounts and mutual funds, including the BlackRock Funds and BlackRock Liquidity Funds. In addition, BlackRock provides risk management and investment system services to a growing number of
institutional investors under the BlackRock Solutions</FONT><SUP><FONT size=2 face="serif">(R)</FONT></SUP><FONT size=2 face="serif"> name. Clients are served from BlackRock's headquarters in New York City, as well as offices in Boston, Edinburgh,
Hong Kong, Morristown, San Francisco, Singapore, Sydney, Tokyo and Wilmington. BlackRock is a member of The PNC Financial Services Group, Inc. (NYSE: "PNC"), one of the largest diversified financial services organizations in the United States, and
is majority owned by PNC and by BlackRock employees. The Advisor also acts as the administrator of the Trusts. </FONT></P>
<P align="center"><B><FONT size=2 face="serif">The executive officers of the Advisor are:</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>
<B><U><FONT size=2 face="serif">NAME</FONT></U></B>&nbsp;
        </TD>
        <TD align=left>
<B><U><FONT size=2 face="serif">POSITION</FONT></U></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Laurence D. Fink</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Chief Executive Officer</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Ralph L. Schlosstein</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">President</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Robert S. Kapito</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Vice Chairman</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Robert P. Connolly</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">General Counsel and Secretary</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">Bartholomew A. Battista</FONT>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Chief Compliance Officer</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Messrs. Schlosstein and Kapito are each an officer and Director of the Trusts and Mr. Battista is an officer of the Trusts. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">BlackRock Financial Management, Inc., an affiliate of the Advisor and a wholly owned subsidiary of BlackRock, currently serves as Sub-Advisor to BBF, BFK, BFZ, BNJ, BNY, BJZ, BPK, BLH, BHK,
BHD, BYM, BCK, BAF, BSE, BLE, BFY, BCL, BZA, BBK, BIE, BLJ, BQH, BZM, BHV, BPP, BLW, BKK, BFO, BDV, BDT, BQY and BGT. </FONT></P>
<P>
<B><FONT size=2 face="serif">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Deloitte &amp; Touche LLP ("D&amp;T") has been selected as the independent registered public accounting firm by the Audit Committee of each Trust and ratified by a majority of each Trust's
Board, including a majority of the Independent Directors by vote cast in person, to audit the accounts of each Trust for and during each Trust's fiscal year ending in 2005. None of the Trusts knows of any direct or indirect financial interest of
D&amp;T in the Trusts. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Representatives of D&amp;T will attend the Annual Meeting, will have the opportunity to make a statement if they desire to do so and will be available to answer questions. </FONT></P>
<P align="center">
<FONT face="serif">15</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_18"></A>

<P>
<B><FONT size=2 face="serif">AUDIT FEES</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The aggregate fees billed to each Trust by D&amp;T for professional services rendered for the audit of each Trust's annual financial statements for the most recent fiscal year (or period) were
in the following amounts:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=12% align=left>
<FONT size=2 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">29,100</FONT>&nbsp;
        </TD>
        <TD width=5% align=left>&nbsp;</TD>
        <TD width=12% align=left>
<FONT size=2 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">52,500</FONT>&nbsp;
        </TD>
        <TD width=5% align=left>&nbsp;</TD>
        <TD width=12% align=left>
<FONT size=2 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">25,500</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=12% align=left>
<FONT size=2 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD width=3% align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">42,000</FONT>&nbsp;
        </TD>
    <TD width=7% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">17,900</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">RAA</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,500</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">30,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">33,500</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BQH</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">25,200</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">BCL</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">26,500</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">RFA</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">31,900</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">RNJ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,500</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">RNY</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,600</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">BCK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">26,300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">65,900</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BFY</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">25,800</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">BBF</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">25,800</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">29,900</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BNY</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">26,500</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BFZ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">26,800</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">BAF</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">27,200</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">29,600</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">32,000</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BSE</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">26,600</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">BNJ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">25,900</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">29,900</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLH</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">27,600</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BJZ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">28,100</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">32,800</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">25,800</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BZA</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">25,400</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">27,200</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">29,700</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">BIE</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">25,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BDV</FONT><SUP><FONT size=2 face="serif">(1)</FONT></SUP>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">27,300</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BFO</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">26,700</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">BRF</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">23,600</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">BGT</FONT><SUP><FONT size=2 face="serif">(1)</FONT></SUP>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">84,300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BGR</FONT><SUP><FONT size=2 face="serif">(1)</FONT></SUP>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BDT</FONT><SUP><FONT size=2 face="serif">(1)</FONT></SUP>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">24,200</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">BQY</FONT><SUP><FONT size=2 face="serif">(1)</FONT></SUP>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">41,600</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">34,700</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLN</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">24,200</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">BZM</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">25,100</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">20,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLJ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">25,100</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">BFC</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">24,100</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">BHV</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">10,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><HR align="left" width="12%" size=1 noshade></TD>
  </TR>
<TR>
        <TD width="34" valign=top nowrap>
<FONT size=1 face="serif">(1)</FONT></TD>
        <TD width="1052">
<FONT size=2 face="serif">BDV, BDT, BQY, BGT and BGR have not completed a full fiscal year. However BDV, BDT, BQY and BGT have nonetheless paid to D&amp;T fees for professional services rendered for the audit of their annual financial
statements.</FONT>      </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The aggregate fees billed to each Trust</FONT><SUP><FONT size=2 face="serif">(2) </FONT></SUP><FONT size=2 face="serif">by D&amp;T for professional services rendered for the audit of each
Trust's annual financial statements for the fiscal year preceding the most recent one were in the following amounts:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=12% align=left>
<FONT size=2 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">34,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=12% align=left>
<FONT size=2 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">61,300</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=12% align=left>
<FONT size=2 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">27,700</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=12% align=left>
<FONT size=2 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">45,400</FONT>&nbsp;
        </TD>
    <TD width=9% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">18,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">RAA</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">9,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">34,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">35,800</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BQH</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">30,300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BCL</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">31,200</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">RFA</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">9,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">39,700</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">RNJ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">9,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">RNY</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">9,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BCK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">35,600</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">79,100</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BFY</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">30,600</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BBF</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">30,300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">34,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BNY</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">30,900</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BFZ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">31,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BAF</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">36,300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">31,700</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BPP</FONT><SUP><FONT size=2 face="serif">(2)</FONT></SUP>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">32,800</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BSE</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">35,800</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BNJ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">30,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLW</FONT><SUP><FONT size=2 face="serif">(2)</FONT></SUP>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">37,300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLH</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">30,200</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BJZ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">30,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">38,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">30,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BZA</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">30,400</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">31,800</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BKK</FONT><SUP><FONT size=2 face="serif">(2)</FONT></SUP>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">31,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BIE</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">30,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BFO</FONT><SUP><FONT size=2 face="serif">(2)</FONT></SUP>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">29,700</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BRF</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">24,300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">36,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLN</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">24,700</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BZM</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">30,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">23,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLJ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">30,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BFC</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">24,600</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHV</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">12,300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><HR align="left" width="12%" size=1 noshade></TD>
  </TR>
<TR>
        <TD width="32" valign=top nowrap>
<FONT size=1 face="serif">(2)</FONT></TD>
        <TD width="1054">
<FONT size=2 face="serif">BPP, BLW, BKK and BFO had not completed a full fiscal year. However, BPP, BLW, BKK and BFO had nonetheless paid to D&amp;T fees for professional services rendered for the audit of their annual financial statements. BDV,
BDT, BQY, BGT and BGR are not included in the above chart because such Trusts either had not completed their initial fiscal year (or period) or had not yet been formed in the fiscal year preceding the most recent one.</FONT>        </TD>
</TR>
</TABLE>
<P>
<B><FONT size=2 face="serif">AUDIT-RELATED FEES</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The aggregate fees billed in the most recent fiscal year (or period) to each Trust by D&amp;T for assurance and related services reasonably related to the performance of the audit of each
Trust's annual financial statements are as listed below. The nature of these services was attest services not required by statute or regulation and out-of-pocket expenses. The fees for each Trust were in the following amounts: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width="12%" align=left>
<FONT size=2 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD width="1%" align=right>
      <FONT size=2 face="serif">&#36;</FONT></TD>
        <TD width="6%" align=right>
<FONT size=2 face="serif">7,300</FONT>&nbsp;
        </TD>
        <TD width="5%">&nbsp;
        </TD>
        <TD width="12%" align=left>
<FONT size=2 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD width="1%" align=right>
      <FONT size=2 face="serif">&#36;</FONT></TD>
        <TD width="6%" align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
        <TD width="5%">&nbsp;
        </TD>
        <TD width="12%" align=left>
<FONT size=2 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD width="1%" align=right>
      <FONT size=2 face="serif">&#36;</FONT></TD>
        <TD width="6%" align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
        <TD width="5%">&nbsp;
        </TD>
        <TD width="12%" align=left>
<FONT size=2 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD width="1%" align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD width="6%" align=right>
<FONT size=2 face="serif">5,100</FONT>&nbsp;
        </TD>
    <TD width="9%" align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">&#36;</FONT></TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">RAA</FONT>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">&#36;</FONT></TD>
        <TD align=right>
<FONT size=2 face="serif">1,800</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">&#36;</FONT></TD>
        <TD align=right>
<FONT size=2 face="serif">3,300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,600</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BQH</FONT>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">&#36;</FONT></TD>
        <TD align=right>
<FONT size=2 face="serif">2,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BCL</FONT>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">&#36;</FONT></TD>
        <TD align=right>
<FONT size=2 face="serif">2,300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">RFA</FONT>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">&#36;</FONT></TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,500</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">RNJ</FONT>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">&#36;</FONT></TD>
        <TD align=right>
<FONT size=2 face="serif">1,800</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">RNY</FONT>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">&#36;</FONT></TD>
        <TD align=right>
<FONT size=2 face="serif">1,800</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BCK</FONT>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">&#36;</FONT></TD>
        <TD align=right>
<FONT size=2 face="serif">2,200</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BFY</FONT>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">&#36;</FONT></TD>
        <TD align=right>
<FONT size=2 face="serif">2,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BBF</FONT>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">&#36;</FONT></TD>
        <TD align=right>
<FONT size=2 face="serif">2,200</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">&#36;</FONT></TD>
        <TD align=right>
<FONT size=2 face="serif">4,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BNY</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,500</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BFZ</FONT>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">&#36;</FONT></TD>
        <TD align=right>
<FONT size=2 face="serif">2,600</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BAF</FONT>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">&#36;</FONT></TD>
        <TD align=right>
<FONT size=2 face="serif">2,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">&#36;</FONT></TD>
        <TD align=right>
<FONT size=2 face="serif">2,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,300</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT face="serif">16</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_19"></A>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width="12%" align=left>
<FONT size=2 face="serif">BSE</FONT>&nbsp;
        </TD>
        <TD width="1%" align=right>
      <FONT size=2 face="serif">&#36;</FONT></TD>
        <TD width="6%" align=right>
<FONT size=2 face="serif">2,200</FONT>&nbsp;
        </TD>
        <TD width="5%">&nbsp;
        </TD>
        <TD width="12%" align=left>
<FONT size=2 face="serif">BNJ</FONT>&nbsp;
        </TD>
        <TD width="1%" align=right>
      <FONT size=2 face="serif">&#36;</FONT></TD>
        <TD width="6%" align=right>
<FONT size=2 face="serif">2,200</FONT>&nbsp;
        </TD>
        <TD width="5%">&nbsp;
        </TD>
        <TD width="12%" align=left>
<FONT size=2 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD width="1%" align=right>
      <FONT size=2 face="serif">&#36;</FONT></TD>
        <TD width="6%" align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
        <TD width="5%">&nbsp;
        </TD>
        <TD width="12%" align=left>
<FONT size=2 face="serif">BLH</FONT>&nbsp;
        </TD>
        <TD width="1%" align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD width="6%" align=right>
<FONT size=2 face="serif">1,900</FONT>&nbsp;
        </TD>
    <TD width="9%" align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BJZ</FONT>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">&#36;</FONT></TD>
        <TD align=right>
<FONT size=2 face="serif">2,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">&#36;</FONT></TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BZA</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,000</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">&#36;</FONT></TD>
        <TD align=right>
<FONT size=2 face="serif">2,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">&#36;</FONT></TD>
        <TD align=right>
<FONT size=2 face="serif">2,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BIE</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BDV</FONT><SUP><FONT size=2 face="serif">(1)</FONT></SUP>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BFO</FONT>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">&#36;</FONT></TD>
        <TD align=right>
<FONT size=2 face="serif">2,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BRF</FONT>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">&#36;</FONT></TD>
        <TD align=right>
<FONT size=2 face="serif">2,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BGT</FONT><SUP><FONT size=2 face="serif">(1)</FONT></SUP>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BGR</FONT><SUP><FONT size=2 face="serif">(1)</FONT></SUP>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BDT</FONT><SUP><FONT size=2 face="serif">(1)</FONT></SUP>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">&#36;</FONT></TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BQY</FONT><SUP><FONT size=2 face="serif">(1)</FONT></SUP>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">&#36;</FONT></TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLN</FONT>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">&#36;</FONT></TD>
        <TD align=right>
<FONT size=2 face="serif">4,300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BZM</FONT>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">&#36;</FONT></TD>
        <TD align=right>
<FONT size=2 face="serif">2,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,900</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLJ</FONT>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">&#36;</FONT></TD>
        <TD align=right>
<FONT size=2 face="serif">2,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BFC</FONT>&nbsp;
        </TD>
        <TD align=right>
      <FONT size=2 face="serif">&#36;</FONT></TD>
        <TD align=right>
<FONT size=2 face="serif">4,300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHV</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,900</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD colspan="2" valign=top nowrap><HR align="left" width="12%" size=1 noshade></TD>
  </TR>
<TR>
        <TD width="3%" valign=top nowrap>
<FONT size=1 face="serif">(1)</FONT> </TD>
        <TD width="97%"><FONT size=2 face="serif">BDV, BDT, BQY, BGT and BGR have not completed a full fiscal year.</FONT>      </TD>
</TR>
</TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The aggregate fees billed in the fiscal year preceding the most recent to each Trust</FONT><SUP><FONT size=2 face="serif">(2) </FONT></SUP><FONT size=2 face="serif">by D&amp;T for assurance and
related services reasonably related to the performance of the audit of each Trust's annual financial statements were in the amounts listed below. The nature of these services was attest services not required by statute or regulation and
out-of-pocket expenses. The fees for each Trust were in the following amounts: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width="12%" align=left>
<FONT size=2 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD width="1%" align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD width="6%" align=right>
<FONT size=2 face="serif">8,000</FONT>&nbsp;
        </TD>
        <TD width="5%">&nbsp;
        </TD>
        <TD width="12%" align=left>
<FONT size=2 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD width="1%" align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD width="6%" align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
        <TD width="5%">&nbsp;
        </TD>
        <TD width="12%" align=left>
<FONT size=2 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD width="1%" align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD width="6%" align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
        <TD width="5%">&nbsp;
        </TD>
        <TD width="12%" align=left>
<FONT size=2 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD width="1%" align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD width="6%" align=right>
<FONT size=2 face="serif">8,000</FONT>&nbsp;
        </TD>
    <TD width="9%" align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">RAA</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">10,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,000</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BQH</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BCL</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">9,300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">RFA</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">10,800</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">RNJ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">RNY</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BCK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">9,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BFY</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">9,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BBF</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BNY</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,200</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BFZ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BAF</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">9,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BPP</FONT><SUP><FONT size=2 face="serif">(2)</FONT></SUP>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,000</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BSE</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">9,200</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BNJ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLW</FONT><SUP><FONT size=2 face="serif">(2)</FONT></SUP>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLH</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,000</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BJZ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BZA</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,000</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,600</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BKK</FONT><SUP><FONT size=2 face="serif">(2)</FONT></SUP>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BIE</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BFO</FONT><SUP><FONT size=2 face="serif">(2)</FONT></SUP>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BRF</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLN</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BZM</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,900</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,600</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLJ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,900</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BFC</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHV</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,900</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><HR align="left" width="12%" size=1 noshade></TD>
  </TR>
<TR>
        <TD width="33" valign=top nowrap>
<FONT size=1 face="serif">(2)</FONT></TD>
        <TD width="1053">
<FONT size=2 face="serif">BPP, BLW, BKK and BFO had not completed a full fiscal year. However, BPP, BKK and BFO had nonetheless paid to D&amp;T fees for assurance and related services reasonably related to the performance of the audit of their
annual financial statements. BDV, BDT, BQY, BGT and BGR are not included in the above chart because such Trusts either had not completed their initial fiscal year (period) or had not been formed in the fiscal year preceding the most recent
one.</FONT>     </TD>
</TR>
</TABLE>
<p><b><font size=2 face="serif">TAX FEES</font></b>
</p>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The aggregate fees billed in the most recent fiscal year (or period) to each Trust by D&amp;T for professional services rendered for tax compliance, tax advice and tax planning are as listed
below. The nature of these services was federal, state and local income and excise tax return preparation and related advice and planning, determination of taxable income for CMO's, and miscellaneous tax advice. The fees for each Trust are in the
following amounts:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=12% align=left>
<FONT size=2 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">11,800</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=12% align=left>
<FONT size=2 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">10,500</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=12% align=left>
<FONT size=2 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">12,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=11% align=left>
<FONT size=2 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">8,100</FONT>&nbsp;
        </TD>
    <TD width=10% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">21,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">RAA</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">11,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">12,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,400</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BQH</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BCL</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">11,300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">RFA</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">11,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">9,200</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">RNJ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">11,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">RNY</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">11,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BCK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,200</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">10,500</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BFY</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">11,200</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BBF</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">11,300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">13,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BNY</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,600</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BFZ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">11,700</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BAF</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,200</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BSE</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,200</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BNJ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">11,300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">10,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLH</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,600</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BJZ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,700</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">10,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BZA</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,100</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BIE</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BDV</FONT><SUP><FONT size=2 face="serif">(1)</FONT></SUP>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,000</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BFO</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,700</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BRF</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,900</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BGT</FONT><SUP><FONT size=2 face="serif">(1)</FONT></SUP>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BGR</FONT><SUP><FONT size=2 face="serif">(1)</FONT></SUP>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BDT</FONT><SUP><FONT size=2 face="serif">(1)</FONT></SUP>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BQY</FONT><SUP><FONT size=2 face="serif">(1)</FONT></SUP>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLN</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BZM</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">10,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLJ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BFC</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHV</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><HR align="left" width="12%" size=1 noshade></TD>
  </TR>
<TR>
        <TD width="31" valign=top nowrap>
<FONT size=1 face="serif">(1)</FONT></TD>
        <TD width="1055">
<FONT size=2 face="serif">BDV, BDT, BQY, BGT and BGR have not completed a full fiscal year. However BDV and BDT have nonetheless paid to D&amp;T fees for professional services rendered for tax compliance, tax advice and tax planning.</FONT>        </TD>
</TR>
</TABLE>
<P><BR>
</P>
<P align="center"> <FONT face="serif">17</FONT></P>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE> <A name="page_20"></A>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The aggregate fees billed in the fiscal year preceding the most recent one to each Trust</FONT><SUP><FONT size=2 face="serif">(2) </FONT></SUP><FONT size=2 face="serif">by D&amp;T for tax
  compliance, tax advice and tax planning were as listed below. The nature of these services was federal, state and local income and excise tax return preparation and related advice and planning, determination of taxable income for CMO's, and
  miscellaneous tax advice. The fees for each Trust were in the following amounts: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=12% align=left>
<FONT size=2 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">1,400</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=12% align=left>
<FONT size=2 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">31,500</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=12% align=left>
<FONT size=2 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">14,200</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=12% align=left>
<FONT size=2 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">3,200</FONT>&nbsp;
        </TD>
    <TD width=9% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">26,600</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">RAA</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">9,200</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BQH</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BCL</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">RFA</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">RNJ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">RNY</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BCK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">16,600</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BFY</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BBF</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,700</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,700</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BNY</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">10,700</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BFZ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,700</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BAF</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">10,200</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BPP</FONT><SUP><FONT size=2 face="serif">(2)</FONT></SUP>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">25,000</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BSE</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BNJ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,700</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLW</FONT><SUP><FONT size=2 face="serif">(2)</FONT></SUP>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLH</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">10,200</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BJZ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">10,200</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">10,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BZA</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,400</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BKK</FONT><SUP><FONT size=2 face="serif">(2)</FONT></SUP>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BIE</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BFO</FONT><SUP><FONT size=2 face="serif">(2)</FONT></SUP>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BRF</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">9,200</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">9,200</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLN</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">9,200</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BZM</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLJ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BFC</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">9,200</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHV</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><HR align="left" width="12%" size=1 noshade></TD>
  </TR>
<TR>
        <TD width="32" valign=top nowrap>
<FONT size=1 face="serif">(2)</FONT>    </TD>
        <TD width="1054">
<FONT size=2 face="serif">BPP, BLW, BKK and BFO had not completed their initial fiscal year. However, BPP, BKK and BFO had nonetheless paid to D&amp;T fees for professional services rendered for tax compliance, tax advice, and tax planning. BDV,
BDT, BQY, BGT and BGR are not included in the above chart because such Trusts either had not completed their initial fiscal year (period) or had not been formed in fiscal year preceding the most recent one.</FONT>   </TD>
</TR>
</TABLE>
<P>
<B><FONT size=2 face="serif">AGGREGATE NON-AUDIT FEES</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The aggregate non-audit fees billed in the most recent fiscal year (or period) by D&amp;T for services rendered to the Trusts are in the following amounts: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=12% align=left>
<FONT size=2 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">19,100</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=12% align=left>
<FONT size=2 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">10,500</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=12% align=left>
<FONT size=2 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">12,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=12% align=left>
<FONT size=2 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">13,200</FONT>&nbsp;
        </TD>
    <TD width=9% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">21,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">RAA</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">12,800</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">15,300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">12,000</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BQH</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">10,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BCL</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">13,600</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">RFA</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">11,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">12,700</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">RNJ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">12,800</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">RNY</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">12,800</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BCK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">10,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">10,500</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BFY</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">13,300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BBF</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">13,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">17,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BNY</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">11,100</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BFZ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">14,300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BAF</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">10,700</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">9,700</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">11,500</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BSE</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">10,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BNJ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">13,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">10,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLH</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,500</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BJZ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,700</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">10,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BZA</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">10,100</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">10,900</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,900</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BIE</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">10,200</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BDV</FONT><SUP><FONT size=2 face="serif">(1)</FONT></SUP>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,000</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BFO</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,700</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BRF</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">9,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BGT</FONT><SUP><FONT size=2 face="serif">(1)</FONT></SUP>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BGR</FONT><SUP><FONT size=2 face="serif">(1)</FONT></SUP>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BDT</FONT><SUP><FONT size=2 face="serif">(1)</FONT></SUP>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BQY</FONT><SUP><FONT size=2 face="serif">(1)</FONT></SUP>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">13,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLN</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">11,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BZM</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">15,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLJ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BFC</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">11,300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHV</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">9,900</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD colspan="2" valign=top nowrap><HR align="left" width="12%" size=1 noshade></TD>
  </TR>
<TR>
        <TD width="3%" valign=top nowrap>
<FONT size=1 face="serif">(1)</FONT> </TD>
        <TD width="97%">
<FONT size=2 face="serif">BDV, BDT, BQY, BGT and BGR have not completed a full fiscal year.</FONT>      </TD>
</TR>
</TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The aggregate non-audit fees billed in the fiscal year preceding the most recent one by D&amp;T for services rendered to the Trusts</FONT><SUP><FONT size=2 face="serif">(2)</FONT></SUP><FONT
size=2 face="serif"> were in the following amounts: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=12% align=left>
<FONT size=2 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">9,400</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=12% align=left>
<FONT size=2 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">31,500</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=12% align=left>
<FONT size=2 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">14,200</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=12% align=left>
<FONT size=2 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">11,200</FONT>&nbsp;
        </TD>
    <TD width=9% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">26,600</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">RAA</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">12,900</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">17,200</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BQH</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">14,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BCL</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">11,700</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">RFA</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">10,800</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">RNJ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">RNY</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BCK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">9,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">16,600</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BFY</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">11,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BBF</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">13,700</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">15,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BNY</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">16,900</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT face="serif">18</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_21"></A>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=12% align=left>
<FONT size=2 face="serif">BFZ</FONT>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">14,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=12% align=left>
<FONT size=2 face="serif">BAF</FONT>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">9,400</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=12% align=left>
<FONT size=2 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">14,200</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=12% align=left>
<FONT size=2 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD width=6% align=right>
<FONT size=2 face="serif">28,000</FONT>&nbsp;
        </TD>
    <TD width=9% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BSE</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">9,200</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BNJ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">13,700</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLH</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">14,200</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BJZ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">14,200</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">10,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BZA</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">14,400</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">15,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BIE</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">13,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BFO</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BRF</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">13,200</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">17,200</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLN</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">17,200</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BZM</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">14,300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLJ</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">14,300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BFC</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">17,200</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHV</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD align=right>
<FONT size=2 face="serif">14,300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><HR align="left" width="12%" size=1 noshade></TD>
  </TR>
<TR>
        <TD width="35" valign=top nowrap>
<FONT size=1 face="serif">(2)</FONT></TD>
        <TD width="1051">
<FONT size=2 face="serif">BDV, BDT, BQY, BGT and BGR are not included in the above chart because such Trusts either had not completed their initial fiscal year (period) or not been formed in the fiscal year preceding the most recent one.</FONT>    </TD>
</TR>
</TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In addition, the aggregate non-audit fees billed by D&amp;T for services rendered to the Advisor, or any entity controlling, controlled by, or under common control with the Advisor that
provides ongoing services to the Trusts were &#36;0 for the most recent fiscal year of the Trusts and &#36;0 for the fiscal year preceding the most recent one of the Trusts. </FONT></P>
<P>
<B><FONT size=2 face="serif">ALL OTHER FEES</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">No Trust paid D&amp;T for services other than those described above during the most recent fiscal year (or period) or the fiscal year preceding the most recent one. </FONT></P>
<P>
<B><FONT size=2 face="serif">AUDIT COMMITTEE'S PRE-APPROVAL POLICIES AND PROCEDURES </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On May 22, 2003, the Audit Committee of each Trust adopted Pre-Approval Policies and Procedures. Since the adoption of such policies and procedures, the Audit Committee of each Trust has
pre-approved all audit and non-audit services provided by D&amp;T for the Trusts, and all non-audit services provided by D&amp;T for the Advisor, or any entity controlling, controlled by, or under common control with the Advisor that provides
ongoing services to the Trusts, which are related to the operations of the Trusts. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Advisor and affiliates of the Advisor performing services for one or more Trusts paid no fees to D&amp;T in any Trust's most recent fiscal year for services other than those described above
or for any other services, including for information systems design and implementation. </FONT></P>
<P>
<B><FONT size=2 face="serif">PRINCIPAL EXECUTIVE OFFICES </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The principal executive office of each Trust is located at 100 Bellevue Parkway, Wilmington, Delaware 19809. </FONT></P>
<P>
<B><FONT size=2 face="serif">PRINCIPAL SHAREHOLDERS </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As of February 28, 2005, to the knowledge of each Trust, no person beneficially owned more than 5% of any Trust, except as set forth in the following table: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=15% align=center>&nbsp;

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=39% align=center>&nbsp;

        </TD>
        <TD width=3% align="center">&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">AMOUNT OF</FONT></B>&nbsp;
        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=10% align=center>

        </TD>
        <TD width=7% align=left>&nbsp;

        </TD>
    <TD width=3% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>&nbsp;

        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=2 face="serif">NAME &amp; ADDRESS OF BENEFICIAL</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">BENEFICIAL</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<B><FONT size=2 face="serif">TRUST</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=2 face="serif">OWNER</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">OWNERSHIP</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">PERCENT OF CLASS</FONT></B>
        </TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan="2"><HR noshade size=1>
        </TD>
    <TD></TD>
</TR>
<TR>
        <TD colspan=10>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Karpus Management, Inc.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">1,541,728</FONT>&nbsp;
        </TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5.7</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">14 Tobey Village Office Park</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Pittsford, New York 14534</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=10 align="left">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Wachovia Corporation</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,395,738</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">15.7</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">One Wachovia Center</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Charlotte, North Carolina 28288-0137</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=10 align="left">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Karpus Management, Inc.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">149,225</FONT>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5.1</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">14 Tobey Village Office Park</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Pittsford, New York 14534</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT face="serif">19</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_22"></A>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=15% align=left>
<FONT size=2 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=39% align=left>
<FONT size=2 face="serif">Karpus Management, Inc.</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=12% align=right>
<FONT size=2 face="serif">1,137,180</FONT>&nbsp;
        </TD>
        <TD width=7%>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">12.0</FONT>
        </TD>
        <TD width=7% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
    <TD width=3% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">14 Tobey Village Office Park</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Pittsford, New York 14534</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=10 align="left">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">SIT Investment Associates, Inc.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">859,700</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">9.0</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">4600 Norwest Center</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">90 South Seventh Street</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Minneapolis, MN 55402</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=10 align="left">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">RAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">M.H. Whittier Corporation, James E.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">242,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">24.1</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Greene, Arlo G. Sorensen, Michael J.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Casey &amp; Whittier Trust Company,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">1600 Huntington Drive, South</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Pasadena, California 91030</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=10>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Karpus Management, Inc.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,308,985</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">11.6</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">14 Tobey Village Office Park</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Pittsford, New York 14534</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<p>
  <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to the above chart, all shares are common shares.</FONT></p>
<P>
<B><FONT size=2 face="serif">FINANCIAL STATEMENTS AND OTHER INFORMATION </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">EACH TRUST WILL FURNISH, WITHOUT CHARGE, A COPY OF SUCH TRUST'S MOST RECENT ANNUAL REPORT AND THE MOST RECENT SEMI-ANNUAL REPORT SUCCEEDING THE ANNUAL REPORT, IF ANY, TO ANY SHAREHOLDER UPON
REQUEST. REQUESTS SHOULD BE DIRECTED TO BLACKROCK ADVISORS, INC., 100 BELLEVUE PARKWAY, WILMINGTON, DELAWARE 19809 (TELEPHONE NUMBER (800) 227-7BFM (7236)). </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Monthly performance and other information regarding the Trusts may be found on BlackRock's website, which can be accessed at http://www.blackrock.com/indiv/products/closedendfunds/funds.html.
This reference to BlackRock's website is intended to allow investors to access information regarding the Trusts and does not, and is not intended to, incorporate BlackRock's website into this Proxy Statement. </FONT></P>
<P>
<B><FONT size=2 face="serif">SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Section 16(a) of the Securities Exchange Act of 1934 and Section 30(h) of the 1940 Act require each Trust's officers and Directors, officers and directors of the Trusts' investment advisor,
affiliated persons of the investment advisor, and persons who beneficially own more than 10% of the Trusts' shares to file certain reports of ownership ("Section 16 filings") with the SEC and the New York Stock Exchange or the American Stock
Exchange (as applicable) and each of the Trusts. Based upon each Trust's review of the copies of such forms effecting the Section 16 filings received by it, each Trust believes that for its fiscal year ended in 2004, all filings applicable to such
persons were completed and filed, except as set forth below. During fiscal year 2004, it came to the attention of the Trusts that due to an administrative oversight, a Form 3 was filed late on behalf of Anne Ackerley for BGR, a Form 4 was filed late
on behalf of Andrew Brimmer for BDV and a Form 4 was filed late on behalf of James LaForce for BDV. </FONT></P>
<P>
<B><FONT size=2 face="serif">PRIVACY PRINCIPLES OF THE TRUSTS</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Trusts are committed to maintaining the privacy of shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand what
personal information the Trusts collect, how the Trusts protect that information and why, in certain cases, the Trusts may share information with select other parties. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Generally, the Trusts do not receive any non-public personal information relating to their shareholders, although certain non-public personal information of their shareholders may become
available to the Trusts. The Trusts do not disclose any non-public personal information about their shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example,
to a transfer agent or third party administrator). </FONT></P>
<P align="center">
<FONT face="serif">20</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_23"></A>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Trusts restrict access to non-public personal information about the shareholders to employees of the Advisor with a legitimate business need for the information. The Trusts maintain
physical, electronic and procedural safeguards designed to protect the non-public personal information of their shareholders.</FONT></P>
<P>
<B><FONT size=2 face="serif">DEADLINE FOR SHAREHOLDER PROPOSALS</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Shareholder proposals intended for inclusion in the Trusts' proxy statement in connection with the Trusts' 2006 annual meeting of shareholders pursuant to Rule 14a-8 under the Securities
Exchange Act of 1934 must be received by a Trust at such Trust's principal executive offices by December 22, 2005. In order for proposals made outside of Rule 14a-8 under the Exchange Act to be considered "timely" within the meaning of Rule 14a-4(c)
under the Exchange Act, such proposals must be received by a Trust at the Trust's principal executive offices not later than March 7, 2006. </FONT></P>
<P><B><FONT size=2 face="serif">OTHER MATTERS</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The management of the Trusts knows of no other matters which are to be brought before the Annual Meeting. However, if any other matters not now known properly come before the Annual Meeting, it
is the intention of the persons named in the enclosed form of proxy to vote such proxy in accordance with their judgment on such matters. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=50% align=left>&nbsp;</TD>
        <TD width=50% align=left>
<FONT size=2 face="serif">Very truly yours,</FONT>&nbsp;
        </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
        <TD>&nbsp;

        </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
        <TD>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left>
<B><FONT size=2 face="serif">RALPH L. SCHLOSSTEIN</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">Chairman</FONT>&nbsp;
        </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
        <TD>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left>
<B><FONT size=2 face="serif">ROBERT S. KAPITO</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left>
<FONT size=2 face="serif">President</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><FONT size=2 face="serif">April 21, 2005</FONT></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<center>
</center>
<P align="center">
<FONT face="serif">21</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_24"></A>

<P align="center">
<B><FONT size=2 face="serif">APPENDIX A</FONT></B></P>
<P align="center">
<FONT size=2 face="serif">A list of the Trusts setting forth each Trust's full name and trading symbol is set forth below:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=75% align=left>&nbsp;

        </TD>
        <TD width=13%>&nbsp;
        </TD>
        <TD width=12% align=left>
<B><FONT size=2 face="serif">TRADING</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="serif">NAME</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<B><FONT size=2 face="serif">SYMBOL</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD><HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">THE BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BKN</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">THE BLACKROCK INSURED MUNICIPAL 2008 TERM TRUST INC.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BRM</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">THE BLACKROCK CALIFORNIA INSURED MUNICIPAL 2008 TERM TRUST INC.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BFC</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">THE BLACKROCK FLORIDA INSURED MUNICIPAL 2008 TERM TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BRF</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">THE BLACKROCK NEW YORK INSURED MUNICIPAL 2008 TERM TRUST INC.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLN</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">THE BLACKROCK BROAD INVESTMENT GRADE 2009 TERM TRUST INC.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BCT</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">THE BLACKROCK INCOME TRUST INC.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BKT</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">THE BLACKROCK HIGH YIELD TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHY</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">THE BLACKROCK ADVANTAGE TERM TRUST INC.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BAT</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">THE BLACKROCK MUNICIPAL TARGET TERM TRUST INC.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BMN</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">THE BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">RAA</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">RFA</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">RNJ</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">THE BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">RNY</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">THE BLACKROCK INCOME OPPORTUNITY TRUST INC.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BNA</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">THE BLACKROCK INSURED MUNICIPAL TERM TRUST INC.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BMT</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK FLORIDA MUNICIPAL INCOME TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BBF</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK MUNICIPAL INCOME TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BFK</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BFZ</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BNJ</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK NEW YORK MUNICIPAL INCOME TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BNY</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK CALIFORNIA MUNICIPAL 2018 TERM TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BJZ</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK MUNICIPAL 2018 TERM TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BPK</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK NEW YORK MUNICIPAL 2018 TERM TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLH</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK CORE BOND TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHK</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK STRATEGIC BOND TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHD</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK MUNICIPAL BOND TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BBK</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK CALIFORNIA MUNICIPAL BOND TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BZA</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK FLORIDA MUNICIPAL BOND TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BIE</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK MARYLAND MUNICIPAL BOND TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BZM</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK NEW JERSEY MUNICIPAL BOND TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLJ</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK NEW YORK MUNICIPAL BOND TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BQH</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK VIRGINIA MUNICIPAL BOND TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BHV</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK MUNICIPAL INCOME TRUST II</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLE</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST II</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BCL</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BFY</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK INSURED MUNICIPAL INCOME TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BYM</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK CALIFORNIA INSURED MUNICIPAL INCOME TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BCK</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK FLORIDA INSURED MUNICIPAL INCOME TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BAF</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK NEW YORK INSURED MUNICIPAL INCOME TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BSE</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK PREFERRED OPPORTUNITY TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BPP</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK LIMITED DURATION INCOME TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BLW</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK MUNICIPAL 2020 TERM TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BKK</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK FLORIDA MUNICIPAL 2020 TERM TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BFO</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK DIVIDEND ACHIEVERS(TM) TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BDV</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK STRATEGIC DIVIDEND ACHIEVERS(TM) TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BDT</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">S&amp;P QUALITY RANKINGS GLOBAL EQUITY MANAGED TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BQY</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK GLOBAL FLOATING RATE INCOME TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BGT</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK GLOBAL ENERGY AND RESOURCES TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BGR</FONT>&nbsp;
        </TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT face="serif">A-1</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_25"></A>

<P align="center">
<B><FONT size=2 face="serif">APPENDIX B </FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">OUTSTANDING SHARES</FONT></B></P>
<P>
<FONT size=2 face="serif">The following table sets forth the number of outstanding shares for each Trust at the close of business on February 28, 2005:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=17% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">OUTSTANDING SHARES OF</FONT></B>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">OUTSTANDING SHARES OF</FONT></B>&nbsp;
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=center><B><FONT size=2 face="serif">TRUST</FONT></B>

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">COMMON STOCK</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="serif">PREFERRED STOCK</FONT></B>&nbsp;
        </TD>
  </TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan="2">
<HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD width=23% align=right>
<FONT size=2 face="serif">16,707,093</FONT>&nbsp;
        </TD>
        <TD width=16%>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD width=19% align=right>
<FONT size=2 face="serif">5,862</FONT>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">27,207,093</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">10,840</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BFC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">10,407,093</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,182</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BRF</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,707,093</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,366</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">11,257,093</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,382</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,957,093</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">--</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">63,828,628</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">--</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,406,386</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">--</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">9,510,667</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">--</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">45,410,639</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">11,964</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">RAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,007,093</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">300</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">RFA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,127,093</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">340</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">RNJ</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,007,093</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">300</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">RNY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,307,093</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">392</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">34,449,693</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">--</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">25,885,639</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,816</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BBF</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,646,343</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,302</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">43,588,385</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">15,005</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BFZ</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">14,985,501</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,278</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BNJ</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,414,793</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,552</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BNY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">12,521,494</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,390</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BJZ</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,433,028</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,221</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">15,908,028</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,504</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLH</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,633,028</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,256</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">27,018,774</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">--</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,052,414</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">--</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">10,123,055</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,620</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BZA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,351,150</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,199</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BIE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,309,483</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,191</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BZM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,015,589</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">720</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLJ</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,269,366</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">809</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BQH</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,700,991</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">968</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BHV</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,524,794</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">541</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">22,781,072</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,222</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BCL</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,984,696</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,878</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BFY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">4,937,652</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,786</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">26,149,334</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">9,159</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BCK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,270,479</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,860</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BAF</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,721,409</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,040</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BSE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,448,651</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,240</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">18,305,777</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,832</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">36,768,498</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">--</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">20,236,628</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,104</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BFO</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,562,128</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,956</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">54,518,315</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">--</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BDT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">26,908,028</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">--</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BQY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,033,028</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">--</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">23,481,021</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">9,738</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BGR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">29,766,217</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">--</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="serif">For each Trust in the above table, the class or classes of shares listed above are the only authorized class or classes of shares.</FONT></P>
<P align="center">
<FONT face="serif">B-1</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_26"></A>

<P align="center">
<B><FONT size=2 face="serif">APPENDIX C </FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">JOINT AUDIT COMMITTEE CHARTER <br>
OF <br>
</FONT></B><B><FONT size=2 face="serif">THE BLACKROCK CLOSED-END FUNDS </FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">AS APPROVED BY THE GOVERNANCE COMMITTEE <br>
FEBRUARY 2005</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B><B><FONT size=2 face="serif"> </FONT></B></P>
<P align="center"><br>
<B><FONT size=2 face="serif">I. &nbsp;PURPOSE OF THE AUDIT COMMITTEE </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The purpose of the Audit Committee (the "Audit Committee") of the Board of Trustees/Directors (the "Board") of each BlackRock Closed-End Fund and BlackRock Bond Allocation Target Shares (each a
"Trust")</FONT><SUP><FONT size=2 face="serif">2</FONT></SUP><FONT size=2 face="serif"> is to provide assistance to the Board in fulfilling its legal and fiduciary obligations with respect to matters involving the accounting, auditing, financial
reporting and internal control functions of the Trust, including, without limitation, (a) assisting the Board's oversight of (i) the integrity of the Trust's financial statements, (ii) the Trust's compliance with legal and regulatory requirements,
and (iii) the qualifications and independence of the Trust's independent registered public accounting firm (the "Independent Auditor"), and (b) preparing the report required to be prepared by the Audit Committee pursuant to the rules of the
Securities and Exchange Commission (the "SEC") for inclusion in the Trust's annual proxy statement, if any. </FONT></P>
<P align="center">
<B><FONT size=2 face="serif">II. &nbsp;COMPOSITION OF THE AUDIT COMMITTEE</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Audit Committee shall be comprised of three or more trustees/directors as determined from time to time by resolution of the Trust's Governance Committee. Each member of the Audit Committee
shall be qualified to serve on the Audit Committee pursuant to the requirements of the Sarbanes - Oxley Act of 2002 (the "Act") and the rules and regulations promulgated by the SEC pursuant to the Act and by the New York Stock Exchange (the "NYSE")
or the American Stock Exchange (the "AMEX"), as applicable. Each member of the Audit Committee shall be "independent" as defined by the rules promulgated by the SEC pursuant to the Act and the NYSE or AMEX listing standards depending on the
securities exchange on which the respective Trust's common shares are listed for trading. If a Trust's common shares are not listed for trading on a securities exchange, the members of that Trust's Audit Committee shall be "independent" as defined
by the NYSE listing standards. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">According to the rules and regulations promulgated by the SEC pursuant to the Act and by the NYSE, a member is independent if he or she, other than in his or her capacity as a member of the
Board, the Audit Committee or any other board committee, (a) does not accept directly or indirectly any consulting, advisory or other compensatory fee from the Trust, other than receipt of pension or other forms of deferred compensation from the
Trust for prior service, so long as such compensation is not contingent in any way on continued service, and (b) is not an "interested person" of the Trust (an "Independent Trustee") as defined in Section 2(a)(19) of the Investment Company Act of
1940 (the "1940 Act").</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">According to the AMEX listing standards, a member is independent if he or she is not an officer or employee of the Trust or a person having a relationship which, in the opinion of the Board,
would interfere with the exercise of independent judgment in carrying out the responsibilities of a director and (a) is not employed by the Trust or BlackRock during the current year or any of the past three years, (b) did not receive compensation
from the Trust or BlackRock in excess of &#36;60,000 during the previous year, other than as compensation for board service, benefits under a tax-qualified retirement plan or non-discretionary compensation, (c) does not have an immediate family
member who is, or has been in any of the past three years, employed by the Trust or BlackRock, (d) is not a partner in, or controlling shareholder or executive officer of, any for-profit business organization </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align="left" width="12%" size="1" noshade></TD>
  </TR>
<TR>
        <TD width="31" valign=top nowrap>
<FONT size=1 face="serif">1</FONT></TD>
        <TD width="1055">
<FONT size=2 face="serif">This Joint Audit Committee Charter supersedes and replaces all prior versions that may have been adopted from time to time.</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=1 face="serif">2</FONT></TD>
        <TD>
<FONT size=2 face="serif">Solely for the sake of clarity and simplicity, this Joint Audit Committee Charter has been drafted as if there is a single Trust, a single Audit Committee, a single Governance Committee and a single Board. The terms "Audit
Committee," "Governance Committee," "Independent Trustees" and "Board" mean the Audit Committee, the Governance Committee, Independent Trustees and the Board of each Trust, respectively, unless the context otherwise requires. The Audit Committee,
the Governance Committee and the Board of each Trust, however, shall act separately and in the best interests of its respective Trust.</FONT>   </TD>
</TR>
</TABLE>
<P align="center">
<FONT face="serif">C-1</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_27"></A>

<P>
<FONT size=2 face="serif">which received payments from or made payments to the Trust in excess of the greater of 5% of such organization's gross revenue or &#36;200,000 in any of the past three years, and (e) is not employed as an executive of
another entity for which any of the Trust's or BlackRock's executives serve on that entity's compensation committee.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">No member of the Board may serve as a member of the Audit Committee if the member serves on the audit committee of more than two other public companies, unless the Board determines that such
simultaneous service would not impair the ability of the member to effectively serve on the Audit Committee.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Each member of the Audit Committee must be "financially literate" (as such term is defined from time-to-time by the NYSE/AMEX rules) as such qualification is interpreted by the Board in its
business judgment, or must become financially literate within a reasonable period of time after his or her appointment to the Audit Committee. In addition, at least one member of the Audit Committee must have "accounting or related financial
management expertise" (as such term is defined by the NYSE rules) as the Board interprets such qualification in its business judgment. Further, either (a) at least one member of the Audit Committee must be determined to be an "audit committee
financial expert" (as such term is defined in the rules and regulations promulgated by the SEC pursuant to the Act) by the Board, or (b) if no member of the Audit Committee is an "audit committee financial expert," such fact must be disclosed in the
Trust's annual report filed with the SEC. The Audit Committee shall recommend to the Board whether one or more of its members should be deemed to be an "audit committee financial expert" or, if not, why not, and the Board shall make the final
determinations in this regard. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The chairperson of the Audit Committee shall be designated by the Trust's Governance Committee, PROVIDED THAT if the Governance Committee does not designate a chairperson, the members of the
Audit Committee, by a majority vote, may designate a chairperson. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Any vacancy on the Audit Committee shall be filled by the affirmative vote of a majority of the members of the Governance Committee at the next meeting of the Governance Committee following the
occurrence of the vacancy. No member of the Audit Committee shall be removed except by the affirmative vote of a majority of the members of the Governance Committee. </FONT></P>
<P align="center">
<B><FONT size=2 face="serif">III. &nbsp;MEETINGS OF THE AUDIT COMMITTEE</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Audit Committee shall fix its own rules of procedure, which shall be consistent with the Declaration of Trust of the Trust (or other charter document of the Trust), the By-Laws of the Trust
and this Audit Committee Charter. The Audit Committee shall meet on a regular basis and special meetings shall be called as circumstances require. The Audit Committee, in its discretion, may ask members of management or others to attend its meetings
(or portions thereof) and to provide pertinent information as necessary. The Audit Committee shall meet separately on a periodic basis with (a) the chief financial officer of the Trust, (b) management of BlackRock responsible for assisting with the
preparation of the Trust's financial statements and (c) the Independent Auditor, in each case to discuss any matters that the Audit Committee or any of the above persons or firms believe should be discussed privately. The Audit Committee shall fix
its own rules of procedure, which shall be consistent with the Declaration of Trust of the Trust, the By-Laws of the Trust and this Audit Committee Charter. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">A majority of the members of the Audit Committee present in person or by means of a conference telephone or other communication equipment by means of which all persons participating in the
meeting can communicate with each other shall constitute a quorum, PROVIDED THAT, once annually, at the meeting for selecting the Independent Auditor, a majority of the members of the Audit Committee present in person shall constitute a
quorum.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Audit Committee may also take action by the written consent of a majority of its members, except to the extent an in-person meeting is required by the preceding sentence or required by
applicable law. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">For the sake of increased efficiency and for the dissemination of knowledge throughout the closed-end fund complex, each Audit Committee may meet jointly with any other Audit Committee in the
closed-end fund complex.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Audit Committee shall cause to be maintained minutes of all meetings and records relating to those meetings and provide copies of such minutes to the Board and the Trust. </FONT></P>
<P align="center">
<B><FONT size=2 face="serif">IV. &nbsp;AUTHORITY</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Audit Committee shall have the authority to carry out its duties and responsibilities as set forth in this Joint Audit Committee Charter, to institute investigations of suspected
improprieties and to retain independent counsel or seek assistance from experts. </FONT></P>
<P align="center">
<FONT face="serif">C-2</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_28"></A>

<P align="center">
<B><FONT size=2 face="serif">V. &nbsp;DUTIES AND RESPONSIBILITIES OF THE AUDIT COMMITTEE</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In carrying out its duties and responsibilities, the Audit Committee's policies and procedures will remain flexible, so that it may be in a position to best react or respond to changing
circumstances or conditions. The following are the duties and responsibilities of the Audit Committee: </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="35" valign=top nowrap>
<FONT size=2 face="serif">(a)</FONT>    </TD>
        <TD colspan=3>
<FONT size=2 face="serif">Oversight of the Auditor's Engagement/Independence</FONT>     </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>
<TD width="36" valign=top nowrap>
<FONT size=2 face="serif">(i)</FONT> </TD>
        <TD colspan=2>
<FONT size=2 face="serif">Approve the selection and retention (subject to ratification by a majority of the Independent Trustees), termination and compensation of the Independent Auditor to audit the books and accounts of the Trust and its
subsidiaries, if any, for each fiscal year;</FONT>      </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(ii)</FONT> </TD>
        <TD colspan=2>
<FONT size=2 face="serif">Review and, in its sole discretion, approve in advance the Independent Auditor's annual engagement letter, including the proposed fees contained therein;</FONT>      </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(iii)</FONT> </TD>
        <TD colspan=2>
<FONT size=2 face="serif">Pre-approve (A) all engagements for audit and non-audit services to be provided by the Independent Auditor to the Trust and (B) all engagements for non-audit services to be provided by the Independent Auditor (1) to BAI or
(2) to any entity controlling, controlled by or under common control with BAI that provides ongoing services to the Trust; but in the case of the services described in subsection (B)(1) or (2), only if the engagement relates directly to the
operations and financial reporting of the Trust (clauses (A) and (B), collectively, the "Covered Services" and the entities referred to in clause (B), collectively, the "Covered Entities"); provided that pre-approval by the Audit Committee of Covered Services may be effected pursuant to the procedures described below in Section VI captioned "PRE-APPROVAL PROCEDURES"; provided that this Audit Committee Charter shall not be violated if pre-approval of any non-audit Covered Service is not obtained in circumstances in which the pre-approval requirement is waived under rules promulgated by the SEC under the Act or the NYSE or Amex listing standards;</FONT> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(iv)</FONT></TD>
        <TD colspan=2>
<FONT size=2 face="serif">Obtain at least annually from the Independent Auditor and review a report describing:</FONT>  </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD><TD>&nbsp;</TD>
<TD width="40" valign=top nowrap>
<FONT size=2 face="serif">(A)</FONT></TD>
        <TD width="975">
<FONT size=2 face="serif">the Independent Auditor's internal quality-control procedures; and</FONT>     </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD><TD>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(B)</FONT></TD>
        <TD>
<FONT size=2 face="serif">any material issues raised by the most recent internal quality-control review of the Independent Auditor, or by any inquiry or investigation by any governmental or professional authority, within the preceding five years,
respecting one or more independent audits carried out by the Independent Auditor, and any steps taken to deal with any such issues;</FONT>      </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(v)</FONT></TD>
        <TD colspan=2>
<FONT size=2 face="serif">Obtain quarterly "notice reports" for the Trust (and, if the quarterly communication is not within 90 days prior to the filing of an audit report with the SEC for the Trust, provide an update with any changes to the
previously reported information) from the Independent Auditor and review a report notifying the Audit Committee of all audit and non-audit services that were not pre-approved by the Trust's Audit Committee provided (A) to BAI, (B) to any entity
controlling, controlled by or under common control with BAI, and (C) to any registered or unregistered investment company advised by an investment advisor included in subsection (A) or (B) of this paragraph. In the interval between scheduled meetings of the Audit Committee, the Independent
Auditor shall provide such "notice reports" or updates to the Chairman of the Audit Committee. Such disclosure shall include the fees associated with any services described in this paragraph;</FONT></TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(vi)</FONT></TD>
        <TD colspan=2>
<FONT size=2 face="serif">Review at least annually the qualifications, performance and independence of the Independent Auditor, including the performance of the lead partner of the Independent Auditor, and, in its discretion, make decisions
regarding the replacement or termination of the Independent Auditor when circumstances warrant;</FONT>  </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(vii)</FONT>  </TD>
        <TD colspan=2>
<FONT size=2 face="serif">Oversee the independence of the Independent Auditor by, among other things:</FONT>    </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD><TD>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(A)</FONT></TD>
        <TD>
<FONT size=2 face="serif">actively engaging in a dialogue with the Independent Auditor with respect to any disclosed relationships or services that may impact the objectivity and independence of the Independent Auditor, and taking appropriate action
to satisfy itself of the auditor's independence;</FONT> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT face="serif">C-3</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_29"></A>

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
<TD width="32">&nbsp;</TD>      <TD width="34">&nbsp;
</TD>
<TD width="40" valign="top"><FONT size=2 face="serif">(B)</FONT></TD>
<TD width="980"><FONT size=2 face="serif"> monitoring compliance by the Independent Auditor with the audit partner rotation requirements contained in the Act and the rules and regulations promulgated by the SEC thereunder;</FONT> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR>
<TR>
<TD>&nbsp;</TD><TD>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(C)</FONT> </TD>
        <TD>
<FONT size=2 face="serif">monitoring compliance by the Trust, BlackRock and the Independent Auditor with the employee conflict of interest requirements contained in the Act and the rules and regulations promulgated by the SEC thereunder;
and</FONT>      </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD><TD>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(D)</FONT></TD>
        <TD>
<FONT size=2 face="serif">considering whether there should be a regular rotation of the Independent Auditor; and</FONT> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(viii)</FONT></TD>
        <TD colspan=2>
<FONT size=2 face="serif">Instruct the Independent Auditor that it is ultimately accountable to the Audit Committee, and that the Audit Committee is responsible for the appointment (subject to ratification by the Independent Trustees), retention,
compensation, evaluation and termination of the Independent Auditor.</FONT>     </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=2 face="serif">(b)</FONT></TD>
        <TD colspan=3>
<FONT size=2 face="serif">Oversight of the Audit</FONT> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(i)</FONT> </TD>
        <TD colspan=2>
<FONT size=2 face="serif">Review the annual audit plan of the Independent Auditor, including the scope of audit activities, monitor such plan's progress, changes thereto and results periodically during the year and review the results of the year-end
audit of the Trust, including any comments or recommendations of the Independent Auditor;</FONT>        </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(ii)</FONT></TD>
        <TD colspan=2>
<FONT size=2 face="serif">Obtain at least annually for the Trust from the Independent Auditor and review a report describing:</FONT>    </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD><TD>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(A)</FONT></TD>
        <TD>
<FONT size=2 face="serif">all critical accounting policies and practices used;</FONT>   </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD><TD>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(B)</FONT> </TD>
        <TD>
<FONT size=2 face="serif">all alternative treatments within United States Generally Accepted Accounting Principles for policies and practices related to material items that have been discussed with management of the Trust, including (1)
ramifications of the use of such alternative disclosures and treatments, and (2) the treatment preferred by the Independent Auditor; and</FONT> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD><TD>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(C)</FONT> </TD>
        <TD>
<FONT size=2 face="serif">other material written communications between the Independent Auditor and management of the Trust, such as any management letter or schedule of unadjusted differences;</FONT>        </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(iii)</FONT></TD>
        <TD colspan=2>
<FONT size=2 face="serif">Review with the chief financial officer of the Trust and management of BlackRock responsible for assisting with the preparation of the Trust's financial statements and the Independent Auditor, the following:</FONT>        </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD><TD>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(A)</FONT></TD>
        <TD>
<FONT size=2 face="serif">the Trust's annual audited financial statements and interim financial statements, and any major issues related thereto;</FONT>        </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD><TD>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(B)</FONT> </TD>
        <TD>
<FONT size=2 face="serif">critical accounting policies and such other accounting policies of the Trust as are deemed appropriate for review by the Audit Committee prior to any interim or year-end filings with the SEC or other regulatory body,
including any financial reporting issues which could have a material impact on the Trust's financial statements; and</FONT>     </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD><TD>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(C)</FONT></TD>
        <TD>
<FONT size=2 face="serif">the effect of regulatory, accounting and financial reporting initiatives on the financial statements of the Trust;</FONT>     </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(iv)</FONT>   </TD>
        <TD colspan=2>
<FONT size=2 face="serif">Review on a regular basis with the Independent Auditor any problems or difficulties encountered by the Independent Auditor in the course of any audit work, including management's response with respect thereto, any
restrictions on the scope of the Independent Auditor's activities or on access to requested information, and any significant disagreements with management. In connection therewith, the Audit Committee will review with the Independent Auditor the
following:</FONT>       </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD><TD>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(A)</FONT></TD>
        <TD>
<FONT size=2 face="serif">any accounting adjustments that were noted or proposed by the Independent Auditor but were rejected by management (as immaterial or otherwise);</FONT>        </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD><TD>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(B)</FONT></TD>
        <TD>
<FONT size=2 face="serif">any communications between the audit team and the Independent Auditor's national office respecting auditing or accounting issues presented by the engagement; and</FONT>      </TD>
</TR>
</TABLE>
<P align="center">
<FONT face="serif">C-4</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_30"></A>

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="33">&nbsp;</TD>
  <TD width="34">&nbsp;</TD>
  <TD width="40"><FONT size=2 face="serif">(C)</FONT></TD>
  <TD width="979"><FONT size=2 face="serif">any "management" or "internal control" letter issued, or proposed to be issued, by the Independent Auditor to the Trust;</FONT></TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(v)</FONT></TD>
        <TD colspan=2>
<FONT size=2 face="serif">Attempt to resolve all disagreements between the Independent Auditor and management regarding financial reporting; and</FONT> </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(vi)</FONT>   </TD>
        <TD colspan=2>
<FONT size=2 face="serif">Review information obtained from the Independent Auditor pursuant to Section 10A of the Securities Exchange Act of 1934.</FONT>       </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=2 face="serif">(c)</FONT></TD>
        <TD colspan=3>
<FONT size=2 face="serif">Oversight of Controls and Procedures</FONT>   </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(i)</FONT></TD>
        <TD colspan=2>
<FONT size=2 face="serif">Review periodically a report from the Trust's chief executive officer, chief financial officer and Independent Auditor, at least annually, regarding the following:</FONT>    </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD><TD>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(A)</FONT></TD>
        <TD>
<FONT size=2 face="serif">all significant deficiencies in the design or operation of internal controls of the Trust, any entity in the investment company complex (as such term is defined in Regulation S-X promulgated by the SEC) that is responsible
for the financial reporting or operations of the Trust (the "Related Entities"), or, to the knowledge of such persons, other service providers, which could adversely affect the Trust's ability to record, process, summarize, and report financial
data, including any material weaknesses in internal controls identified by the Independent Auditor;</FONT>      </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD><TD>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(B)</FONT></TD>
        <TD>
<FONT size=2 face="serif">any fraud, whether or not material, that involves management or other employees of the Trust, the Related Entities, or, to the knowledge of such persons, other service providers to the Trust who have a significant role in
the Trust's internal controls; and</FONT>       </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD><TD>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(C)</FONT></TD>
        <TD>
<FONT size=2 face="serif">any significant changes in internal controls or in other factors that could significantly affect internal controls, including any corrective actions with regard to significant deficiencies and material weaknesses related to
the Trust, the Related Entities, or, to the knowledge of such persons, other service providers to the Trust.</FONT>     </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=2 face="serif">(d)</FONT></TD>
        <TD colspan=3>
<FONT size=2 face="serif">Compliance</FONT>     </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(i)</FONT></TD>
        <TD colspan=2>
<FONT size=2 face="serif">Establish and maintain free and open means of communication between and among the Board, the Audit Committee, the Independent Auditor, the Trust's management, including the chief financial officer, management of BlackRock
and management of those service providers of the Trust deemed appropriate by the Audit Committee, including providing such parties with appropriate opportunities to meet separately and privately with the Audit Committee on a periodic basis as the
Audit Committee may deem necessary or appropriate;</FONT>       </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(ii)</FONT></TD>
        <TD colspan=2>
<FONT size=2 face="serif">Establish procedures for (A) the receipt, retention and treatment of complaints received by the Trust regarding accounting, internal accounting controls or auditing matters, and (B) the confidential, anonymous submission by
employees of the Related Entities, other service providers responsible for such services, including the custodian and transfer agent, or other persons of concern regarding questionable accounting or auditing matters; and (iii) Secure independent
expert advice to the extent the Audit Committee determines it to be appropriate, including retaining, with or without approval of the Board, independent counsel, accountants, consultants or others, to assist the Audit Committee in fulfilling its
duties and responsibilities, the cost of such independent expert advisors to be borne by the Trust.</FONT>      </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=2 face="serif">(e)</FONT>    </TD>
        <TD colspan=3>
<FONT size=2 face="serif">Miscellaneous</FONT>  </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(i)</FONT></TD>
        <TD colspan=2>
<FONT size=2 face="serif">Prepare an annual performance evaluation of the Audit Committee, which evaluation must compare the performance of the Audit Committee with the requirements of this Joint Audit Committee Charter, and set forth the goals and
objectives of the Audit Committee for the upcoming year. The evaluation will include a review and assessment of the adequacy of this Audit Committee Joint Charter. The performance evaluation by the Audit Committee shall be conducted in such manner
as the Audit Committee deems appropriate;</FONT>        </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">(ii)</FONT></TD>
        <TD colspan=2>
<FONT size=2 face="serif">Report regularly to the Board on its activities, as appropriate;</FONT>       </TD>
</TR>
</TABLE>
<P align="center">
<FONT face="serif">C-5</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_31"></A>

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="31" valign=top nowrap>&nbsp;</TD>
        <TD width="33" valign=top nowrap>
<FONT size=2 face="serif">(iii)</FONT></TD>
        <TD width="1022">
<FONT size=2 face="serif">Discuss the Trust's financial information provided to analysts and rating agencies;</FONT>    </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
        <TD nowrap valign=top>
<FONT size=2 face="serif">(iv)</FONT></TD>
        <TD>
<FONT size=2 face="serif">Discuss policies with respect to risk assessment and risk management; and</FONT>      </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
        <TD nowrap valign=top>
<FONT size=2 face="serif">(v)</FONT></TD>
        <TD>
<FONT size=2 face="serif">Perform such additional activities, and consider such other matters, within the scope of its duties and responsibilities, as the Audit Committee, the Governance Committee or the Board deems necessary or
appropriate.</FONT>     </TD>
</TR>
</TABLE>
<P align="center">
<B><FONT size=2 face="serif">VI. &nbsp;PRE-APPROVAL PROCEDURES</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Audit Committee shall prepare written pre-approval procedures pursuant to which it may pre-approve Covered Services. The Audit Committee, in its discretion, may elect to delegate to one or
more of its members authority to pre-approve Covered Services between regularly scheduled meetings of the Audit Committee. The Audit Committee shall review and approve its pre-approval procedures at least annually. </FONT></P>
<P align="center">
<B><FONT size=2 face="serif">VII.&nbsp; REPORTING</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Audit Committee shall report its activities to the Board on a regular basis, so that the Board is kept informed of its activities on a current basis. In connection therewith, the Audit
Committee will review with the Board any issues that arise with respect to the quality or integrity of the Trust's financial statements, the Trust's compliance with legal or regulatory requirements, the performance and independence of the
Independent Auditors. In particular, the Audit Committee will also report to the Board its conclusions with respect to matters the Audit Committee considers to be of interest or the Governance Committee or the Board requests. Reports to the Board
may take the form of an oral report by the chairperson of the Audit Committee or any other member of the Audit Committee designated by the Audit Committee to make this report. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Audit Committee shall prepare the report required by the rules of the SEC to be included in the Trust's annual proxy statement and determine to its satisfaction that the Audit Committee
has: (a) reviewed and discussed the audited financial statements with management of the Trust; (b) discussed with the Independent Auditor the matters required to be discussed by the Statements on Auditing Standards No. 61, as amended; (c) received
the written disclosures and the letter from the Independent Auditor required by ISB Standard No. 1 and have discussed with the Independent Auditor the auditor's independence; and (d) made a recommendation to the Board as to whether the financial
statements be included in the Trust's annual report for the past fiscal year, as filed with the SEC. </FONT></P>
<P align="center">
<B><FONT size=2 face="serif">VIII. &nbsp;RESOURCES</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Board shall ensure that the Audit Committee has adequate resources, as determined by the Audit Committee, with which to discharge its responsibilities, including for the payment of (a)
compensation (i) to any firm of independent auditors engaged for the purpose of preparing or issuing an audit report or performing other audit, review or attest services for the Trust, and (ii) to any advisors employed by the Audit Committee,
including independent counsel, consultants or other advisors, as the Audit Committee determines necessary to carry out its duties, and (b) ordinary administrative expenses of the Audit Committee that are necessary or appropriate in carrying out its
duties.</FONT></P>
<P align="center">
<B><FONT size=2 face="serif">IX. &nbsp;LIMITS ON ROLE OF AUDIT COMMITTEE</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">While the Audit Committee has the duties and responsibilities set forth in this Joint Audit Committee Charter, the Audit Committee is not responsible for:</FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">planning or conducting the audit or for determining whether the Trust's financial statements are complete and accurate and</FONT> <FONT size=2 face="serif">are in accordance with Generally Accepted Accounting
Principles;<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">determining whether the Form N-CSR filed by the Trust with the SEC contains any untrue statement of a material fact or</FONT> <FONT size=2 face="serif">omits to state a material fact necessary to make the statements made,
in light of the circumstances under which such</FONT> <FONT size=2 face="serif">statements were made, not misleading with respect to the period covered by the report;<br>
</FONT></LI>
<LI>
<FONT size=2 face="serif">determining whether the Trust's financial statements and other financial information included in the Form N-CSR fairly</FONT> <FONT size=2 face="serif">present in all material respects the financial condition, results of
operations, changes in net assets and cash flows of the</FONT> <FONT size=2 face="serif">Trust as of, and for, the periods presented in the Form N-CSR; or</FONT></LI>
</UL>
<P align="center">
<FONT face="serif">C-6</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_32"></A>

<UL>
<LI><FONT size=2 face="serif">establishing, designing or maintaining disclosure controls and procedures for the Trust. </FONT>
</LI></UL>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In fulfilling its responsibilities hereunder, it is recognized that members of the Audit Committee are not full-time employees of the Trust or BlackRock. The Audit Committee and its members do
not have a duty or responsibility to conduct "field work" or other types of auditing or accounting reviews or procedures or to set auditor independence standards, and each member of the Audit Committee shall be entitled to rely on (a) the integrity
of those persons and organizations within and outside the Trust, BlackRock and service providers to the Trust from which it receives information, (b) the accuracy of the financial and other information provided to the Audit Committee absent actual
knowledge to the contrary (which shall be promptly reported to the Board) and (c) statements made by management or third parties as to any information technology, internal audit and other non-audit services provided by the Independent Auditor to the
Trust. </FONT></P>
<P align="center">
<FONT face="serif">C-7</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_33"></A>

<P align="center">
<B><FONT size=2 face="serif">APPENDIX D</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">DIRECTORS' SHARE HOLDINGS</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following chart lists the number of shares beneficially owned and the number of share equivalents owned by the Directors in the Fund Complex pursuant to the Directors' deferred compensation
plan as of February 28, 2005. If a Trust is not listed, the Director does not own any shares or share equivalents of the Trust. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=20% align=center>&nbsp;

        </TD>
        <TD width=4% align="center">&nbsp;
        </TD>
        <TD width=13% align=left>&nbsp;

        </TD>
        <TD width=4% align="center">&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=1 face="serif">TRUST SHARES</FONT></B>&nbsp;
        </TD>
        <TD width=4% align="center">&nbsp;
        </TD>
        <TD colspan="2" align=center> <B><FONT size=1 face="serif">SHARE</FONT></B>&nbsp;
        </TD>
        <TD width=3% align="center">&nbsp;
        </TD>
        <TD width=14% align=center>
<B><FONT size=1 face="serif">% OF SHARES</FONT></B>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center> <B><FONT size=1 face="serif">DIRECTOR</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">TRUST</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=1 face="serif">OWNED</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD colspan="2" align=center>
<B><FONT size=1 face="serif">EQUIVALENTS(1)</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">OUTSTANDING</FONT></B>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD align="left">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan="2" align="right">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD colspan="2" align="right">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=1 face="serif">INTERESTED DIRECTORS:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD width=11% align=right>&nbsp;

        </TD>
        <TD width=7%>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD width=11% align=right>&nbsp;

        </TD>
        <TD width=7%>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Ralph L. Schlosstein</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">6,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <FONT size=1 face="serif">(2)</FONT></TD>
        <TD align=left>&nbsp;
</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">1,500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">RNJ</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLH</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BQH</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">111</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">110</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">108</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">106</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">103</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BQY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">104</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Robert S. Kapito</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">1,880</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">(2)</FONT></TD>
        <TD align=left>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT face="serif">D-1</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_34"></A>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=20% align=center>&nbsp;</TD>
  <TD width=4% align="center">&nbsp;</TD>
  <TD width=13% align=left>&nbsp;</TD>
  <TD width=4% align="center">&nbsp;</TD>
  <TD colspan="2" align=center><B><FONT size=1 face="serif">TRUST SHARES</FONT></B>&nbsp; </TD>
  <TD width=4% align="center">&nbsp;</TD>
  <TD colspan="2" align=center><B><FONT size=1 face="serif">SHARE</FONT></B>&nbsp; </TD>
  <TD width=4% align="center">&nbsp;</TD>
  <TD width=13% align=center><B><FONT size=1 face="serif">% OF SHARES</FONT></B> </TD>
  <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><B><FONT size=1 face="serif">DIRECTOR</FONT></B>&nbsp; </TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><B><FONT size=1 face="serif">TRUST</FONT></B>&nbsp; </TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="2" align=center><B><FONT size=1 face="serif">OWNED</FONT></B>&nbsp; </TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="2" align=center><B><FONT size=1 face="serif">EQUIVALENTS(1)</FONT></B>&nbsp; </TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><B><FONT size=1 face="serif">OUTSTANDING</FONT></B> </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR>
  <TD><HR noshade size=1>
  </TD>
  <TD></TD>
  <TD align="left"><HR noshade size=1>
  </TD>
  <TD></TD>
  <TD colspan="2" align="right"><HR noshade size=1>
  </TD>
  <TD></TD>
  <TD colspan="2" align="right"><HR noshade size=1>
  </TD>
  <TD></TD>
  <TD><HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Robert S. Kapito</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD width=11% align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD width=7%>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD width=11% align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD width=7%>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">(continued)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">20,610</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10,010</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10,010</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">25,010</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">RNJ</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNJ</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">45,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">36,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLJ</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=1 face="serif">INDEPENDENT DIRECTORS:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Andrew F. Brimmer</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">150</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">4,055</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">(2)</FONT></TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">2,716</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">20</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">1,955</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">25</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">200</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">2,787</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">2,726</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">25</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">25</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">1,205</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">25</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">1,051</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">25</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">50</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">50</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT face="serif">D-2</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<p><A name="page_35"></A>
</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=21% align=center>&nbsp;</TD>
    <TD width=4% align="center">&nbsp;</TD>
    <TD width=13% align=left>&nbsp;</TD>
    <TD width=4% align="center">&nbsp;</TD>
    <TD colspan="2" align=center><B><FONT size=1 face="serif">TRUST SHARES</FONT></B>&nbsp; </TD>
    <TD width=4% align="center">&nbsp;</TD>
    <TD colspan="2" align=center><B><FONT size=1 face="serif">SHARE</FONT></B>&nbsp; </TD>
    <TD width=3% align="center">&nbsp;</TD>
    <TD width=13% align=center><B><FONT size=1 face="serif">% OF SHARES</FONT></B> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><B><FONT size=1 face="serif">DIRECTOR</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">TRUST</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center><B><FONT size=1 face="serif">OWNED</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center><B><FONT size=1 face="serif">EQUIVALENTS(1)</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">OUTSTANDING</FONT></B> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD></TD>
    <TD align="left"><HR noshade size=1>
    </TD>
    <TD></TD>
    <TD colspan="2" align="right"><HR noshade size=1>
    </TD>
    <TD></TD>
    <TD colspan="2" align="right"><HR noshade size=1>
    </TD>
    <TD></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>

<TR valign="bottom">
        <TD width="21%" align=left>
<FONT size=1 face="serif">Andrew F. Brimmer</FONT>&nbsp;
        </TD>
        <TD width="4%">&nbsp;
        </TD>
        <TD width="13%" align=left>
<FONT size=1 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD width="4%">&nbsp;
        </TD>
        <TD width="11%" align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="4%">&nbsp;
        </TD>
        <TD width="11%" align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="3%">&nbsp;
        </TD>
        <TD width="13%" align=center>

        </TD>
        <TD width="2%" align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">(continued)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">30</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">25</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BQY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">25</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">25</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Richard E. Cavanagh</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">7,891</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">(2)</FONT></TD>
        <TD align=left>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">1,373</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">909</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">200</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">5,520</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">1,444</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">1,061</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">RNY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLH</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">945</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">200</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BQH</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">200</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BQY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">200</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Kent Dixon</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">2,003</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">(2)</FONT>
        </TD>
        <TD align=left>&nbsp;
</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">1,359</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT face="serif">D-3</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<p>&nbsp;</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=20% align=center>&nbsp;</TD>
  <TD width=4% align="center">&nbsp;</TD>
  <TD width=13% align=left>&nbsp;</TD>
  <TD width=4% align="center">&nbsp;</TD>
  <TD colspan="2" align=center><B><FONT size=1 face="serif">TRUST SHARES</FONT></B>&nbsp; </TD>
  <TD width=4% align="center">&nbsp;</TD>
  <TD colspan="2" align=center><B><FONT size=1 face="serif">SHARE</FONT></B>&nbsp; </TD>
  <TD width=4% align="center">&nbsp;</TD>
  <TD width=13% align=center><B><FONT size=1 face="serif">% OF SHARES</FONT></B> </TD>
  <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><B><FONT size=1 face="serif">DIRECTOR</FONT></B>&nbsp; </TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><B><FONT size=1 face="serif">TRUST</FONT></B>&nbsp; </TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="2" align=center><B><FONT size=1 face="serif">OWNED</FONT></B>&nbsp; </TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="2" align=center><B><FONT size=1 face="serif">EQUIVALENTS(1)</FONT></B>&nbsp; </TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><B><FONT size=1 face="serif">OUTSTANDING</FONT></B> </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR>
  <TD><HR noshade size=1>
  </TD>
  <TD></TD>
  <TD align="left"><HR noshade size=1>
  </TD>
  <TD></TD>
  <TD colspan="2" align="right"><HR noshade size=1>
  </TD>
  <TD></TD>
  <TD colspan="2" align="right"><HR noshade size=1>
  </TD>
  <TD></TD>
  <TD><HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Kent Dixon</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD width="11%" align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD width="7%">&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD width="11%" align=right>
<FONT size=1 face="serif">898</FONT>&nbsp;
        </TD>
        <TD width="7%">&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">(continued)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">5,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">1,518</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">1,315</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">5,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">1,059</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BRF</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">RFA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BBF</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">2,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">935</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">5,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">5,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BIE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BAF</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFO</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">2,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BQY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">500</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Frank J. Fabozzi</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">2,010</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">1,463</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">(2)</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">973</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">665</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">1,107</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">971</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">20</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">20</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">20</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">778</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPS</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">671</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">20</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT face="serif">D-4</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<p><A name="page_37"></A>
</p>
<p>&nbsp; </p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=20% align=center>&nbsp;</TD>
  <TD width=4% align="center">&nbsp;</TD>
  <TD width=13% align=left>&nbsp;</TD>
  <TD width=4% align="center">&nbsp;</TD>
  <TD colspan="2" align=center><B><FONT size=1 face="serif">TRUST SHARES</FONT></B>&nbsp; </TD>
  <TD width=4% align="center">&nbsp;</TD>
  <TD colspan="2" align=center><B><FONT size=1 face="serif">SHARE</FONT></B>&nbsp; </TD>
  <TD width=4% align="center">&nbsp;</TD>
  <TD width=13% align=center><B><FONT size=1 face="serif">% OF SHARES</FONT></B> </TD>
  <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><B><FONT size=1 face="serif">DIRECTOR</FONT></B>&nbsp; </TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><B><FONT size=1 face="serif">TRUST</FONT></B>&nbsp; </TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="2" align=center><B><FONT size=1 face="serif">OWNED</FONT></B>&nbsp; </TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="2" align=center><B><FONT size=1 face="serif">EQUIVALENTS(1)</FONT></B>&nbsp; </TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><B><FONT size=1 face="serif">OUTSTANDING</FONT></B> </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR>
  <TD><HR noshade size=1>
  </TD>
  <TD></TD>
  <TD align="left"><HR noshade size=1>
  </TD>
  <TD></TD>
  <TD colspan="2" align="right"><HR noshade size=1>
  </TD>
  <TD></TD>
  <TD colspan="2" align="right"><HR noshade size=1>
  </TD>
  <TD></TD>
  <TD><HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Frank J. Fabozzi</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD width="11%" align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD width="7%">&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD width="11%" align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD width="7%">&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">(continued)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BQY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Kathleen F. Feldstein</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">50</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">(2)</FONT>
        </TD>
        <TD align=left>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">50</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">50</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">50</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">50</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">50</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">50</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">50</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">50</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">50</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">50</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">50</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">50</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">50</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">50</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">50</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">50</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">50</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">50</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">50</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">50</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">50</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BQY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">51</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">50</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">50</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">R. Glenn Hubbard</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">528</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <FONT size=1 face="serif">(2)</FONT> </TD>
        <TD align=left>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">371</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">246</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">393</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">347</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT face="serif">D-5</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<p><A name="page_38"></A>
</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=20% align=center>&nbsp;</TD>
  <TD width=4% align="center">&nbsp;</TD>
  <TD width=13% align=left>&nbsp;</TD>
  <TD width=4% align="center">&nbsp;</TD>
  <TD colspan="2" align=center><B><FONT size=1 face="serif">TRUST SHARES</FONT></B>&nbsp; </TD>
  <TD width=4% align="center">&nbsp;</TD>
  <TD colspan="2" align=center><B><FONT size=1 face="serif">SHARE</FONT></B>&nbsp; </TD>
  <TD width=4% align="center">&nbsp;</TD>
  <TD width=13% align=center><B><FONT size=1 face="serif">% OF SHARES</FONT></B> </TD>
  <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><B><FONT size=1 face="serif">DIRECTOR</FONT></B>&nbsp; </TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><B><FONT size=1 face="serif">TRUST</FONT></B>&nbsp; </TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="2" align=center><B><FONT size=1 face="serif">OWNED</FONT></B>&nbsp; </TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="2" align=center><B><FONT size=1 face="serif">EQUIVALENTS(1)</FONT></B>&nbsp; </TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><B><FONT size=1 face="serif">OUTSTANDING</FONT></B> </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR>
  <TD><HR noshade size=1>
  </TD>
  <TD></TD>
  <TD align="left"><HR noshade size=1>
  </TD>
  <TD></TD>
  <TD colspan="2" align="right"><HR noshade size=1>
  </TD>
  <TD></TD>
  <TD colspan="2" align="right"><HR noshade size=1>
  </TD>
  <TD></TD>
  <TD><HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">R. Glenn Hubbard</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD width=11% align=right>
<FONT size=1 face="serif">101</FONT>&nbsp;
        </TD>
        <TD width=7%>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD width=11% align=right>
<FONT size=1 face="serif">275</FONT>&nbsp;
        </TD>
        <TD width=7%>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">(continued)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">RNY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLH</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">221</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BQH</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BQY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">101</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">James Clayburn La Force, Jr.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">21,352</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">(2)</FONT>
        </TD>
        <TD align=left>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">13,299</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">9,645</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">750</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10,988</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">14,372</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">5,197</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">3,410</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">RAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFZ</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BJZ</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">50</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">4,547</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">50</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">50</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BZA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">6,665</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCL</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">50</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT face="serif">D-6</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<p><A name="page_39"></A>
</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=20% align=center>&nbsp;</TD>
    <TD width=4% align="center">&nbsp;</TD>
    <TD width=13% align=left>&nbsp;</TD>
    <TD width=4% align="center">&nbsp;</TD>
    <TD colspan="2" align=center><B><FONT size=1 face="serif">TRUST SHARES</FONT></B>&nbsp; </TD>
    <TD width=4% align="center">&nbsp;</TD>
    <TD colspan="2" align=center><B><FONT size=1 face="serif">SHARE</FONT></B>&nbsp; </TD>
    <TD width=3% align="center">&nbsp;</TD>
    <TD width=14% align=center><B><FONT size=1 face="serif">% OF SHARES</FONT></B> </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><B><FONT size=1 face="serif">DIRECTOR</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">TRUST</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center><B><FONT size=1 face="serif">OWNED</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center><B><FONT size=1 face="serif">EQUIVALENTS(1)</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">OUTSTANDING</FONT></B> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD></TD>
    <TD align="left"><HR noshade size=1>
    </TD>
    <TD></TD>
    <TD colspan="2" align="right"><HR noshade size=1>
    </TD>
    <TD></TD>
    <TD colspan="2" align="right"><HR noshade size=1>
    </TD>
    <TD></TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<p>&nbsp; </p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=20% align=center>&nbsp;</TD>
  <TD width=4% align="center">&nbsp;</TD>
  <TD width=14% align=left>&nbsp;</TD>
  <TD width=4% align="center">&nbsp;</TD>
  <TD colspan="2" align=center><B><FONT size=1 face="serif">TRUST SHARES</FONT></B>&nbsp; </TD>
  <TD width=4% align="center">&nbsp;</TD>
  <TD colspan="2" align=center><B><FONT size=1 face="serif">SHARE</FONT></B>&nbsp; </TD>
  <TD width=4% align="center">&nbsp;</TD>
  <TD width=13% align=center><B><FONT size=1 face="serif">% OF SHARES</FONT></B> </TD>
  <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><B><FONT size=1 face="serif">DIRECTOR</FONT></B>&nbsp; </TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><B><FONT size=1 face="serif">TRUST</FONT></B>&nbsp; </TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="2" align=center><B><FONT size=1 face="serif">OWNED</FONT></B>&nbsp; </TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="2" align=center><B><FONT size=1 face="serif">EQUIVALENTS(1)</FONT></B>&nbsp; </TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><B><FONT size=1 face="serif">OUTSTANDING</FONT></B> </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR>
  <TD><HR noshade size=1>
  </TD>
  <TD></TD>
  <TD align="left"><HR noshade size=1>
  </TD>
  <TD></TD>
  <TD colspan="2" align="right"><HR noshade size=1>
  </TD>
  <TD></TD>
  <TD colspan="2" align="right"><HR noshade size=1>
  </TD>
  <TD></TD>
  <TD><HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">James Clayburn La Force, Jr.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD width="11%" align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD width="7%">&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD width="11%" align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD width="7%">&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">(continued)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">200</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">310</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BQY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">200</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">300</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Walter F. Mondale</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">20</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">7,190</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">(2)</FONT>
        </TD>
        <TD align=left>
<FONT size=1 face="serif"></FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">20</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">4,688</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">1,020</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">1,020</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">20</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">20</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">20</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">3,158</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">20</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">275</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">20</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">4,821</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">20</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">1,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">1,486</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">20</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">1,148</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">20</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">20</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">50</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">50</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">30</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">30</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">50</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">50</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BQY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">50</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">20</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">10</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><hr align="left" width="12%" size="1" noshade></TD>
  </TR>
<TR>
        <TD nowrap valign=top>
<FONT size=2 face="serif">(1)</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD>
<FONT size=2 face="serif">Represents, as of February 28, 2005, the approximate number of share equivalents owned under the deferred compensation plan in each Trust by the Independent Directors of the Trusts who have participated in the deferred
compensation plan.</FONT> <FONT size=2 face="serif">Share equivalents are held in cash accounts by each Trust on behalf of the Independent Directors in connection with the deferred compensation plan. Under the deferred compensation plan, BAT, BCT, BHY, BKT, BNA, BHD and BHK are eligible investments. Messrs. Schlosstein and Kapito are not eligible to participate in the deferred compensation plan.</FONT> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD nowrap valign=top>
<FONT size=2 face="serif">(2)</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD>
<FONT size=2 face="serif">Less than 1% of each Trust listed.</FONT>     </TD>
</TR>
</TABLE>
<P align="center">
<FONT face="serif">D-7</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_40"></A>

<P align="center">
<B><FONT size=2 face="serif">APPENDIX E</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following table sets forth the dollar range of equity securities beneficially owned and share equivalents held in the Fund Complex by each Director as of February 28, 2005. If a Trust is
not listed, the Director does not own any shares of the Trust. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=16% align=left>&nbsp;

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=center>&nbsp;

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=13% align=center>&nbsp;

        </TD>
        <TD width=3% align="center">&nbsp;
        </TD>
        <TD width=13% align=center>&nbsp;

        </TD>
        <TD width=3% align="center">&nbsp;
        </TD>
        <TD width=9% align=center>&nbsp;

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=11% align=center>&nbsp;

        </TD>
        <TD width=2% align="center">&nbsp;
        </TD>
        <TD width=15% align=center>
<B><FONT size=1 face="serif">AGGREGATE DOLLAR</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">AGGREGATE</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">RANGE OF EQUITY</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">DOLLAR RANGE OF</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD colspan=3 align=center>
<B><FONT size=1 face="serif">DOLLAR RANGE OF</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">SECURITIES AND</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan=3 align=center>
<B><FONT size=1 face="serif">DOLLAR RANGE OF EQUITY</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">EQUITY SECURITIES</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD colspan=3 align=center>
 &nbsp;<B><FONT size=1 face="serif">SHARE EQUIVALENTS IN</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">SHARE EQUIVALENTS</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan=3 align=center>
<B><FONT size=1 face="serif">SECURITIES IN EACH TRUST</FONT></B><B><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">OF ALL TRUSTS</FONT></B><B><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD colspan="3" align=center>
<B><FONT size=1 face="serif">EACH TRUSTS</FONT></B><B><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD align=center>
      <B><FONT size=1 face="serif">OF ALL TRUSTS</FONT></B><B><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center><hr align="left" width="100%" size="1" noshade></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><hr align="left" width="100%" size="1" noshade></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center><hr align="left" width="100%" size="1" noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr align="left" width="100%" size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD align=center>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="serif">NAME</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD align=center>
      <B><FONT size=1 face="serif">TRUST</FONT></B></TD>
        <TD align="center">&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">DOLLAR RANGE</FONT></B>&nbsp;
        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD align="center">&nbsp;
        </TD>
        <TD align=center><B><FONT size=1 face="serif">TRUST </FONT></B>
        </TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center><B><FONT size=1 face="serif">DOLLAR RANGE</FONT></B>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD><hr align="left" width="100%" size="1" noshade>

        </TD>
    <TD>&nbsp;</TD>
    <TD><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan=3 align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=left>
<B><FONT size=1 face="serif">INTERESTED DIRECTORS:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Ralph L. Schlosstein</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">Over &#36;100,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">Over &#36;100,000</FONT><SUP><FONT size=1 face="serif">(1)</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">RNJ</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">RNJ</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLH</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLH</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BQH</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BQH</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BQY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BQY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Robert S. Kapito</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">Over &#36;100,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">Over &#36;100,000</FONT><SUP><FONT size=1 face="serif">(1)</FONT></SUP>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT face="serif">E-1 </FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<p><A name="page_41"></A>
</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">AGGREGATE DOLLAR</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">AGGREGATE</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">RANGE OF EQUITY</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">DOLLAR RANGE OF</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan=3 align=center><B><FONT size=1 face="serif">DOLLAR RANGE OF</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">SECURITIES AND</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan=3 align=center><B><FONT size=1 face="serif">DOLLAR RANGE OF EQUITY</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">EQUITY SECURITIES</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan=3 align=center>&nbsp;<B><FONT size=1 face="serif">SHARE EQUIVALENTS IN</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">SHARE EQUIVALENTS</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan=3 align=center><B><FONT size=1 face="serif">SECURITIES IN EACH TRUST</FONT></B><B><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">OF ALL TRUSTS</FONT></B><B><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center><B><FONT size=1 face="serif">EACH TRUST</FONT></B><B><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">OF ALL TRUSTS</FONT></B><B><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center><hr align="left" width="100%" size="1" noshade></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><hr align="left" width="100%" size="1" noshade></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=left><hr align="left" width="100%" size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="serif">NAME</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">TRUST</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">DOLLAR RANGE</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">TRUST </FONT></B> </TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">DOLLAR RANGE</FONT></B>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD><hr align="left" width="100%" size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=3 align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD width=16% align=left>
<FONT size=1 face="serif">Robert S. Kapito</FONT>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=left>
<FONT size=1 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=13% align=left>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=9% align=left>
<FONT size=1 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=11% align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=15% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">(continued)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">&#36;1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">&#36;1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">&#36;1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">Over &#36;100,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">Over &#36;100,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">Over &#36;100,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">Over &#36;100,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">RNJ</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">RNJ</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNJ</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">Over &#36;100,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNJ</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">Over &#36;100,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLJ</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLJ</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BQY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BQY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=left>
<B><FONT size=1 face="serif">INDEPENDENT DIRECTORS:</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Andrew F. Brimmer</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">Over &#36;100,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT face="serif">E-2</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<p><A name="page_42"></A>
</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">AGGREGATE DOLLAR</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">AGGREGATE</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">RANGE OF EQUITY</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">DOLLAR RANGE OF</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan=3 align=center><B><FONT size=1 face="serif">DOLLAR RANGE OF</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">SECURITIES AND</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan=3 align=center><B><FONT size=1 face="serif">DOLLAR RANGE OF EQUITY</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">EQUITY SECURITIES</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan=3 align=center>&nbsp;<B><FONT size=1 face="serif">SHARE EQUIVALENTS IN</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">SHARE EQUIVALENTS</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan=3 align=center><B><FONT size=1 face="serif">SECURITIES IN EACH TRUST</FONT></B><B><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">OF ALL TRUSTS</FONT></B><B><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center><B><FONT size=1 face="serif">EACH TRUST</FONT></B><B><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">OF ALL TRUSTS</FONT></B><B><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center><hr align="left" width="100%" size="1" noshade></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><hr align="left" width="100%" size="1" noshade></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=left><hr align="left" width="100%" size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="serif">NAME</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">TRUST</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">DOLLAR RANGE</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">TRUST </FONT></B> </TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">DOLLAR RANGE</FONT></B>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD><hr align="left" width="100%" size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=3 align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD width=16% align=left>
<FONT size=1 face="serif">Andrew F. Brimmer</FONT>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=left>
<FONT size=1 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=13% align=left>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=9% align=left>
<FONT size=1 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=11% align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=15% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">(continued)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BQY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BQY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Richard E. Cavanagh</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$50,001-&#36;100,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$50,001-&#36;100,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">Over &#36;100,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$50,001-&#36;100,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">RNY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">RNY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLH</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLH</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BQH</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BQH</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT face="serif">E-3</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<p><A name="page_43"></A>
</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">AGGREGATE DOLLAR</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">AGGREGATE</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">RANGE OF EQUITY</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">DOLLAR RANGE OF</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan=3 align=center><B><FONT size=1 face="serif">DOLLAR RANGE OF</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">SECURITIES AND</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan=3 align=center><B><FONT size=1 face="serif">DOLLAR RANGE OF EQUITY</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">EQUITY SECURITIES</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan=3 align=center>&nbsp;<B><FONT size=1 face="serif">SHARE EQUIVALENTS IN</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">SHARE EQUIVALENTS</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan=3 align=center><B><FONT size=1 face="serif">SECURITIES IN EACH TRUST</FONT></B><B><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">OF ALL TRUSTS</FONT></B><B><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center><B><FONT size=1 face="serif">EACH TRUST</FONT></B><B><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">OF ALL TRUSTS</FONT></B><B><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center><hr align="left" width="100%" size="1" noshade></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><hr align="left" width="100%" size="1" noshade></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=left><hr align="left" width="100%" size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="serif">NAME</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">TRUST</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">DOLLAR RANGE</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">TRUST </FONT></B> </TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">DOLLAR RANGE</FONT></B>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD><hr align="left" width="100%" size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=3 align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD width=16% align=left>
<FONT size=1 face="serif">Richard E. Cavanagh</FONT>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=left>
<FONT size=1 face="serif">BQY</FONT>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=13% align=left>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=9% align=left>
<FONT size=1 face="serif">BQY</FONT>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=11% align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=15% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">(continued)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Kent Dixon</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1- &#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">Over &#36;100,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001 - &#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">Over &#36;100,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001 - &#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001 - &#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001 - &#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001 - &#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$50,001-&#36;100,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001 - &#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BRF</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BRF</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">RFA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">RFA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BBF</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BBF</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001 - &#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$50,001-&#36;100,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$50,001-&#36;100,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BIE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BIE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BAF</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BAF</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFO</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFO</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BQY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BQY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Frank J. Fabozzi</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">Over &#36;100,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT face="serif">E-4</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<p><A name="page_44"></A>
</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">AGGREGATE DOLLAR</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">AGGREGATE</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">RANGE OF EQUITY</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">DOLLAR RANGE OF</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan=3 align=center><B><FONT size=1 face="serif">DOLLAR RANGE OF</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">SECURITIES AND</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan=3 align=center><B><FONT size=1 face="serif">DOLLAR RANGE OF EQUITY</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">EQUITY SECURITIES</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan=3 align=center>&nbsp;<B><FONT size=1 face="serif">SHARE EQUIVALENTS IN</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">SHARE EQUIVALENTS</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan=3 align=center><B><FONT size=1 face="serif">SECURITIES IN EACH TRUST</FONT></B><B><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">OF ALL TRUSTS</FONT></B><B><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center><B><FONT size=1 face="serif">EACH TRUST</FONT></B><B><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">OF ALL TRUSTS</FONT></B><B><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center><hr align="left" width="100%" size="1" noshade></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><hr align="left" width="100%" size="1" noshade></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=left><hr align="left" width="100%" size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="serif">NAME</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">TRUST</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">DOLLAR RANGE</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">TRUST </FONT></B> </TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">DOLLAR RANGE</FONT></B>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD><hr align="left" width="100%" size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=3 align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD width=16% align=left>
<FONT size=1 face="serif">Frank J. Fabozzi</FONT>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=left>
<FONT size=1 face="serif">BSD</FONT>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=13% align=left>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=9% align=left>
<FONT size=1 face="serif">BSD</FONT>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=11% align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=15% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">(continued)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPS</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPS</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BQY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BQY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Kathleen F. Feldstein</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT face="serif">E-5</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<p><A name="page_45"></A>
</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">AGGREGATE DOLLAR</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">AGGREGATE</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">RANGE OF EQUITY</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">DOLLAR RANGE OF</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan=3 align=center><B><FONT size=1 face="serif">DOLLAR RANGE OF</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">SECURITIES AND</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan=3 align=center><B><FONT size=1 face="serif">DOLLAR RANGE OF EQUITY</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">EQUITY SECURITIES</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan=3 align=center>&nbsp;<B><FONT size=1 face="serif">SHARE EQUIVALENTS IN</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">SHARE EQUIVALENTS</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan=3 align=center><B><FONT size=1 face="serif">SECURITIES IN EACH TRUST</FONT></B><B><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">OF ALL TRUSTS</FONT></B><B><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center><B><FONT size=1 face="serif">EACH TRUST</FONT></B><B><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">OF ALL TRUSTS</FONT></B><B><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center><hr align="left" width="100%" size="1" noshade></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><hr align="left" width="100%" size="1" noshade></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=left><hr align="left" width="100%" size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="serif">NAME</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">TRUST</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">DOLLAR RANGE</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">TRUST </FONT></B> </TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">DOLLAR RANGE</FONT></B>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD><hr align="left" width="100%" size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=3 align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD width=16% align=left>
<FONT size=1 face="serif">Kathleen F. Feldstein</FONT>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=left>
<FONT size=1 face="serif">BQY</FONT>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=13% align=left>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=9% align=left>
<FONT size=1 face="serif">BQY</FONT>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=11% align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=15% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">(continued)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">R. Glenn Hubbard</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$50,001-&#36;100,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">RNY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">RNY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLH</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLH</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BQH</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BQH</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BQY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BQY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">James Clayburn</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">Over &#36;100,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">Over &#36;100,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">Over &#36;100,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">La Force, Jr.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">Over &#36;100,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT face="serif">E-6</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<p><A name="page_46"></A>
</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">AGGREGATE DOLLAR</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">AGGREGATE</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">RANGE OF EQUITY</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">DOLLAR RANGE OF</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan=3 align=center><B><FONT size=1 face="serif">DOLLAR RANGE OF</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">SECURITIES AND</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan=3 align=center><B><FONT size=1 face="serif">DOLLAR RANGE OF EQUITY</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">EQUITY SECURITIES</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan=3 align=center>&nbsp;<B><FONT size=1 face="serif">SHARE EQUIVALENTS IN</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">SHARE EQUIVALENTS</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan=3 align=center><B><FONT size=1 face="serif">SECURITIES IN EACH TRUST</FONT></B><B><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">OF ALL TRUSTS</FONT></B><B><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center><B><FONT size=1 face="serif">EACH TRUST</FONT></B><B><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">OF ALL TRUSTS</FONT></B><B><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center><hr align="left" width="100%" size="1" noshade></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><hr align="left" width="100%" size="1" noshade></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=left><hr align="left" width="100%" size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="serif">NAME</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">TRUST</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">DOLLAR RANGE</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">TRUST </FONT></B> </TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">DOLLAR RANGE</FONT></B>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD><hr align="left" width="100%" size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=3 align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD width=16% align=left>
<FONT size=1 face="serif">James Clayburn</FONT>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=left>
<FONT size=1 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=13% align=left>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=9% align=left>
<FONT size=1 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=11% align=center>
<FONT size=1 face="serif">Over &#36;100,000</FONT>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=15% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">La Force, Jr.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">(continued)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">Over &#36;100,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">Over &#36;100,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$50,001-&#36;100,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$50,001-&#36;100,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">RAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">RAA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFZ</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFZ</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BJZ</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BJZ</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$50,001-&#36;100,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BZA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$50,001-&#36;100,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BZA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCL</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCL</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BQY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BQY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">Walter F. Mondale</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$50,001-&#36;100,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$50,001-&#36;100,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">Over &#36;100,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BAT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BSD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$50,001-&#36;100,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$10,001-&#36;50,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT face="serif">E-7</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<p><A name="page_47"></A>
</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">AGGREGATE DOLLAR</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">AGGREGATE</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">RANGE OF EQUITY</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">DOLLAR RANGE OF</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan=3 align=center><B><FONT size=1 face="serif">DOLLAR RANGE OF</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">SECURITIES AND</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan=3 align=center><B><FONT size=1 face="serif">DOLLAR RANGE OF EQUITY</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">EQUITY SECURITIES</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan=3 align=center>&nbsp;<B><FONT size=1 face="serif">SHARE EQUIVALENTS IN</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">SHARE EQUIVALENTS</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan=3 align=center><B><FONT size=1 face="serif">SECURITIES IN EACH TRUST</FONT></B><B><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">OF ALL TRUSTS</FONT></B><B><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center><B><FONT size=1 face="serif">EACH TRUST</FONT></B><B><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">OF ALL TRUSTS</FONT></B><B><SUP><FONT size=1 face="serif">(1)</FONT></SUP></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center><hr align="left" width="100%" size="1" noshade></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><hr align="left" width="100%" size="1" noshade></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="3" align=center><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=left><hr align="left" width="100%" size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="serif">NAME</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">TRUST</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">DOLLAR RANGE</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">TRUST </FONT></B> </TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center><B><FONT size=1 face="serif">DOLLAR RANGE</FONT></B>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD><hr align="left" width="100%" size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD><hr align="left" width="100%" size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=3 align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD width=16% align=left>
<FONT size=1 face="serif">Walter F. Mondale</FONT>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=9% align=left>
<FONT size=1 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=13% align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=13% align=left>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=9% align=left>
<FONT size=1 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=11% align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=15% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="serif">(continued)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BDT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BQY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BQY</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">$1-&#36;10,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="serif">BGR</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=1 face="serif">----</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><HR align="left"  width="12%" size=1 noshade></TD>
  </TR>
<TR>
        <TD width="34" valign=top nowrap>
<FONT size=2 face="serif">(1)</FONT></TD>
        <TD width="1052">
<FONT size=2 face="serif">Messrs. Kapito and Schlosstein and are not eligible to participate in the deferred compensation plan. Therefore, they own the same amount of equity securities without share equivalents as equity securities including share
equivalents.</FONT>     </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT face="serif">E-8</FONT></P>
<BR>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>

<B><FONT face="sans-serif">THE BLACKROCK CALIFORNIA<br>
INVESTMENT QUALITY<br>
MUNICIPAL TRUST INC.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/raa</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"> <FONT size=1 face="sans-serif">Z32311</FONT></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"> <FONT size=2 face="sans-serif">3231</FONT></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Directors:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <B><FONT size=2 face="sans-serif">THE BLACKROCK<br>
      </FONT></B><B><FONT size=2 face="sans-serif">CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC.</FONT></B>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON STOCK</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B><center>(01)
      <B><FONT size=1 face="sans-serif">Kathleen F. Feldstein</FONT></B> <br>
      (02) <B><FONT size=1 face="sans-serif">R. Glenn Hubbard</FONT></B><br>
      (03) <B><FONT size=1 face="sans-serif">Walter F. Mondale</FONT></B> <br>
      (04) <B><FONT size=1 face="sans-serif">Ralph L. Schlosstein</FONT></B>
    </center></B></FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%">&nbsp;</TD>
  <TD width="20%">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left><div align="left"></div></TD>
    <TD width="20%"><div align="left"></div></TD>
    <TD width="3%" align=left><div align="left"></div></TD>
    <TD width="18%"><div align="left"></div></TD>
    <TD width="8%" align=right><div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%"><div align="left"></div></TD>
    <TD width="20%" align=left><div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD><div align="left">_________________</div></TD>
    <TD align=right><div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD><div align="left">_______________</div></TD>
    <TD align=right><div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD><div align="left">_____________________</div></TD>
    <TD align=right><div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4><PAGE>

<p align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></p>
<p align="right">
  <FONT size=1 face="sans-serif">Z32312</FONT></p>
<p align="center"><BR>
<B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<P align="center">
<B><FONT size=2 face="sans-serif"> THE BLACKROCK<br>
</FONT></B><B><FONT size=2 face="sans-serif">CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC.</FONT></B></P>
<center>
  <B><FONT size=2 face="sans-serif">COMMON STOCK</FONT></B></center>
<P align="center">
<B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as
designated on the reverse side hereof, all of the shares of common stock of The BlackRock California Investment Quality Municipal Trust Inc. (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Stockholders
of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSAL.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p><P align="center">&nbsp;</P>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp;
      </div></TD>
        <TD width=26%>
          <div align="left"></div></TD>
        <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
</TABLE>
<br>
<HR noshade  width="100%" size=4><PAGE>
<br>


<B><FONT face="sans-serif">THE BLACKROCK CALIFORNIA<br>
INVESTMENT QUALITY<br>
MUNICIPAL TRUST INC.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
</center>

<p>
  <center>

</center>
<center>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;
  </p>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"> <FONT size=1 face="sans-serif">ZBKPI1</FONT></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"> <FONT size=2 face="sans-serif">3231</FONT></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Directors:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <B><FONT size=2 face="sans-serif">THE BLACKROCK<br>
      </FONT></B><B><FONT size=2 face="sans-serif">CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC.</FONT></B>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED STOCK</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center><font size="1" face="sans-serif"><b>(01)
      Frank J. Fabozzi<br>
      (02)
      Kathleen F. Feldstein <br>
      (03) R. Glenn Hubbard<br>
      (04) Walter F. Mondale <br>
      (05) Ralph L. Schlosstein<br>
    </b></font>
    </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%">&nbsp;</TD>
  <TD width="20%">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>

noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left><div align="left"></div></TD>
    <TD width="20%"><div align="left"></div></TD>
    <TD width="3%" align=left><div align="left"></div></TD>
    <TD width="18%"><div align="left"></div></TD>
    <TD width="8%" align=right><div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%"><div align="left"></div></TD>
    <TD width="20%" align=left><div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD><div align="left">_________________</div></TD>
    <TD align=right><div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD><div align="left">_______________</div></TD>
    <TD align=right><div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD><div align="left">_____________________</div></TD>
    <TD align=right><div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4><PAGE>

<p align="center"><FONT size=1 face="sans-serif">DETACH HERE</FONT></p>
<p align="right">
  <FONT size=1 face="sans-serif">ZBKPI2</FONT></p>
<p align="center"><BR>
<B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<P align="center">
<B><FONT size=2 face="sans-serif"> THE BLACKROCK<br>
</FONT></B><B><FONT size=2 face="sans-serif">CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC.</FONT></B></P>
<center>
  <B><FONT size=2 face="sans-serif">PREFERRED STOCK</FONT></B>
</center>
<P align="center">
<B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</FONT></B></P>
<P><FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of preferred stock of The BlackRock California Investment Quality Municipal Trust Inc. (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif"></FONT></B><B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSAL.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<P align="center">&nbsp;</P>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp;
      </div></TD>
        <TD width=26%>
          <div align="left"></div></TD>
        <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
</TABLE>
<br>
<HR noshade  width="100%" size=4>
<P align="center" style="page-break-before:always"></P><PAGE>

<p><br>


    <B><FONT face="sans-serif">THE BLACKROCK NEW YORK<br>
INVESTMENT QUALITY<br>
MUNICIPAL TRUST INC.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
  <br>
</p>
<P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/rny</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><FONT size=1 face="sans-serif">Z32521</FONT></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3252</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Directors:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <b><font size="2" face="sans-serif">THE BLACKROCK<br>
</font></b><B><FONT size=2 face="sans-serif">NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC.</FONT></B>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON STOCK </FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center><font size="1" face="sans-serif"><b>(01) Kathleen F. Feldstein<br>
      (02) R. Glenn Hubbard<br>
      (03) Walter F. Mondale <br>
      (04) Ralph L. Schlosstein <br></b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%">&nbsp;</TD>
  <TD width="20%">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<hr noshade  width="100%" size=4>
<PAGE>
<center>
  <p><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></p>
  <p align="right"><FONT size=1 face="sans-serif">Z32522</FONT></p>
  <p align="center"><BR>
      <B><FONT size=2 face="sans-serif">PROXY</FONT></B> </p>
</center>
<P align="center"> <B><FONT size=2 face="sans-serif"> THE BLACKROCK<br>
</FONT></B><B><FONT size=2 face="sans-serif">NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC.</FONT></B></P>
<center>
  <B><FONT size=2 face="sans-serif">COMMON STOCK</FONT></B>
</center>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of common stock of The BlackRock New York Investment Quality Municipal Trust Inc. (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSAL.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>

<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center><div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%><div align="left"></div></TD>
    <TD width=38% align=center><div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<hr noshade  width="100%" size=4>
<page>
<p><br>


    <B><FONT face="sans-serif">THE BLACKROCK NEW YORK<br>
INVESTMENT QUALITY<br>
MUNICIPAL TRUST INC.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
  <br>
</p>
<P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>  <BR>
  </p>
</center>

<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><FONT size=1 face="sans-serif">ZBKYP1</FONT></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3252</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Directors:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <b><font size="2" face="sans-serif">THE BLACKROCK<br>
</font></b><B><FONT size=2 face="sans-serif">NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC.</FONT></B>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED STOCK </FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center><font size="1" face="sans-serif"><b>(01) Frank J. Fabozzi<br>
    (02)
    Kathleen F. Feldstein<br>
      (03) R. Glenn Hubbard<br>
      (04) Walter F. Mondale <br>
      (05) Ralph L. Schlosstein </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%">&nbsp;</TD>
  <TD width="20%">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<hr noshade  width="100%" size=4>
<PAGE>
<center>
  <p><FONT size=1 face="sans-serif">DETACH HERE</FONT></p>
  <p align="right"><FONT size=1 face="sans-serif">ZBKYP2</FONT></p>
  <p align="center"><BR>
      <B><FONT size=2 face="sans-serif">PROXY</FONT></B> </p>
</center>
<P align="center"> <B><FONT size=2 face="sans-serif"> THE BLACKROCK<br>
</FONT></B><B><FONT size=2 face="sans-serif">NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC.</FONT></B></P>
<center>
  <B><FONT size=2 face="sans-serif">PREFERRED STOCK</FONT></B>
</center>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of preferred stock of The BlackRock New York Investment Quality Municipal Trust Inc. (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSAL.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>

<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center><div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%><div align="left"></div></TD>
    <TD width=38% align=center><div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<hr noshade  width="100%" size=4>



<P align="center" style="page-break-before:always"></P><PAGE>







<br>


<B><FONT face="sans-serif">THE BLACKROCK CALIFORNIA<br>
INSURED MUNICIPAL<br>
</FONT></B> <B><FONT face="sans-serif">2008 TERM TRUST INC.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/bfc</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z32271</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3227</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Directors:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <b><font size="2" face="sans-serif">THE BLACKROCK<br>
</font></b><B><FONT size=2 face="sans-serif">CALIFORNIA INSURED MUNICIPAL 2008 TERM TRUST INC.</FONT></B>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON STOCK</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer <br>
      (02) Kent Dixon <br>
      (03)  Kathleen F. Feldstein<br>
      (04)
      R. Glenn Hubbard<br>
      (05) Robert S. Kapito </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%">&nbsp;</TD>
  <TD width="20%">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<hr noshade  width="100%" size=4>
<PAGE>
<center><p><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></p>
  <p align="right">      <FONT size=1 face="sans-serif">Z32272</FONT></p>
  <p align="center"><BR>
    <B><FONT size=2 face="sans-serif">PROXY</FONT></B>
  </p>
</center>
<P align="center">
<B><FONT size=2 face="sans-serif">THE BLACKROCK<br>
</FONT></B><B><FONT size=2 face="sans-serif">CALIFORNIA INSURED MUNICIPAL 2008 TERM TRUST INC.</FONT></B></P>
<center>
  <B><FONT size=2 face="sans-serif">COMMON STOCK</FONT></B></center>
<P align="center">
<B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as
designated on the reverse side hereof, all of the shares of common stock of The BlackRock California Insured Municipal 2008 Term Trust Inc. (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Stockholders of
the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSAL.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>

<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp;
      </div></TD>
        <TD width=26%>
          <div align="left"></div></TD>
        <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
</TABLE>
<HR noshade  width="100%" size=4>
<PAGE>
<br>


<B><FONT face="sans-serif">THE BLACKROCK CALIFORNIA<br>
INSURED MUNICIPAL<br>
</FONT></B> <B><FONT face="sans-serif">2008 TERM TRUST INC.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>  <BR>
  </p>
</center>

<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> ZBKCP1</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3227</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Directors:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <b><font size="2" face="sans-serif">THE BLACKROCK<br>
</font></b><B><FONT size=2 face="sans-serif">CALIFORNIA INSURED MUNICIPAL 2008 TERM TRUST INC.</FONT></B>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED STOCK</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer <br>
      (02) Kent Dixon <br>
      (03) Kathleen F. Feldstein<br>
      (04) R. Glenn Hubbard<br>
      (05) Robert S. Kapito </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%">&nbsp;</TD>
  <TD width="20%">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<hr noshade  width="100%" size=4>
<PAGE>
<center><p><FONT size=1 face="sans-serif">DETACH HERE</FONT></p>
  <p align="right"><FONT size=1 face="sans-serif">ZBKCP2</FONT></p>
  <p align="center"><BR>
    <B><FONT size=2 face="sans-serif">PROXY</FONT></B>
  </p>
</center>
<P align="center">
<B><FONT size=2 face="sans-serif">THE BLACKROCK<br>
</FONT></B><B><FONT size=2 face="sans-serif">CALIFORNIA INSURED MUNICIPAL 2008 TERM TRUST INC.</FONT></B></P>
<center>
  <B><FONT size=2 face="sans-serif">PREFERRED STOCK</FONT></B>
</center>
<P align="center">
<B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of preferred stock of The BlackRock California Insured Municipal 2008 Term Trust Inc. (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSAL.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>

<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp;
      </div></TD>
        <TD width=26%>
          <div align="left"></div></TD>
        <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
</TABLE>
<HR noshade  width="100%" size=4>



<P align="center" style="page-break-before:always"></P><PAGE>







<br>


<B><FONT face="sans-serif">THE BLACKROCK <br>
INVESTMENT QUALITY <br>
MUNICIPAL TRUST INC.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/bkn</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z32561</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3256</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Directors:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <B><FONT size=2 face="sans-serif">THE BLACKROCK<br>
      </FONT></B><B><FONT size=2 face="sans-serif">INVESTMENT QUALITY MUNICIPAL TRUST INC.</FONT></B><br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON STOCK</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer<br>
      (02) Kent Dixon
      <br>
      (03) Kathleen F. Feldstein<br>
      (04) R. Glenn Hubbard<br>
      (05) Robert S. Kapito </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%">&nbsp;</TD>
  <TD width="20%">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4><PAGE>
<center><FONT size=1 face="sans-serif"><br>
DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT>
  <p align="right">
  <FONT size=1 face="sans-serif">Z32562</FONT><p>
  <B><FONT size=2 face="sans-serif">PROXY</FONT></B><br>
  <BR>
  <B><FONT size=2 face="sans-serif">THE BLACKROCK</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">INVESTMENT QUALITY MUNICIPAL TRUST INC.</FONT></B><br>
  <BR>
  <B><FONT size=2 face="sans-serif">COMMON STOCK</FONT></B></center>
<P align="center">
<B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as
designated on the reverse side hereof, all of the shares of common stock of The BlackRock Investment Quality Municipal Trust Inc. (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Stockholders of the Trust
to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSAL.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>

<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp;
      </div></TD>
        <TD width=26%>
          <div align="left"></div></TD>
        <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
</TABLE>
<HR noshade  width="100%" size=4><PAGE>
<br>


<B><FONT face="sans-serif">THE BLACKROCK <br>
INVESTMENT QUALITY <br>
MUNICIPAL TRUST INC.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
</center>

<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> ZBKQP1</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3256</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Directors:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <B><FONT size=2 face="sans-serif">THE BLACKROCK<br>
      </FONT></B><B><FONT size=2 face="sans-serif">INVESTMENT QUALITY MUNICIPAL TRUST INC.</FONT></B><br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED STOCK</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer<br>
      (02) Kent Dixon
      <br>
      (03) Kathleen F. Feldstein<br>
      (04) R. Glenn Hubbard<br>
      (05) Robert S. Kapito </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%">&nbsp;</TD>
  <TD width="20%">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4><PAGE>
<center><FONT size=1 face="sans-serif"><br>
DETACH HERE</FONT>
  <p align="right">
    <FONT size=1 face="sans-serif">ZBKQP2</FONT>
  <p>
  <B><FONT size=2 face="sans-serif">PROXY</FONT></B><br>
  <BR>
  <B><FONT size=2 face="sans-serif">THE BLACKROCK</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">INVESTMENT QUALITY MUNICIPAL TRUST INC.</FONT></B><br>
  <BR>
  <B><FONT size=2 face="sans-serif">PREFERRED STOCK</FONT></B>
</center>
<P align="center">
<B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as
designated on the reverse side hereof, all of the shares of common stock of The BlackRock Investment Quality Municipal Trust Inc. (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Stockholders of the Trust
to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSAL.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>

<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp;
      </div></TD>
        <TD width=26%>
          <div align="left"></div></TD>
        <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
</TABLE>
<HR noshade  width="100%" size=4>



<P align="center" style="page-break-before:always"></P>
<PAGE>






<p><br>


    <B><FONT face="sans-serif">THE BLACKROCK NEW JERSEY <br>
INVESTMENT QUALITY<br>
MUNICIPAL TRUST INC.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
  <br>
</p>
<P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/rnj</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><FONT size=1 face="sans-serif">Z32431</FONT></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3243</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Directors:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <b><font size="2" face="sans-serif">THE BLACKROCK<br>
NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC.</font></b>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON STOCK</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center><font size="1" face="sans-serif"><b>(01) Kathleen F. Feldstein<br>
      (02) R. Glenn Hubbard<br>
      (03) Walter F. Mondale <br>
      (04) Ralph L. Schlosstein </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%">&nbsp;</TD>
  <TD width="20%">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<hr noshade  width="100%" size=4>
<PAGE>
<center>
  <center>
    <FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT>
    <P align="right"> <FONT size=1 face="sans-serif">Z32432</FONT>
    <P> <B><FONT size=2 face="sans-serif">PROXY</FONT></B>
  </center>
  <P align="center"> <B><FONT size=2 face="sans-serif"> THE BLACKROCK<br>
  </FONT></B><B><FONT size=2 face="sans-serif">NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC.</FONT></B></P>
  <center>
    <B><FONT size=2 face="sans-serif">COMMON STOCK</FONT></B>
  </center>
  <P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</FONT></B></P>
  <P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of common stock of The BlackRock New Jersey Investment Quality Municipal Trust Inc. (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
  <p align="left"><b><font size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSAL.</font></b></p>
  <p align="left"><font size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS THEREOF.</b></font></p>
  <P>&nbsp;</P>
  <P align="left">&nbsp; </P>
<hr size="1" noshade>
  <center>
    <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
    </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
  </center>
  <hr size="1" noshade>
  <TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
    <TR valign="bottom">
      <TD align=center>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=center>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=36% align=center><div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
      <TD width=26%><div align="left"></div></TD>
      <TD width=38% align=center><div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
    </TR>
    <TR valign="bottom">
      <TD align=center>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=center>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=center><hr size="1" noshade>
      </TD>
      <TD>&nbsp;</TD>
      <TD align=center><hr size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=center>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=center>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=center><hr size="1" noshade>
      </TD>
      <TD>&nbsp;</TD>
      <TD align=center><hr size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=center>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=center>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=center><hr size="1" noshade>
      </TD>
      <TD>&nbsp;</TD>
      <TD align=center><hr size="1" noshade>
      </TD>
    </TR>
  </TABLE>
  <HR noshade  width="100%" size=4>
<PAGE>
<p align="left"><br>


    <B><FONT face="sans-serif">THE BLACKROCK NEW JERSEY <br>
INVESTMENT QUALITY<br>
MUNICIPAL TRUST INC.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
  <br>
</p>
<P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
</center>

<center>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><FONT size=1 face="sans-serif">ZBKJP1</FONT></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3243</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Directors:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <b><font size="2" face="sans-serif">THE BLACKROCK<br>
NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC.</font></b>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED STOCK</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center><font size="1" face="sans-serif"><b>(01) Frank J. Fabozzi<br>
    (02)
    Kathleen F. Feldstein<br>
      (03) R. Glenn Hubbard<br>
      (04) Walter F. Mondale <br>
      (05) Ralph L. Schlosstein </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%">&nbsp;</TD>
  <TD width="20%">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<hr noshade  width="100%" size=4>
<PAGE>
<center>
  <center>
    <FONT size=1 face="sans-serif">DETACH HERE</FONT>
    <P align="right"> <FONT size=1 face="sans-serif">ZBKJP2</FONT>
    <P> <B><FONT size=2 face="sans-serif">PROXY</FONT></B>
  </center>
  <P align="center"> <B><FONT size=2 face="sans-serif"> THE BLACKROCK<br>
  </FONT></B><B><FONT size=2 face="sans-serif">NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC.</FONT></B></P>
  <center>
    <B><FONT size=2 face="sans-serif">PREFERRED STOCK</FONT></B>
  </center>
  <P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</FONT></B></P>
  <P align="left"> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of preferred stock of The BlackRock New Jersey Investment Quality Municipal Trust Inc. (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
  <P align="left"> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSAL.</FONT></B></P>
<p align="left"><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>

  <hr size="1" noshade>
  <center>
    <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
    </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
  </center>
  <hr size="1" noshade>
  <TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
    <TR valign="bottom">
      <TD align=center>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=center>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=36% align=center><div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
      <TD width=26%><div align="left"></div></TD>
      <TD width=38% align=center><div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
    </TR>
    <TR valign="bottom">
      <TD align=center>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=center>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=center><hr size="1" noshade>
      </TD>
      <TD>&nbsp;</TD>
      <TD align=center><hr size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=center>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=center>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=center><hr size="1" noshade>
      </TD>
      <TD>&nbsp;</TD>
      <TD align=center><hr size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=center>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=center>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=center><hr size="1" noshade>
      </TD>
      <TD>&nbsp;</TD>
      <TD align=center><hr size="1" noshade>
      </TD>
    </TR>
  </TABLE>
  <HR noshade  width="100%" size=4>
  <p>&nbsp;</p>
</center>


</center>



<P align="center" style="page-break-before:always"></P><PAGE>







<br>


<P><B><FONT face="sans-serif">THE BLACKROCK BROAD <br>
  INVESTMENT GRADE <br>
  2009 TERM TRUST INC.</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
  <br>
</P>
<P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/bct</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z32261<sup></sup></font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3226</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Directors:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <b><font size="2" face="sans-serif">THE BLACKROCK<br>
</font></b><B><FONT size=2 face="sans-serif">BROAD INVESTMENT GRADE 2009 TERM TRUST INC.</FONT></B>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON STOCK</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Frank J. Fabozzi<br>
      (02) Kathleen F. Feldstein<br>
      (03) R. Glenn Hubbard<br>
      (04) Walter F. Mondale<br>
      (05) Ralph L. Schlosstein </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%">&nbsp;</TD>
  <TD width="20%">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<PAGE>
<center><FONT size=1 face="sans-serif"><br>
DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT>
</center>
<p align="right">
<FONT size=1 face="sans-serif">Z32262</FONT>
<p align="center">
<B><FONT size=2 face="sans-serif">PROXY</FONT></B>
<P align="center">
<B><FONT size=2 face="sans-serif">THE BLACKROCK<br>
</FONT></B><B><FONT size=2 face="sans-serif">BROAD INVESTMENT GRADE 2009 TERM TRUST INC.</FONT></B></P>
<center>
  <B><FONT size=2 face="sans-serif">COMMON STOCK</FONT></B></center>
<P align="center">
<B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as
designated on the reverse side hereof, all of the shares of common stock of The BlackRock Broad Investment Grade 2009 Term Trust Inc. (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Stockholders of the
Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSAL.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>

<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp;
      </div></TD>
        <TD width=26%>
          <div align="left"></div></TD>
        <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
</TABLE>
<HR noshade  width="100%" size=4>



<P align="center" style="page-break-before:always"></P><PAGE>







<br>


<B><FONT face="sans-serif">THE BLACKROCK <br>
INSURED MUNICIPAL <br>
2008 TERM TRUST INC.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/brm</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><FONT size=1 face="sans-serif">Z32241</FONT></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><FONT size=2 face="sans-serif">3224</FONT></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Directors:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <b><font size="2" face="sans-serif">THE BLACKROCK<br>
</font></b><B><FONT size=2 face="sans-serif">INSURED MUNICIPAL 2008 TERM TRUST INC.</FONT></B>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON STOCK</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer <br>
(02) Kent Dixon <br>
(03) Kathleen F. Feldstein<br>
(04) R. Glenn Hubbard<br>
(05) Robert S. Kapito
    </b></font>
    </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%">&nbsp;</TD>
  <TD width="20%">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>


<center>
  <FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT>
</center>
<P align="right">
<FONT size=1 face="sans-serif">Z32242</FONT>
<P align="center">
<B><FONT size=2 face="sans-serif">PROXY</FONT></B><br>
<BR>
<B><FONT size=2 face="sans-serif">THE BLACKROCK</FONT></B><BR>
<B><FONT size=2 face="sans-serif">INSURED MUNICIPAL 2008 TERM TRUST INC.</FONT></B><br>
<BR>
<B><FONT size=2 face="sans-serif">COMMON STOCK</FONT></B><P align="center">
<B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as
designated on the reverse side hereof, all of the shares of common stock of The BlackRock Insured Municipal 2008 Term Trust Inc. (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Stockholders of the Trust
to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSAL.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>

<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp;
      </div></TD>
        <TD width=26%>
          <div align="left"></div></TD>
        <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
</TABLE>
<HR noshade  width="100%" size=4><PAGE>
<br>


<B><FONT face="sans-serif">THE BLACKROCK <br>
INSURED MUNICIPAL <br>
2008 TERM TRUST INC.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>  <BR>
  </p>
</center>

<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><FONT size=1 face="sans-serif">ZBMEP1</FONT></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><FONT size=2 face="sans-serif">3224</FONT></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Directors:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <b><font size="2" face="sans-serif">THE BLACKROCK<br>
</font></b><B><FONT size=2 face="sans-serif">INSURED MUNICIPAL 2008 TERM TRUST INC.</FONT></B>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED STOCK</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer <br>
(02) Kent Dixon <br>
(03) Kathleen F. Feldstein<br>
(04) R. Glenn Hubbard<br>
(05) Robert S. Kapito
    </b></font>
    </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%">&nbsp;</TD>
  <TD width="20%">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>


<center>
  <FONT size=1 face="sans-serif">DETACH HERE</FONT>
</center>
<P align="right">
  <FONT size=1 face="sans-serif">ZBMEP2</FONT>
<P align="center">
<B><FONT size=2 face="sans-serif">PROXY</FONT></B><br>
<BR>
<B><FONT size=2 face="sans-serif">THE BLACKROCK</FONT></B><BR>
<B><FONT size=2 face="sans-serif">INSURED MUNICIPAL 2008 TERM TRUST INC.</FONT></B><br>
<BR>
<B><FONT size=2 face="sans-serif">PREFERRED STOCK</FONT></B>
<P align="center">
<B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of preferred stock of The BlackRock Insured Municipal 2008 Term Trust Inc. (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSAL.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>

<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp;
      </div></TD>
        <TD width=26%>
          <div align="left"></div></TD>
        <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
</TABLE>
<HR noshade  width="100%" size=4>




<P align="center" style="page-break-before:always"></P><PAGE>







<br>


<B><FONT face="sans-serif">THE BLACKROCK <br>
NEW YORK INSURED<br>
</FONT></B><B><FONT face="sans-serif">MUNICIPAL 2008 TERM TRUST INC.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/bln</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z32541<sup></sup></font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3254</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Directors:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center><B><FONT size=2 face="sans-serif">THE BLACKROCK<br>
</FONT></B><B><FONT size=2 face="sans-serif">NEW YORK INSURED MUNICIPAL 2008 TERM TRUST INC.</FONT></B>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON STOCK</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT>    <center>
        <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer<br>
        (02) Kent Dixon        <br>
        (03) Kathleen F. Feldstein<br>
        (04) R. Glenn Hubbard<br>
        (05) Robert S. Kapito </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%">&nbsp;</TD>
  <TD width="20%">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<PAGE>



<center>
  <FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT>
</center>
<p align="right">
<FONT size=1 face="sans-serif">Z32542</FONT>
<p align="center">
<B><FONT size=2 face="sans-serif">PROXY</FONT></B>
<P align="center">
<B><FONT size=2 face="sans-serif">THE BLACKROCK<br>
</FONT></B><B><FONT size=2 face="sans-serif">NEW YORK INSURED MUNICIPAL 2008 TERM TRUST INC.</FONT></B></P>
<center>
  <B><FONT size=2 face="sans-serif">COMMON STOCK</FONT></B></center>
<P align="center">
<B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as
designated on the reverse side hereof, all of the shares of common stock of The BlackRock New York Insured Municipal 2008 Term Trust Inc. (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Stockholders of
the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSAL.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>

<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp;
      </div></TD>
        <TD width=26%>
          <div align="left"></div></TD>
        <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
</TABLE>
<HR noshade  width="100%" size=4><PAGE>
<br>


<B><FONT face="sans-serif">THE BLACKROCK <br>
NEW YORK INSURED<br>
</FONT></B><B><FONT face="sans-serif">MUNICIPAL 2008 TERM TRUST INC.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>  <BR>
  </p>
</center>

<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> ZBKEP1</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3254</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Directors:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center><B><FONT size=2 face="sans-serif">THE BLACKROCK<br>
</FONT></B><B><FONT size=2 face="sans-serif">NEW YORK INSURED MUNICIPAL 2008 TERM TRUST INC.</FONT></B>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED STOCK</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT>    <center>
        <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer<br>
        (02) Kent Dixon        <br>
        (03) Kathleen F. Feldstein<br>
        (04) R. Glenn Hubbard<br>
        (05) Robert S. Kapito </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%">&nbsp;</TD>
  <TD width="20%">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<PAGE>



<center>
  <FONT size=1 face="sans-serif">DETACH HERE</FONT>
</center>
<p align="right">
  <FONT size=1 face="sans-serif">ZBKEP2</FONT>
<p align="center">
<B><FONT size=2 face="sans-serif">PROXY</FONT></B>
<P align="center">
<B><FONT size=2 face="sans-serif">THE BLACKROCK<br>
</FONT></B><B><FONT size=2 face="sans-serif">NEW YORK INSURED MUNICIPAL 2008 TERM TRUST INC.</FONT></B></P>
<center>
  <B><FONT size=2 face="sans-serif">PREFERRED STOCK</FONT></B>
</center>
<P align="center">
<B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of preferred stock of The BlackRock New York Insured Municipal 2008 Term Trust Inc. (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSAL.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>

<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp;
      </div></TD>
        <TD width=26%>
          <div align="left"></div></TD>
        <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
</TABLE>
<HR noshade  width="100%" size=4>




<P align="center" style="page-break-before:always"></P><PAGE>







<br>


<P><B><FONT face="sans-serif">THE BLACKROCK<br>
</FONT></B> <B><FONT face="sans-serif">ADVANTAGE TERM TRUST INC. <br>
</FONT></B>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br></P>
<P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/bat</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z32251<sup></sup></font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3225</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Directors:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <b><font size="2" face="sans-serif">THE BLACKROCK<br>
ADVANTAGE TERM TRUST INC.</font></b>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON STOCK</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B><center>
      <font size="1" face="sans-serif"><b>(01) Frank J. Fabozzi<br>
(02) Kathleen F. Feldstein<br>
(03) R. Glenn Hubbard<br>
(04) Walter F. Mondale<br>
(05) Ralph L. Schlosstein</b></font>
    </center></B></FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%">&nbsp;</TD>
  <TD width="20%">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4><PAGE>


<center>
  <FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT>
</center>
<p align="right">
<FONT size=1 face="sans-serif">Z32252</FONT>
<p align="center">
<B><FONT size=2 face="sans-serif">PROXY</FONT></B><br>
<BR>
<B><FONT size=2 face="sans-serif">THE BLACKROCK</FONT></B><BR>
<B><FONT size=2 face="sans-serif">ADVANTAGE TERM TRUST INC.</FONT></B><br>
<BR>
<B><FONT size=2 face="sans-serif">COMMON STOCK</FONT></B><P align="center">
<B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</FONT></B></P>
<P align="center">
<FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as
designated on the reverse side hereof, all of the shares of common stock of The BlackRock Advantage Term Trust Inc. (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Stockholders of the Trust to be held on
May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSAL.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>

<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp;
      </div></TD>
        <TD width=26%>
          <div align="left"></div></TD>
        <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
</TABLE>
<HR noshade  width="100%" size=4>




<P align="center" style="page-break-before:always"></P><PAGE>







<br>


<P><B><FONT face="sans-serif">BLACKROCK INSURED MUNICIPAL<br>
  INCOME TRUST<br>
</FONT></B><B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
  <br>
</P>
<P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/bym</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z33171</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3317</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <B><FONT size=2 face="sans-serif">BLACKROCK<br>
      </FONT></B><B><FONT size=2 face="sans-serif">INSURED MUNICIPAL INCOME TRUST</FONT></B>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT>    <center>
        <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer<br>
        (02) Kent Dixon<br>
        (03) Kathleen F. Feldstein<br>
        (04) Robert S. Kapito<br></b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4><PAGE>


<center>
  <FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT>
</center>
<p align="right">
<FONT size=1 face="sans-serif">Z33172</FONT>
<p align="center">
<B><FONT size=2 face="sans-serif">PROXY</FONT></B><br>
<BR>
<B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
<B><FONT size=2 face="sans-serif">INSURED MUNICIPAL INCOME TRUST</FONT></B><br>
<BR>
<B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B><P align="center">
<B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P>
<FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as
designated on the reverse side hereof, all of the common shares of the BlackRock Insured Municipal Income Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May
26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>

<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp;
      </div></TD>
        <TD width=26%>
          <div align="left"></div></TD>
        <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
</TABLE>
<HR noshade  width="100%" size=4><PAGE>

<br>


<P><B><FONT face="sans-serif">BLACKROCK INSURED MUNICIPAL<br>
  INCOME TRUST<br>
</FONT></B><B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
  <br>
</P>
<P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <BR>
</center>

<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> ZBKTP1</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3317</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <B><FONT size=2 face="sans-serif">BLACKROCK<br>
      </FONT></B><B><FONT size=2 face="sans-serif">INSURED MUNICIPAL INCOME TRUST</FONT></B>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT>    <center>
        <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer<br>
        (02) Kent Dixon<br>
        (03) Kathleen F. Feldstein<br>
        (04) Robert S. Kapito<br></b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4><PAGE>


<center>
  <FONT size=1 face="sans-serif">DETACH HERE</FONT>
</center>
<p align="right">
  <FONT size=1 face="sans-serif">ZBKTP2</FONT>
<p align="center">
<B><FONT size=2 face="sans-serif">PROXY</FONT></B><br>
<BR>
<B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
<B><FONT size=2 face="sans-serif">INSURED MUNICIPAL INCOME TRUST</FONT></B><br>
<BR>
<B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B>
<P align="center">
<B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock Insured Municipal Income Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P>
<B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>

<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp;
      </div></TD>
        <TD width=26%>
          <div align="left"></div></TD>
        <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr size="1" noshade>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr size="1" noshade>    </TD>
</TR>
</TABLE>
<HR noshade  width="100%" size=4>




<P align="center" style="page-break-before:always"></P><PAGE>







<br>


<B><FONT face="sans-serif">BLACKROCK <br>
MUNICIPAL BOND TRUST</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/bbk</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z3244</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3244</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK <br>
      MUNICIPAL BOND TRUST </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif"><B></B></FONT><center>
    <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer<br>
      (02) Kent Dixon<br>
      (03) Kathleen F. Feldstein<br>
      (04) Robert S. Kapito<br></b></font>
  </center>
    </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>
<P align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<P align="right"><BR>
  <FONT size=1 face="sans-serif">Z32442</FONT><BR>
</P>
<P align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></P>
<P align="center"><B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
<B><FONT size=2 face="sans-serif">MUNICIPAL BOND TRUST</FONT></B></P>
<P align="center"><B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B></P>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock Municipal Bond Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>

<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4>



<P align="center" style="page-break-before:always"></P><PAGE>

<P></P><B><FONT face="sans-serif">BLACKROCK<br>
MUNICIPAL BOND TRUST</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>  <BR>
  </p>
</center>

<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><FONT size=1 face="sans-serif">ZBMBP1</FONT></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3244</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK <br>
      MUNICIPAL BOND TRUST </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <center><font size="1" face="sans-serif"><b><br>
      (01) Andrew F. Brimmer<br>
      (02) Kent Dixon<br>
      (03) Kathleen F. Feldstein<br>
      (04) Robert S. Kapito<br></b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width="6%" height="25" align=left>

    <div align="left"></div></TD>
        <TD width="20%">
    <div align="left"></div></TD>
        <TD width="3%" align=left>

    <div align="left"></div></TD>
        <TD width="18%">
    <div align="left"></div></TD>
        <TD width="8%" align=right>
    <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
        <TD width="25%">
    <div align="left"></div></TD>
        <TD width="20%" align=left>

    <div align="left"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp;
    </div></TD>
        <TD>
    <div align="left">_________________</div></TD>
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;
    </div></TD>
        <TD>
    <div align="left">_______________</div></TD>
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp;
    </div></TD>
        <TD>
    <div align="left">_____________________</div></TD>
        <TD align=right>
    <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________         </div></TD>
</TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE</FONT></p>
<p align="right"><FONT size=1 face="sans-serif">ZBMBP2</FONT><BR>
</p>
<p align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
<B><FONT size=2 face="sans-serif">MUNICIPAL BOND TRUST</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock Municipal Bond Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4>

<P align="center" style="page-break-before:always"></P><PAGE>


<br>


<B><FONT face="sans-serif">BLACKROCK CALIFORNIA<br>
MUNICIPAL 2018 TERM
TRUST</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <p>&nbsp;</p>
  <center>
    <IMG src="c36132x1x1.jpg" border=0>
  </center>
  <center>
    <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B>
    <p>
  </center>
  <TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
    <TR valign="bottom">
      <TD width="2%" nowrap>&nbsp;</TD>
      <TD width="22%" nowrap>
        <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B>
        <p></p>
        <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
      http://www.eproxyvote.com/bjz</font></b></TD>
      <TD> <img src="c36132x1x2.jpg" border=0 align="bottom"> </TD>
      <TD valign="middle"><center>
          <B><FONT face="sans-serif">OR</FONT></B> &nbsp;&nbsp;&nbsp;&nbsp;
      </center></TD>
      <TD nowrap>
        <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B>
        <p></p>
        <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
      1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
      <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=2% align=right>&nbsp;</TD>
      <TD width=22% align=right> <B></B>&nbsp; </TD>
      <TD width=15% align=right>&nbsp;</TD>
      <TD width=22% align=right>&nbsp;</TD>
      <TD width=22% align=right>
        <div align="left"></div></TD>
      <TD width=15% align=right>&nbsp;</TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
  </TABLE>
  <center>
    <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B> <BR>
  </center>
  <P> <B></B></P>
  <P> <B></B></P>
  <P>
  <P align="center"> <FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
  <p>&nbsp;</p>
</center>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><FONT size=1 face="sans-serif">Z32291</FONT></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3229</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK <br>
      CALIFORNIA MUNICIPAL 2018 TERM TRUST </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <center><font size="1" face="sans-serif"><b><br>
      <br>
      (01) Kathleen F. Feldstein<br>
      (02) R. Glenn Hubbard<br>
      (03) James Clayburn La Force, Jr.<br></b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width="6%" height="25" align=left>

    <div align="left"></div></TD>
        <TD width="20%">
    <div align="left"></div></TD>
        <TD width="3%" align=left>

    <div align="left"></div></TD>
        <TD width="18%">
    <div align="left"></div></TD>
        <TD width="8%" align=right>
    <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
        <TD width="25%">
    <div align="left"></div></TD>
        <TD width="20%" align=left>

    <div align="left"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp;
    </div></TD>
        <TD>
    <div align="left">_________________</div></TD>
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;
    </div></TD>
        <TD>
    <div align="left">_______________</div></TD>
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp;
    </div></TD>
        <TD>
    <div align="left">_____________________</div></TD>
        <TD align=right>
    <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________         </div></TD>
</TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></p>
<p align="right"><FONT size=1 face="sans-serif">Z32292</FONT><BR>
</p>
<p align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
<B><FONT size=2 face="sans-serif">CALIFORNIA MUNICIPAL 2018 TERM TRUST</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock California Municipal 2018 Term Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4><PAGE><P></P><B><FONT face="sans-serif">BLACKROCK CALIFORNIA<br>
MUNICIPAL 2018 TERM
TRUST</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>  <BR>
  </p>
</center>

<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><FONT size=1 face="sans-serif">ZBKPC1</FONT></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3229</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK <br>
      CALIFORNIA MUNICIPAL 2018 TERM TRUST </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <center><font size="1" face="sans-serif"><b><br>
      (01) Richard E. Cavanagh<br>
      (02)
      Kathleen F. Feldstein<br>
      (03) R. Glenn Hubbard<br>
      (04) James Clayburn La Force, Jr.<br> </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width="6%" height="25" align=left>

    <div align="left"></div></TD>
        <TD width="20%">
    <div align="left"></div></TD>
        <TD width="3%" align=left>

    <div align="left"></div></TD>
        <TD width="18%">
    <div align="left"></div></TD>
        <TD width="8%" align=right>
    <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
        <TD width="25%">
    <div align="left"></div></TD>
        <TD width="20%" align=left>

    <div align="left"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp;
    </div></TD>
        <TD>
    <div align="left">_________________</div></TD>
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;
    </div></TD>
        <TD>
    <div align="left">_______________</div></TD>
        <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp;
    </div></TD>
        <TD>
    <div align="left">_____________________</div></TD>
        <TD align=right>
    <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________         </div></TD>
</TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE</FONT></p>
<p align="right"><FONT size=1 face="sans-serif">ZBKPC2</FONT><BR>
</p>
<p align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
<B><FONT size=2 face="sans-serif">CALIFORNIA MUNICIPAL 2018 TERM TRUST</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock California Municipal 2018 Term Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4>



<P align="center" style="page-break-before:always"></P><PAGE>







<br>


<B><FONT face="sans-serif">BLACKROCK CORE BOND TRUST</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/bhk</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z32281<sup></sup></font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3228</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK CORE BOND TRUST</font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B><center>(01) Richard E. Cavanagh<br>
      (02) Kathleen F. Feldstein<br>
      (03) R. Glenn Hubbard<br>
      (04) James Clayburn La Force, Jr.<br></center></B></FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></p>
<p align="right"><FONT size=1 face="sans-serif">Z32282</FONT></p>
<p align="center"><BR>
<B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">BLACKROCK CORE BOND TRUST</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock Core Bond Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4>



<P align="center" style="page-break-before:always"></P><PAGE>







<br>


<B><FONT face="sans-serif">BLACKROCK FLORIDA<br>
MUNICIPAL 2020 TERM TRUST</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/bfo</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z36451</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3645</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      FLORIDA MUNICIPAL 2020 TERM TRUST
      </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
    <font size="1" face="sans-serif"><b><br>
      (01) Kathleen F. Feldstein<br>
      (02) Walter F. Mondale <br>
      (03) Ralph L. Schlosstein </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>
<p align="center"></p>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></p>
<p align="right"><FONT size=1 face="sans-serif">Z36452</FONT><BR>
</p>
<p align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
<B><FONT size=2 face="sans-serif">FLORIDA MUNICIPAL 2020 TERM TRUST</FONT></B><BR>
<p align="center"><B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock Florida Municipal 2020 Term Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<page>
<hr noshade  width="100%" size=4>
<br>


<B><FONT face="sans-serif">BLACKROCK FLORIDA<br>
MUNICIPAL 2020 TERM TRUST</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>  <BR>
  </p>
</center>

<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> ZBMNT1</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3645</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      FLORIDA MUNICIPAL 2020 TERM TRUST
      </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
    <font size="1" face="sans-serif"><b><br>
      (01) Frank J. Fabozzi<br>
      (02)
      Kathleen F. Feldstein<br>
      (03) Walter F. Mondale <br>
      (04) Ralph L. Schlosstein </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>
<p align="center"></p>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE</FONT></p>
<p align="right"><FONT size=1 face="sans-serif">ZBMNT2</FONT><BR>
</p>
<p align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
<B><FONT size=2 face="sans-serif">FLORIDA MUNICIPAL 2020 TERM TRUST</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock Florida Municipal 2020 Term Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4>



<P align="center" style="page-break-before:always"></P><PAGE>








<TABLE width="100%">
  <TR>
    <TD width="28%" nowrap><img src="c36132_bqy2005x1x1.jpg" border=0></TD>
    <TD width="72%" nowrap>
      <center>
        <B><FONT size=4 face="sans-serif">YOUR VOTE IS IMPORTANT</FONT></B><BR>
        <B><FONT size=4 face="sans-serif">VOTE BY INTERNET / TELEPHONE</FONT></B><BR>
        <B><FONT size=4 face="sans-serif">24 HOURS A DAY, 7 DAYS A WEEK</FONT></B><BR>
    </center></TD>
  </TR>
</TABLE>
<p></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="23%" align=center nowrap> <B><U><FONT size=2 face="sans-serif">INTERNET</FONT></U></B>&nbsp; </TD>
    <TD width="12%" align=left nowrap>&nbsp; </TD>
    <TD width="23%" align=left nowrap> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><U><FONT size=2 face="sans-serif">TELEPHONE</FONT></U></B>&nbsp; </TD>
    <TD width="12%" align=left nowrap>&nbsp; </TD>
    <TD width="30%" align=center nowrap> <B><U><FONT size=2 face="sans-serif">MAIL</FONT></U></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="23%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=left nowrap>&nbsp;</TD>
    <TD width="23%" align=left nowrap>&nbsp;</TD>
    <TD width="12%" align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="23%" align=center nowrap>
      <div align="left"><B><FONT size=2 face="sans-serif">https://www.proxyvotenow.com/bqy</FONT></B>&nbsp; </div></TD>
    <TD width="12%" align=left nowrap>&nbsp; </TD>
    <TD width="23%" align=left nowrap> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="sans-serif">1-866-265-2371</FONT></B>&nbsp; </TD>
    <TD width="12%" align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="23%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=left nowrap>&nbsp;</TD>
    <TD width="23%" align=left nowrap>&nbsp;</TD>
    <TD width="12%" align=right nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="23%" align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&#149; Go to the website address listed</FONT>&nbsp; </div></TD>
    <TD width="12%" align=left nowrap>&nbsp; </TD>
    <TD width="23%" align=left nowrap> <FONT size=2 face="sans-serif">&#149; Use any touch-tone telephone.</FONT>&nbsp; </TD>
    <TD width="12%" align=right nowrap>&nbsp; </TD>
    <TD align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&#149;&nbsp;Mark, sign and date your proxy card.</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="23%" align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;above.</FONT>&nbsp; </div></TD>
    <TD width="12%" align=right nowrap>
      <center>
        <B><I><FONT size=4 face="sans-serif">OR</FONT></I></B>&nbsp;
    </center></TD>
    <TD width="23%" align=left nowrap> <B><FONT size=2 face="sans-serif">&#149; Have your proxy card ready.</FONT></B>&nbsp; </TD>
    <TD width="12%" align=center nowrap>
      <center>
        <B><I><FONT size=4 face="sans-serif">OR</FONT></I></B>&nbsp;
    </center></TD>
    <TD align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&#149;&nbsp;Detach your proxy card.</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="23%" align=left nowrap>
      <div align="left"><B><FONT size=2 face="sans-serif">&#149; Have your proxy card ready.</FONT></B>&nbsp; </div></TD>
    <TD width="12%" align=left nowrap>&nbsp; </TD>
    <TD width="23%" align=left nowrap> <FONT size=2 face="sans-serif">&#149; Follow the simple recorded</FONT>&nbsp; </TD>
    <TD width="12%" align=right nowrap><FONT size=2 face="sans-serif">&nbsp;</FONT></TD>
    <TD align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&#149;&nbsp;Return your proxy card in the</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="23%" align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&#149; Follow the simple instructions that</FONT>&nbsp; </div></TD>
    <TD width="12%" align=left nowrap>&nbsp; </TD>
    <TD width="23%" align=left nowrap> &nbsp; &nbsp;<FONT size=2 face="sans-serif">instructions.</FONT>&nbsp; </TD>
    <TD width="12%" align=right nowrap><FONT size=2 face="sans-serif">&nbsp;</FONT></TD>
    <TD align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;postage-paid envelope provided.</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="23%" align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;appear on your computer screen.</FONT>&nbsp; </div></TD>
    <TD width="12%" align=left nowrap>&nbsp; </TD>
    <TD width="23%" align=left nowrap>&nbsp;</TD>
    <TD width="12%" align=left nowrap>&nbsp; </TD>
    <TD align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;(must be received by the Trust on or</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="23%" align=center nowrap>&nbsp;</TD>
    <TD width="12%" align=left nowrap>&nbsp; </TD>
    <TD width="23%" align=left nowrap>&nbsp; </TD>
    <TD width="12%" align=left nowrap>&nbsp; </TD>
    <TD align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before May 25, 2005)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="23%" align=left nowrap>&nbsp; </TD>
    <TD width="12%" align=left nowrap>&nbsp; </TD>
    <TD width="23%" align=left nowrap>&nbsp; </TD>
    <TD width="12%" align=left nowrap>&nbsp; </TD>
    <TD align=center nowrap>&nbsp;</TD>
  </TR>
</TABLE>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p><BR>
</p>
<TABLE align="center">
  <TR>
    <TD nowrap>
      <center>
        <B><FONT size=1 face="sans-serif">Please submit your Internet or Telephone vote before 4:00 p.m., New York time, on May 25, 2005.</FONT></B><BR>
        <FONT size=1 face="sans-serif"><b>\/</b> <B>DETACH PROXY CARD HERE IF YOU ARE NOT VOTING BY TELEPHONE OR INTERNET \/</B></FONT>
    </center></TD>
  </TR>
</TABLE>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan=3 align=right nowrap>
      <div align="left"><B><FONT size=1 face="sans-serif">Please Sign, Date and Return</FONT></B>&nbsp; </div></TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="5" align=left nowrap>
      <center>
        <B><FONT size=4 face="sans-serif">x</FONT></B>&nbsp;
    </center></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=center nowrap>
      <div align="left"><B><FONT size=1 face="sans-serif">the Proxy Card Promptly</FONT></B>&nbsp; </div></TD>
    <TD nowrap>
      <div align="left"></div></TD>
    <TD align=left nowrap>
      <div align="left"></div></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan=3 align=right nowrap>
      <div align="left"><B><FONT size=1 face="sans-serif">Using the Enclosed Envelope.</FONT></B>&nbsp; </div></TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan=5 align=left nowrap> <B><FONT size=1 face="sans-serif">Votes must be indicated</FONT></B>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan=5 align=left nowrap> <B><FONT size=1 face="sans-serif">(x) in Black or Blue ink.</FONT></B>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=21 nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=3 align=right nowrap>
      <div align="left"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT>&nbsp; </div></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan=3 align=left nowrap><HR noshade size=1></TD>
    <TD nowrap><HR noshade size=1>
    </TD>
    <TD align=left nowrap><HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap> <FONT size=1 face="sans-serif">FOR</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=1 face="sans-serif">WITHHOLD</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="3" align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">EXCEPTION</FONT>&nbsp; </div></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="5" align=left nowrap>
      <center>
        <B><FONT size=2 face="sans-serif">S&amp;P QUALITY RANKINGS</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap><FONT size=1 face="sans-serif">THE</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=right nowrap>
      <center>
        <B><FONT size=4 face="sans-serif">[&nbsp;&nbsp;]</FONT></B>&nbsp;
    </center></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=1 face="sans-serif">FROM THE</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=right nowrap> <B><FONT size=4 face="sans-serif">[&nbsp;&nbsp;]</FONT></B>&nbsp; &nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=center nowrap> <B><FONT size=4 face="sans-serif">[&nbsp;&nbsp;]</FONT></B>&nbsp; &nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan=5 align=right nowrap>
      <center>
        <B><FONT size=2 face="sans-serif">GLOBAL EQUITY MANAGED TRUST</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>
      <center>
        <FONT size=1 face="sans-serif">NOMINEES</FONT>&nbsp;
    </center></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=1 face="sans-serif">NOMINEES</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap><HR noshade size=1>
    </TD>
    <TD nowrap><HR noshade size=1>
    </TD>
    <TD align=left nowrap><HR noshade size=1>
    </TD>
    <TD nowrap><HR noshade size=1>
    </TD>
    <TD align=left nowrap><HR noshade size=1>
    </TD>
  </TR>
  <TR>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD colspan="5" nowrap>
      <center>
        <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR>
    <TD nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>
      <center>
    </center></TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>
      <center>
    </center></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>
      <div align="right"><FONT size=1 face="sans-serif">Nominee: </FONT> </div></TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD colspan=3 align=left nowrap><FONT size=1 face="sans-serif">01 - Richard E. Cavanagh</FONT>&nbsp;</TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan=9 align=left nowrap> <FONT size=1 face="sans-serif">03 - James Clayburn La Force, Jr.</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan=3 align=left nowrap> <FONT size=1 face="sans-serif">02 - R. Glenn Hubbard</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan=5 align=left nowrap> <FONT size=1 face="sans-serif">04 - Kathleen F. Feldstein</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=21 nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=15 align=left nowrap>
      <div align="left"><B><FONT size=1 face="sans-serif">(INSTRUCTIONS: To withhold authority to vote for any individual nominee, strike</FONT></B>&nbsp; </div></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap> <FONT size=1 face="sans-serif">To change your address, please mark this box.</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=right nowrap> <B><FONT size=4 face="sans-serif">[&nbsp;&nbsp;]</FONT></B>&nbsp; &nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=13 align=right nowrap>
      <div align="left"><B><FONT size=1 face="sans-serif">a line through that nominee&#146;s name and check the &#147;Exceptions&#148; box above.)</FONT></B>&nbsp; </div></TD>
    <TD nowrap>
      <div align="left"></div></TD>
    <TD align=left nowrap>
      <div align="left"></div></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=21 nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap>
      <div align="left"><FONT size=1 face="sans-serif">To include any comments, please mark this box.</FONT>&nbsp; </div></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=right nowrap> <B><FONT size=4 face="sans-serif">[&nbsp;&nbsp;]</FONT></B>&nbsp; &nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=right nowrap>
      <center>
        <B><FONT size=1 face="sans-serif">FOR</FONT></B>
    </center></TD>
    <TD nowrap>
      <center>
    </center></TD>
    <TD align=right nowrap>
      <center>
        <B><FONT size=1 face="sans-serif">AGAINST</FONT></B>
    </center></TD>
    <TD align=right nowrap><center>
    </center></TD>
    <TD align=right nowrap><center>
        <B><FONT size=1 face="sans-serif">ABSTAIN</FONT></B>
    </center></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=21 nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=21 nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=9 align=right nowrap>
      <div align="left"><FONT size=1 face="sans-serif">2. To amend the Declaration of Trust in order to change the</FONT>&nbsp; </div></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=right nowrap>
      <center>
        <B><FONT size=4 face="sans-serif">[&nbsp;&nbsp;]</FONT></B>&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
      <center>
    </center></TD>
    <TD align=center nowrap>
      <center>
        <B><FONT size=4 face="sans-serif">[&nbsp;&nbsp;]</FONT></B>&nbsp;
    </center></TD>
    <TD nowrap>
      <center>
    </center></TD>
    <TD align=center nowrap>
      <center>
        <B><FONT size=4 face="sans-serif">[&nbsp;&nbsp;]</FONT></B>
    </center></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=7 align=left nowrap> &nbsp; &nbsp;<FONT size=1 face="sans-serif">maximum number of permitted Trustees allowed on its</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=3 align=left nowrap> &nbsp; &nbsp;<FONT size=1 face="sans-serif">Board to 11.</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=3 nowrap>&nbsp; </TD>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap>&nbsp; </TD>
    <TD nowrap> </TD>
    <TD nowrap>&nbsp; </TD>
    <TD nowrap> </TD>
    <TD nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap><hr noshade size=1></TD>
    <TD nowrap><hr noshade size=1></TD>
    <TD nowrap><hr noshade size=1></TD>
    <TD nowrap><hr noshade size=1></TD>
    <TD nowrap><hr noshade size=1></TD>
  </TR>
  <TR>
    <TD colspan=21 nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=right nowrap>
      <div align="left"><B><FONT size=2 face="sans-serif">S C A N</FONT></B>&nbsp; <B><FONT size=2 face="sans-serif">L I N E</FONT></B>&nbsp; </div></TD>
    <TD nowrap>
      <div align="left"></div></TD>
    <TD align=right nowrap>
      <div align="left"></div></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD nowrap></TD>
    <TD nowrap></TD>
    <TD nowrap></TD>
    <TD nowrap></TD>
    <TD nowrap></TD>
    <TD nowrap></TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap></TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap></TD>
    <TD nowrap></TD>
    <TD nowrap></TD>
    <TD nowrap></TD>
    <TD nowrap></TD>
    <TD nowrap></TD>
    <TD nowrap></TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap></TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap></TD>
    <TD nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap>&nbsp; </TD>
    <TD nowrap> </TD>
    <TD nowrap>&nbsp; </TD>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap><hr noshade size=1>
    </TD>
    <TD nowrap><hr noshade size=1>
    </TD>
    <TD nowrap>
      <HR noshade size=1>
    </TD>
    <TD nowrap><hr noshade size=1>
    </TD>
    <TD nowrap>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR>
    <TD colspan=21 nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=21 nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=21 nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=21 nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=13 align=right nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=21 align=right nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should <BR>
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If  <BR>a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership,  <BR>please sign in partnership name by authorized person.</FONT></div></TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=right nowrap><hr size="1" noshade>
    </TD>
    <TD nowrap><hr size="1" noshade></TD>
    <TD align=center nowrap><hr size="1" noshade></TD>
    <TD nowrap>&nbsp;</TD>
    <TD align=right nowrap><hr size="1" noshade></TD>
    <TD nowrap><hr size="1" noshade></TD>
    <TD align=left nowrap><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=1 face="sans-serif">Date</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=1 face="sans-serif">Share Owner sign here</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=right nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Co-Owner sign here</FONT>&nbsp; </div></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>
<P align="center"> <B><FONT size=2 face="sans-serif">PROXY</FONT></B></P>
<TABLE align="center">
  <TR>
    <TD nowrap>
      <center>
        <B><FONT face="sans-serif">S&amp;P QUALITY RANKINGS</FONT></B><BR>
        <B><FONT face="sans-serif">GLOBAL EQUITY MANAGED TRUST</FONT></B><BR>
    </center></TD>
  </TR>
</TABLE>
<P align="center"> <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B></P>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the S&amp;P Quality Rankings Global Equity Managed Trust (the &#147;Trust&#148;) held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER.
IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.
IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</FONT></B></P>
<P> <FONT size=1 face="sans-serif">Continued on the reverse side. Must be signed and dated on the reverse side.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=30% align=right>
      <center>
        <FONT size=1 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp;
    </center></TD>
    <TD width=20%>&nbsp; </TD>
    <TD width=50% align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD> </TD>
    <TD> </TD>
  </TR>
  <TR>
    <TD><hr noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">S&amp;P QUALITY RANKINGS GLOBAL EQUITY MANAGED TRUST</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD align=left valign="bottom"> <FONT size=1 face="sans-serif">P.O. BOX 11066</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">NEW YORK, N.Y. 10203-0066</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <center>
        <FONT size=1 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp;
    </center></TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<HR noshade  width="100%" size=4>


<P align="center" style="page-break-before:always"></P><PAGE>







<br>


<B><FONT face="sans-serif">BLACKROCK CALIFORNIA<br>
INSURED MUNICIPAL INCOME TRUST
</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/bck</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z32571<sup></sup></font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3257</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      CALIFORNIA INSURED MUNICIPAL INCOME TRUST
      </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer <br>
      (02) Kent Dixon <br>
      (03) Kathleen F. Feldstein<br>
      (04) Robert S. Kapito </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></p>
<p align="right"><FONT size=1 face="sans-serif">Z32572</FONT><BR>
</p>
<p align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">BLACKROCK<br>
</FONT></B><B><FONT size=2 face="sans-serif">CALIFORNIA INSURED MUNICIPAL INCOME TRUST</FONT></B></P>
<center>
  <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>
</center>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock California Insured Municipal Income Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4><page>

<br>


<B><FONT face="sans-serif">BLACKROCK CALIFORNIA<br>
INSURED MUNICIPAL INCOME TRUST
</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>  <BR>
  </p>
</center>

<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> ZBCIP1</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3257</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      CALIFORNIA INSURED MUNICIPAL INCOME TRUST
      </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer <br>
      (02) Kent Dixon <br>
      (03) Kathleen F. Feldstein<br>
      (04) Robert S. Kapito </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></p>
<p align="right"><FONT size=1 face="sans-serif">ZBCIP2</FONT><BR>
</p>
<p align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">BLACKROCK<br>
</FONT></B><B><FONT size=2 face="sans-serif">CALIFORNIA INSURED MUNICIPAL INCOME TRUST</FONT></B></P>
<center>
  <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B>
</center>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock California Insured Municipal Income Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4>

<p></p>



<P align="center" style="page-break-before:always"></P><PAGE>







<br>


<B><FONT face="sans-serif">BLACKROCK FLORIDA<br>
MUNICIPAL BOND TRUST
</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/bie</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z32331</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3233</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      FLORIDA MUNICIPAL BOND TRUST
      </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer <br>
      (02) Kent Dixon <br>
      (03) Kathleen F. Feldstein<br>
      (04) Robert S. Kapito </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></p>
<p align="right"><FONT size=1 face="sans-serif">Z32332</FONT></p>
<p align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">FLORIDA MUNICIPAL BOND TRUST</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock Florida Municipal Bond Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4><page>
<br>


<B><FONT face="sans-serif">BLACKROCK FLORIDA<br>
MUNICIPAL BOND TRUST
</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
</center>

<center>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p><BR>
  </p>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> ZBFBP1</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3233</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      FLORIDA MUNICIPAL BOND TRUST
      </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer <br>
      (02) Kent Dixon <br>
      (03) Kathleen F. Feldstein<br>
      (04) Robert S. Kapito </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE</FONT></p>
<p align="right"><FONT size=1 face="sans-serif">ZBFBP2</FONT></p>
<p align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">FLORIDA MUNICIPAL BOND TRUST</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock Florida Municipal Bond Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4>



<P align="center" style="page-break-before:always"></P><PAGE>







<br>


<B><FONT face="sans-serif">BLACKROCK NEW YORK <br>
MUNICIPAL 2018 TERM TRUST </FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/blh</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z32531</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3253</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      NEW YORK MUNICIPAL 2018 TERM TRUST
      </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Kathleen F. Feldstein<br>
      (02) R. Glenn Hubbard <br>
      (03) James Clayburn La Force, Jr. <br>
      </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></p>
<p align="right"><FONT size=1 face="sans-serif">Z32532</FONT></p>
<p align="center"><BR>
<B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
<B><FONT size=2 face="sans-serif">NEW YORK MUNICIPAL 2018 TERM TRUST</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock New York Municipal 2018 Term Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4><page>
<br>


<B><FONT face="sans-serif">BLACKROCK NEW YORK <br>
MUNICIPAL 2018 TERM TRUST </FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
</center>

<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> ZBYTP1</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3253</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      NEW YORK MUNICIPAL 2018 TERM TRUST
      </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Richard E. Cavanagh<br>
      (02) Kathleen F. Feldstein<br>
      (03) R. Glenn Hubbard <br>
      (04) James Clayburn La Force, Jr. <br>
      </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE</FONT></p>
<p align="right"><FONT size=1 face="sans-serif">ZBYTP2</FONT></p>
<p align="center"><BR>
<B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
<B><FONT size=2 face="sans-serif">NEW YORK MUNICIPAL 2018 TERM TRUST</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock New York Municipal 2018 Term Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4>



<P align="center" style="page-break-before:always"></P><PAGE>







<br>


<B><FONT face="sans-serif">BLACKROCK<br>
STRATEGIC BOND TRUST
</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/bhd</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z32591</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3259</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK STRATEGIC BOND TRUST
      </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Richard E. Cavanagh<br>
      (02) Kathleen F. Feldstein<br>
      (03) R. Glenn Hubbard <br>
      (04) James Clayburn La Force, Jr. <br>
      </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="center" style="page-break-before:always"></P>
<center>
  <PAGE>
</center>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></p>
<p align="right">  <FONT size=1 face="sans-serif">Z32592</FONT></p>
<p align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">BLACKROCK STRATEGIC BOND TRUST</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock Strategic Bond Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4>



<P align="center" style="page-break-before:always"></P><PAGE>







<br>


<B><FONT face="sans-serif">BLACKROCK<br>
LIMITED DURATION<br>
INCOME TRUST
</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/blw</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z35161</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3516</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      LIMITED DURATION INCOME TRUST
      </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Frank J. Fabozzi <br>
      (02) Kathleen F. Feldstein<br>
      (03) Walter F. Mondale <br>
      (04) Ralph L. Schlosstein <br>
      </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="center" style="page-break-before:always"></P>
<center>
  <PAGE>
</center>
<p align="center">&nbsp;</p>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT><BR>
</p>
<p align="right"><FONT size=1 face="sans-serif">Z35162</FONT></p>
<p align="center"><BR>
  <B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">BLACKROCK </FONT></B><BR>
<B><FONT size=2 face="sans-serif">LIMITED DURATION INCOME TRUST</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of common shares of the BlackRock Limited Duration Income Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4>



<P align="center" style="page-break-before:always"></P><PAGE>







<br>


<B><FONT face="sans-serif">BLACKROCK FLORIDA <br>
INSURED MUNICIPAL INCOME TRUST </FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/baf</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z32641</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3264</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      FLORIDA INSURED MUNICIPAL INCOME TRUST
      </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer <br>
      (02) Kent Dixon <br>
      (03) Kathleen F. Feldstein<br>
      (04) Robert S. Kapito <br>
      </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="center" style="page-break-before:always"></P>
<center>
  <PAGE>
</center>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></p>
<p align="right"><BR>
<FONT size=1 face="sans-serif">Z32642</FONT></p>
<p align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
<B><FONT size=2 face="sans-serif">FLORIDA INSURED MUNICIPAL INCOME TRUST</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock Florida Insured Municipal Income Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4><page>
<br>


<B><FONT face="sans-serif">BLACKROCK FLORIDA <br>
INSURED MUNICIPAL INCOME TRUST </FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
</center>

<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> ZBFIP1</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3264</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      FLORIDA INSURED MUNICIPAL INCOME TRUST
      </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer <br>
      (02) Kent Dixon <br>
      (03) Kathleen F. Feldstein<br>
      (04) Robert S. Kapito <br>
      </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="center" style="page-break-before:always"></P>
<center>
  <PAGE>
</center>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></p>
<p align="right"><BR>
  <FONT size=1 face="sans-serif">ZBFIP2</FONT></p>
<p align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
<B><FONT size=2 face="sans-serif">FLORIDA INSURED MUNICIPAL INCOME TRUST</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock Florida Insured Municipal Income Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4>



<P align="center" style="page-break-before:always"></P><PAGE>







<br>


<B><FONT face="sans-serif">BLACKROCK NEW JERSEY <br>
MUNICIPAL BOND TRUST </FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/blj</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z32421</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3242</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      NEW JERSEY MUNICIPAL BOND TRUST
      </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer <br>
      (02) Kent Dixon <br>
      (03) Kathleen F. Feldstein<br>
      (04) Robert S. Kapito <br>
      </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="center" style="page-break-before:always"></P>
<center>
  <PAGE>
</center>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></p>
<p align="right"><FONT size=1 face="sans-serif">Z32422</FONT></p>
<p align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
<B><FONT size=2 face="sans-serif">NEW JERSEY MUNICIPAL BOND TRUST</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock New Jersey Municipal Bond Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4><page>
<br>


<B><FONT face="sans-serif">BLACKROCK NEW JERSEY <br>
MUNICIPAL BOND TRUST </FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
</center>

<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> ZBJBP1</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3242</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      NEW JERSEY MUNICIPAL BOND TRUST
      </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer <br>
      (02) Kent Dixon <br>
      (03) Kathleen F. Feldstein<br>
      (04) Robert S. Kapito <br>
      </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="center" style="page-break-before:always"></P>
<center>
  <PAGE>
</center>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE</FONT></p>
<p align="right"><FONT size=1 face="sans-serif">ZBJBP2</FONT></p>
<p align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
<B><FONT size=2 face="sans-serif">NEW JERSEY MUNICIPAL BOND TRUST</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock New Jersey Municipal Bond Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4>



<P align="center" style="page-break-before:always"></P><PAGE>







<br>


<B><FONT face="sans-serif">BLACKROCK<br>
MUNICIPAL 2018 TERM TRUST </FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/bpk</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z32621</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3262</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      MUNICIPAL 2018 TERM TRUST
      </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Kathleen F. Feldstein<br>
      (02) R. Glenn Hubbard <br>
      (03) James Clayburn La Force, Jr. <br>
      </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="center" style="page-break-before:always"></P>
<center>
  <PAGE>
</center>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></p>
<p align="right"><FONT size=1 face="sans-serif">Z32622</FONT><BR>
</p>
<p align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
<B><FONT size=2 face="sans-serif">MUNICIPAL 2018 TERM TRUST</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock Municipal 2018 Term Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4><page>
<br>


<B><FONT face="sans-serif">BLACKROCK<br>
MUNICIPAL 2018 TERM TRUST </FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
</center>

<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> ZBMTP1</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3262</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      MUNICIPAL 2018 TERM TRUST
      </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <p><font size="1" face="sans-serif"><b>(01) Richard E. Cavanagh<br>
          (02) Kathleen F. Feldstein<br>
          (03) R. Glenn Hubbard <br>
          (04) James Clayburn La Force, Jr. <br>
          </b></font>
        </p>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="center" style="page-break-before:always"></P>
<center>
  <PAGE>
</center>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE</FONT></p>
<p align="right"><FONT size=1 face="sans-serif">ZBMTP2</FONT><BR>
</p>
<p align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
<B><FONT size=2 face="sans-serif">MUNICIPAL 2018 TERM TRUST</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock Municipal 2018 Term Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4>



<P align="center" style="page-break-before:always"></P><PAGE>







<br>


<B><FONT face="sans-serif">BLACKROCK GLOBAL <br>
FLOATING RATE INCOME TRUST </FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/bgt</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z39261</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3926</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      GLOBAL FLOATING RATE INCOME TRUST
      </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Kathleen F. Feldstein<br>
      (02) R. Glenn Hubbard <br>
      (03) James Clayburn La Force, Jr. <br>
      </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="center" style="page-break-before:always"></P>
<center>
  <PAGE>
</center>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT><BR>
</p>
<p align="right">  <FONT size=1 face="sans-serif">Z39262</FONT></p>
<p align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
<B><FONT size=2 face="sans-serif">GLOBAL FLOATING RATE INCOME TRUST</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock Global Floating Rate Income Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4><page><p></p><B><FONT face="sans-serif">BLACKROCK GLOBAL <br>
FLOATING RATE INCOME TRUST </FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
</center>

<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> ZBGFP1</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3926</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      GLOBAL FLOATING RATE INCOME TRUST
      </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Richard E. Cavanagh <br>
(02) Kathleen F. Feldstein<br>
(03) R. Glenn Hubbard <br>
(04) James Clayburn La Force, Jr. <br>
      </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="center" style="page-break-before:always"></P>
<center>
  <PAGE>
</center>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE </FONT></p>
<p align="right">  <FONT size=1 face="sans-serif">ZBGFP2</FONT></p>
<p align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
<B><FONT size=2 face="sans-serif">GLOBAL FLOATING RATE INCOME TRUST</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock Global Floating Rate Income Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4>



<P align="center" style="page-break-before:always"></P><PAGE>







<br>


<B><FONT face="sans-serif">THE BLACKROCK INSURED <br>
MUNICIPAL TERM TRUST INC.
</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/bmt</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z32391</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3239</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Directors:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> THE BLACKROCK<br>
      INSURED MUNICIPAL TERM TRUST INC. </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON STOCK </FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Kathleen F. Feldstein<br>
      (02) R. Glenn Hubbard <br>
      (03) James Clayburn La Force, Jr. <br>
      </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%">&nbsp;</TD>
  <TD width="20%">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="center" style="page-break-before:always"></P>
<center>
  <PAGE>
</center>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></p>
<p align="right"><FONT size=1 face="sans-serif">Z32392</FONT></p>
<p align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">THE BLACKROCK</FONT></B><BR>
<B><FONT size=2 face="sans-serif">INSURED MUNICIPAL TERM TRUST INC.</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">COMMON STOCK</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of common stock of The BlackRock Insured Municipal Term Trust Inc. (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSAL.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4><page>

<p>&nbsp;</p>
<p><B><FONT face="sans-serif">THE BLACKROCK INSURED <br>
  MUNICIPAL TERM TRUST INC.
  </FONT></B><BR>
  <B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
  <br>
</p>
<P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p><BR>
  </p>
</center>

<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> ZBKIP1</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3239</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Directors:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> THE BLACKROCK<br>
      INSURED MUNICIPAL TERM TRUST INC. </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED STOCK</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Richard E. Cavanagh <br>
      (02) Kathleen F. Feldstein<br>
      (03) R. Glenn Hubbard <br>
      (04) James Clayburn La Force, Jr. <br>
      </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%">&nbsp;</TD>
  <TD width="20%">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="center" style="page-break-before:always"></P>
<center>
  <PAGE>
</center>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE</FONT></p>
<p align="right"><FONT size=1 face="sans-serif">ZBKIP2</FONT></p>
<p align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">THE BLACKROCK</FONT></B><BR>
<B><FONT size=2 face="sans-serif">INSURED MUNICIPAL TERM TRUST INC.</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">PREFERRED STOCK</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of preferred stock of The BlackRock Insured Municipal Term Trust Inc. (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSAL.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>



<P align="center" style="page-break-before:always"></P><PAGE>







<br>


<B><FONT face="sans-serif">BLACKROCK NEW YORK <br>
INSURED MUNICIPAL INCOME TRUST </FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/bse</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z33191</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3319</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      NEW YORK INSURED MUNICIPAL INCOME TRUST
      </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer <br>
      (02) Kent Dixon <br>
      (03) Kathleen F. Feldstein<br>
      (04) Robert S. Kapito <br>
      </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="center" style="page-break-before:always"></P>
<center>
  <PAGE>
</center>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></p>
<p align="right"><FONT size=1 face="sans-serif">Z33192</FONT></p>
<p align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">BLACKROCK<br>
</FONT></B><B><FONT size=2 face="sans-serif">NEW YORK INSURED MUNICIPAL INCOME TRUST</FONT></B></P>
<center>
  <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>
</center>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock New York Insured Municipal Income Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4><page><p></p><B><FONT face="sans-serif">BLACKROCK NEW YORK <br>
INSURED MUNICIPAL INCOME TRUST </FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p><BR>
  </p>
</center>

<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> ZBNYP1</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3319</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      NEW YORK INSURED MUNICIPAL INCOME TRUST
      </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer <br>
      (02) Kent Dixon <br>
      (03) Kathleen F. Feldstein<br>
      (04) Robert S. Kapito <br>
      </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="center" style="page-break-before:always"></P>
<center>
  <PAGE>
</center>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></p>
<p align="right"><FONT size=1 face="sans-serif">ZBNYP2</FONT></p>
<p align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">BLACKROCK<br>
</FONT></B><B><FONT size=2 face="sans-serif">NEW YORK INSURED MUNICIPAL INCOME TRUST</FONT></B></P>
<center>
  <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B>
</center>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock New York Insured Municipal Income Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4>



<P align="center" style="page-break-before:always"></P><PAGE>







<br>


<B><FONT face="sans-serif">BLACKROCK NEW YORK <br>
MUNICIPAL BOND TRUST </FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/bqh</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z32231</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3223</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      NEW YORK MUNICIPAL BOND TRUST
      </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer <br>
      (02) Kent Dixon <br>
      (03) Kathleen F. Feldstein<br>
      (04) Robert S. Kapito <br>
      </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>

  <PAGE>

<p align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></p>
<P align="right"><FONT size=1 face="sans-serif">  Z32232</FONT></P>
<P align="center"> <B><FONT size=2 face="sans-serif">PROXY</FONT></B></P>
<center>
  <B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">NEW YORK MUNICIPAL BOND TRUST</FONT></B>
</center>
<P align="center"> <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B></P>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock New York Municipal Bond Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4><page><p></p>
<B><FONT face="sans-serif">BLACKROCK NEW YORK <br>
MUNICIPAL BOND TRUST </FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p><BR>
  </p>
</center>

<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> ZBYBP1</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3223</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      NEW YORK MUNICIPAL BOND TRUST
      </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer <br>
      (02) Kent Dixon <br>
      (03) Kathleen F. Feldstein<br>
      (04) Robert S. Kapito <br>
      </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>

  <PAGE>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE </FONT></p>
<P align="right"><FONT size=1 face="sans-serif">  ZBYBP2</FONT></P>
<P align="center"> <B><FONT size=2 face="sans-serif">PROXY</FONT></B></P>
<center>
  <B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">NEW YORK MUNICIPAL BOND TRUST</FONT></B>
</center>
<P align="center"> <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B></P>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock New York Municipal Bond Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4>



<P align="center" style="page-break-before:always"></P><PAGE>







<br>
<B><FONT face="sans-serif">BLACKROCK CALIFORNIA <br>
MUNICIPAL INCOME TRUST </FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/bfz</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z32381</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3238</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      CALIFORNIA MUNICIPAL INCOME TRUST
      </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Kathleen F. Feldstein<br>
      (02) R. Glenn Hubbard <br>
      (03) James Clayburn La Force, Jr. <br>
      </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="center" style="page-break-before:always"></P>
<center>
  <PAGE>
</center>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></p>
<p align="right"><FONT size=1 face="sans-serif">Z32382</FONT></p>
<p align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
<B><FONT size=2 face="sans-serif">CALIFORNIA MUNICIPAL INCOME TRUST</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock California Municipal Income Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4><page><p></p><B><FONT face="sans-serif">BLACKROCK CALIFORNIA <br>
MUNICIPAL INCOME TRUST </FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
</center>

<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> ZBMIP1</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3238</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      CALIFORNIA MUNICIPAL INCOME TRUST
      </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Richard E. Cavanagh <br>
(02) Kathleen F. Feldstein<br>
(03) R. Glenn Hubbard <br>
(04) James Clayburn La Force, Jr. <br>
      </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="center" style="page-break-before:always"></P>
<center>
  <PAGE>
</center>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE</FONT></p>
<p align="right"><FONT size=1 face="sans-serif">ZBMIP2</FONT></p>
<p align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
<B><FONT size=2 face="sans-serif">CALIFORNIA MUNICIPAL INCOME TRUST</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock California Municipal Income Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4>



<P align="center" style="page-break-before:always"></P><PAGE>







<br>
<B><FONT face="sans-serif">THE BLACKROCK MUNICIPAL<br>
TARGET TERM TRUST INC. </FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/bmn</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z32471</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3247</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Directors:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> THE BLACKROCK<br>
      MUNICIPAL TARGET TERM TRUST INC.
      </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON STOCK</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Kathleen F. Feldstein<br>
      (02) R. Glenn Hubbard <br>
      (03) James Clayburn La Force, Jr. <br>
      </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%">&nbsp;</TD>
  <TD width="20%">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="center" style="page-break-before:always"></P>
<center>
  <PAGE>
</center>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT><BR>
</p>
<p align="right"><FONT size=1 face="sans-serif">Z32472</FONT></p>
<p align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">THE BLACKROCK</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">MUNICIPAL TARGET TERM TRUST INC.</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">COMMON STOCK</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of common stock of The BlackRock Municipal Target Term Trust Inc. (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSAL.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4><page>
<p align="center">&nbsp;</p><B><FONT face="sans-serif">THE BLACKROCK MUNICIPAL<br>
TARGET TERM TRUST INC. </FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p><BR>
  </p>
</center>

<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> ZBKMP1</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3247</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Directors:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> THE BLACKROCK<br>
      MUNICIPAL TARGET TERM TRUST INC.
      </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED STOCK</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Richard E. Cavanagh <br>
(02) Kathleen F. Feldstein<br>
(03) R. Glenn Hubbard <br>
(04) James Clayburn La Force, Jr. <br>
      </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%">&nbsp;</TD>
  <TD width="20%">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="center" style="page-break-before:always"></P>
<center>
  <PAGE>
</center>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE</FONT><BR>
</p>
<p align="right"><font size="1" face="sans-serif"> ZBKMP2</font></p>
<p align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">THE BLACKROCK</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">MUNICIPAL TARGET TERM TRUST INC.</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">PREFERRED STOCK</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of preferred stock of The BlackRock Municipal Target Term Trust Inc. (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSAL.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4>
<p align="center">&nbsp;</p>



<P align="center" style="page-break-before:always"></P><PAGE>







<br>


<B><FONT face="sans-serif">BLACKROCK<br>
MUNICIPAL INCOME TRUST II
</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/ble</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z33181</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3318</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      MUNICIPAL INCOME TRUST II
      </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer <br>
      (02) Kent Dixon <br>
      (03) Kathleen F. Feldstein<br>
      (04) Robert S. Kapito <br>
      </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="center" style="page-break-before:always"></P>
<center>
  <PAGE>
</center>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></p>
<p align="right"><FONT size=1 face="sans-serif">Z33182</FONT></p>
<p align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
<B><FONT size=2 face="sans-serif">MUNICIPAL INCOME TRUST II</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock Municipal Income Trust II (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4><page><p></p><B><FONT face="sans-serif">BLACKROCK<br>
MUNICIPAL INCOME TRUST II
</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p><BR>
  </p>
</center>

<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> ZBKDP1</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3318</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      MUNICIPAL INCOME TRUST II
      </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer <br>
      (02) Kent Dixon <br>
      (03) Kathleen F. Feldstein<br>
      (04) Robert S. Kapito <br>
      </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="center" style="page-break-before:always"></P>
<center>
  <PAGE>
</center>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></p>
<p align="right"><FONT size=1 face="sans-serif">ZBKDP2</FONT></p>
<p align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
<B><FONT size=2 face="sans-serif">MUNICIPAL INCOME TRUST II</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock Municipal Income Trust II (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4>



<P align="center" style="page-break-before:always"></P><PAGE>







<br>


<B><FONT face="sans-serif">BLACKROCK MARYLAND <br>
MUNICIPAL BOND TRUST</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/bzm</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z32461</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3246</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      MARYLAND MUNICIPAL BOND TRUST</font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer <br>
      (02) Kent Dixon <br>
      (03) Kathleen F. Feldstein<br>
      (04) Robert S. Kapito <br>
      </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="center" style="page-break-before:always"></P>
<center>
  <PAGE>
</center>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></p>
<p align="right"><FONT size=1 face="sans-serif">Z32462</FONT></p>
<p align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
<B><FONT size=2 face="sans-serif">MARYLAND MUNICIPAL BOND TRUST</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock Maryland Municipal Bond Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4><page><p></p><B><FONT face="sans-serif">BLACKROCK MARYLAND <br>
MUNICIPAL BOND TRUST</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p><BR>
  </p>
</center>

<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> ZBMLP1</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3246</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      MARYLAND MUNICIPAL BOND TRUST</font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer <br>
      (02) Kent Dixon <br>
      (03) Kathleen F. Feldstein<br>
      (04) Robert S. Kapito <br>
      </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="center" style="page-break-before:always"></P>
<center>
  <PAGE>
</center>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE</FONT></p>
<p align="right"><FONT size=1 face="sans-serif">ZBMLP2</FONT></p>
<p align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
<B><FONT size=2 face="sans-serif">MARYLAND MUNICIPAL BOND TRUST</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock Maryland Municipal Bond Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4>




<P align="center" style="page-break-before:always"></P><PAGE>







<br>


<B><FONT face="sans-serif">BLACKROCK <br>
MUNICIPAL INCOME TRUST</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/bfk</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"></font><font size="1" face="sans-serif"><font size="1">Z32451</font> </font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3245</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      MUNICIPAL INCOME TRUST </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif"><B><center>    (01) Kathleen F. Feldstein<br>
      (02) R. Glenn Hubbard<br>
      (03) James Clayburn La Force, Jr.</center>
  </B></FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4><page>

<p align="center"><FONT size=1 face="sans-serif">DETACH HERE</FONT></p>
<p align="right">  <FONT size=1 face="sans-serif">Z32452</FONT></p>
<p align="center"><BR>
<B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<p align="center"><BR>
  <B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
<B><FONT size=2 face="sans-serif">MUNICIPAL INCOME TRUST</FONT></B></p>
<p align="center"><BR>
  <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B><BR>
</p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock Municipal Income Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4><page><p></p><B><FONT face="sans-serif">BLACKROCK <br>
MUNICIPAL INCOME TRUST</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p><BR>
  </p>
</center>

<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><FONT size=1 face="sans-serif">ZBITP1</FONT></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3245</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      MUNICIPAL INCOME TRUST </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif"><B><center>
    <font size="1" face="sans-serif"><b>(01) Richard E. Cavanagh <br>
(02) Kathleen F. Feldstein<br>
(03) R. Glenn Hubbard <br>
(04) James Clayburn La Force, Jr. <br>
    </b></font>
  </center>
  </B></FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4><page>

<p align="center"><FONT size=1 face="sans-serif">DETACH HERE</FONT></p>
<p align="right">  <FONT size=1 face="sans-serif">ZBITP2</FONT></p>
<p align="center"><BR>
<B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<p align="center"><BR>
  <B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
<B><FONT size=2 face="sans-serif">MUNICIPAL INCOME TRUST</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B> </p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock Municipal Income Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4>



<P align="center" style="page-break-before:always"></P><PAGE>







<br>


<B><FONT face="sans-serif">THE BLACKROCK <br>
INCOME TRUST INC. </FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/bkt</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z32321</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3232</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Directors:</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> THE BLACKROCK INCOME TRUST INC. </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON STOCK </FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B><center>(01) Richard E. Cavanagh<br>
      (02) Kathleen F. Feldstein<br>
      (03) R. Glenn Hubbard<br>
      (04) James Clayburn La Force, Jr.</center></B></FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%">&nbsp;</TD>
  <TD width="20%">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<hr noshade  width="100%" size=4><P align="left" style="page-break-before:always"></P><page>

<p align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></p>
<p align="right"><BR>
<FONT size=1 face="sans-serif">Z32322</FONT></p>
<p align="center"><BR>
<B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<p align="center">
  <B><FONT size=2 face="sans-serif">THE BLACKROCK INCOME TRUST INC.</FONT></B><br>
  <BR>
  <B><FONT size=2 face="sans-serif">COMMON STOCK</FONT></B><br>
  <BR>
  <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE DIRECTORS</FONT></B><BR>
</p>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of common stock of The BlackRock Income Trust Inc. (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSAL.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4>




<P align="center" style="page-break-before:always"></P><PAGE>







<br>


<B><FONT face="sans-serif">BLACKROCK NEW YORK<br>
MUNICIPAL INCOME TRUST II </FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>
</center>
<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B>
  <p>
</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="2%" nowrap>&nbsp;</TD>
    <TD width="22%" nowrap>
      <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B>
      <p></p>
      <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
      http://www.eproxyvote.com/bfy</font></b></TD>
    <TD> <img src="c36132x1x2.jpg" border=0 align="bottom"> </TD>
    <TD valign="middle"><center>
        <B><FONT face="sans-serif">OR</FONT></B> &nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
      <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B>
      <p></p>
      <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
      1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=2% align=right>&nbsp;</TD>
    <TD width=22% align=right> <B></B>&nbsp; </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>
      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B> <BR>
</center>
<P>&nbsp;</P>
<P>&nbsp;</P>
<center>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p><BR>
  </p>
</center>

<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center"> <FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z33211</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3321</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      NEW YORK MUNICIPAL INCOME TRUST II
      </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer<br>
      (02) Kent Dixon <br>
      (03) Kathleen F. Feldstein<br>
      (04) Robert S. Kapito<br></b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<hr noshade  width="100%" size=4><page>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></p>
<p align="right">  <FONT size=1 face="sans-serif">Z33212</FONT></p>
<p align="center">  <B><FONT size=2 face="sans-serif">PROXY</FONT></B><br>
  <BR>
  <B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B>  <BR>
  <B><FONT size=2 face="sans-serif">NEW YORK MUNICIPAL INCOME TRUST II</FONT></B><br>
  <BR>
<B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock New York Municipal Income Trust II (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4><PAGE><P></P><B><FONT face="sans-serif">BLACKROCK NEW YORK<br>
MUNICIPAL INCOME TRUST II </FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p><BR>
  </p>
</center>

<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> ZBNIP1</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3321</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      NEW YORK MUNICIPAL INCOME TRUST II
      </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer<br>
      (02) Kent Dixon <br>
      (03) Kathleen F. Feldstein<br>
      (04) Robert S. Kapito<br></b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<hr noshade  width="100%" size=4><PAGE>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></p>
<p align="right">  <FONT size=1 face="sans-serif">ZBNIP2</FONT></p>
<p align="center">  <B><FONT size=2 face="sans-serif">PROXY</FONT></B><br>
  <BR>
  <B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B>  <BR>
  <B><FONT size=2 face="sans-serif">NEW YORK MUNICIPAL INCOME TRUST II</FONT></B><br>
  <BR>
<B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock New York Municipal Income Trust II (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4>



<P align="center" style="page-break-before:always"></P><PAGE>







<br>


<B><FONT face="sans-serif">BLACKROCK VIRGINIA<br>
MUNICIPAL BOND TRUST </FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/bhv</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z32631</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3263</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK <br>
      VIRGINIA MUNICIPAL BOND TRUST </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B><center>
      <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer<br>
(02) Kent Dixon <br>
(03) Kathleen F. Feldstein<br>
(04) Robert S. Kapito</b></font>
    </center></B></FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4><page><p align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></p>
<p align="right">  <FONT size=1 face="sans-serif">Z32632</FONT></p>
<p align="center">
  <B><FONT size=2 face="sans-serif">PROXY</FONT></B><br>
  <BR>
  <B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">VIRGINIA MUNICIPAL BOND TRUST<br>
  </FONT></B><BR>
  <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B><BR>
</p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock Virginia Municipal Bond Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4><page><p></p><B><FONT face="sans-serif">BLACKROCK VIRGINIA<br>
MUNICIPAL BOND TRUST </FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
</center>

<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> ZBVBP1</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3263</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK <br>
      VIRGINIA MUNICIPAL BOND TRUST </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B><center>
      <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer<br>
(02) Kent Dixon <br>
(03) Kathleen F. Feldstein<br>
(04) Robert S. Kapito</b></font>
    </center></B></FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4><page>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE</FONT></p>
<p align="right">  <FONT size=1 face="sans-serif">ZBVBP2</FONT></p>
<p align="center">
  <B><FONT size=2 face="sans-serif">PROXY</FONT></B><br>
  <BR>
  <B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">VIRGINIA MUNICIPAL BOND TRUST<br>
  </FONT></B><BR>
  <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B><BR>
</p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock Virginia Municipal Bond Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4>



<P align="center" style="page-break-before:always"></P><PAGE>







<br>


<B><FONT face="sans-serif">BLACKROCK FLORIDA<br>
MUNICIPAL INCOME  TRUST</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/bbf</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z32341</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3234</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK <br>
      FLORIDA MUNICIPAL INCOME TRUST </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
    <font size="1" face="sans-serif"><b><br>
      (01) Kathleen F. Feldstein<br>
      (02) R. Glenn Hubbard<br>
      (03) James Clayburn La Force, Jr.<br></b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4><page><p align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></p>
<p align="right">  <FONT size=1 face="sans-serif">Z32342</FONT></p>
<p align="center"><BR>
  <B><FONT size=2 face="sans-serif">PROXY</FONT></B><br>
  <BR>
  <B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">FLORIDA MUNICIPAL INCOME TRUST</FONT></B><br>
  <BR>
  <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B><BR>
</p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock Florida Municipal Income Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4><page><p></p><B><FONT face="sans-serif">BLACKROCK FLORIDA<br>
MUNICIPAL INCOME  TRUST</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p><BR>
  </p>
</center>

<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> ZBFTP1</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3234</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK <br>
      FLORIDA MUNICIPAL INCOME TRUST </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Richard E. Cavanagh <br>
(02) Kathleen F. Feldstein<br>
(03) R. Glenn Hubbard <br>
(04) James Clayburn La Force, Jr. <br>
      </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4><page><p align="center"><FONT size=1 face="sans-serif">DETACH HERE</FONT></p>
<p align="right">  <FONT size=1 face="sans-serif">ZBFTP2</FONT></p>
<p align="center"><BR>
  <B><FONT size=2 face="sans-serif">PROXY</FONT></B><br>
  <BR>
  <B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">FLORIDA MUNICIPAL INCOME TRUST</FONT></B><br>
  <BR>
  <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B><BR>
</p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock Florida Municipal Income Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4>



<P align="center" style="page-break-before:always"></P><PAGE>







<br>


<B><FONT face="sans-serif">THE BLACKROCK FLORIDA<br>
INVESTMENT QUALITY<br>
MUNICIPAL TRUST</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p><BR>
  </p>
</center>

<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z32361</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3236</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> THE BLACKROCK<br>
      FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B><center>
      <font size="1" face="sans-serif"><b>(01) Kathleen F. Feldstein<br>
(02) Walter F. Mondale<br>
(03) Ralph L. Schlosstein</b></font>
    </center></B></FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board from 15 to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4><page>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></p>
<p align="right">
<FONT size=1 face="sans-serif">Z32362</FONT></p>
<p align="center">  <B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THE BLACKROCK<br>
</FONT></B><B><FONT size=2 face="sans-serif">FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST</FONT></B></P>
<center>
  <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B><BR>
</center>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of The BlackRock Florida Investment Quality Municipal Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4><page><p></p><B><FONT face="sans-serif">THE BLACKROCK FLORIDA<br>
INVESTMENT QUALITY<br>
MUNICIPAL TRUST</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p><BR>
  </p>
</center>

<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> ZBFQP1</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3236</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> THE BLACKROCK<br>
      FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B><center>
      <font size="1" face="sans-serif"><b><font size="1" face="sans-serif"><b>(01) Frank J. Fabozzi</b></font><br>
      (02) Kathleen F. Feldstein<br>
(03) Walter F. Mondale<br>
(04) Ralph L. Schlosstein</b></font>
    </center></B></FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board from 15 to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4><page>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE</FONT></p>
<p align="right">
  <FONT size=1 face="sans-serif">ZBFQP2</FONT></p>
<p align="center">  <B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THE BLACKROCK<br>
</FONT></B><B><FONT size=2 face="sans-serif">FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST</FONT></B></P>
<center>
  <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B><BR>
</center>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of The BlackRock Florida Investment Quality Municipal Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4>
<p> </p>



<P align="center" style="page-break-before:always"></P><PAGE>







<br>


<B><FONT face="sans-serif">THE BLACKROCK <br>
INCOME OPPORTUNITY TRUST INC.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/bna</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z32491</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3249</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> THE BLACKROCK<br>
      INCOME OPPORTUNITY TRUST INC.</font></b><br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON STOCK </FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B><center>(01) Richard E. Cavanagh<br>
      (02) Kathleen F. Feldstein<br>
      (03) R. Glenn Hubbard<br>
      (04) James Clayburn La Force, Jr.</center></B></FONT>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%">&nbsp;</TD>
  <TD width="20%">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4><PAGE>
<P align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<P align="right">
<FONT size=1 face="sans-serif">Z32492</FONT></P>
<P align="center">
<B><FONT size=2 face="sans-serif">PROXY</FONT></B></P>
<P align="center"> <B><FONT size=2 face="sans-serif">THE BLACKROCK INCOME OPPORTUNITY TRUST INC.</FONT></B></P>
<center>
  <B><FONT size=2 face="sans-serif">COMMON STOCK</FONT></B><br>
  <BR>
  <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE DIRECTORS</FONT></B><BR>
</center>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of common stock of The BlackRock Income Opportunity Trust Inc. (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSAL.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4>



<P align="center" style="page-break-before:always"></P><PAGE>







<br>


<B><FONT face="sans-serif">BLACKROCK CALIFORNIA<br>
MUNICIPAL INCOME TRUST II
</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/bcl</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z32581</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3258</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK <br>
      CALIFORNIA MUNICIPAL INCOME TRUST II </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer<br>
      (02) Kent Dixon <br>
      (03) Kathleen F. Feldstein<br>
      (04) Robert S. Kapito </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4><PAGE><P align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<P align="right"><BR>
  <FONT size=1 face="sans-serif">Z32582</FONT></P>
<P align="center">  <B><FONT size=2 face="sans-serif">PROXY</FONT></B><br>
  <BR>
  <B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">CALIFORNIA MUNICIPAL INCOME TRUST II</FONT></B><br>
  <BR>
  <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B><BR>
</P>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock California Municipal Income Trust II (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4><page><p></p><B><FONT face="sans-serif">BLACKROCK CALIFORNIA<br>
MUNICIPAL INCOME TRUST II
</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
</center>

<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> ZBCMP1</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3258</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK <br>
      CALIFORNIA MUNICIPAL INCOME TRUST II </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer<br>
      (02) Kent Dixon <br>
      (03) Kathleen F. Feldstein<br>
      (04) Robert S. Kapito </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4><PAGE>
<P align="center"><FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<P align="right"><BR>
  <FONT size=1 face="sans-serif">ZBCMP2</FONT></P>
<P align="center">  <B><FONT size=2 face="sans-serif">PROXY</FONT></B><br>
  <BR>
  <B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">CALIFORNIA MUNICIPAL INCOME TRUST II</FONT></B><br>
  <BR>
  <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B><BR>
</P>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock California Municipal Income Trust II (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4>



<P align="center" style="page-break-before:always"></P><PAGE>






<br>


<B><FONT face="sans-serif">BLACKROCK NEW JERSEY<br>
MUNICIPAL INCOME TRUST </FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/bnj</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z32481</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3248</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      NEW JERSEY MUNICIPAL INCOME TRUST</font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
    <font size="1" face="sans-serif"><b><br>
      (01) Kathleen F. Feldstein<br>
      (02) R. Glenn Hubbard<br>
      (03) James Clayburn La Force, Jr.</b></font></center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4><PAGE><P align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<P align="right"><BR>
<FONT size=1 face="sans-serif">Z32481</FONT></P>
<P align="center">  <B><FONT size=2 face="sans-serif">PROXY</FONT></B><br>
  <BR>
  <B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">NEW JERSEY MUNICIPAL INCOME TRUST</FONT></B><br>
  <BR>
  <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B><BR>
</P>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock New Jersey Municipal Income Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4><page><p></p><B><FONT face="sans-serif">BLACKROCK NEW JERSEY<br>
MUNICIPAL INCOME TRUST </FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
</center>

<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> ZBJIP1</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3248</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      NEW JERSEY MUNICIPAL INCOME TRUST</font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Richard E. Cavanagh <br>
(02) Kathleen F. Feldstein<br>
(03) R. Glenn Hubbard <br>
(04) James Clayburn La Force, Jr. <br>
      </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4><PAGE>
<P align="center"><FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<P align="right"><BR>
  <FONT size=1 face="sans-serif">ZBJIP2</FONT></P>
<P align="center">  <B><FONT size=2 face="sans-serif">PROXY</FONT></B><br>
  <BR>
  <B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">NEW JERSEY MUNICIPAL INCOME TRUST</FONT></B><br>
  <BR>
  <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B><BR>
</P>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock New Jersey Municipal Income Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4>



<P align="center" style="page-break-before:always"></P><PAGE>







<br>


<B><FONT face="sans-serif">BLACKROCK <br>
PREFERRED OPPORTUNITY TRUST </FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/bpp</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z33221</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3322</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK <br>
      PREFERRED OPPORTUNITY TRUST</font></b><br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center><font size="1" face="sans-serif"><b>(01) Kathleen F. Feldstein<br>
      (02) Walter F. Mondale <br>
      (03) Ralph L. Schlosstein<br></b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4><page><p align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></p>
<p align="right"><FONT size=1 face="sans-serif">Z33222</FONT></p>
<p align="center"><BR>
  <B><FONT size=2 face="sans-serif">PROXY</FONT></B><br>
  <BR>
  <B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">PREFERRED OPPORTUNITY TRUST</FONT></B><br>
  <BR>
  <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B><BR>
</p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock Preferred Opportunity Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4><page><p></p><B><FONT face="sans-serif">BLACKROCK <br>
PREFERRED OPPORTUNITY TRUST </FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p><BR>
  </p>
</center>

<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> ZBBPP1</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3322</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK <br>
      PREFERRED OPPORTUNITY TRUST</font></b><br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <FONT size=1 face="sans-serif"><B> <font size="1" face="sans-serif"><b><font size="1" face="sans-serif"><b>(01) Frank J. Fabozzi</b></font><br>
(02) Kathleen F. Feldstein<br>
(03) Walter F. Mondale<br>
(04) Ralph L. Schlosstein</b></font> </B></FONT>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4><page>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE</FONT></p>
<p align="right"><FONT size=1 face="sans-serif">ZBBPP2</FONT></p>
<p align="center"><BR>
  <B><FONT size=2 face="sans-serif">PROXY</FONT></B><br>
  <BR>
  <B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">PREFERRED OPPORTUNITY TRUST</FONT></B><br>
  <BR>
  <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B><BR>
</p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock Preferred Opportunity Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4>



<P align="center" style="page-break-before:always"></P><PAGE>








<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="25%"><img src="c36132_bdtx1x1.jpg" border=0></td>
    <td width="75%"> <center>
      <b><font size=4 face="sans-serif">YOUR VOTE IS IMPORTANT</font></b><br>
        <b><font size=4 face="sans-serif">VOTE BY INTERNET / TELEPHONE</font></b><br>
        <b><font size=4 face="sans-serif">24 HOURS A DAY, 7 DAYS A WEEK</font></b><br>
    </center></td>
  </tr>
</table>

<BR>
<P align="right">&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width="24%" align=center nowrap>
<B><U><FONT size=2 face="sans-serif">INTERNET</FONT></U></B>&nbsp;
        </TD>
        <TD width="13%" align=left nowrap>&nbsp;

        </TD>
        <TD width="24%" align=left nowrap> <center>
          <B><U><FONT size=2 face="sans-serif">TELEPHONE</FONT></U></B>&nbsp;
    </center></TD>
        <TD width="13%" align=left nowrap>&nbsp;

        </TD>
        <TD width="26%" align=center nowrap>
<B><U><FONT size=2 face="sans-serif">MAIL</FONT></U></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=5 nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><B><FONT size=2 face="sans-serif">https://www.proxyvotenow.com/bdv</FONT></B>&nbsp;
      </div></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>
      <center>
        <B><FONT size=2 face="sans-serif">1-866-205-9017</FONT></B>&nbsp;
          </center></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&#149; Go to the website address listed</FONT>&nbsp;
          </div></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>
<FONT size=2 face="sans-serif">&#149; Use any touch-tone telephone.</FONT>&nbsp;
        </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&#149;&nbsp;Mark, sign and date your proxy card.</FONT>&nbsp;
          </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
    <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;above.</FONT>&nbsp; </div></TD>
        <TD align=right nowrap>
      <center>
        <B><I><FONT size=4 face="sans-serif">OR</FONT></I></B>&nbsp;
          </center></TD>
        <TD align=left nowrap> <B><FONT size=2 face="sans-serif">&#149; Have your proxy card ready.</FONT></B>&nbsp; </TD>
        <TD align=center nowrap>
      <center>
        <B><I><FONT size=4 face="sans-serif">OR</FONT></I></B>&nbsp;
          </center></TD>
        <TD align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&#149;&nbsp;Detach your proxy card.</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
    <div align="left"><B><FONT size=2 face="sans-serif">&#149; Have your proxy card ready.</FONT></B>&nbsp; </div></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap> <FONT size=2 face="sans-serif">&#149; Follow the simple recorded</FONT>&nbsp; </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&#149;&nbsp;Return your proxy card in the</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
    <div align="left"><FONT size=2 face="sans-serif">&#149; Follow the simple instructions that</FONT>&nbsp; </div></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap> &nbsp; &nbsp;<FONT size=2 face="sans-serif">instructions.</FONT>&nbsp; </TD>
        <TD align=right nowrap>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;postage-paid envelope provided.</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
    <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;appear on your computer screen.</FONT>&nbsp; </div></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;(must be received by the Trust on or</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>&nbsp;</TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before May 25, 2005)</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>

          <div align="left"></div></TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD align=center nowrap>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <BR>
  <B><FONT size=1 face="sans-serif">Please submit your Internet or Telephone vote before 4:00 p.m., New York time, on May 25, 2005.</FONT></B><BR>
  <FONT size=1 face="sans-serif"><b>\/</b> <B>DETACH PROXY CARD HERE IF YOU ARE NOT VOTING BY TELEPHONE OR INTERNET \/</B></FONT>
  <hr size="1" noshade>
  <BR>
</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD colspan=3 align=right nowrap>
      <div align="left"><B><FONT size=1 face="sans-serif">Please Sign, Date and Return</FONT></B>&nbsp;
          </div></TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD colspan="5" align=left nowrap>
      <center>
        <B><FONT size=4 face="sans-serif">x</FONT></B>&nbsp;
          </center></TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD colspan=3 align=left nowrap>
      <div align="left"><B><FONT size=1 face="sans-serif">the Proxy Card Promptly</FONT></B>&nbsp;
          </div></TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD colspan=3 align=right nowrap>
      <div align="left"><B><FONT size=1 face="sans-serif">Using the Enclosed Envelope.</FONT></B>&nbsp;
          </div></TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD colspan=5 align=left nowrap>
<B><FONT size=1 face="sans-serif">Votes must be indicated</FONT></B>&nbsp;
        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD colspan=5 align=left nowrap>
<B><FONT size=1 face="sans-serif">(x) in Black or Blue ink.</FONT></B>&nbsp;
        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=21 nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=right nowrap>
<FONT size=1 face="sans-serif">1.Election of Trustees:</FONT>&nbsp;
        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=21 nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD colspan="5" align=left nowrap>
      <hr noshade size=1>    </TD>
  </TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">FOR</FONT>&nbsp;
        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=right nowrap>

<FONT size=1 face="sans-serif">WITHHOLD</FONT>&nbsp;
        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD colspan="4" align=right nowrap>
      <div align="left"><FONT size=1 face="sans-serif">EXCEPTION</FONT>&nbsp;
          </div>      </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD colspan="5" align=left nowrap><center>
          <B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B>
    </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">THE</FONT>&nbsp;
        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD colspan="2" align=right nowrap>
<B><FONT size=4 face="sans-serif">[&nbsp;&nbsp;]</FONT></B>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">FROM THE</FONT>&nbsp;
        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=right nowrap>
      <B><FONT size=4 face="sans-serif">[&nbsp;&nbsp;]</FONT></B>&nbsp; &nbsp;
        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=center nowrap>
      <B><FONT size=4 face="sans-serif">[&nbsp;&nbsp;]</FONT></B>&nbsp; &nbsp;
        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD colspan=5 align=left nowrap>
 <center>
   <B><FONT size=2 face="sans-serif">DIVIDEND ACHIEVERS</FONT></B><B><SUP><FONT size=2 face="sans-serif">TM </FONT></SUP></B><B><FONT size=2
face="sans-serif">TRUST</FONT></B>&nbsp;
    </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap> <center>
          <FONT size=1 face="sans-serif">NOMINEES</FONT>&nbsp;
    </center></TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">NOMINEES</FONT>&nbsp;
        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD colspan="5" align=left nowrap><hr noshade size=1>
        </TD>
  </TR>
<TR>
        <TD colspan=15 nowrap>
        </TD>
        <TD nowrap>
        </TD>
        <TD colspan=5 nowrap> <center>
          <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>
        </center></TD>
</TR>
<TR>
        <TD nowrap>&nbsp;

        </TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD colspan=5 nowrap> <center>
    </center></TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=center nowrap>&nbsp;</TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap> <div align="right"><FONT size=1 face="sans-serif">Nominee:</FONT>&nbsp;
    </div></TD>
        <TD align=left nowrap>&nbsp;</TD>
        <TD colspan=3 align=left nowrap><FONT size=1 face="sans-serif"> 01 - Frank J. Fabozzi</FONT></TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD colspan=5 align=left nowrap>
<FONT size=1 face="sans-serif">03 - Walter F. Mondale</FONT>&nbsp;
        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD colspan=3 align=left nowrap>
<FONT size=1 face="sans-serif">02 - Kathleen F. Feldstein</FONT>&nbsp;
        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD colspan=5 align=right nowrap>
      <div align="left"><FONT size=1 face="sans-serif">04 - Ralph L. Schlosstein</FONT>&nbsp;
          </div></TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=21 nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=15 align=left nowrap> <B><FONT size=1 face="sans-serif">(INSTRUCTIONS: To withhold authority to vote for any individual nominee, strike</FONT></B>&nbsp;
        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD colspan=3 align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">To change your address, please mark this box.</FONT>&nbsp;
        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=right nowrap>
      <center>
        <B><FONT size=4 face="sans-serif">[&nbsp;&nbsp;]</FONT></B>
    </center></TD>
</TR>
<TR valign="bottom">
        <TD colspan=13 align=right nowrap>
      <div align="left"><B><FONT size=1 face="sans-serif">a line through that nominee&#146;s name and check the &#147;Exceptions&#148; box above.)</FONT></B>&nbsp;
          </div></TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>

          <center>
    </center></TD>
</TR>
<TR>
        <TD colspan=21 nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD colspan=3 align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">To include any comments, please mark this box.</FONT>&nbsp;
        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=right nowrap>
      <center>
        <B><FONT size=4 face="sans-serif">[&nbsp;&nbsp;]</FONT></B>
      </center></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=right nowrap>
      <center>
        <B><FONT size=1 face="sans-serif">FOR</FONT></B>
      </center></TD>
        <TD nowrap>
          <center>
    </center></TD>
        <TD align=right nowrap>
      <center>
        <B><FONT size=1 face="sans-serif">AGAINST</FONT></B>
    </center></TD>
        <TD align=right nowrap><center>
    </center></TD>
        <TD align=right nowrap><center>
          <B><FONT size=1 face="sans-serif">ABSTAIN</FONT></B>
    </center></TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=21 nowrap>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=21 nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=9 align=right nowrap>
      <div align="left"><FONT size=1 face="sans-serif">2. To amend the Declaration of Trust in order to change the</FONT>&nbsp;
          </div></TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=right nowrap>
      <center>
        <B> <B><FONT size=4 face="sans-serif">[&nbsp;&nbsp;]</FONT></B></B>
    </center></TD>
        <TD nowrap>
          <center>
    </center></TD>
        <TD align=center nowrap>
      <center>
        <B> <B><FONT size=4 face="sans-serif">[&nbsp;&nbsp;]</FONT></B></B>
    </center></TD>
        <TD nowrap>
          <center>
    </center></TD>
        <TD align=center nowrap>
      <center>
        <B> <B><FONT size=4 face="sans-serif">[&nbsp;&nbsp;]</FONT></B></B>
    </center></TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=7 align=left nowrap>
          <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;maximum number of permitted Trustees allowed on its</FONT>&nbsp;
    </div></TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=left nowrap>
 <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Board to 11.</FONT>&nbsp;
    </div></TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=3 nowrap>&nbsp;

        </TD>
        <TD nowrap>
        </TD>
        <TD colspan=11 nowrap>
        </TD>
        <TD nowrap>
        </TD>
        <TD colspan=5 nowrap>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=21 nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD colspan="3" align=right nowrap>
      <div align="left"><B><FONT size=2 face="sans-serif">S C A N</FONT></B>&nbsp;
        <B><FONT size=2 face="sans-serif">L I N E</FONT></B>&nbsp;
          </div></TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
<TR>
  <TD colspan=5 nowrap></TD>
  <TD nowrap></TD>
  <TD colspan=3 nowrap>&nbsp;</TD>
  <TD nowrap></TD>
  <TD colspan=5 nowrap></TD>
  <TD nowrap></TD>
  <TD colspan=5 nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5 nowrap>
        </TD>
        <TD nowrap>
        </TD>
        <TD colspan=3 nowrap>&nbsp;

        </TD>
        <TD nowrap>
        </TD>
        <TD colspan=5 nowrap>
        </TD>
        <TD nowrap>
        </TD>
        <TD colspan=5 nowrap>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=21 nowrap>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=21 nowrap>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=21 nowrap>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=21 nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=21 align=right nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should <BR>
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If  <BR>a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership,  <BR>please sign in partnership name by authorized person.</FONT></div></TD>
  <TD nowrap></TD>
  <TD colspan=7 nowrap>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=13 nowrap>
        </TD>
        <TD nowrap>
        </TD>
        <TD colspan=3 nowrap>
<HR noshade size=1>
        </TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap><HR noshade size=1></TD>
    <TD nowrap><HR noshade size=1></TD>
    <TD nowrap><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;
        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">Date</FONT>&nbsp;
        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Share Owner sign here</FONT>&nbsp;
        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Co-Owner sign here</FONT>&nbsp;
          </div></TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P>
<PAGE>


<P align="center">
<B><FONT size=2 face="sans-serif">PROXY</FONT></B></P>
<P align="center">
<B><FONT face="sans-serif">BLACKROCK DIVIDEND ACHIEVERS</FONT></B><B><SUP><FONT face="sans-serif">TM </FONT></SUP></B><B><FONT face="sans-serif">TRUST</FONT></B></P>
<P align="center">
<B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes
them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock Dividend Achievers</FONT><SUP><FONT size=2 face="sans-serif">TM </FONT></SUP><FONT size=2 face="sans-serif">Trust (the
&#147;Trust&#148;) held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE
PROPOSALS. IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</FONT></B></P>
<P>
<FONT size=1 face="sans-serif">Continued on the reverse side. Must be signed and dated on the reverse side.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=32% align=right>
      <center>
        <FONT size=1 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp;
          </center></TD>
        <TD width=13%>&nbsp;
        </TD>
        <TD width=55% align=left>&nbsp;

        </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD></TD>
  <TD></TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=1 face="sans-serif">BLACKROCK DIVIDEND ACHIEVERS</FONT><SUP><FONT size=1 face="sans-serif">TM </FONT></SUP><FONT size=1 face="sans-serif">TRUST</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD align=left valign="bottom"> <FONT size=1 face="sans-serif">P.O. BOX 11325</FONT>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> <FONT size=1 face="sans-serif">NEW YORK, N.Y. 10203-0325</FONT>&nbsp; </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
</TR>
<TR>
        <TD colspan=3>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=3>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <center>
        <FONT size=1 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp;
          </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>

<p>&nbsp;</p>
<hr size="4" noshade>

<p>&nbsp;</p>


<P align="center" style="page-break-before:always"></P><PAGE>







<br>


<B><FONT face="sans-serif">BLACKROCK CALIFORNIA<br>
MUNICIPAL BOND TRUST</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/bza</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z32221</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3222</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      CALIFORNIA MUNICIPAL BOND TRUST </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer <br>
      (02) Kent Dixon <br>
      (03) Kathleen F. Feldstein<br>
      (04) Robert S. Kapito </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4><PAGE><P align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<P align="right">  <FONT size=1 face="sans-serif">Z32222</FONT></P>
<P align="center">  <B><FONT size=2 face="sans-serif">PROXY</FONT></B><br>
  <BR>
  <B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">CALIFORNIA MUNICIPAL BOND TRUST<br>
  </FONT></B><BR>
  <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B><BR>
</P>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock California Municipal Bond Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4><page><p></p><B><FONT face="sans-serif">BLACKROCK CALIFORNIA<br>
MUNICIPAL BOND TRUST</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
</center>

<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> ZBCBP1</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3222</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      CALIFORNIA MUNICIPAL BOND TRUST </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer <br>
      (02) Kent Dixon <br>
      (03) Kathleen F. Feldstein<br>
      (04) Robert S. Kapito </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4><PAGE>
<P align="center"><FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<P align="right">  <FONT size=1 face="sans-serif">ZBCBP2</FONT></P>
<P align="center">  <B><FONT size=2 face="sans-serif">PROXY</FONT></B><br>
  <BR>
  <B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">CALIFORNIA MUNICIPAL BOND TRUST<br>
  </FONT></B><BR>
  <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B><BR>
</P>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock California Municipal Bond Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4>



<P align="center" style="page-break-before:always"></P><PAGE>







<br>


<B><FONT face="sans-serif">BLACKROCK NEW YORK<br>
MUNICIPAL INCOME TRUST</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/bny</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z32511</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3251</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>NEW YORK MUNICIPAL INCOME TRUST</font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center><font size="1" face="sans-serif"><b><br>
      (01) Kathleen F. Feldstein<br>
      (02) R. Glenn Hubbard<br>
      (03) James Clayburn La Force, Jr.<br></b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4><page><p align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></p>
<p align="right">  <FONT size=1 face="sans-serif">Z32512</FONT></p>
<p align="center">  <B><FONT size=2 face="sans-serif">PROXY<br>
</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">NEW YORK MUNICIPAL INCOME TRUST</FONT></B><br>
  <BR>
  <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B><BR>
</p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock New York Municipal Income Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4><page><p></p><B><FONT face="sans-serif">BLACKROCK NEW YORK<br>
MUNICIPAL INCOME TRUST</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p><BR>
  </p>
</center>

<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> ZBYIP1</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3251</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK</font></b><br>
      <b><font size="2" face="sans-serif">NEW YORK MUNICIPAL INCOME TRUST </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Richard E. Cavanagh <br>
(02) Kathleen F. Feldstein<br>
(03) R. Glenn Hubbard <br>
(04) James Clayburn La Force, Jr. <br>
      </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4><page>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE</FONT></p>
<p align="right">  <font size="1" face="sans-serif">ZBYIP2</font></p>
<p align="center">  <B><FONT size=2 face="sans-serif">PROXY<br>
</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">NEW YORK MUNICIPAL INCOME TRUST</FONT></B><br>
  <BR>
  <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B><BR>
</p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock New York Municipal Income Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4>



<P align="center" style="page-break-before:always"></P><PAGE>







<br>
<B><FONT face="sans-serif">BLACKROCK<br>
MUNICIPAL 2020 TERM TRUST </FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/bkk</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z36461</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3646</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      MUNICIPAL 2020 TERM TRUST
      </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Kathleen F. Feldstein<br>
      (02) Walter F. Mondale <br>
      (03) Ralph L. Schlosstein <br>
      </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="center" style="page-break-before:always"></P>
<center>
  <PAGE>
</center>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></p>
<p align="right"><FONT size=1 face="sans-serif">Z36462</FONT></p>
<p align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
<B><FONT size=2 face="sans-serif">MUNICIPAL 2020 TERM TRUST</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock Municipal 2020 Term Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4><page><p></p><B><FONT face="sans-serif">BLACKROCK<br>
MUNICIPAL 2020 TERM TRUST </FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p><BR>
  </p>
</center>

<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> ZBMTT1</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3646</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> BLACKROCK<br>
      MUNICIPAL 2020 TERM TRUST
      </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <FONT size=1 face="sans-serif"><B> <font size="1" face="sans-serif"><b><font size="1" face="sans-serif"><b>(01) Frank J. Fabozzi</b></font><br>
(02) Kathleen F. Feldstein<br>
(03) Walter F. Mondale<br>
(04) Ralph L. Schlosstein</b></font> </B></FONT>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="center" style="page-break-before:always"></P>
<center>
  <PAGE>
</center>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE </FONT></p>
<p align="right"><FONT size=1 face="sans-serif">ZBMTT2</FONT></p>
<p align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B><BR>
<B><FONT size=2 face="sans-serif">MUNICIPAL 2020 TERM TRUST</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock Municipal 2020 Term Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4>



<P align="center" style="page-break-before:always"></P><PAGE>








<center>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="22%"><img src="c36132_bdtx1x1.jpg" border=0></td>
      <td width="78%"><center>
          <B><FONT size=4 face="sans-serif">YOUR VOTE IS IMPORTANT</FONT></B><BR>
          <B><FONT size=4 face="sans-serif">VOTE BY INTERNET / TELEPHONE</FONT></B><BR>
          <B><FONT size=4 face="sans-serif">24 HOURS A DAY, 7 DAYS A WEEK</FONT></B><BR>
      </center></td>
    </tr>
  </table>
  <p>&nbsp; </p>
</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="21%" align=center nowrap> <B><U><FONT size=2 face="sans-serif">INTERNET</FONT></U></B>&nbsp; </TD>
    <TD width="15%" align=left nowrap>&nbsp; </TD>
    <TD width="27%" align=left nowrap>
      <center>
        <B><U><FONT size=2 face="sans-serif">TELEPHONE</FONT></U></B>&nbsp;
    </center></TD>
    <TD width="14%" align=left nowrap>&nbsp; </TD>
    <TD width="23%" align=center nowrap> <B><U><FONT size=2 face="sans-serif">MAIL</FONT></U></B>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5 nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap>
      <div align="left"><B><FONT size=2 face="sans-serif">https://www.proxyvotenow.com/bdt</FONT></B>&nbsp; </div></TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>
      <center>
        <B><FONT size=2 face="sans-serif">1-866-265-2402</FONT></B>&nbsp;
    </center></TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap><div align="left"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&#149; Go to the website address listed</FONT>&nbsp; </div></TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="sans-serif">&#149; Use any touch-tone telephone.</FONT>&nbsp; </TD>
    <TD align=right nowrap>&nbsp; </TD>
    <TD align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&#149;&nbsp;Mark, sign and date your proxy card.</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;above.</FONT>&nbsp; </div></TD>
    <TD align=right nowrap>
      <center>
        <B><I><FONT size=4 face="sans-serif">OR</FONT></I></B>&nbsp;
    </center></TD>
    <TD align=left nowrap> <B><FONT size=2 face="sans-serif">&#149; Have your proxy card ready.</FONT></B>&nbsp; </TD>
    <TD align=center nowrap> <B><I><FONT size=4 face="sans-serif">OR</FONT></I></B>&nbsp; </TD>
    <TD align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&#149;&nbsp;Detach your proxy card.</FONT></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>
      <div align="left"><B><FONT size=2 face="sans-serif">&#149; Have your proxy card ready.</FONT></B>&nbsp; </div></TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="sans-serif">&#149; Follow the simple recorded</FONT>&nbsp; </TD>
    <TD align=right nowrap>&nbsp; </TD>
    <TD align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&#149;&nbsp;Return your proxy card in the</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&#149; Follow the simple instructions that</FONT>&nbsp; </div></TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap> &nbsp; &nbsp;<FONT size=2 face="sans-serif">instructions.</FONT>&nbsp; </TD>
    <TD align=right nowrap>&nbsp; </TD>
    <TD align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;postage-paid envelope provided.</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;appear on your computer screen.</FONT>&nbsp; </div></TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;(must be received by the Trust on or</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before May 25, 2005)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=center nowrap>&nbsp;</TD>
  </TR>
</TABLE>
<center>
  <BR>
  <B><FONT size=1 face="sans-serif">Please submit your Internet or Telephone vote before 4:00 p.m., New York time, on May 25, 2005.</FONT></B><BR>
  <FONT size=1 face="sans-serif"><b>\/ DETACH PROXY CARD HERE IF YOU ARE NOT VOTING BY TELEPHONE OR INTERNET \/</b></FONT>
  <hr size="1" noshade>
  <BR>
</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan=3 align=right nowrap>
      <div align="left"><B><FONT size=1 face="sans-serif">Please Sign, Date and Return</FONT></B>&nbsp; </div></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=center nowrap> <B><FONT size=4 face="sans-serif">x</FONT></B>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=center nowrap>
      <div align="left"><B><FONT size=1 face="sans-serif">the Proxy Card Promptly</FONT></B>&nbsp; </div></TD>
    <TD nowrap>
      <div align="left"></div></TD>
    <TD align=left nowrap>
      <div align="left"></div></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan=3 align=right nowrap>
      <div align="left"><B><FONT size=1 face="sans-serif">Using the Enclosed Envelope.</FONT></B>&nbsp; </div></TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan=5 align=left nowrap> <B><FONT size=1 face="sans-serif">Votes must be indicated</FONT></B>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan=5 align=left nowrap> <B><FONT size=1 face="sans-serif">(x) in Black or Blue ink.</FONT></B>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=21 nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=3 align=right nowrap> <FONT size=1 face="sans-serif">1.Election of Trustees:</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=21 nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="5" align=left nowrap><hr noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap> <FONT size=1 face="sans-serif">FOR</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=1 face="sans-serif">WITHHOLD</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="3" align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">EXCEPTION</FONT>&nbsp; </div></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="5" align=left nowrap>
      <center>
        <B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap> <FONT size=1 face="sans-serif">THE</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=right nowrap>
      <center>
        <B><FONT size=4 face="sans-serif">[&nbsp;&nbsp;]</FONT></B>&nbsp;
    </center></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=1 face="sans-serif">FROM THE</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=right nowrap>
      <center>
        <B><FONT size=4 face="sans-serif">[&nbsp;&nbsp;]</FONT></B>
    </center></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=center nowrap> <B><FONT size=4 face="sans-serif">[&nbsp;&nbsp;]</FONT></B>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan=5 align=right nowrap>
      <center>
        <B><FONT size=2 face="sans-serif">STRATEGIC DIVIDEND ACHIEVERS</FONT></B><B><SUP><FONT size=2 face="sans-serif">TM </FONT></SUP></B><B><FONT size=2 face="sans-serif">TRUST</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>
      <center>
        <FONT size=1 face="sans-serif">NOMINEES</FONT>&nbsp;
    </center></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=1 face="sans-serif">NOMINEES</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="5" align=left nowrap><hr noshade size=1>
    </TD>
  </TR>
  <TR>
    <TD colspan=15 nowrap> </TD>
    <TD nowrap> </TD>
    <TD colspan=5 nowrap>
      <center>
        <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>
      <div align="right"><FONT size=1 face="sans-serif">Nominee:</FONT>&nbsp; </div></TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD colspan=3 align=left nowrap><FONT size=1 face="sans-serif">01 - Richard E. Cavanagh</FONT></TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan=9 align=left nowrap> <FONT size=1 face="sans-serif">03 - James Clayburn La Force, Jr.</FONT></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan=3 align=left nowrap> <FONT size=1 face="sans-serif">02 - R. Glenn Hubbard</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan=5 align=left nowrap> <FONT size=1 face="sans-serif">04 - Kathleen F. Feldstein</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=21 nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=15 align=left nowrap>&nbsp;<B><FONT size=1 face="sans-serif">(INSTRUCTIONS: To withhold authority to vote for any individual nominee, strike</FONT></B>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan=3 align=left nowrap> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">To change your address, please mark this box.</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=right nowrap> <B> <B><FONT size=4 face="sans-serif">[&nbsp;&nbsp;]</FONT></B></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=13 align=right nowrap>
      <div align="left"><B><FONT size=1 face="sans-serif">a line through that nominee&#146;s name and check the &#147;Exceptions&#148; box above.)</FONT></B>&nbsp; </div></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=21 nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan=3 align=left nowrap> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">To include any comments, please mark this box.</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=right nowrap> <B> <B><FONT size=4 face="sans-serif">[&nbsp;&nbsp;]</FONT></B></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=right nowrap>
      <center>
        <B><FONT size=1 face="sans-serif">FOR</FONT></B>&nbsp;
    </center></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=right nowrap>
      <center>
        <B><FONT size=1 face="sans-serif">AGAINST</FONT></B>&nbsp;
    </center></TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap><center>
        <B><FONT size=1 face="sans-serif">ABSTAIN</FONT></B>
    </center></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=21 nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=21 nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=9 align=right nowrap>
      <div align="left"><FONT size=1 face="sans-serif">2. To amend the Declaration of Trust in order to change the</FONT>&nbsp; </div></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=right nowrap><center>
        <B><FONT size=4 face="sans-serif">[&nbsp;&nbsp;]</FONT></B>
    </center></TD>
    <TD nowrap>
      <center>
    </center></TD>
    <TD align=center nowrap><center>
        <B><FONT size=4 face="sans-serif">[&nbsp;&nbsp;]</FONT></B>
    </center></TD>
    <TD nowrap>
      <center>
    </center></TD>
    <TD align=center nowrap><center>
        <B><FONT size=4 face="sans-serif">[&nbsp;&nbsp;]</FONT></B>
    </center></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=7 align=left nowrap> &nbsp; &nbsp;<FONT size=1 face="sans-serif">maximum number of permitted Trustees allowed on its</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=3 align=left nowrap> &nbsp; &nbsp;<FONT size=1 face="sans-serif">Board to 11.</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=3 nowrap>&nbsp; </TD>
    <TD nowrap> </TD>
    <TD colspan=11 nowrap> </TD>
    <TD nowrap> </TD>
    <TD colspan=5 nowrap>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR>
    <TD colspan=21 nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="3" align=right nowrap>
      <div align="left"><B><FONT size=2 face="sans-serif">S C A N</FONT></B>&nbsp; <B><FONT size=2 face="sans-serif">L I N E</FONT></B>&nbsp; </div></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5 nowrap></TD>
    <TD nowrap></TD>
    <TD colspan=3 nowrap>&nbsp;</TD>
    <TD nowrap></TD>
    <TD colspan=5 nowrap></TD>
    <TD nowrap></TD>
    <TD colspan=5 nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=5 nowrap> </TD>
    <TD nowrap> </TD>
    <TD colspan=3 nowrap>&nbsp; </TD>
    <TD nowrap> </TD>
    <TD colspan=5 nowrap> </TD>
    <TD nowrap> </TD>
    <TD colspan=5 nowrap>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR>
    <TD colspan=21 nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=21 nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=21 nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=21 nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=21 align=right nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should <BR>
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If  <BR>a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership,  <BR>please sign in partnership name by authorized person.</FONT></div></TD>
    <TD nowrap></TD>
    <TD colspan=7 nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=13 nowrap> </TD>
    <TD colspan="4" nowrap>
      <HR noshade size=1>
    </TD>
    <TD nowrap>&nbsp;</TD>
    <TD colspan=3 nowrap><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=1 face="sans-serif">Date</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=1 face="sans-serif">Share Owner sign here</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=1 face="sans-serif">Co-Owner sign here</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>
<P align="center"> <B><FONT size=2 face="sans-serif">PROXY</FONT></B></P>
<P align="center"> <B><FONT face="sans-serif">BLACKROCK STRATEGIC DIVIDEND ACHIEVERS</FONT></B><B><SUP><FONT face="sans-serif">TM </FONT></SUP></B><B><FONT face="sans-serif">TRUST</FONT></B></P>
<P align="center"> <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B></P>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock Strategic Dividend Achievers</FONT><SUP><FONT size=2 face="sans-serif">TM </FONT></SUP><FONT size=2 face="sans-serif">Trust (the &#147;Trust&#148;) held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.
IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</FONT></B></P>
<P> <FONT size=1 face="sans-serif">Continued on the reverse side. Must be signed and dated on the reverse side.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=31% align=right>
      <center>
        <FONT size=1 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp;
    </center></TD>
    <TD width=17%>&nbsp; </TD>
    <TD width=52% align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD> </TD>
    <TD> </TD>
  </TR>
  <TR>
    <TD><hr noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">BLACKROCK STRATEGIC DIVIDEND ACHIEVERS</FONT><SUP><FONT size=1 face="sans-serif">TM </FONT></SUP><FONT size=1 face="sans-serif">TRUST</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD align=left valign="bottom"> <FONT size=1 face="sans-serif">P.O. BOX 11032</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">NEW YORK, N.Y. 10203-0032</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD> </TD>
    <TD> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <center>
        <FONT size=1 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp;
    </center></TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><hr noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><hr noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<HR noshade  width="100%" size=4>


<P align="center" style="page-break-before:always"></P><PAGE>









<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="20%"><img src="c36132_bgrx1x1.jpg" border=0></td>
    <td width="80%">
      <center>
        <br>
        <b><font size=4 face="sans-serif">YOUR VOTE IS IMPORTANT</font></b><br>
        <b><font size=4 face="sans-serif">VOTE BY INTERNET / TELEPHONE</font></b><br>
        <b><font size=4 face="sans-serif">24 HOURS A DAY, 7 DAYS A WEEK</font></b><br>
    </center></td>
  </tr>
</table>
<p>&nbsp;</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="23%" align=center nowrap> <B><U><FONT size=2 face="sans-serif">INTERNET</FONT></U></B>&nbsp; </TD>
    <TD width="11%" align=left nowrap>&nbsp; </TD>
    <TD width="28%" align=left nowrap>
      <center>
        <B><U><FONT size=2 face="sans-serif">TELEPHONE</FONT></U></B>&nbsp;
    </center></TD>
    <TD width="12%" align=left nowrap>&nbsp; </TD>
    <TD width="26%" align=center nowrap> <B><U><FONT size=2 face="sans-serif">MAIL</FONT></U></B>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5 nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap>
      <div align="left"><B><FONT size=2 face="sans-serif">https://www.proxyvotenow.com/bgr</FONT></B>&nbsp; </div></TD>
    <TD align=left nowrap>
      <div align="left"></div></TD>
    <TD align=left nowrap>
      <center>
      </center>
      <center>
        <B><FONT size=2 face="sans-serif">1-866-265-2401</FONT></B>&nbsp;
    </center></TD>
    <TD align=left nowrap>
      <div align="left"></div></TD>
    <TD align=left nowrap>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&#149; Go to the website address listed</FONT>&nbsp; </div></TD>
    <TD align=left nowrap>
      <div align="left"></div></TD>
    <TD align=left nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&#149; Use any touch-tone telephone.</FONT>&nbsp; </div></TD>
    <TD align=right nowrap>
      <div align="left">&nbsp; </div></TD>
    <TD align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&#149; Mark, sign and date your proxy card.</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;above.</FONT>&nbsp; </div></TD>
    <TD align=right nowrap>
      <center>
        <B><I><FONT size=4 face="sans-serif">OR</FONT></I></B>&nbsp;
    </center></TD>
    <TD align=left nowrap>
      <div align="left"><B><FONT size=2 face="sans-serif">&#149; Have your proxy card ready.</FONT></B>&nbsp; </div></TD>
    <TD align=center nowrap>
      <center>
        <B><I><FONT size=4 face="sans-serif">OR</FONT></I></B>&nbsp;
    </center></TD>
    <TD align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&#149; Detach your proxy card.</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>
      <div align="left"><B><FONT size=2 face="sans-serif">&#149; Have your proxy card ready.</FONT></B>&nbsp; </div></TD>
    <TD align=left nowrap>
      <div align="left"></div></TD>
    <TD align=left nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&#149; Follow the simple recorded</FONT>&nbsp; </div></TD>
    <TD align=right nowrap>
      <div align="left">&nbsp; </div></TD>
    <TD align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&#149; Return your proxy card in the</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&#149; Follow the simple instructions that</FONT>&nbsp; </div></TD>
    <TD align=left nowrap>
      <div align="left"></div></TD>
    <TD align=left nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;instructions.</FONT>&nbsp; </div></TD>
    <TD align=right nowrap>
      <div align="left"></div></TD>
    <TD align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;postage-paid envelope provided.</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;appear on your computer screen.</FONT>&nbsp; </div></TD>
    <TD align=left nowrap>
      <div align="left"></div></TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>
      <div align="left"></div></TD>
    <TD align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;(must be received by the Trust on or</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>
      <div align="left"></div></TD>
    <TD align=left nowrap>
      <div align="left"></div></TD>
    <TD align=left nowrap>
      <div align="left"></div></TD>
    <TD align=left nowrap>
      <div align="left"></div></TD>
    <TD align=center nowrap>
      <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before May 25, 2005)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>
      <div align="left"></div></TD>
    <TD align=left nowrap>
      <div align="left"></div></TD>
    <TD align=left nowrap>
      <div align="left"></div></TD>
    <TD align=center nowrap>&nbsp;</TD>
  </TR>
</TABLE>
<center>
  <BR>
  <B><FONT size=1 face="sans-serif">Please submit your Internet or Telephone vote before 4:00 p.m., New York time, on May 25, 2005.</FONT></B><BR>
  <FONT size=1 face="sans-serif"><b>\/ DETACH PROXY CARD HERE IF YOU ARE NOT VOTING BY TELEPHONE OR INTERNET \/</b></FONT>
  <hr size="1" noshade>
  <BR>
</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan=3 align=right nowrap>
      <div align="left"><B><FONT size=1 face="sans-serif">Please Sign, Date and Return</FONT></B>&nbsp; </div></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=center nowrap> <B><FONT size=4 face="sans-serif">x</FONT></B>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan=3 align=left nowrap>
      <div align="left"><B><FONT size=1 face="sans-serif">the Proxy Card Promptly</FONT></B>&nbsp; </div></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan=3 align=right nowrap>
      <div align="left"><B><FONT size=1 face="sans-serif">Using the Enclosed Envelope.</FONT></B>&nbsp; </div></TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan=5 align=left nowrap> <B><FONT size=1 face="sans-serif">Votes must be indicated</FONT></B>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan=5 align=left nowrap> <B><FONT size=1 face="sans-serif">(x) in Black or Blue ink.</FONT></B>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=15 nowrap> </TD>
    <TD nowrap> </TD>
    <TD colspan=5 nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=21 nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=3 align=right nowrap> <FONT size=1 face="sans-serif">1.Election of Trustees:</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="5" align=left nowrap><hr noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="5" align=left nowrap>
      <center>
        <B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B>
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap> <FONT size=1 face="sans-serif">FOR</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=1 face="sans-serif">WITHHOLD</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="3" align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">EXCEPTION</FONT>&nbsp; </div></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="5" align=left nowrap>
      <center>
        <B><FONT size=2 face="sans-serif">GLOBAL ENERGY AND RESOURCES TRUST</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap> <FONT size=1 face="sans-serif">THE</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=right nowrap>
      <center>
        <B><FONT size=4 face="sans-serif">[&nbsp;&nbsp;]</FONT></B>&nbsp;
    </center></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=1 face="sans-serif">FROM THE</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=right nowrap>
      <center>
        <B><FONT size=4 face="sans-serif">[&nbsp;&nbsp;]</FONT></B>&nbsp;
    </center></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=center nowrap> <B><FONT size=4 face="sans-serif">[&nbsp;&nbsp;]</FONT></B> </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan=5 align=right nowrap><hr noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>
      <center>
        <FONT size=1 face="sans-serif">NOMINEES</FONT>&nbsp;
    </center></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=1 face="sans-serif">NOMINEES</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="5" align=left nowrap>
      <center>
        <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR>
    <TD colspan=21 nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>
      <div align="right"><FONT size=1 face="sans-serif">Nominee:</FONT>&nbsp; </div></TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD colspan=3 align=left nowrap><FONT size=1 face="sans-serif">01 - Richard E. Cavanagh</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan=3 align=left nowrap> <FONT size=1 face="sans-serif">02 - R. Glenn Hubbard</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan=3 align=left nowrap> <FONT size=1 face="sans-serif">03 - James Clayburn La Force, Jr.</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan=3 align=left nowrap> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">To change your address, please mark this box.</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=right nowrap> <B><FONT size=4 face="sans-serif">[&nbsp;&nbsp;]</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=15 align=left nowrap> <B><FONT size=1 face="sans-serif">(INSTRUCTIONS: To withhold authority to vote for any individual nominee, strike</FONT></B>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=13 align=right nowrap>
      <div align="left"><B><FONT size=1 face="sans-serif">a line through that nominee&#146;s name and check the &#147;Exceptions&#148; box above.)</FONT></B>&nbsp; </div></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan=3 align=left nowrap> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">To include any comments, please mark this box.</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=right nowrap> <B><FONT size=4 face="sans-serif">[&nbsp;&nbsp;]</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=right nowrap>
      <center>
        <B><FONT size=1 face="sans-serif">FOR</FONT></B>
    </center></TD>
    <TD nowrap>
      <center>
    </center></TD>
    <TD align=right nowrap>
      <center>
        <B><FONT size=1 face="sans-serif">AGAINST</FONT></B>
    </center></TD>
    <TD align=right nowrap><center>
    </center></TD>
    <TD align=right nowrap><center>
        <B><FONT size=1 face="sans-serif">ABSTAIN</FONT></B>
    </center></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=21 nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=9 align=right nowrap>
      <div align="left"><FONT size=1 face="sans-serif">2. To amend the Declaration of Trust in order to reduce the</FONT>&nbsp; </div></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=right nowrap>
      <center>
        <B><FONT size=4 face="sans-serif">[&nbsp;&nbsp;]</FONT></B>
    </center></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=center nowrap> <B><FONT size=4 face="sans-serif">[&nbsp;&nbsp;]</FONT></B> &nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=center nowrap> <B><FONT size=4 face="sans-serif">[&nbsp;&nbsp;]</FONT></B> &nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=9 align=left nowrap> &nbsp; &nbsp;<FONT size=1 face="sans-serif">maximum number of permitted Trustees allowed on its</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=3 align=left nowrap> &nbsp; &nbsp;<FONT size=1 face="sans-serif">Board from 15 to 11.</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=3 nowrap>&nbsp; </TD>
    <TD nowrap> </TD>
    <TD colspan=11 nowrap> </TD>
    <TD nowrap> </TD>
    <TD colspan=5 nowrap>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR>
    <TD colspan=21 nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD colspan="3" align=right nowrap>
      <div align="left"><B><FONT size=2 face="sans-serif">S C A N</FONT></B>&nbsp; <B><FONT size=2 face="sans-serif">L I N E</FONT></B>&nbsp; </div></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5 nowrap></TD>
    <TD nowrap></TD>
    <TD colspan=3 nowrap>&nbsp;</TD>
    <TD nowrap></TD>
    <TD colspan=5 nowrap></TD>
    <TD nowrap></TD>
    <TD colspan=5 nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=5 nowrap> </TD>
    <TD nowrap> </TD>
    <TD colspan=3 nowrap>&nbsp; </TD>
    <TD nowrap> </TD>
    <TD colspan=5 nowrap> </TD>
    <TD nowrap> </TD>
    <TD colspan=5 nowrap>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR>
    <TD colspan=21 nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=21 nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=21 nowrap>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=21 nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=21 align=right nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should <BR>
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If  <BR>a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership,  <BR>please sign in partnership name by authorized person.</FONT></div></TD>
    <TD nowrap></TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=13 nowrap> </TD>
    <TD nowrap> </TD>
    <TD nowrap>
      <HR noshade size=1>
    </TD>
    <TD nowrap><HR noshade size=1></TD>
    <TD nowrap><HR noshade size=1></TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap><HR noshade size=1></TD>
    <TD nowrap><HR noshade size=1></TD>
    <TD nowrap><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=1 face="sans-serif">Date</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=1 face="sans-serif">Share Owner sign here</FONT>&nbsp; </TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Co-Owner sign here</FONT>&nbsp; </div></TD>
    <TD nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>
<P align="center"> <B><FONT size=2 face="sans-serif">PROXY</FONT></B></P>
<P align="center"> <B><FONT face="sans-serif">BLACKROCK GLOBAL ENERGY AND RESOURCES TRUST</FONT></B></P>
<P align="center"> <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B></P>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock Global Energy and Resources Trust (the &#147;Trust&#148;) held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.
IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</FONT></B></P>
<P> <FONT size=1 face="sans-serif">Continued on the reverse side. Must be signed and dated on the reverse side.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=30% align=right>
      <center>
        <FONT size=1 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp;
    </center></TD>
    <TD width=9%>&nbsp; </TD>
    <TD width=61% align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD></TD>
  </TR>
  <TR>
    <TD>
      <HR align="center" size=1 noshade>
    </TD>
    <TD> </TD>
    <TD> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>
      <center>
        <hr align="center" size=1 noshade>
    </center></TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">BLACKROCK GLOBAL ENERGY AND RESOURCES TRUST</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD> </TD>
    <TD align=left valign="bottom"> <FONT size=1 face="sans-serif">P.O. BOX 11070</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>
      <center>
        <hr align="center" size=1 noshade>
    </center></TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=1 face="sans-serif">NEW YORK, N.Y. 10203-0070</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>
      <center>
    </center></TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <center>
        <FONT size=1 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp;
    </center></TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><hr align="center" size=1 noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><hr align="center" size=1 noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><hr align="center" size=1 noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<HR noshade  width="100%" size=4>


<P align="center" style="page-break-before:always"></P><PAGE>







<br>


<B><FONT face="sans-serif">THE BLACKROCK<br>
HIGH YIELD TRUST
</FONT></B><BR>
<B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
<B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
<B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
<br><P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
  <IMG src="c36132x1x1.jpg" border=0>

</center>

<center>
  <B><FONT size=2 face="sans-serif">Your vote is important. Please vote immediately.</FONT></B><p>

</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="2%" nowrap>&nbsp;</TD>
        <TD width="22%" nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Internet</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Log on to the Internet and go to<br>
    http://www.eproxyvote.com/bhy</font></b></TD>
    <TD>
      <img src="c36132x1x2.jpg" border=0 align="bottom">
    </TD>
    <TD valign="middle"><center>
      <B><FONT face="sans-serif">OR</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;
    </center></TD>
    <TD nowrap>
          <p><B><FONT size=4 face="sans-serif">Vote-by-Telephone</FONT></B><p></p>
          <b><font size=2 face="sans-serif">Call toll-free</font></b> <b><font size=2 face="sans-serif"><br>
    1-877-PRX-VOTE (1-877-779-8683)</font></b></TD>
    <TD width="15%"><img src="c36132x1x3.jpg" border=0 align="bottom"></TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=2% align=right>&nbsp;</TD>
        <TD width=22% align=right>
<B></B>&nbsp;
        </TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=22% align=right>&nbsp;</TD>
    <TD width=22% align=right>      <div align="left"></div></TD>
    <TD width=15% align=right>&nbsp;</TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <B><FONT size=2 face="sans-serif">If you vote over the Internet or by telephone, please do not mail your card.</FONT></B>
  <BR>
</center>
<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z32371</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3237</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> THE BLACKROCK HIGH YIELD TRUST
      </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer <br>
      (02) Kent Dixon <br>
      (03) Robert S. Kapito </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></p>
<p align="right"><FONT size=1 face="sans-serif">Z32372</FONT></p>
<p align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">THE BLACKROCK HIGH YIELD TRUST</FONT></B></p>
<p align="center"><B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of The BlackRock High Yield Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4>



<P align="center" style="page-break-before:always"></P><PAGE>

<p><br>


    <B><FONT face="sans-serif">THE BLACKROCK FLORIDA <br>
INSURED MUNICIPAL<br>
2008 TERM TRUST </FONT></B><BR>
  <B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
  <br>
</p>
<P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<center>
</center>

<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> Z32351</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3235</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> THE BLACKROCK <br>
      FLORIDA INSURED MUNICIPAL 2008 TERM TRUST
      </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer <br>
      (02) Kent Dixon <br>
      (03) Robert S. Kapito </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL</FONT></p>
<p align="right"><FONT size=1 face="sans-serif">Z32352</FONT></p>
<p align="center">  <B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THE BLACKROCK<br>
</FONT></B><B><FONT size=2 face="sans-serif">FLORIDA INSURED MUNICIPAL 2008 TERM TRUST</FONT></B></P>
<center>
  <B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>
</center>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of The BlackRock Florida Insured Municipal 2008 Term Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4><PAGE>
<p align="center">&nbsp;</p>    <B><FONT face="sans-serif">THE BLACKROCK FLORIDA <br>
INSURED MUNICIPAL<br>
2008 TERM TRUST </FONT></B><BR>
  <B><FONT size=2 face="sans-serif">C/O EQUISERVE TRUST COMPANY N.A.</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">P.O. BOX 8694</FONT></B><BR>
  <B><FONT size=2 face="sans-serif">EDISON, NJ 08818-8694 </FONT></B><BR>
  <br>
<p></p>
<P>&nbsp;</P>
<P>&nbsp;</P><P>&nbsp;</P>
<center>
</center>

<P>
<B></B></P>
<P>
<B></B></P>
<P>


<P align="center">
<FONT size=1 face="sans-serif">DETACH HERE</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left><div align="right"><font size="1" face="sans-serif"> ZBETP1</font></div></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=left><img src="c36132x1x4.jpg" border=0>

        </TD>
        <TD width=24% colspan="2"><font size=1 face="sans-serif"><b>Please mark<br>
          votes as in<br>this example.</b></font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9%><IMG src="c36132x1x5.jpg" border=0>
        </TD>
        <TD width=4% align=right>&nbsp;
        </TD>
        <TD colspan="2"><div align="right"><img src="c36132x1x6.jpg" border=0>
    </div></TD>
        <TD width=7% align=left><div align="right"><font size=2 face="sans-serif">3235</font></div></TD>
        <TD width=3% align=left><div align="right">

        </div></TD>
    <TD width=0 align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><FONT size=1 face="sans-serif">1.Election of Trustees:</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><p>&nbsp;</p>
    <hr noshade>  <center>
      <br>
      <b><font size="2" face="sans-serif"> THE BLACKROCK <br>
      FLORIDA INSURED MUNICIPAL 2008 TERM TRUST
      </font></b><br>
      <br>
      <hr noshade>
        </center>    </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">
    <FONT size=1 face="sans-serif"><B></B></FONT><center>
      <font size="1" face="sans-serif"><b>(01) Andrew F. Brimmer <br>
      (02) Kent Dixon <br>
      (03) Robert S. Kapito </b></font>
    </center>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="29%"><font size=1 face="sans-serif">2.</font> <font size=1 face="sans-serif">Amend the Trusts Declaration of Trust in order<br>
&nbsp;&nbsp;&nbsp;&nbsp;to change the maximum number of permitted <br>
&nbsp;&nbsp;&nbsp;&nbsp;Trustees allowed on its Board from 15 to 11.</font></TD>
  <TD width="20%"><font size=1 face="sans-serif"><img src="c36132x1x11.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2"><center>
    <img src="c36132x1x7.jpg" border=0>
  </center></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD><div align="left"><FONT size=1 face="sans-serif"><img src="c36132x1x9.jpg" width="29" height="29" border=0><br>
      </FONT>
    </div></TD>
  <TD><FONT size=1 face="sans-serif">__________________________________________</FONT></TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=1 face="sans-serif">For all nominees except as noted above</font> </TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD nowrap><font size=1 face="sans-serif">Mark box at right if an address change or comment has been&nbsp;&nbsp;<br>
noted on the reverse side of this card.</font></TD>
  <TD><font size=1 face="sans-serif"><img src="c36132x1x9.jpg" border=0></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD colspan="2">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2"><font size=1 face="sans-serif">Please be sure to sign and date this proxy. Please sign exactly as your name
appears on this proxy. When shares are held by joint tenants, both should
sign. When signing as attorney, executor, administrator, trustee, or guardian,
please give full title as such. If a corporation, please sign in full
corporate name by president or other authorized officer. If a
partnership, please sign in partnership name by authorized person.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=3% colspan="2" align=right>&nbsp;
        </TD>
        <TD width=24% colspan="2">&nbsp;</TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=9%>&nbsp;</TD>
        <TD width=4% align=right>&nbsp;</TD>
        <TD colspan="2">&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=3% align=right>&nbsp;</TD>
    <TD width=0% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<B></B>
<BR>


<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" height="25" align=left>
      <div align="left"></div></TD>
    <TD width="20%">
      <div align="left"></div></TD>
    <TD width="3%" align=left>
      <div align="left"></div></TD>
    <TD width="18%">
      <div align="left"></div></TD>
    <TD width="8%" align=right>
      <div align="left"><FONT size=1 face="sans-serif">Co-owner</FONT></div></TD>
    <TD width="25%">
      <div align="left"></div></TD>
    <TD width="20%" align=left>
      <div align="left"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_______________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Signature:</FONT>&nbsp; </div></TD>
    <TD>
      <div align="left">_____________________</div></TD>
    <TD align=right>
      <div align="left"><FONT size=1 face="sans-serif">Date:</FONT>&nbsp;____________ </div></TD>
  </TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>
<p align="center"><FONT size=1 face="sans-serif">DETACH HERE </FONT></p>
<p align="right"><FONT size=1 face="sans-serif">ZBETP2</FONT></p>
<p align="center">  <B><FONT size=2 face="sans-serif">PROXY</FONT></B></p>
<P align="center"> <B><FONT size=2 face="sans-serif">THE BLACKROCK<br>
</FONT></B><B><FONT size=2 face="sans-serif">FLORIDA INSURED MUNICIPAL 2008 TERM TRUST</FONT></B></P>
<center>
  <B><FONT size=2 face="sans-serif">PREFERRED SHARES</FONT></B>
</center>
<P align="center"> <B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P> <FONT size=2 face="sans-serif">The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of The BlackRock Florida Insured Municipal 2008 Term Trust (the "Trust") held of record by the undersigned on February 28, 2005 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2005 or at any adjournments or postponements thereof.</FONT></P>
<P> <B><FONT size=2 face="sans-serif">THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS.</FONT></B></P>
<p><FONT size=2 face="sans-serif"><b>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</b></FONT></p>
<hr size="1" noshade>
<center>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.<br>
  </FONT></B><B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B>
</center>
<hr size="1" noshade>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=center>
      <div align="left"><FONT size=2 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>&nbsp; </div></TD>
    <TD width=26%>
      <div align="left"></div></TD>
    <TD width=38% align=center>
      <div align="left"><FONT size=2 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr size="1" noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr size="1" noshade>
    </TD>
  </TR>
</TABLE>
<HR noshade  width="100%" size=4>
<p align="center">&nbsp;</p>
</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>blackrocklogox1x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 blackrocklogox1x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_
MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"``C`,T#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#Z/_X+-_M*
M_P#!;7_@E!=?"#Q'I'_!3%?C=\,?C1J/C32-*U.^_9(_9,\#^)?!VM^$H-`O
MH]%URQB^&WB*#7DU?3M;GN+'7=*33[=9-&OX-1TS37GTS[?]9?LA?#C_`(.&
M?VM?V5/A-^TUI?\`P5F^$G@=_C)X,M_'7A?P-JG[)?P#UC[#H^J2SMH46N^)
MK'X)VPM;Z\L4ANM0AL-`U.+399C:Q3ZB8C,WBG_!XA_R0G]BK_LK7Q4_]0[P
MW7Z9?\$J?^"A7[!/PL_X)H_L9^#_`(D?ML?LG>!_&7@[]G[P1I7BOP7XH_:&
M^$NC>,_#NJV5B4N])UCPE>^+8O$5AJUL_P`D^F7&F)?1M\K6X/%!K=\D6HQO
M=IODB[I?(_&?XD_\%M/^"P?_``29_:/\-?`S_@IC\/?A#^T1X,U73].UV/Q[
MX$T.T\&ZGX^\'32I8ZCXF^%GC;PMI7@_P=<:CHE]'=P:QX7\6_"O1]2_M""&
MUN8_#6E:QH^NS_V>?!?XO>!?C_\`"/X:_&_X8ZK)K?P\^+/@CPU\0?!FJ3VD
M]A=7?AWQ5I-KK&F-?:?=*EUINH1VUVD.HZ;=(EUI]]'<6=RB3P2*/\^/_@OC
M^V)X(_X*Z?M@_LX_`/\`8!\+^+?VAKOX0Z+XY\*6GB;P3X9UR<_$/QEX^U[P
MZ=7L_"^FW>F6E_-X*\&VOA"PGF\>7ZV?AR[.K:QJEO<)X8TZV\0ZK^T7_!0+
M_@F/H?[/7_!%N3QCK_Q/^.F@?M(?LM?LJ_!W0KN^^'/[0/Q6T?X53>)?!UYX
M-TO7=+@^%T/B7_A75UH\US<ZE:G5[3PQIVMZG)':Z[->QZ@D;1@Y134&URRE
M>Z2TWT;73OI]SMI_6-17\X'_``:P32W'_!+"SGGEDGGG_:)^,DTTTSM)+-+(
M/"KR2RR.6>221V+N[L6=B68DDFOZ/Z#)JS:[-K[G8**_*7_@M%X;_9%F_P""
M?GQY^)7[87PO\,_%+PA\(O!.O>(_`.DZ]=:KI>HP?%CQ!8GP;\/;?POKV@WN
MGZYH6MZ]XKUW1M"&IZ9=1R6UG?7,MT&L([L5_$=_P13^+OQ9_P""6O\`P4,_
M99E^.VFW7@GX-_M^_"#P7$6O;IGTS4_AU\9=:O+7X)_$J58-]K:/IWQ`T*P^
MT75[MET?P9K^OW<S6UOJ)D(5&'-%R3U6RMO;5V=]TNENW?3_`$RZQM<\1^'O
M#%F=1\2Z]HWA[3U.&OM<U2QTFS!RHP;J_GMX`<LHP7SEE'4C/P1_P54_;=7_
M`()[?L.?&7]I:PTVQUSQKH5EI'A3X8:#J+JMCJOQ(\<:K;>'?#4E]$9(GO-+
M\/-=W?B_6]/@EBN;_0O#NIVEM-#/-'*G\TG_``1]_P""56E_\%8OAKK7_!1?
M_@JOX[^)_P"T_=_%'Q9XOT'X/^!M=^)'C'PWH=OX=\+^(+W1/%'B>>Y\#ZSX
M9U+0-.E\;V&O>'?"W@#P3=>%?"7ARP\.7%T-/O8=6TZRT,$HW3DW:*=N[;[)
M7735W:\KG]I^@^)_#7BJS_M#POXAT/Q)89*_;M!U:PUBSW"22(K]IT^XN(<B
M6&:,C?D212)]Y&`W*_D,_:W_`.#?7XU_L\?'3X0_M`_\$._&UY^SCKVGM?CX
MF>"/%7QO\:Q>&(I]$O=(U#PG/IEWXGC\:ZUXRT'Q")M>T_QOX)\=ZGX@\-W5
MM9:8L%B+?4-4MI//O^#BC]D:Z\&_L#^'_P!L3Q!XQ^,G@/\`:5\7^//A=HOQ
M^^'>B?M$?%7QY\!+S6OB)X.\06?Q(\*^$/!GB;Q#-X=T?PKIOB1'A\,3>'=%
M\/6-UX<AGM-0\.1R:Q<"S!J*;BE+26FVJ=[:J_W6;/[-*X;XF>'/%WB_X?\`
MB[PQX"^(FI_"7QGKFAWNG>&OB7HWA[PQXLU3P3J]Q'MM/$-CX:\::;J_A36[
MBPDQ(FG:_IE[IMQREQ`RD8_!7]GG_@H=\"?^"</_``0[_8>^,/QAOWU77]5_
M9S\#Z)\*/A1HES#_`,)M\6O&W]DAK3P]X>M&6:2WT^WDFMI_$OB6>VET[P[I
MTJ33)=ZE=Z3I.I\E^PK_`,$Z_P!H']L?X]>%O^"I?_!6JWM=0^)]O9V>I_LJ
M_L;3:?<P_#[]FCP_]H34?#_B+Q/X<U.YNUF\?Y6UUS3_``_JD4M_H&N-'XH\
M9SW?C:VT31OAX"M:[;LDVEHG=KI:_P`WT7JTG^57_!8[]L7_`(+;?\$G?B-\
M)]!_X>7V'QJ\#_&W1_&NL^#M<;]DK]EGP1XCT:7P3JFAVNKZ)XAT5?A9XGL+
MEH+3Q3H$EIKNGZK#'JLSZAOT32!:Q1S_`*&_L_?!;_@XF_:'_9?^#7[1/AS_
M`(*V?!G0-2^-WPB\!_%_PQX%U_\`9.^!1L]-TCXC>%],\8>'=,UWQ?IGP,OI
MH+^/1]8L5U9[#PIJ$-G?&XM[8W\4*7,WY[?\'CW_`".'[`'_`&+7[27_`*=/
M@C7]%G[!7[9_[('PG_X)K_L+R_$W]J?]G?P#_P`(M^QA^RUH_B*'Q=\9_AWH
M-YHNLV/P0\#6%YHNHV.I>(K>]MM:M[^&:PETB2`:DM]$]G]E^TJ8@&CTIP:4
M;MM/W8N]FTNA_/9-_P`%[O\`@I]_P3._:PT[]E__`(*I_#3X7_%?P]86WAZZ
M\1^./AYHMGX6\<:OX+UNY_L^R^+?@#6/"QTKP!XLT>9-/UN\G\+7?P[\)7^H
MZQ87?A][[P/>6%W9P_VV>&/$NA>,_#7A[QAX7U*VUGPUXKT/2?$OAW6+)Q+9
MZKH6NV%OJFDZE:2#B2VOK"ZM[J!QP\4J-WK_`#3_`/@N=^UEX;_X*V?\%&OA
M=X!_8?\`#NN_&>P\'^!]'^!/P^U+PYX;OHM7^+?CB\\4^)O%/B'4_#<%\+74
M&\$:4FKVUA8ZGK5CH]I;)HOBGQ7-<#PM>6NJ5^@?[>7QU_:F\=_'_P#8&_X-
M[?V=OC'K/PWTKX3_``B_9;_9T_:5^(G@"ZU'0;SQSXSMOA+X(_X2^ZO+FUN;
M+4[GX>?#SX;V#^*G\):7KPM/%.JZAJ^D^('U*?1]'BL0)0NH/2+:;EO9)=?+
MT[OR9_<I-\2OAS;ZS_PCMQX_\$P>(/-,/]A3>*M"BUGS@I<Q?V8]^M[YH168
MQ^1NVJ6Q@$UVM?A7H7_!M_\`\$D=)^$4?PKO?V<[_7]2?3HH;_XM:G\3/B.G
MQ4OM=2QM[1_$\>LV/B>TT32KIY;:.^_X1W2/#UEX&%T9M_A66&[O8KG\;?\`
M@E]^UA^T!_P37_X*Y>/?^"-?QQ^+_BCXU?L]ZCXI?P-\$]6\;7ESJNM_#C5]
M8\$:?\4/@_<:/?7MP9])\/\`C;P5K&F>&?$W@RQCG\/V7C+4M(UGPS#HME#K
MQUP,^5-/E;=E=IJVFEWHWM?7R^X_MFKBH?B5\.;C6?\`A';?Q_X)G\0>;Y/]
MA0^*M"EUGSBH<1?V8E^U[YI1E;R_(W;6#8P0:_BJ_;S_`&G_`-I7_@KY_P`%
M<XO^"3?P(^+GBCX,_LI_#3QMXE\$_&+6_AUK-]I]_P"-8OAOI,]Y\</$GCB6
MQGLUUNRT+6+#5?AQX!\$:A-?>$YO$T&D^(=9M[B[U5%T3]8?B/\`\&P7_!++
M7?@MK_@;X>?"WQMX'^*;^%;RP\+_`!JD^,7Q0UWQ);^*HK!UTK7==\-:QXGN
M_AM?V\VI+#+K6G6'@72[:>UDNH=+32I&MYK<&XI6YI6;2=DKV3[W:MZ*[/Z*
M:*_EG_X)\?\`!)7]O&[^%GB?]G7_`(*A?&/XA>(?A=X)TVYOOV:?%WP*_;"^
M,VB>.O`6K^)7M;+QCX>\0OX>O_#5EXV\-06FD^']3^']CX^L?%VF^`KFW\4:
M?H%G8Z;XLO[-OS#_`.#3/XDV^G?%C_@H-\4/BSXZ%OINA_!?X4^(/&?C[Q[X
MB;[/IFA>']8\8M=ZOXA\2:]=D6^G:/I%@HEN[^[6"RL+1$+QP0JJ@<BM)J2?
M+;9:.[LK/\]-]/,_O4HK^3CXE_%7X]?\'"GQGU']GW]F?6O'?P2_X)*?#+7D
MMOCW^T;;:=JGA;Q-^U7JMA,#<?#SX>Q:O9VMP_AZ?:T::1?VDEGI-K)'XQ^(
M^G2W\O@WP%=_TQ?L_?L^?!S]EGX1^#?@5\`_`>C?#CX6^`M._L[P[X8T99W2
M/S)7N;[4]4U&^FNM5U[7]8OI9]2U[Q%K=[?ZWKFJ7-SJ.J7UU>3RS,$M6WWZ
MKLO/S\K:=>Q_*%_P>(?\D)_8J_[*U\5/_4.\-U]B?\$QO^".?_!,WXZ_\$Z?
MV1_B9\5_V1OAYXP\?_$GX#>$M=\;>+;O4O&VGZWKFLZQIS_VAJDEYHWBK3GL
MKZ8L72YTT64MM(%EM6AD1&7X[_X/$/\`DA/[%7_96OBI_P"H=X;KUG_@F=_P
M7Z_X)?\`[/\`^P/^RI\$?B]\;_%'@_XF?"OX0>&_`_C/P\WP;^+6OI8:UH*3
M65P;;6/"WA#7-#U"SN@B7=G/::E*S6T\0NHK6[$UK"&EI.G'E3?O.]K_`*'Y
M\_\`!:+_`()%Z1_P2=\->$?^"@G_``34^)_Q=^`VGZ)XUT/P+X_\&Z+\0O$M
MQ?>$8_$LS7'AWQ!X5\:7.I'Q7?>%+W7M&T[0_%7@WQCJ?BNWU*]U/2+M;@:;
M#>:<OV;;?\%#_''_``4=_P"#;']M7XE?%JUME^,GPJT.^^"OQ,UNPL(=,TSQ
MOJV@:I\*_$VD>.[/3[1WL[&?Q!X=\6:7'K]G:I8VL?BO3M?GTS2=+T.YTBU7
MXE_X+"?\%<K[_@K[X.T/]A#_`()M?`/X[_&'PW<>/O#7BWXB>-[+X>:O/J7B
MUM%CN9/"NAZ!X2TJ/5M6T#P?#K-T^MZ]XL\<KX6EBN_#,*KIUOHL%YJMU]M6
M_P#P3N\<_P#!.#_@VS_;7^&GQ;N[9_C)\5-#OOC1\3-#T_4;;5=)\#ZQKNJ_
M"WPSI/@:PU*RC6SU&?0?#OA32I/$%[:S:A92>*K_`%V'2=5U/0[;2KN0*?PQ
MY_CYE:_Q6TWZ_?Y'U_\`\&K?_**O3_\`LX7XP_\`H'A2OZ0Z_B[_`.#=G_@J
M9^P-^RQ_P3]E^"W[1/[1_A+X1_$K2/C9\0_$<_AOQ7I7BY'NM`\36OAR;1M6
MT[4M.\/:AI%_;W#V5];30V]^][8W%HXOK2VBN+&6[_0/XI?\'`?[-OB']M_]
MDCX'?LP_&WP-XZ^!>I:+^T)\0?VP_B4_ACQ!!IGA#P7\,_@SK_Q+\)V/A?Q#
MXEL-#M&O0?"/B/4_%MY80:G;6.E0V6FK<0:I>3-I@1*,G.>CWD]GMJ_QZ=]#
MXO\`^#CW]I_X6?%+]IW]BC_@F?\`$/XM:?\`";X(WWCKPU\>_P!K_P`=WM[J
M=II^A>"A<:IIGA3P[-<:+;ZE=2:P_AJS\=:U9:/=Z5=6I\0ZU\,=6D\I8A=6
MWR;_`,'%_P"T+_P3!_;(_9=^"GBC]EO]I3X3>*/C;^S1XBM/"OA;P'X8M/%E
MC>ZY\%?%UI8:'K?AC2(;CP]8Z8[^$=6T7P?X@TJ/4;B*'3-!L_%D>GR+=:B;
M>\_0/_@@1\)+G]M;XP?MV?\`!7?]H?P+I>L:G^T[\4]1^&WP1T3QGH.GZW%X
M<^&7A&YL)]632Y]0CGL-5L-.MM-^'7PPT_58-.MKBVN?A5XA@^U3_P!H74,'
M]'_Q#_96_9W^)_@'QO\`#7Q7\&_AO<>%_B#X1\1^"O$4%IX+\.6%W+HGBG1[
MS1-42TO[/38;NQNS97T_V:]M)H;JTG\NXMY8YHT=0=U"45K[F]FK-OXNG_;O
MR/XJ_P#@IM^V'K7_``4*_P"#<C]E#XU?:Y=:^(/PO_:S^&/PY_:7D@NK<SZ=
MXS\"?"#XR^#[CQ%KL,)MHU7QW+XG^'/C:*R@@=+2;QSI\*QE;&2>+^D3_@W[
M\4Z%XM_X)!_L97F@1M!!I/A+QYX6U&VDCM89H==\+?%[X@Z%K4DL-I/<1JNH
MZA8S:O:22NEU=V&H6E[=P6US<RP1_P`@'_!/_P""D?PW_:Q_;_\`^"#/[4.M
MW&B^%?VHHM:^'GP]\6:@DLNG^&/VAO@[->_$']G7XO:7H\=Y]GMK+Q_X6^RZ
MR]E!>:??>*89_!/A?4[C:8[>W^T/^"8'[?'Q2_X(*?$'X@?\$]_^"GOPU\<>
M"/@OKWC?6?&?PH^,7A[0M:\7>&-#U-HH-/\`$^N^&);*V:[^('PB\9Q6GA_6
M+27P;ITWBKP7XDN[Z+Q%X3;4/$>JVGA<*E%-.,=;/GBN\9+IWL_P1_>!7\WG
M_!U)_P`HJ]0_[.%^#W_H'BNOL76O^"]__!(G0O"H\87/[:_P_O=->!)XM.T7
MPO\`$[7?%4GFO9QQ0GP7I/@:\\66\[/?0!XKS1K8VR+>3W9M[?3=2FM/S\_X
M.3OB5X6^,W_!%KP/\8/`T]]<^"OBO\1_V;?B5X/N=3TZZT?4KCPMXZ\-ZUXH
M\/SZCI-_'%?:7?2Z3JEI)=Z=>11W5C<-);7$:31.H#.*:E&Z:]Y;KS1_,/\`
ML7?&'Q/^P+^UM^P/^TC_`,%+_A7>?&O]FWQI\`_!S_LQ^--<FO\`QCH?P7^'
MD,FB_P#"-^/OA;X7M-NC2^)?@WJH0>,O!DVB3^);.37+SQKHD&I>*=3\*:WK
M?^FCX)\;>$?B3X/\+_$'P!XDT;QCX'\;:#I7BGPCXK\.ZA;ZKH/B/P[KEE#J
M.D:SI&I6CR6U[I^HV-Q#=6MQ"[))%(K`\XK\*OV7OV%?@;_P4-_X(5?L<?L]
M_'+1EDT_4_V;OA_JO@KQMI]K:2>+OA?XYM-(F31?''@Z]N8V-KJ-D99+34['
MS([/Q%H-WJGAW51)INIW*5^(_P#P3[_;5_:&_P"""G[6>J?\$U_^"A=QK%_^
MRCXK\2^;\'?BY.;B3PGX"T_7-;N;;3_BKX)NKLSR/\'_`!;<3+<_$7PFE\]Y
M\.?$":EJT=C%K$7BFR\0!4O?O9>_&Z:2^))[KS75==UV-3_@\>_Y'#]@#_L6
MOVDO_3I\$:^:/^"BG_!%[P9;_P#!)S]A[_@H3^REX!BT3Q-H'['W[/7C3]K;
MPIHDVKWS>,M/\:?"GP;XEUSXXVEA<W&H"WUC0/$6L:C=?$"+3UM-.;PK?_\`
M"1-!86GA+47N_HK_`(/#-2T[6=?_`.">.L:/?V6JZ3JO@W]HC4M+U33;J"^T
M[4M.OKWX'75C?V%]:R2VUY97EM+%<6MU;RR07$$D<T,CQNK'^L'_`()NZ7IN
MM_\`!,G]@G1=9L+/5=(U?]A+]EO2]5TO4;:&\T_4M-O_`-G_`,"VE]87UG<)
M)!=6=Y:RRV]U;3QO#/!(\4B,C,I"N9QITVN\OFKO1_UY[GXO_P#!L/\`M0?L
MJ?&[]F6_^%O@_P"#?P>^$G[6GP.TC2M&^+^H>"/A]X8\)>)/C'X'D9-.\)_%
MJ\US2]+M=1\17=W]DAT'QY#-?7;:;XKM;?5[JWT^R\8Z##+^17P*=Y_^#O#6
MSXJ%RK+^T-^T2EK]M2XMY=EO^RQ\3H_!Q146.1K9HX]#-@Y!M[FT-M)(TMI*
MS/\`.O[>G[.WQI_X-Z_^"G_@']J+]F:UUB7]GOQIK^J^+_A;%<7-Q!X8U;PI
MJUTR_%/]ESQG>PK=^;!H^GW4<7A^[U.SO+H>'[OP9XPT^2_\8^&-0N=,^DOV
M^9/$7@?]LO\`91_X.*_V*/!6O_%S]E[XI2>`/B)\8[70;)]2UCX5^-?"&A#X
M9?%OP-\2++2WOHO!D7B'P/I>H^%KGQ9+-<>&](^(UMXAAU*_B&H>%3XD`27,
MVGI4A*,;O:32]U]O+[D?W]5_G\_\%>1''_P<T_LCOX;EO9->;XO?\$^)+E'2
M(B'Q&OQ.\)IIT6G*T2J\+:='HDV)S/F_FNU+^4%AB_J$TG_@O;_P2;U7X51_
M%E_VP?`>E:>=!.MW/@G5K#Q);_%6RE2,>=H,GPW@T>Y\3W>O0W)-F+;2K+4+
M.ZD4W=A?W>E%-0;^>?\`X)M_`SXP?\%:?^"T'CG_`(*V>+?AMXJ\`_LG?#[Q
MY_PEOPLU+QE8W-I'XUU'P!X4LOAQ\%?#'A8W.;:_U#0K31M+^(OCZ_\`#[W_
M`(?T+Q)I]QHCW\E_KEK-($P3CS2DFDHM:IJ[>B7K^74\0_X(=ZA'X5_X.*?V
MO/#OBYHV\3ZSK7[<7A2V;4;B9KYO%FF?&6+7]6,#RHTMWJ!TOPQXA-P)RCM:
M_;KAV,D>Q_\`0)K^)K_@LY^P%^U#^Q3_`,%`?"'_``65_8:\%:MX_P!(L_&.
MB?$7XR^"_"VB3ZM?>#?%^F:;#X<\;7^L:'HT$^L7OPO^,G@]]2L?'6N:9:R7
M_AS4]8\6:GJ6H:;!JVE7]I^PG[,W_!QQ_P`$O/CYX#TG7?&GQO@_9U\>_P!E
MVMQXJ^&WQ?T;Q#IT^AZH;6>2_MM'\9:9HU]X-\5Z<L]I<KIMWIVK0:M=VSZ>
MVH^']&U'4(=+4%-.5I15U9)VZ-='^CZG[PU_CB_`?X?_`+4WC']GW]K'6_@<
M?$FJ_!GP%I/PJ\3?M3>$/"]UJ"S:SX%M_$/B*7PKKGB;2](CCU/6/`7@_7K:
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M(4_M4:1_P4^_X)Q64D/[-6IZO'IGQ:^$KR7NI>&_`2>*M10:OX"\3Z5"([F?
MX'^,[I;*/PGJGVF:^^'OBY=,LX;VPN(?!UQ/_6E^P#^WO\"O^"BO[/?A[X^?
M`_6,QS>3HWQ!\":E+"/%GPO\=PV=O<ZMX.\3VL9YD@\]+K1M8@4Z;XBT::TU
M;3I"DTL%N$2BK<T=8O\`\E?9_?H^I];>)/!?@[QC':1>+O"?AKQ5%8/+)8Q^
M)-"TO7([.2=46=[1-3M;I;=YEBC65H0C2+&@<D(N.4_X4A\%O^B0_"__`,(#
MPI_\J:**"#T#3-(TK1;866C:9I^DV88.+33+*VL+8.(XX@X@M8HH@PBBBB#;
M,^7%&F=J*`FK:/I.OZ==:/KNEZ=K6DWR+'>Z7JUC;:EIUY&DB2HEU97D4UM<
M(LL<<JK+$ZK(B.`&52"B@#@/^%(?!;_HD/PO_P#"`\*?_*FI(_@K\&X6+Q?"
M7X91.8Y8BT?@/PLC&*>)X9HRRZ4"8YH9)(I4)VR1.\;@HS`E%`';Z)H6A^&M
M-@T;PYHVE:!I%J9FM=*T33K32M-MFN)I+F<P6-C#!:PF>XEEGF,<2F6:625]
MSNS'5HHH`X^]^'G@#4M?B\5ZCX&\'7_BB"YL;R'Q)>^&=%NM?AN],\G^S;J+
M6)[*348[G3_LUO\`89TN1+:>1#Y#1^4FVUXL\%>#?'VCR^'O'7A+PSXTT"=U
MDGT/Q9H.E>(]'F=`0KRZ9K%I>64CJ&(5G@)4$@$9-%%`'GGA[]FW]G;PCJ4>
ML^%/@'\%O#&L0J%BU7P]\+/`VBZE$HEBG"QWVFZ%;72*)X()@%E`$L,4@^>-
M&'IVO^&?#?BNP&E^*?#^B>)=,$\=T-.U_2K#6;`7,*NL5P+/4;>YMQ/$LLBQ
MS"/S$61PK`.P)10!<TS2],T33[32=&TZPTC2["(6]CINF6=O8:?9P*25AM+.
MTCBM[>)221'#&B`DD+R:P_$?@/P-XQDM9O%W@SPIXJFL4EBLI?$?AW1]<DLX
MYF1YH[634[.Z:W25HT:5(2BR,B%P2H(**`*FI_#/X<:W::3I^L_#_P`$:O8:
M!:FQT*RU/PIH-_::+9,(E:STFVNK"6'3K4K!`IM[-(8B(8@4Q&F.LL;&RTRR
ML]-TVSM=/T[3[6WL;"PL;>*TLK&RM(DM[6SL[6W2."VM;:"..&WMX8TBAB1(
MXT5%5044`9/B+PEX5\7VL%CXM\,^'_%%E;7`N[:S\1:-INMVMO=".2$7,%OJ
M=M<PQ7`AEEB$T:+((Y)$W;78%^A^%O#/AC39-'\->'-"\/:1++-/+I6AZ1I^
MDZ;)-<(D=Q-)8V%O;VKRSQQQI-(T1>5$17+*H`**`/*9OV8/V:;G53KMQ^SQ
M\#)]<-W'J!UF;X2^`9=5-_$ZRQ7IU%_#[7ANXY422.Y,WG(Z*ZN&4$>VV]O;
MVEO!:6D$-K:VL,5O;6UO$D-O;V\*+'#!!#&JQQ0PQJL<44:JD:*J(H4``HH`
MFKQ#7/V9?V;O$VJ7>N>)/V?/@AXAUK4)6GO]7USX4>`]6U2]F8DM-=ZA?Z!<
M7=S*Q)+233.Y))))-%%`'IWAGPCX4\%Z9%HO@[PQX>\)Z/`%6'2?#.BZ;H.F
M0J@VH(K#2[:UM8PJ_*H2(!1P,"J?ASP#X%\'37-QX1\%>$O"UQ>Q)#>3^'/#
MFCZ'-=PQN9(X;F73+.U>>*-R72.5G17)90"<T44`=!J6F:;K-A=Z5J^GV6JZ
M7?P/;7VFZE:07UA>VT@Q);W=G=1RV]S!(.'BFC>-QPRD5@>'_`/@7PE]K_X1
M7P7X2\,_VA]G^W_\(_X<T?1OMOV3SOLOVO\`LZSMOM/V;[3<?9_.W^3]HF\O
(;YLFXHH`_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>c36132_bdtx1x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c36132_bdtx1x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_
MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"`!!`.@#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#^_BBBB@`H
MHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BB
MB@`HHHH`****`"OYGO\`@JE^W;_P6I_X)N^!=>_:$M?!_P#P3B^*_P"S;#X[
MLO#%EJ.G^"OVB[+XG^$;/Q/J6I0>$W\;Z!J/QRT70M2C81:5HM]K?A+5+M[G
M7;]9SX7T;22TT'],-?SX_P#!SW_RB.^+7_94/@?_`.K"TN@J'Q)-)IM)W\VC
MXP_87_X*5?\`!P9_P4+^#E[\=_@'^S[_`,$S[7X<VWB_5O!-KJ7C^W^.GAN^
MU;6M"M=/N=7.G:78_'[7+P65B=3M;9[K4([`3W/FK:)<1PR2KROQ4_X.`O\`
M@I!_P3O^+/A/X<_\%2?^"?WPWT71?&,E_?:'XS_9[\6:MI.G^(?#6F2V4&K:
MGX$G\0^,OBOX7\7ZIH+ZEIKZMX<O_&'A'4[0:GID6L)X?_M&SFF^J/\`@UL\
M3^&]'_X)7V46K^(=#TN6+]H#XPSRQ:CJUA8R1P>5X5;SI$N;B)DBVJS>8P";
M5)S@$U^:?_!UG^VW^R_\9_A[\!/V5?A!\0?"7Q:^,W@KXPW7Q#\8S_#_`%/3
M_%FG^`M&3P=K_A1/".JZ_HSWM@GB?Q-J^O6%Y+X9LKZ;4M/A\-1S:[96;7>B
M_:0T23J./*K7:TNFDKJ][_??0_LC_9W_`&@/A9^U/\$_AS^T%\%?$2^*/AE\
M4O#L'B/POJQ@DL[H0M--9ZAI>JV$V9M-US0M6M+_`$/7=,F)ET[6-.O;-V<P
M;V]HK^3']D;_`()[?M=_"_\`X(@^!M4M?VMOVGOV.?C7\/O@K\>_CGI'PM\`
MZCX8T#PJ)=;U+QO\5/!&E?%72-;\#7OQ&TK7KW1I],7Q%8:%XM\,3^''U::P
MU+P]<^(-&G>;N/\`@U:^/'QQ^/\`^S#^T]XH^/'QF^*_QL\3:;^T!I&DZ=XB
M^+GQ$\7_`!(UW3]+7X;>')UTVRU?QEK&LZA:Z>LSO,+."XCMQ*[2"/>Q)"'%
M6DTTU%VZWLV[/MK;I<_J6HHKX8_X*/>&?A%JO[(7Q;\8_&_XB_&?X5^`O@SX
M8\1_&*\\9_`;XO\`CGX,?$&QO?"/A+Q'!9VMAX@\":II]SK_`/:(U>:RT_P=
MK]KKWAS6?$4VA3W.@7VIZ?I,EL$'W/17^<3_`,$5/^"D/[7O[-O[??[..A?M
ME?%[X]^*O@9^VCX'C\->&E^.OQ,\:^+=(@TWQKXRUKPG\+OB[X8L_&NL:LMA
M8W/Q5\`ZAX(EUE&TF&X\-:KKVL^;>Z=!ICW/]S?_``46_;/\-_\`!/\`_8Z^
M,W[4OB'24\277@#1+.T\&>$7N3:+XN^(7BG5++PSX(T">X0F>WTN?7]4M+SQ
M%=VD<]YIWAFQUK4K:VN9K-8)`N4'%I;WV:Z]/S/MNBOXS?\`@F/^RO\`MI_\
M%G_"NL_MX?MZ?MQ_M0^!OA#XE\9Z_H?P5^!G[-OQ'O?@QX2U33_">LZEIFN:
MNNG:$EWHVB^%-'UQM4\":9)%I-U\2?$3^'M1O/$OCJ0V=C=:OW'[1G_!/[_@
MKU_P3L_:1^&'Q-_X)4?&W]J#]KSX+>)H]4OOB7\$?VA_C7X3\9Z'X;N]%U;2
MYCX<UP?$?Q3X/TK5]#\9Z5JEQ9^&_$'A?0[+Q]X6&@ZNM]XIGEOK*ZN@.57<
M>9)KOHK]5?O\K>9_7U17\87_``<-V?[8O[(_P`^%?[37PR_X*"?MS>#I/C=\
M9;;POXF^!=Y\4O#GA32/AH/%G@OQK\14\+^&/$/P1\._#S5FTSP9>:1?>$1:
M:YK/C"75-*&G"^\0:I)I4=[>_L?HW_!2CX-?L*_\$D?V'?VA_P!IWQOKGBOQ
MSX[_`&.OV;[GPKX5;4[KQ)\6_CQ\4-4^!'@G6;ZTL)=1FO-3U/4M6U6[%YXK
M\:ZY+)8:7+J:ZAKE_)?7]G;7X+E=DUKS.R76^A^J?QQM_CO=?#/Q!#^S7K'P
MDT+XQLVFMX5U+XX^'/&/BOX9QK'J5H^KP^(-%\!>*O!GBF9KK1UOK73;G3M?
MMQI^I36E]=6NI6MO-IUU_&O^WU_P7S_X+*_\$XOCTW[/'Q^^#O\`P3FU+QC+
MX.T3Q[I>L_#CPI^T7XA\)ZUX6\07^M:7I^HZ?>:U\=_#&M0L=1\/:O:3VFK:
M!IEY$]IYGD-!-!+)^PW_``3=_9H_;R^/7QJU3_@H_P#\%&/B=\3/AWJ?C"VM
MKG]G;]@_P=\0O&WAGX3_``=\$SVTDFA:Q\6O`NGZIIND^)O'<-C?2&R\/>*=
M.U"\TW4)KGQ-XT5O%C:+X=^'W\OG_!V=_P`I./`W_9HOPL_]61\::#2FDY\K
MM)6OZ.W1IZVV[=NY_1UXF^-W_!T/X>\%2^+K/]DS_@F3XKU&#3+?4I?`/AG6
M/BL_C8&2W6XN=.B37/VD-#\*W>IZ?EX;BVL_%5PEU<1M%I$VIEX#+YM^P'_P
M<C:5\</VFK']C+]MG]G6^_91^.FM>-S\,="U2VUC4+WPH/B>;]M(MOA_XV\/
M^*+#2O$W@+6]4UH1:#H<YN_$]EJ&N7EG87K:/'/%=R?TL?$#XF?#GX3^&M2\
M9?%'Q[X,^''A'1K"]U35O$_CKQ-HOA/0--T[38?M&H7U[JVNWMC8VUK908EN
M9Y9UCAC(:1E!&?\`,J_:3\4VG_!2S_@OSJ7B_P#8XL-7\3Z#\3/VEO@C'X+U
M[0M-O+7?HGPG\/\`PT\)>,/BTRJMG=:9X:5_`NO?$275[[[!<0Z-*E]>?9KV
M1H@"@E-2O%*T6U)76UM.WX'^H917\7OQI_;9_;"_X+`?\%8/%/\`P3<_9,^/
M_CG]E;]DOX):GXXL_C)\2?A'J1\/_$WQGH7PCUS3]!^(OB^/Q7IUU9:];V.M
M>/+C3_AU\/M$T35X-"GTS7;3Q?XRTWQ#9W-UH6G_`*2?'O\`X(47FE?!_4=4
M_8W_`&ZOV_/AA^TMX*T&?5/`/BOQ5^U7X^\4>&_'7B?2P]_:Z/X_T>2;38+*
MT\0R11Z2;[PO)H6GZ3)+;:C?:'KUI;7FDZB$N-K<SLVK[-V3VO\`Y*[/Z'J*
M_F<_X(+?\%D?&O[8OPA^.OPO_;*U&TTSX^?LD>&W\9^,?'FH:79>%I_&GPGT
MX:C::]XE\4Z#;)8VVD^+_AWJNE'3/'4MOI.C:;/!K/AN[6T75)-;\O\`-K]F
M;XW?MV?\'%G[7?Q?CT[]I#XS?L8_\$^/@;/97=UX1^!6OR^!O'^L:?XFNM>L
M?`GAC5_%6C-+#XC^('B?2]*U37?%EWXAN_$W@?P?%I:0:'X1N)KVQO+P#D=Y
M7LE&S;W6MK6M>][Z?C8_N(HK^4G]NG_@C;^V'^SKX(\/?'3_`()0?MD_MW^)
M/CIX/\1^'(-4^#'Q'_:3C\6:%XXT">9K.^UFQF\:W?A3PH][I,\T6J:[X:\;
MG7O"NOZ0+Z#3],T^\MH+'5?%/^"BMK_P4\\'_P#!*37OVZ_C9^U=^U[^R;^U
M/X6U+P%X7^)G[-O@#XC_``QT;X02'5/B+X7^%0\5>!-9^#6E:?XU\*?\)GI,
MVC_$BZL[CXG^*%T7Q-J/BGP_IMMIV@7]I;6`"BG:TEJ[:[INW3737?;1Z[7_
M`+(:*_GU_P""4'[<?A3X+_\`!"SX`?M>_MJ_'+Q#J4&G6GQ^OO%OQ&^)GBK6
M?&_Q"\;ZM9_M,_&G2/#WAW3[_P`0ZCJ'B7QKXMU"ST[3]`\-:,MW=W;6]K:V
ML9MM,L'EM?)/V,O"O[<7_!6SX]:7^WE^TYXI^-7[)W["'A&XO3^R?^R#X#\?
M^-?A5XB^->DSSV\MG\3OCIJ7@S5O#FM^(/">H+9V6H6%I?7/V'Q9*H@\+VVG
M?#9K^_\`BD"Y;.5W91;5^[3M9=WU\EJS^F6BBB@D****`"OY\?\`@Y[_`.41
MWQ:_[*A\#_\`U86EU_0=7\^/_!SW_P`HCOBU_P!E0^!__JPM+H*A\<?\4?S1
M^/O_``0;_P"",G_!/K]NO_@G_#\;?VD/A)X@\6_$^Z^+OQ)\'_\`"3Z1\4OB
M5X2,&B:!'H']D0P:+X<\3Z?X>,]FU_<O]HGTF>2=G`NC.J(JXO\`P52_X((Z
M7_P3C^'=S_P42_X)P?%[XI>"M7_9YUC2/&/B;P'XFU:Q\1:UX6TBZU#3?#P\
M9_##QC#IFGZDD/AJ;43>>*/#/C*W\3MJ>@W^LZC!XAL[;1T\.ZO[+_P;L_\`
M!4W]@;]EC_@G_-\%?VB?VCO"?PC^)6C_`!K^(7B.;P[XLTKQ8AN]!\3VOAZ;
M1]5TW4=-\/ZAI5_!,UC>V\\4%ZUY93VQ%Y;01W%G+<Z__!9;_@OM^R]^T%^S
M)\1?V*?V#KCQ?^T;\4?V@X#\-M:\5:!\/O&6F^%O#OAA]2L9?$UGX>L?$FC:
M-XI\<^*/$ME;76@:`OASP_=Z#%:W.H>(1KLQL])L=9#6]3VC7O6YG=.[CRWZ
MWTM;\-CZK_X):?\`!5OQU_P4O_X)H_MPZ'\<H-'_`.&A?V=/@AX\T7QQXBT&
MP_LG3?B'X2\<?"OX@R^"?'4NCPV\&EZ1XBNKOPGXIT;Q3I>A.^E+>:59:Y:V
M>AVOB.ST2Q\5_P"#/[_DT3]JS_LX_2?_`%6/AFJ'_!$S_@FU\:OV)?\`@FQ_
MP4%^,?[1/A75?AY\2OVFO@AXK&A_#77C'#X@\)_#;X<?"OXF3:%J7B;2EB6Y
M\/>)?%NL>.=<N+SP[J4TNH:7HVC>'7O;72=4O-4TZ+YD_P"#6_\`;C_9`_9F
M_9V_:3^'_P"T-^T;\)O@EXM\0_&S1_%N@Z7\4/%VG>"DUGP^_@+2M).H:9J6
MOR6.DWHBU'2[RVN+:WOI+RU=8&N;>*.\LWN`32M44-5>%K:][_*Y_<O7\JG_
M``<L?M):'XIL_P!EC_@E_I_Q0\%?#"Y_:P^*/@GQA\>_'GC;Q7X6\*^%OAE\
M!_"WC"UCTKQ!XRU;Q5XAT'2M+TB[\9:?>>,;%K^Y@&JR_":\TC39I-3O+6TN
M?LW]H'_@MU^SC;?M)?L2?L^_LF_'KX&_&J_^-WQ^M?#GQUU7P_J$OC?0O`GP
M7M?#NIW6K:K:>+/#^K6?AO1_$]WK4FCG3IKJ^UJ.'2M/U][K1N(+J'\U_P#@
MEW\%_AK_`,%D/V\/V_\`_@I=^TS\+O"?QC_9ZM/$UE^SC^RWX'^*7AFV\4^$
MT\/^&ETZ\BUZ'PKXJTTP:9J^D>"-/\':K,&LD,?B7XJ^-V:..^2XD<(BG%\S
M3M%)KU;LM_.[^3/G;_@X=T3_`()U_$+]B']FCQ'^QS^U=^R=XD^(?[$$_A'X
M8^"/`/PM_:-^%GB[X@ZG\"M7L]$\)1Z=X>T/PCXPU'Q#XBU?P3XDT3P5XD6Y
MBL)I]*T1_''B*2ZM1]O>XP/^"KG[;6L?M]_\&ZO[)WQVLKZYNO&5K^U/\+_A
MQ^TO:V3(!9^./`7PJ^-.CZ]=ZW!%>7YM=+\6^)1X%\>:-!<W+SK;>*_#1N%B
MNB\,?]1GBK_@C_\`\$Q/%?A?Q)X7E_87_9AT.+Q)H.L:!)K7ACX->`]`\2Z/
M'K&GW&G/JGA[7M-T.#4=$US3UN3=Z3J]A/#>Z;?PV]Y:RQSPQN/XB_V"O@EJ
MWA_XX?\`!0K_`(-_OVCO$B:(OQ_DU_3_`(+>+-0AOHM"T#]J?X$._CGX0?$*
MSTZREO'TSPU\6_`NE6NJZPCZDEYK&AZ=X6\*%KF_U*&$!<6FD]7[.7-KJ^5M
M<UK=GJ?V+?\`!`W4=`U/_@D/^Q1-X<EL9;&W\`^+-.O/L$2P11Z_IGQ4\>V/
MB:*:)8XL7R>(8-3^WRLFZZO#-=^9.+@3R?L!7\-7_!';_@I3??\`!'K5O'__
M``3+_P""I'A?QE\"-%\/^.];\5?"+XFZKX9UO6_"^@MXBNH8M=T223P[I5]>
M:Y\,_%&M02^+_!WQ%\.6NO:1%J&M^(4UR[LM(>TN-)_IMU[_`(+%_P#!+3PY
MH+^(]0_;R_9IN-/CMUN6M]!^)>B^*=>,;6[W(5/"OAB75_$\EP(T96M(]'>Z
M6X*6C0BZDCA8(E%W=DVFVTTKIIZ[_GV9^,O_``=Z_P#)AG[.O_9W6A?^J:^,
M-?AK_P`$Q/VC_!GPR_X*(_LFW7_!7KPMKMUI^C_LM_LW:!^POX]^(%_#9_!7
MX%>!)OACX<N?@)X[/A.2S/A[4_#OBCPVNGVP^(\-_-;^`OBO_:NO>+[!=<L-
M9\1_#W]I_P#@[$\6:#X^_P"";W[)GCKPM>-J'ACQI^TOX&\6>'-0>VNK)[[0
M?$?P'^+&L:1>/9WT-O>VC7.GWEO,UM>6\%U`7,5Q#%*CHOU;XS_X)7_";_@J
M#_P1=_X)_P#@S7DL?"OQS\`_L*_LT:K\!?BV8F6X\*>([W]G[X>M/X<\1R6]
MO<W6I?#OQ9/9V%OXHTJ.&:XMGMK+7=(5-6TNW$P6FE32>TG)76ZO;7S\UU6G
MD_Z-8I8YXXYH9$FAF1)8I8G62.6.10\<D<B$JZ.I#(ZDJRD$$@@U_G!?\'9W
M_*3CP-_V:+\+/_5D?&FOUB_X(O\`_!57XL_LK?&>7_@D!_P4ZFU#P=\2_A_K
MUG\.?@/\2_&.IVDMK:2+:P)X6^$GB?Q++*+?5=!U^QDTY_@KXU^V7=OJEIJ6
ME^$'G\F?PRJ?D[_P=G?\I./`W_9HOPL_]61\::!TXN-1=K-I]&FEJCE/^"^'
M_!%_0_\`@G!XT\`_';]G'P]K^L?LC_$"73O#6J:7XBUC4_$D_P`,?B?IUMYI
M\-Z]KGG6>O3>%_B-IEE=:MX=U&34);VVU>Q\4Z-+J6F(/"L5Y_8%_P`$-XO^
M">7Q`_8]\&?'O]AW]GWX7_`W6O%&EVO@SXW:#X<:Z\3_`!#\(?$;PU:V<WB#
MX?>+_B1XJN-5^(?B72;&>\MO$7A2;Q)K#C5_#>NZ/XE-C:7>KW,:?IW^TA^S
MU\+_`-JWX'?$K]GOXRZ#'XB^'7Q2\,7_`(:U^S.Q+RS-P@DT[7=%NF20Z=XA
M\.ZI%9ZYX?U.-3+I^L:?9W:!O**-_GR_L<?'#XS_`/!NG_P51\<?LX_M`7M_
MJ'[-_CW6-%\/?$J_@L+LZ/XH^%NKWUV?A5^TEX/LU$DO]H^%([J\/B33=.;5
M'%FOQ"\!M%?^)=*TN\TP$FZD>5MN<=5_>6E[]VOO?WL^C_\`@T3NI]?_`&R_
MVP/%&M2?VGXBU#X!65U>:W>*DVIW$^N?%30=0UB1[QE,P_M2^M[:[OE5U2YN
M+:WEE5G@B*?W\U_`K\$[T_\`!![_`(+3^-?BE\8XM5F_8,_;+TKQY8_#7X]>
M%;2\U_X<R_#;XN>*=!^*O@77H)]%FU*SUC4_AEK&E:;X4\3PV[/KR>$KW5O&
M_A_2;O0]>TB#5OZ@/VD/^"W/_!-CX`_!'Q9\6M,_:U^`_P`8M<TSPYJ5_P"#
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M;>[U?XU_9\U3XM?\&RW_``4:^)F@?'7P%XV\6_L#?M*W%IX6TKXP^'=)GU6V
MNO#FDZOK6L_#'Q;;WD4,%AJ'Q%^&UCJ?B'1?B'\.9+JPURXT;5]>\3>';#5K
M8>%1K0:2:ES035THV\W'1I>?;N?W^U^#G_!RS_RAW_:6_P"QE^`?_J^OAS7U
MEX7_`."RO_!+#Q=X4L/&6E_MW?LY66DZC81ZC#8^*/'^G>"O%<,$D*3B*_\`
M`WC`:'XTTV_5'"R:;J&@6VH1S![=[83H\:_FQ_P7/_:6^"'[67_!"_\`:1^+
M_P"SUX]L/B7\-+KXB?"/PS8>,=*L-9L-*U+5O"W[17P[TK74TX:[IVEWEY:6
M>I136D>I0VK:=?F%KC3;J\LGAN90RBFI1NFO>CT\S^0K]D+XRI\+O&?_``3"
MU/\`X*9?#_QK\1O^";_A^T^+.J?LY^%K6[M!\-K6[N/CS\0;;QY\2/$GA:V@
MN+?XCMX+^,=SJLGQ#\&ZI<Z;XDO?!4/A0/!KGA8Z1X2\9?ZE?A#Q+X5\9^%?
M#GBWP-K>B>)?!GB71-,USPIXA\-7UGJ?A[6O#VIV<-WI&IZ)J&G22V%[I5[8
M2P3V-S9R/;2VSQO"Q0BOYD_^"7'["?P._P""AW_!NW^R_P#L]?''2=UAJ?\`
MPT+JW@KQOIMI92>+_AAXXLOVI_CLNC^-?!][>0R?9;^U\R6QU6R#QVOB'P_>
MZKX>U(M8:G/C\[?^">G[<'QZ_P""$?[5.H?\$QO^"BUU<K^ROK6MWVH?!7XS
M2V5Q-H/@RQ\1ZU=#1_B%X=OUEN)9O@WXROA<OXST)Y+[4/AIXK?4+J1+4VWB
M>WO`N:YW*RM*+E>*O[RONO/NNN_D?W0457L[RTU"TM;^PNK:^L+ZV@O+*]LY
MXKFTO+2YB6:VNK6YA9X;BVN(726">)WBEB=9(V9&!-B@Q"BBB@`KE_&'@?P5
M\0]$E\->/_!_A?QSX<GGM[J?P_XP\/Z3XFT2:YM'\VTN)=*UJTO;"2>UE_>6
M\SP&2%_GC96YKJ**`/GK_AD;]E'_`*-C_9Z_\,M\-_\`YFJ[WP5\&_A#\-9)
M9OAS\*_AOX`FF:5II?!7@?PQX5DE:9(HIFE?0M+L&D:6*"".4N29$AB1\K&@
M'I%%`%34-/L-6L+[2M5L;/4]+U.SN=/U+3=0MH;VPU"PO87MKRQOK.Y22WN[
M.[MY)(+FVGCDAGAD>*5'1V4^"_\`#(W[*/\`T;'^SU_X9;X;_P#S-5]"T4`>
M`VW[*'[+5G*)[3]FOX`VLX2:(36WP<^'<$HCN(9+>>,21>'%<)/!++!,F[;)
M#))$X9'93ZIX.\"^"/AWHJ>&_A_X.\*^!?#L=S<7D>@>#O#VD>&-%CN[ME:Z
MNDTK1+.QL4N;EE5KB=8!+,RJ9&8@&NJHH`*\PU/X(_!?6O&L'Q)UGX1?##5O
MB+;7NEZE;>/M3\`^%+_QK;ZCH<=M%HM_!XINM)EUR*]T>*RLX]+NH[]9]/CM
M+9+22%8(@GI]%`'E'Q=^`WP/_:`\/)X2^.WP=^%WQG\+Q3?:8/#WQ4\!>%O'
M^CVUT-I6\M-.\5:5JMK:7L;*CPWEM%%<PR(DD4J2(C#PGP-_P3F_X)__``SU
M>V\0^`?V)/V4/"?B&QF-Q8>(=&_9_P#A9:^(+"4JJEM/UQ?"QU6Q!"*=EI=P
MIN!?;O9F/V;10.[[LX;QI\,/AK\2-)L-!^(GP\\#>/=#TNZCOM,T7QIX2T#Q
M3I.G7L-M-917EAIVN:??6=G=16=Q/:1W%O#'*EM--`KB*1T;J-(TC2?#^DZ7
MH.@Z7IVB:'HFG66D:+HND65MINDZ1I.FVT5EIVEZ7IUE%#9V&G6%G##:65E:
M0Q6UK;110011Q1H@T:*!'E/C7X#_``.^)6L)XA^(OP9^%'C[7XK*'38M<\:_
M#OPAXJUB/3K:6>:WT]-3UW1[^]2RMYKJYEAM5G$$4MQ/(D:O-(6C\8?`+X%?
M$/4X-;\?_!7X2^.=9M=.MM(M=7\8?#CP=XFU.VTFR>:2STN"_P!:T:]NH=.M
M)+FX>VLHY5MH'GF:*)&E<MZU10`5YGXZ^"OP;^*%[9:E\2_A+\,OB)J.F6K6
M.G7_`(Z\!^%O%M[I]D\K7#V=E=:_I6H3VEJ\[O,UO!)'$TK-(4+L6/IE%`'G
MNM_"3X4^)?`:_"OQ'\,OA[K_`,,$L(-*3X<:WX+\-ZKX#32[:,PVVFKX0OM-
MG\/+86\),4%F-.%O%&2D<:J2*^<?!O\`P3A_X)]_#SQ1:^-O`O[$/[)_A+Q=
MI]V]]I7B/0?V?OA9INKZ+>.)5:YT*\MO"Z2Z%-Y<\L*OI#612WD:V3;`?+K[
M0HH"[[B*JJH50%50%55`"JH&``!P`!P`.`.!7.^+/!_A+Q]X?U+PEXZ\+>'/
M&GA76H#:ZQX9\6:)IGB/P_JUJQ!:VU+1=8M;S3;^`D`F&ZMI8R0"5XKHZ*`/
MA73_`/@E]_P3;TK5EUS3_P!@;]CFVU..=;FWG3]F_P"$31VERDR3Q7%C9R>$
MGLK&>":-)+::SMX)+9E_T=HP2#]67OPI^%VI>"U^&^H_#;P#?_#Q1:A?`5[X
M.\.W7@M197,5Y9A?"T^G2:&!:7<,-U:@6(^SW,44\6R6-&'?44#;;W;?J<]X
M4\(^$_`F@6'A3P/X8\/>#?"^E?:O[+\-^%-%TWP[H&F_;KVYU*]^P:/I%M9Z
M=9_;-1O+N_NOL]M']HO;JYNI=\\\LC<UX[^#WPD^*4FF3?$[X6_#GXC3:*EU
M%H\OCOP1X9\7R:3'?-`]['IDGB#3-0:P2\:UM6NDM3$MPUM`9@YAC*^C44",
MO1-#T7PSH^F>'O#FCZ7X?T#1;*WTW1]#T33[32M'TG3K.)8;33],TRPAM[*P
MLK6%$BM[6U@B@@B58XHU10!J444`%%%%`!1110`4444`%%%%`!1110`4444`
K%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`'__V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>c36132_bgrx1x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c36132_bgrx1x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_
MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"``Z`.$#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#^_BBOE;]J
MKX_?%;]GWPSH'B/X7_LG?%_]JYM0O-1@\0:%\'-<^'.FZ]X4M+."VEL]1NM-
M\>^*O#5QKL.IS336L%KX935M0@DMGDN;2.W=9:_GTMO^#K+X'7OQ#D^$5G^P
MC^V1=_%B'Q/?>"9?AA;:1X0G^(<7C/3+ZXTS4O"4G@J+5G\2)XGT_4K6ZT^^
MT%M,&JVE];7%I/:1W$,D:@U%N]E>VY_5I17\U_CO_@X\T'X*:=_PDO[0_P#P
M2_\`^"EGP.\$HUG'<>+/'?P2L_#.G0RW]U%:V4?VCQQK/@K26:\DD,5FKZS$
MUS=>5;0JS2EX_P!2_P!A+_@J#^QG_P`%&=#UB_\`V9OB<=9\3^%[2&^\8_##
MQ;I-UX1^)OA.SG>UB34-2\,Z@734]$%Q>VMD_B;PMJ'B'PNFI3KI;:T-1#VJ
M@W&25VG;OT^;6Q^@M%%%!(4444`%%%%`!1110`4444`%%?CA^W/_`,%8/'/[
M!D_COQ'\2/\`@GI^U5XO^!_@G4;&T;]H+P#J'PKUWX=7]AJ*V<5KK=[#:>,;
MCQ+X0TQ]3O$T4S^,]%T)/[4\FW5V%[8-=?!?P@_X.;O!_P"T(VM)\`_^":_[
M?/QP?PV+0^(D^$'@'2_B6V@"_2YDL3K2^#+C6CI8O4LKQ[0WP@^T):7+0[Q!
M*4"E&35TKKOH?U!T5_-38?\`!SY^R'X1\=Z=\/?VH?V:/VTOV2]9U",W#WGQ
M:^$5BEEI=B79(M0U/1;'Q&/B$]E*R,BRZ+X%UD^<K1["JM(/Z%?A3\5_AO\`
M'+X=^$OBU\(?&>@_$+X;^.]'M]=\)>,/#5ZE_H^LZ9<;E$L$JA9(;BWFCFM+
M^PNXK?4-,U"WN=.U&UM;ZUN+>($XM6NK7V\ST&BBB@04444`%%%%`!1110`4
M444`%%%%`!7^=9\/D2/_`(.Q+]4144_MK_$UR$4*"\G@/Q7)(Y``!:21F=VZ
ML[,S$L23_HIU_FA?$_X=_$SXL_\`!RQ\4/AU\'/C1J/[._Q,\4_M??$*P\(_
M&G2?"EEXYU'P!J,7A36[V75[7PGJ.KZ#8ZV\]C:W>F&UN-7L45+][@2LT*QN
M&E/[?3]W+].Q_I(>/M)\$:]X'\8:+\3-/\-ZK\.M3\,ZY9>.]-\8V^GW?A.]
M\(SZ;<IXBM_$MOJROI<VA2:2;L:JFH*;,V7G&Y_=!S7^9W_P0WL?'8_X+26<
M'[%[P-X2L8OVLAX<O/$B:_J/@B'X21^`/B':_#*Z^)[6TD?B2?P7)XRE^%$6
MHR)<P:[<:O/I$=M<Q:Q-;R#^A']L?_@@G_P5*_:)^'.NZ#K?_!9OQQ^T`+FT
MFE'PD^)G@+Q=\%OA1XHNXOL\EM::_9_#_P"*OC_P_*`UJC6=UJ7P_P!56PN6
MDDA2#[9>3M^9O_!#?]NGPQ_P2Q_:R\1_\$[_`-K;]E3P=\)?BEX_^*EG\)?&
M7[1.F3:K=?$_3?'&JZQ#:^!_#OQ)NM0UOQ'X<U7X27UWJNC1>&]=^&DWA'PC
MI^DWFF^/-1TSQ:NJZMXO`5%)0G9J3:MRJ^B[ZV;M?HM'ZGZ#_M.?\%:_^"N?
M[(O_``4J_9>_8?\`CX/V)[C1OCCXX_9^O)/$GP+^''Q56'5/A?\`%GXMS?"_
M46@D^)WQ"UF_T/Q+;W>@>*8A']GU2TM;F"SNXKN\MY6LXO["Z_A>_P""]/\`
MRL+?\$N/^Q:_8D_];=^,-?W0T$S2M!I)7C=VZL*_CN_X+4?\%;?^"BG_``3"
M_:-\+_"WX=?'#]G/XMZ;\3O#'B3XIZ3X-OOV>-3T?QE\*?`A\2:EIGA;3/%.
MHV_Q2UFS\5_:H-*UZ"#Q-!:>''O5\,:E?W?A_38IH=W]@.KZMIF@:3J>NZU?
MVNEZ-HNG7NK:MJ=],EO9:=IFG6TMY?W]Y/(1'!:VEK#+<7$SD)'%&[L0JDU_
M(E_P3+_9\\/?\%A?V@O^"I'_``42^/VBZI?_``=_:!TWQK^Q3^S?I^KQWRMH
M?PE?0-.TC6/%7AJSU2VMO[*UK1_"]EX!;3-7T7[(EGX\UCXENZQ:W]NF4%"R
MO*2NDMN[;LEY=7\C^B?_`()V?M?^'_V[_P!C/X#_`+3^B"TM=0^(?@ZWC\=:
M)9"9(/#/Q/\`#<\_AKXD>'88KH+=K8:;XQTK5QH<]RB/J?AZ72-8B#6NHV\C
M_D;_`,%4/^"VOQ0^`7[3G@G_`()W?\$_/A+X?^._[:'CC4/"^CZS=^*$O=4\
M&_#K6/&8L=0T#PTVA:1JNAS:OXED\+W7_"6>(]6UKQ!H'A#X>>&[G3=?U^;6
M;4:W9:+^;O\`P;6_&_QG^QY^V#^UW_P2)^.]W]AURR\:^+_%_P`.8Y0\.GW'
MQ+^&HB\/?$2TT47$WVB>U^(?P[TOP[X]\.F.V%L^A^"=1OFG\W4H$G^>_P#@
MDU,GQ4_X.;?VN/&?C](/$'B/PQ\0OVXM7\+WU\BN^BZAI'CS4/ASI!TM7R8O
M[)\!:GJ'ANQ&7DATIV0NS*9*"E%*4W\48KF2[WM;U2OKYH_9#XB_!K_@Y-^%
MOPK\1?'73_V]?V9?BOXX\*>&+[QAJW[+6F_L\>`=.\)ZG'I.FSW^J>%_!WQ)
MD^'NA>+=:UOR+4KHT6M:AX8L]5U29[2?6]/M1;SOC?\`!-__`(+#_MG?\%5?
MV>OB#HG[./A/]D_X7_MI?`V[T"Y^(5I\<=-^,&J_`OQUX,\4Z;K<?AWQ'X)L
M_`7B.'QEX6U6;Q/H-WH_B32]8UCQ-:^'K2XT[6+&;Q`;]M'LOZ=Z*".96UBF
M]+-:>J:2L[_?YL_F#_X(B?\`!5S]MG]NS]KG]JWX"?M9:=\'M#7X`>#KM1HG
MPI\*7^C6]GXXT/XBVO@;74DUC4_%7BJZU6PBDM=0^SF.\$$LL[W$;-`+:*'Z
ML_X*&_\`!5GQM\/_`(W>&O\`@GO_`,$\/!&D_M#?\%!O'TE@^IV=ZC:C\*/V
M<?#$KV=[J/BKXRZA97MK]GU*+0IQJD?A]KNV30M)N;3Q!XEGC;4/"?AOQG_#
MOX0_X*&_'O\`X)Z_M2_\%.?$O[.VE6MEX^^,OQ'^*?PNA^*=[:C4T^$MM)\=
M?$.NS:]I>CW>F7NB7_B;5(-.GTWP_+KLHT_3+CS]1_LS6)K>."'^[[_@B9^R
M;^QY\$_V4O#/QP_9M^(4'[1_CO\`:.TQ/&OQI_:RUY[F^^(GQ6\;7]]<:EXH
MTK71K%WJ&N^#(/#GBBXU.ROO`&I79UO3M<MKN\\;7&M>,Y-4UJ["YQ47S65G
M;EBMKVBW?LM7I>[]-32_X*1:%\8?#G_!%_\`;$TSX^^/?#/Q)^+R?LP>/IO'
M/BKP5X2/@CP9<:S/8"2:R\*^')K[5-0M-#TY2MI:7&K:E>:GJ312:C<BQ%U'
MI=A^,O\`P9W_`/)"?VU?^RM?"O\`]0[Q)7[Y_P#!93_E%A^WA_V;A\0/_3>*
M_AM_X(\_"3_@IAXF_8P_;B^+O_!/']J76/A3J_P@U[P7K_B#X">'OA]X<UWQ
M#\<;^S\/ZQJ,G_"/^,M5LM7U'1O$&D>&(-:70O"]GH]W;^+]8-EI,LUC<7-O
M>VX$5>G)72]Z.KO;\$_\C^G#_@Z?T3X(W/\`P3)U'7OB%9>&#\6-+^+/PWL?
M@#J>H1VJ>*H_$>I^(+9_'.F>';G`U!["\^&EEXJO=>L(W.G2C3-.O;R)KRPT
MN2+\J?\`@AY_P44T;_@G'_P1H_:5^/7QLMO$'B?PEI'[5^J>#?V=?`7V\VEQ
MX]^)7B3X6^#=5U'P5X6O=1DFATCPU:W6GS>*?%=_865S::)!_P`)5K%OIVK:
M_<RZ;>_!W_!*7X/_``G_`."XG[3'B;PM_P`%*_VO_P!J'QO\<O"5BGC3X5^!
M9_&6FIX9^('@+3VM)?'GACPWJNNZ3KL7@NXTZ>WTV_USPEX&TWPQ=ZMX9N;_
M`%[0KFWN_#VM:GIGUY_P=1_"_P"'G[+_`,*_^";/[*_P"\'Z-\,/@3X1L/VC
MM?TGP'X<AFCL)==ANOA%:QZYJUS=3W-]K.N,=;\0WEWKFIW-SK&J:CXBUJ_U
M:^OKJ\\R,+2M:DW=N7,WT2M>R[WL]=-3]7/V2O$__!>O_@I;\(M)_:?M_P!J
MOX$?\$[OA+\0WEUWX.>"_"7[-'A7XV^,?%/@IYYX],U_78OBS=:V-*T/5;9D
MGT;54UF+5/$26JZS#X<T/0M0TY]0Y-/^"N_[;?\`P36_;7\"?L@?\%;8?@UX
M^^$'Q;@TRY^&O[8WPIT.[^'MK;:9J>K3Z.?%'CC1)Y$\,G2="U1K/3?'6D66
MC^&+_P`"P.?$G]J>+-!NM.GO/Z/_`-FCPUHG@S]G+X`^$/#6GVVD^'?"WP4^
M%GAW0M+LH(;:TT[1]&\#:%IVFV-M;V\<4$$%K9VT,,44,4<2(@5$50`/Y3_^
M#PSP5I%Y\`_V,_B+)!!_;WAWXO\`Q'\%6ESY#&Z.D>,_!FEZ[J,`N5F51`+W
MP'I<A@DMYV:1A)#-:A9X[P,XM2DHM)1=TK+5=G?=M/NWUT/V(_X+&_\`!7SP
M%_P2L^$7A+4;;PI;?%3X]_%RYU.T^$WPVN-3DTK0UTS0OL/_``DGCOQMJMI'
M/>V?A;0_[2L+2RT_3HO[6\5:W>VVEZ?-I^GV^O>(-!^,_A+\-/\`@Y(_:4^&
MWA_XZ>)OVTOV:_V.M7\7Z7;>*/#/[.-I^SAX3\7QVFDZC;0ZII&F_$?6_&/A
M#QKXJ\%:E>+*MIJ&CZ7XA\5ZOHFFR1MJ-Q!XE2]TJQ_FJ_;3^(^M?M-?\%$_
M^"*,WQ8G_P"$AL/%_P"RU_P2YL?$^GZ@S3:=J+>//&5IJ7C^>>UNI;F!AXCU
M;6]7ENWE#R3V3VEO>-/]E5C_`*6U`27(HV2;=VVTGUM9)Z?AK?T/Y$?V,O\`
M@M-_P45\??M/_$G_`()=?M">"_V:?!G[=VC>(O$_A3X7?%/Q3X:^($GP>UK7
M_`.E7OBCQ-HWC_PIX!\1V.H7X\0^"-(UGQ;\/O&'A/5_".AZS`FDZ/=Z';W.
MKVFH2]]^PI_P5:_X*0?$K_@L)KW_``3F_:^LOV8M-M/AYI'Q,7QI_P`*`\)^
M,HM(U/6O#?@N/Q5H%UH'B?QWXGU77I-&EAU.PFV7FD:5J$D4:6][;P3K=++_
M`%85_FP?MF_MJ?$+_@G_`/\`!?/]NK]I3X6^`]-\?>.?#J^,_#6@VFNR:A_P
MCWAN_P#&GP>\'>'K/QIXAM-,MI;G5M(\-7EY;7MQHOV[0HM6D,-C)KVFB82L
M#BE-R2BD^6Z_Q)I76UD^VI_97_P4X_X*F>'/V*[3PY\"?@GX9_X:!_;Y^-WV
M+1/@#^S;X<6;5=3-_P"();RQTOQ[\0[;3I8KG1O`NG7-E>7$=O+=:??^*)=/
MNK6SN]*T6R\1>*_#?V!^Q7IG[7]I\"?#.I_MQ>+/AYKW[0'B**/6O$WA[X5^
M&(O#O@GX>PW4,;VO@RTNSJ>L7/BC6-,5F'B#Q&+Y-*N=1+VFA6C:?9)JVK_B
MW_P;R_`K]G+XD_";7?\`@I#?_&"\_:J_;F^/NHZK;?M#_%;QS%9KXJ^#7BJ5
MHVU?X/>'?#F^9_!UA;:6-'CCU:W%K!XK\)Q>'W\+V7A[P$-&\+:?_2Q01))>
M[;5;M]7Y)I62UMU>[Z)%%%%!(4444`%?YSWA35M+T3_@ZYU'4=9U+3](T]/V
MV_'UL]]J=Y;6%FEQJ'@SQ%I]A;M<W<D4"S7VH75K8V<1<27-Y<P6T*O--&C?
MZ,-?B9\>?^#?/_@FA^TG\9/B-\>/BO\`#?XAZO\`$?XJ^*-1\8>,=2T[XN>-
M=$L+S6]396NI;32=.OX;*P@^15CM[>)415'5BS$+A)1YKW]Z+CHK[VUU:/UU
M^(/Q6^%_PF\.ZCXN^*7Q&\"_#CPKI&GS:MJOB/QUXLT'PGH>G:9;QRS3ZA>:
MIKM_865O9Q10S.]Q+,L06*0[OE./\SO]N;Q%%_P5\_X+AZRG[&.GZMJ^C_$G
MXA_"7P%X5^(/A#3;W1]7O-!^&OAKPGX5\5_'/4KTPP7FFZ9X=M]"U/6],\1Z
MA';7-GX-T#PWOBCNXH+.O[!-,_X-D?\`@D+87(GNO@?\0-:B"%?L6I_'3XKQ
M6Q8LC"0OHWB?2;S>H4H`+L1[7<LA<(R?J;^RY^PK^R#^Q7HMWHG[+G[/WPZ^
M#R:E96.G:UK?A_2I+[QKXCL=,\TZ=;>*OB#XAN=8\=^*HK)Y[B:V7Q%XCU/R
M;BZN[A")[JXDE!QE&%W&[=FE=))7MT3=S^0[_@O6RK_P<*_\$N69@JKX9_8E
M9F8@*JC]MWXQ$LQ.```"22<`<FO[G+BXM[2WGN[N>&UM;6&6XN;FXE2&WM[>
M%&DFGGFD98XH88U:2661E2-%9W8*"1^7G[;G_!'+]AC_`(*%?%;P_P#&C]IK
MP/XR\3>//#'P]TKX8:3?^'?B-XI\(64/A'1?$GBSQ786DNFZ'>6]I/=1ZSXU
MU^9[Z1#<2Q7$%N[F*VA"^#ZE_P`&]_\`P3RUG3[W2=8_X:=U72M2MIK+4=,U
M+]JSXV7VGW]G<(T5Q:7ME=>*9;:ZMIXV:.:">.2*5&9'1E)%`G*+45JN56>B
M?7IJOT/S\_X*K?\`!7SPO^T!_P`$J4TS]F'2=:_X6-^WS\:OB#^QM\)?#+WF
MDZAXB\7^#/"_B_\`X0OXJ>+M`M["_6.[\/>-=.NM%\$Z41YUQ&OQ5T)KZVMY
M9)!;_6/P"_X-WOV;/A7\&_AUX(U#]H#]M;1/$>D>$]$'C6V^&'[4/C/P#X$N
M_'ESI]O<>-=5\-^$]#M8-.T?3-5\2R:E?6MM&LDRPSI]IN+B?S)G^HOA5_P1
M#_X)_P#P>\7?LX^,?"O@/QQ>W?[)^K:YK_P-T?Q/\2O%'B/PSX2U_P`1>)-0
M\7ZGKDF@ZA<O9:OK#^);Z'6(-1U1;JZM;K1_#X@DCBT33XX/UQH$Y65HMI7;
M?1OHMNR7WMG^>]_P6<_8>U+_`((U?M<?L;?M]_LP>)_BSXTT"Z\:6=WXBU_X
MO>/K[X@>*7^+?P[N[?4U\.^)/&NJV?\`:=UH'Q0^%[W7AJUL+F#4G@TKPGXI
MA>06TMG:UQ_QV^(5O_P3?_X+#_L^?\%;/A]HFJ^)/V)OVW[P?M$Z+K^C171%
MYX8_:#\*/:_M$>#-1MIE$D?Q%\"^(/&&N?$&P\)7R:<MS>#PWIYDT^:VU9-(
M_NP_;`_8Z^`G[=/P5U/X`_M'>$Y_%OPZU+7=`\3"VT_5;W0=9TS7_#5X;O3-
M5T37M,>+4=)O1%+>Z9=3V<L<EUH^IZII<S-:7]Q&_FG@'_@FU^Q]X%_9*L_V
M';OX66OQ)_9GTRYUJZTGX>?%O4+OXA+HTFNZU?>([E]&US6V?7=)N;+7]3U+
M5]#U/3]0MM7\/WM]+)HNH6*QVR0!:J*RNFW9Q?G%[:]T]M/F?4?PD^,7PL^/
M7@'P]\4O@SX_\+?$SX>^*["'4=!\6^#]7M=8TB^MID#[#-;.SVE[`28;[3;Z
M.VU'3KI);._M+:[AEA3O1J%@U\^EK?69U..V6]?3A<PF^2S>3R5NWM`_VA;9
MI@8EG,8B,@V!RW%?@QH/_!M[_P`$[/`NNZQKOPEU?]JKX*G6B@N].^%7[2OC
MGPU:""%+J."T:]E&HZ_>V]O%?7D4`U;6M1D2.[N5\TBXF\S[W_8P_P""9G[(
M_P"P3K'C[Q5^SUX/\76/CGXJ6.C:;\1?'GCKXF^/_B+XG\6V?AZXO;G1HM0D
M\6>(-1TFT>RFU"Z/VC1])TVYN4:*.\FN([>W6(,WRZV;\KI?CJS^2G_@A_\`
M`7X4_M/?\%"/^"S/P'^-WA&Q\;_##XDZ7\6/#_BCP_?-+"9;:;]I:^EMK_3;
M^V>*^T?7='O8K;5=!US39[;4]%U>SL]2T^Y@N[:*5:7@CQ5^TI_P:^_MN3?#
MGX@3>+?C#_P3._:/\3ZCJVB:K;):W-W+#;QZ?8'Q=86L<=II^C?'3X=Z2VBZ
M9X\T.V32='^)_A>UL+JSBMUB\-R^$OZV?V5?^"8G[)7[&7QK^,G[0'P)\+>*
MM$^)7QZ.L-\2=2UOQOKWB33]5?7?%C^-=0DLM(U2>6RTEGU^22>,:?'"D4#F
MV5/)5%7WW]J;]E/X%?MG?!KQ'\!OVB?`UAX\^'7B5[2ZFL9WDLM5T?5M/D,N
MG>(/#&N6ICU/PYX@L&:6.UU?2KBWNUM;F\LI'DLKV[MY@OG7,[J\6HII[Z)*
MZUW5M/Q/A[_@J+\3?`/QG_X(W?M??%?X6^*M(\;_``[^(/[)_B_Q3X/\5Z#=
M+=Z7K>AZKH\=Q:7=O*,/&X5C#=6EPD-Y87D5Q8WUO;WEO/!'^(__``9W_P#)
M"?VU?^RM?"O_`-0[Q)7[^?"'_@E)^R5\$?V6?C#^QAX&L_BB/V<_C=::K9^+
MOA_K_P`4_%/B*#34U^W6U\1/X,U/5;BXU3P@VOQQP2:M#HMW;VEQ>P#4DMHM
M2GO+NY[C]AC_`()P_LM?\$Z/#WQ`\+?LN^&/$OAC1OB;K.BZ_P"++?Q)XRUS
MQC)=:GH%C>:=ITUI<:[<7$UDBVM].DL,#B*5MCE0ZDL"YDHRBKN[33LEHN^K
M_4_CI_X+\?L`_$;_`()O_M=>`_\`@J-^QJ=0\#>"?&'Q/L?%NO7'A:)H+;X0
M?M"O=W6LW,T]G:LD2_#[XO0QZC+<:9<1-H$VK3>*O"&JHFD^)-`TB[U/^"V/
MQ:T;_@K/_P`$O/V/?^"E7P?TBY35OV>/&GC#X2?M2?#W3;I=1F^$7B'XG:=X
M(74;O6%P93X6M/&'A'PPGA36P+:YU/0/BEX:NM5L8;HWEKH?]RGQZ^!7PL_:
M9^#WQ!^`WQK\*67C;X7_`!.\/77AKQ;X=OFEB%S97#1SVU[87MN\=YI.N:-J
M$%GK/A_7-.FM]4T+7+#3]7TRYMK^RMYX_B']C[_@D+^Q1^PTWQ1M/@-X/\8V
M_A?XU>%XO"'Q4^'_`(\\>:[\1_AWXXT:V:Z^QKKW@WQ>^IZ+=W=I;ZAJVGP7
M9MQ*=,UG5]-F,UG?SPL%*HDHW3YH/W7T<>J;WVVT^6YZ%_P3"_:E\#?MA?L*
M_LW?&3P7K&E7]Y=?"SP=X8^(&CZ=>0W%QX.^)WA'0-/T#QWX5U*W7R[FRET_
M7["\FTS[;;6DNIZ!=:1KEO!]@U2TDD_EV_X.HOC#_P`-(?'O]BS_`()V_`6:
M+XB?&.S\3:[XG\9>"?#LL^H7VF>,_B;_`,(OX3^$/AR_>TNCIFG:S-I2>,M=
MUFPU6W.HZ/X<UCPWKTTVEZ+JYEU/]OI_^#>[_@GCHWBSQ%XN^#D'[17[--SX
MMG:X\1Z1^SS^T=\2_A_H&J2&YGO(8I-.EU/66M=/L+F[O'TK1K"XM-%T>.[F
MM=+TZSM%@MX?I?\`8Z_X)&_L)_L-^,-2^)_P4^$MQ?\`QDUG^T#JGQH^)_BC
M7OB9\3IY-8\_^VKBR\0>*+R[@\/W6N_:KK^WKOPSIVBW.N+<2IJLMY&VP!*<
M8RYE=VU2>FOF[O;TUMTN?RZ_\'#'_!.+XA_LP_#C]@']L'X$VEQJ6G?L=_!'
MX)?LR_$?7=/%Q=S>$[CX*2Z9-\$_B+<6,J3++I.H^(+K7M%U[5KF2(V^J-X0
MM[I+MM7EGM/ZQ?\`@GI_P4&^!'_!1+]GWP;\8_A+XLT"7Q3<:!I?_"U/A='J
MML_C#X5>-_LT47B#PYX@T.24:M!ID.K+=+X;\03VJ:;XGT;['JVG3RQW#)%]
MNZWH>B^)M&U;PYXDTC2_$'A[7M-O=&US0=;T^TU;1M:TC4K:2SU'2M6TN_AN
M+'4=-U"TFFM;VQO()K6ZMI9()XI(G93^''CC_@W'_P""8'B;XDO\5/!7P_\`
MBC\!/%+WMYJ48^`GQ>\4^`-)T^^OH/LUS-X?TUVUB+PG"T+W,4>F^$VT/288
M+VZMH;!+5HX8@.9.*4KW5[-:Z/H[M=>M_D?N?<ZA86<UG;WE]9VL^HSM:Z?!
M<W,,$U_<K%).UO9QRNCW4ZP12S-#`KR"*.20KL1B/X>O@)X5\->.?^#K?]K+
MP9XST#1_%7A'Q5X=^,_A_P`3>&?$&G6NKZ%K^A:O^S[X9L=4TC5]+OHI[/4-
M.U"SGFM;RTNH9()X)'CD1E8BOZ+_`-GC_@BY^Q#^SG\<?!W[2VBZ?\:OB9\>
M/AZ=8;P3\2_C7\>_B=\1-9\/2:_H^M>'M6D@T^[UZR\.7_VK0_$&J::(M:T7
M4[>`3K?VT,.KPPZBGKG@[_@F)^R5X$_;8\5?\%!/#OA;Q5;_`+2_C,:VNO\`
MB6X\;Z]=>'KE/$'ART\*:C'%X1FG;1+56T:QM883!;H\4T7V@.9'E+@DTN;=
MWBULEK=/N]++_@=3^3/]IK]G?]I+_@VS_;6A_;,_9*L?$'Q'_8`^,^K6N@?$
M7P#J$US<Z3X=TW4]:EOV^$'C:ZBDF-GJ.A,T]]\!?BW?6J7UH;JZ\(:W+J\L
MWBB'QW_:/^RC^U5\%?VTO@7X)_:'^`7BF/Q5\/?&]FSP/)&+36O#VM696+6_
M"7BK2C)++HWB?P]>EK+5=.D>6/<(KVPN;[2[RPO[KT;XM_"3X;?'?X;>,?A#
M\7O!VB>/_AMX_P!$NO#WBWPEXAM1=Z9J^F78&Y'7*36UW;3)%>Z;J5E+;ZCI
M6HV]KJ6FW5K?VMO<1?&7[#O_``2]_99_X)VWGC.7]EV#XH>%-'^($-H/%GA#
MQ!\4O%7C+P9J>H:>R"P\0)X<\0W5[8Z?XDM+</8+KFFK:7]QILK6%Y+<VL=O
M%"#<E):_$M+_`,RT^+7==[.^S/T2HHHH("BBB@`HHHH`****`"BBB@`HHHH`
M****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@#_
!V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>c36132_bqy2005x1x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c36132_bqy2005x1x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_
MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"`!"`.`#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#^_BBBB@`H
MHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BB
MB@`HHHH`X7XF_#[2?BM\/_%WPXU[5?%FAZ/XST2\T'4=8\">+-<\"^,M-MKU
M`CW?AOQAX9O-/U_PYJT.`]IJND7MK>VL@WPS*W-?Y\7_``7Q^&W[2?\`P3$^
M/?PBT/X#?\%`OV\M:^&?QJ\`ZYXIL]$^(/[4/Q/UK7?"GB#PQX@32]9TZTU_
M2O$.B'4M!N+34]%N-,CU'2CJEE*+Z.ZU?5@\;6W^BO7\&?\`P>)?\EI_8B_[
M)?\`&#_U*_!M!I2?OI='>Z>JV;_1:GZN?#G_`((2?%SQ7\%?AWXHF_X+&?\`
M!332/BEXB\#>%?$NHZY8_'/Q-/X)L_$&L>'['5)WTKPF_B&U\11:=::G<L]I
M#/X]DO3:1I$]\MP3=#\6M3_X*A_\%1?^")'[>9_9>_;!^.VN?MC?`WP_/X7O
M]3D\>3GQ#XB\:_"/Q9MEL?B-X%\<:X]_\1-&\9:9"FIVD_A_Q9XE\0:,^OZ)
MJVAW*ZC9-IGBD?N1H?\`P<Q?\$H_AA\%O!%C#\3OBA\0/%'A7X<>&]-O/!_@
MKX+^.;;6+K6="\/:78W&D66H^.['P1X5:YN+N.>&UNKGQ%;:6?(DDGOX(V@:
M;^8[6+3XB_\`!RE_P5AO/$&BR^$?@5\+-/TGPGX;&G^)_'WA&'XA^%_V??!N
MHZA+<7/ASPS?7RZS\1?B-K=UJ?B#6;NR\(:!K/ACP;K7B73+#Q-J\&A16FNZ
MN%Q3U]HK0MJVK-/2UM+WU/\`07^('[<W[%OPGPOQ2_:U_9M^&UR=ZC3?'OQM
M^''A#6?.CMH;N6S_`+$\0>(]/U?^T(K:X@EFTW[%]OB66,26RLZ@_0'@KQKX
M1^)'A'PWX_\``'B31?&/@CQCHNG^(_"?BSPYJ%MJWA_Q)X?U:VCO-*UO1-5L
MY);/4M*U*SEBN["_M)9;6\M98KBWEDAD1V_D"_X.J/V2/V7OA)^Q-\*/C-\+
M?V??@]\.OBWXA_:_\(>%_%'Q*\#_``]\+^$_&WB_1?$7P?\`CMXBUVW\8^(=
M!TS3]1\6SZKKWA?0M7O+_P`13ZEJ$FH6"W(NEDGN3-_1!_P2>_Y1C_L!_P#9
MHOP#_P#5;^'J#)Q2BI7W;5O0_02OE?XT?MR?L;?LX^+K?P#\??VH_@/\&?&]
MWHEGXDM?"?Q+^*'A'P;X@N/#^HW5_8V&M0:5KVJV5Y+I=Y>:7J5K;7J0FWFN
M+"[A20R6\JK]45_+]_P<N>+(/BK\/OV3_P#@G7\-O"?AOQ9^T?\`MG_'CPCI
MWAB\U'P]'K.K>`/`7A;7+&+4?$]MJ4%A>:MX5M[_`,4ZQHD6I:U9M'%_P@NB
M_$A;L-807SQ`15VEKKVZ+J_DKL_HM^#OQR^#7[0O@U/B)\"?BEX"^,'@.34[
M[14\8?#CQ3H_C#PXVKZ9Y/\`:.F#5]#N[VQ^W6/VB`W5KYWG0":(R(HD0GTV
MZNK:QMKB]O;B"SL[.":ZN[NZFCM[:UMK>-I9[BXGE9(H(((D>6::5UCCC5G=
ME521_$)_P;S?$_QI_P`$]_\`@HO^UU_P2%^.NL%1XA\5Z_K'PPN;B&+3]/U;
MXF_#?3&O&UK1;!9;R2TM?C=\"TTGQU:+?ZK<O:6'@;PYI<42ZCJ5UYGJW_!U
M;^V3\6M/U']G7_@G1\%=<U72[SX\:2OQ`^*ND:'>G2]2\<Z)KWBVY^'OPH\!
MW&HM-:0_\(UKOBK1?&EUKVF7%U'9:E=Z1X?_`+19;&VFCN`KD]]13T>JE_=W
MO_74_?SQK_P63_X):_#[79_#?B3]N;]G\ZO;7,]G=1>'?&"^-;2UNK:18;BW
MNM5\%VOB#2;:6&5O+D6>]C*NDRGF"81_5WP=_:Q_9B_:#\%Z[\1?@A^T#\'_
M`(I^!_"N[_A+?$W@GX@^&->TKP@R6AOWC\73V6I2'PK,E@/MS0^(%TZ5;/%T
M4$!$E?(G['W_``2*_88_9*^`7AGX,Z?^SM\'/B)K(\-:=8_$[XC?$7X<^$O'
M'B_XH>)#8RQZ[JVOZUXHT;4+XZ1=7U]JS:+X9A>WT+P]IM\^GZ7IUM')<&?\
M[?@Y_P`&]6A_L[?\%!?&W[47P8^-OA/P]^RQ\2[GQ5HOQ#_8DUKX.#Q/X"\8
M_"GX@>%Y=,\9_"3Q!?:UXVO?#6L>"V\2WMWX@\-Z1J7@.ZT_0[*UT?0X;5H+
M$W,@3:#OJU9:7UOY66S[:V[L_9-_^"@/["J^//#OPLA_;'_9AO\`XF>+/$GA
M[P=X;^'FD?'/X:ZUXVUCQ3XMO--L/"^@6?A;2?$E[K;ZIX@N]8TN'1[5K)9-
M0-_;-:B1)`U?7;,JJ68A54%F9B`JJ!DDD\``<DG@#DU_GM?\%&?@=\$_V<_^
M#D;]@SP=\#_AA\/_`(,>!+KXV?L">+;SPE\.O#6C^"?!UMK6H_M`:7!JNJVO
MA[0[:PT/23=6^F6ANUT^SL[5F@,[Q"5YI'_9_P#:5_;'^.W_``6&^./C?_@G
M9_P38\1W?@K]E[PE=PZ'^VC^WMI332Z5)X?FDN;;7?A9\&+NW,$6KR>(8HI]
M*AU73]22X\<"/4OL,NF?#6TU#Q/XE"G!)1:;LU=MK;6W3_@M]#]-_C-X!_9'
M_P""IZZCX:^$7[='Q4TGQ;\%(M9T;6M;_8:_:NO?"=_X/U'Q/<QVZ+\0=.\#
M:CJ_A;6;U+[PU,NA6WC'2[N>!+37(M&:".XU5V_B8_8<\$?MF?M2_P#!5GQ9
M_P`$^/%O_!27]MCP[X(^'_Q"_:&\+^)/'WAW]H+XJ_\`"5:KI'P-NO%FF6\^
MB6>I^++[2++4O$6I:)IOG/?P75KIUC=7TR07=Q;V]M/_`*!W[&O[&OP(_80^
M!'A7]GS]GWPK'X>\(>'H_M>K:M=^1<^*O'?BJY@@BUGQOXWUF*"W?6O$VM/;
MQ&><Q066GV4%EHFB66F:#IFF:99_Y_7[$7[5WP$_8O\`^#@']J3X[_M)^.6^
M'?PMT7XZ?MS:)J'B5/"_C#Q>\6K>(O'GCK3]%LDT3P-X?\2Z_*U_>LMNL\>E
MM9VQ827MQ;0!I0%0O::5W9>[HF[WZ+6WHK_/<_H*_:<_X(D_MT_";X=^*?B?
M^P[_`,%=OV^M8^)?@C1M1\3Z9\+OC9\<O%VMZ7\13HFGM?CPO!XCT;Q%X<T+
M3M4OY;>Y328_%/@_7/#E]>W%CIVK2Z+:?:==B\\_X-T_^"UW[0/[:OQ$\9?L
M@?M;ZK;?$+XAZ%\/]3^)GPT^,4&AZ)X?UG7=&\/ZWI6F>)/!_CFS\/PZ5HU]
MJMG;^)-+O_#&MZ9H%E<76F:5KD7B6YO=4%E?7OK7[6W_``<]?L:6OPK\1^$?
MV'[;XH_M*?M&>-]'U+PU\--(TKX8>-/"OA[0O$FJ6<UK::]KS>*]+T;Q-JZZ
M+YC:G9Z#X3\.ZS>:W>6D.F3W>AVES/K-E^(W_!*G]DC]JG_@F!\!/VP/^"O?
MQX\!ZK\%[;X9_LR>+/`7[/7P^^)VB7&B>+O&_P`3OBOXD\'>&?!GBWQ!X3U7
M[+J^A>!],\2SZ%I]O8Z[8:?J7C&;78KK2$32K%;G5`$FX2YU:6BA=)2;;V6E
MVOPW[:?W'?M$_M[?L8_LEWUII'[1_P"TQ\(/A'X@O[/^T;+PKXJ\8:;'XQNM
M./W=1M_!UC)>^*)=/D(*0WR:2;6>4&*&5Y`4'(?`?_@II_P3_P#VFO$UIX)^
M!G[7'P2\?>-=18II?@RT\8V6C^+]8=9!$8]%\+^)!HVNZS*'9<Q:787<@1ED
M*^6RN?YM?^#9K]B+P#^T9X(^.'_!2;]K3PW:?'_XZ?$+XU^(/!W@7Q+\8K;2
MOB#_`&9:>'='\/ZMXL^(VG6^N)J:1>+_`!-XG\1WOADZOJ,*:KH>E>#1:^'5
MTS2M<OFU3[&_X.*_^";OP%\<_L/?$C]K3X8?"WPK\/?VD/V:(_#'CW2/'OP[
MT.R\':YXA\%6/B?0],\6:+XHN?#5G:MK<'ASP_>7/BSPUJ&H1RZCX;U'P^L6
ME:EI>G:GK,=V$<L5+E;=]FU:R;\G;1/1N_38_IKKX4^.G_!3K_@GU^S5XFOO
M!/QN_:\^!W@;QKI;I%J_@R?QI8:WXOT2:388X==\+^&?[:UW1)G1TE2'5;"S
ME:!EN`A@/F5_+WX@_P""W7QHO/\`@W4TSXKP^.-5'[6VK_%^X_8-UCXH6B7T
M'B&UU>U\/3^/+OXD+J4UP+J/QA?_``!.EVDWC&RO&N(_B7J\_B33%LKZT:TT
MW[N_X-\_^"4_[./A#]BSX>?M8?'+X5>!OC3^T/\`M0:???$J^\5_%'0])^(X
M\'^!M9U34E\':)X3@\4Z=>VFC7^NZ`8O%'C/6K>V/B'5]9\17>CZEK6H:-HV
MD6UL!R63<M+-Q26[:WUM:WF?N#^SY_P4!_8F_:LU"?1?V>/VH?@Q\5?$=K8S
M:I<>$_#?C?21XSATNVC\VZU23P9J,UCXI73;1,&\OSI'V2T)"W,T3$*8?'O_
M``40_8'^%UZVE_$/]M7]E7P?K"QB8Z'KOQ]^%MEKWD&>[M/M']AOXH_M<VXN
M["]M#<"R,*W5K/;%Q/&T8_'7]N[_`(-W?!'Q]_:<^&G[57[&'Q<\)?L%_$7P
M8T6L>((O`'P9LM7T'Q!X\TK7O[;T+Q]IV@:'XK\$:)HNO.;B]M/%BRZ=J=CX
MOA%DVJVK2#5&U3\)?^#J7]E']G?]FGQI^Q-?_`KX(?"+X*ZCX]\#_&.T\?VO
MP:^'WAKX9^&O$M[X,U'X7_V1J4_AGPGI^EZ.MY;R>)]<1;TVC7\MK<P6UU<S
MI:6_E@XQC)Q2D]4]+:II7U>S3Z6^=C_0JKPGP]^U!^SEXN^,/B3]GWPI\</A
M=XG^./@Z.XE\7?";P]XUT'6O'WA6*TM[:YNI/$GAC3;VYU70X[:*\M!</J=M
M:K#/=6UM(5N9XHF_$_\`;\_X*/?&O]H3XT:W_P`$N_\`@D_-;>*/VG]02\TK
M]H7]I1)YH_AA^R=X10K9>(Y6\66%MJ2#XA6CSG2KN^TZTU"Y\):LXT'0;35O
MB.PL/#7Z,?\`!-[_`()O?!/_`()N_!-?AS\.5F\6_$?Q;-;^(/C?\;_$%NI\
M;_%WQN5EDN=4U2YDEN[G3_#NGW-W?)X6\+)?75MHUM=75U=76J^(M5U_7]7"
M+65WN]EUZ.[\FMN^^V_Z'4444""OX,_^#Q+_`)+3^Q%_V2_XP?\`J5^#:_O,
MK^-S_@Z(_8>_:Y_:W^+'[)6K_LT_L^_$KXTZ9X*^'GQ.T[Q7?>!="?5K;0K_
M`%CQ)X8N=,M-0E$D:Q3WEO8W4T,8+,8X69@H*[@TI-*<6VDM=7HMF?U0?";X
M<?#S7_@1\+=+UWP'X,UK3-1^%G@*+4-.U?POH>I6-]&WA;2':.\M+RQFM[I&
M<!V2>-U+`,02`:_AT_X.;_\`@G_\#?V)_B)^S-^U=^R9X>M/@)J_Q.\4>+=.
M\3^&?AHT_A#1]$^(/@%O#?BOPA\1OA_9Z(;2+P3K1-_?IJ:^')-)L[;4-(\/
MZOH]E:ZG+J]Y<?MS\.?^"J7_``4]\&?!7X=>#;G_`((7?M+^(/B;X7\*^&?!
M^ISCXEV/AGP)J5QH>DV^BOXBM;^X^&VM:MIL.H/:0:B=`O+*6/35NIM/D\47
M26:ZI=_EQ^T]_P`$Z?\`@MO_`,%P/C[X(\3_`+6GPR^'/[#WP"^&RW>E>!]`
MUOQ1HOBM/".C>)+V.?Q9K>E^%/"WB77_`!AX_P#B)J%OHVAV^H77BFX^&OA>
M_CL-&M=%D\/6_P#;$U`Z?NRNY))7O[R=_*R;;^ZW7<Y;_@K5^TWXX_;$_P"#
M;7_@G+^T'\3+N74_B%XN_:G\)^'_`!KK<\5K!<^)?$WPM\"?MA?";6/%EW!8
MI%90WOBV]\#3>);R*S@M;1+K59EMK*RA"6D/]8/_``2>_P"48_[`?_9HOP#_
M`/5;^'J_&3_@N5_P3<^($7_!(W]DK]BS]A_X/^//B\GP&_:$^%\D'A[PMIR:
MSXIF\+Z%\&?C[I7B/Q]X@BM_LL!NM<\9>++34=?NK>*"V;7O$Y%O;00S1Q1^
MC_L1_MZ?MC?LU?LA_LX?L]>.O^"/'[>6M>*O@E\(/!7PLU;6O">D^!Y_#^M-
MX&T>W\.VFLZ<VL:]I6HPKJMAI]KJ%S9W-DIL+RXN+&*XOH;>.^N0)-."M9>_
M)VNDTGMU/Z5G=(T>21UCCC5GDD=@B(B`LSNS$*JJH)9B0``22`*_A-^#W[>-
MY\</^"S7[1?_``4K7]B_]M?]L[X-?!73O$'[,G[)VJ_LG?`B^^,_ACP@OA]?
M[%N/%6J>)+=[#2]+O?$_ACQ!XQ\::3I5OJ$^JP6GQCEEN1':0V,MW]5_&KXZ
M_P#!77XRZA_P4B^,/A/]BO\`;`^%"_%K]G/X6_LO_LL?`O5VU[7+?1)O%'B+
M6$^*_P`9WL=)OX?#'AWQSI7@R/Q%<Q:WI=G$]KJFJ^"]%FUC5#;))>?O-_P2
M2_8RB_8/_8%^`?P%U#3(-.^(*>&H_'OQC,7EO-<?%SQ\D.O>,;:ZNHE5;\^&
M)9K/P1I]X0#+HOA;2U&%10`E6BG>S;26CV5DWM?R7W]FC^*G_@L_^TC\0]=_
M;,_9N_X*;?"7]A[]NO\`8X\8_#C4_`^F>+?%G[4_[/NN?"+PAXR^(/PYUO\`
MX2/X9C3_`!#'>:AI^NZOK7A2RUSPMXHT+4KJSEU#P?X8TVSM[;4[!=52TU_^
M"]7QST'QQ^VE_P`$R?\`@I/X*275O@[\6OV:_@7\2_#,,8-[>VVO?"/XT>*_
M%_CWP3-`\NE6LNJ^&#XIT+1M3M?[4LG777U*UN)=/CCAN9/[?/\`@I-^R!I'
M[=G[$WQ^_9HOHK,:[XW\%W5_\.M2O7EAAT+XJ>%9(_$WPWU>6YM\7-O8Q>+-
M+TRTUOR"6N_#]YJVGRI-;WD\$O\`);^PC_P28_:?_;"_X)U_%K_@GU^V?\$O
MB?\`LX^./@3X]NOCI^PS\;/B/X6N;;P]X?U/Q_:RV?Q*^%6H26*23R>#-:\0
M6%IXAUO3T-WJDMWXLNO$NG6][/X,LM.<-(RC9-Z<MXM7U<9=5U=GT73Y']TN
MBZSI?B/1M)\0Z'?0:GHFO:98:SH^I6K%[74-+U2UBOM/OK9R`7@N[2>&XA8@
M%HY%)`SBM.OY"?V+OVNO^"P/_!+?X?>&/V0?VN?^":/[0/[6OPQ^%]A)X2^$
M'QB_95TJ[^*FMZ=X(T**WM/#/AJ]A\$Z+XCTO6/#.F6$8LO#%WXIF\`>*M(T
M6*QTC4M,U*2S1+3]=O@!_P`%*OVFOVD?BY\/_!OAG_@E-^V1\'?A9K?B.XL/
MB)\9/VH[7P_\#%^'WAZVTB\O!K=A\/=8_M+Q'XVNKO5H;/1H=.TNZLD2.^_M
M1+RZ2TFL6#)Q:ZIKHTU9_P!=MS^43_@X0^$=S^T!_P`%XOV??@-9:^?"=Y\;
M=`_9(^$=IXI%O)='PU<_$GXFZQX-@U\6L4UO+<G1I=:341;Q7$$DQMO+2:)F
M#K]9_P#!&O\`;M\??\$C_P!H;Q3_`,$@?^"A_AK0OAEHEQX_N;_X4_%R%=#T
M[PMHOB+QFPN[&\UWQ8ECI'_"7_"SXHG[->^$?B%K4\NN>#M4E3PEXFMM-TJ"
M?3?A_P"R_P#!33]A[]KGXL?\'`O[%7[2/PW_`&??B5XR^!'@'XA_L0:CXR^*
MFB:$]SX0\.V'@'XWP>(O&=WJ6IF1%B@\-Z)G4M5D5'6WM@S$EE91^V/_``5Z
M_P""4'PN_P""H7P'D\/W1TSP;^T+\/+/4M3^!WQ9-C"9]/U22"663P+XON8K
M>34;[X<^*;H1)JMI`[SZ'J0M?$NEP7%U97&G:H&CE'EA%ZIK6V\7??[NA^N*
MLK*&4AE8!E92"K*1D$$<$$<@C@CD5_G@?\$GO#?AWQ7_`,')G[2FC>*=!T7Q
M+H\_QC_;\DFTK7]+L=9TV:2+QCX\:)Y;'48+FUD>-B3&SQ%D))4@U^_W_!##
MXN_\%+?AIH3_`+$?_!0S]F+XTZ-I7PQL;C0?@;^TAJ/AW^VO#-QH7A4363?#
M?QWXMT>[U"SO;:QL;1)/AK\0,S:9K>CP'0M6U8WP\-3ZU^:?_!,/]@K]LGX2
M_P#!?3XY_M&_$K]G'XH^#/@7XE^*'[:>JZ%\4=<\/2VOA+4M-\>>)?&=]X.O
M;?4?,8?9_$5K>6LVF22(@G%Q"O#R*I"8VBJB;7PV5GH]>G<^!O\`@IO^RQ\6
M?^""G_!2KX8?MJ_LFV<NG_`+Q_XQU3Q?\-M)MHK^W\+:#<3*G_"T_P!FCQA/
M:JUM'X:UK2+^_G\&Q2^5<2>#KY%T=+K7/A]J6K0_T!_\%>OVDO`7[?7_``;S
M?%W]I;X#S7.J^%/&6D_`?Q=JGA]674/$7@Z^T7X__#"W\=>#_$MMI(NXK?6_
MA_J(OE\1NSIIL>G:1<^(+:ZET>2RN[C]K?VY/V-_A7^WI^S+\2OV9_BW:JNA
M^-]+:7P]XFAL[>[UGX?^.=.CEF\)>/O#HG*!-6\.ZDXE>%9K=-7TF?5/#][+
M_9FKWT<G\>7_``2D_8W_`."B/[(GQ5_:/_X)Y?M5_LF?&'QO^P)^UH/''P8^
M*?COP?H][JW@_P`)>(]1TV_\$^'_`(_>`-9M9&>'P[X@TU=.MM;U4Z?::K9:
M.GA7Q5=K9WO@,Z/=`U)-1DVN:#6FSE%6ZO=K[V?M#_P:Z:UI^J?\$F?`5C93
MB6Y\.?&7XU:+J\8QFVU"?Q/%XAB@;#$@MI6O:9<_,%.VX7Y=NUF^ZO\`@L_>
MVMA_P2K_`&[I[R>.WAD_9Z\9V222$A6NM2CMM.L8`0#^\NKZZM[:(=#+,@)`
M.1^!W["7PQ_X*0_\$!_B!\</@YK_`.R/\7OV[OV(?B3XMC\:^$?'?[*.A6WC
M7XD:+XJ6"'PY:^)$^%EI?3>)+2^\1>&=-\/:;X^\.:M#%I.EW.B:1J7ASQGJ
M-A8ZG_:W;_\`!1CXO_\`!23_`(+*?";3_P!B_P#98_X)R?M+?LQ_"+QKXT\+
M:E\:?C!^VOX>M_@2)M,\)ZK:>)=&T:/PYJQU"_/A33O$=IH/BO5M9\*MXQ\2
MZI>:#:Z+HOALM#J*7P#C>;DFN5RYN:ZT3=]5>]UM9ZW]3^92T^%/B_6/^#?_
M`%#XGV>D:A)X<\'_`/!5JY_M2[!2.UCT?7?V7?#'AYM;:*3;+<6=KXH;0_#J
M7D!:)=1UA[15E>*\:R_T"O\`@B'\4-!^+/\`P2E_8BU_0+V*\B\._!71?A?J
M:QQ2V\EEKWPCN[[X::S97$$^)4EBO?"TDB2D"*^MIK?4;3=9WEN[2_!3_@D]
M^S]\._\`@F/8_P#!,WQM;KXY^'NL^`+[2/B7XJALTT_4_$?Q,U_4AXLUGXHZ
M'!?OJQT35]&\>K:^(O`45S-J3>&8=!\-6#37R:7NF_GR_98^%O\`P6$_X(#>
M.?B/\,_"G[+WB;_@HG^PIXR\7Q>)=)'P.:^U/QQHVJZC=6^BMXL\.>#="T[Q
M5X^\+>*;SP[9Z5_PG_A'4/!7B#P)?7FG:7)H?CRP2UUG7[L')JHFD[-2;BFT
MKIZ;O2_6W;:Y_:Y7\+W_``>/?\CA^P!_V+7[27_IT^"-?MM8_P#!8O\`:I\?
MVDNE?!O_`((G?\%&M1\>FV_T;3OCEX/TK]G/P%]NE>9;>.X^(_CF*[LDM!'%
MYES<+I'F0.RPR0(LL-Q)^</_``="?L6?M=_M@:W^Q#J'[.O[/7Q%^+TG@CPK
M\<$\>Q>`M)&O0^$M1\3W?PCGTNQU&ZBE2+=>-HVL+:21EEG73IY%PNTD)I^[
M.+DTM]VM/=>^NF^E]^A\1?L=_&KXQ?\`!MK^WGX[_95_:_T7_A(OV./VD-?B
M\0:)^T'I?@J)]4U:#3W72M`^+6D:Q827>M:G8:!%J,>D_&'X3ZAJ.NZQX/N;
ME?$OA*RD;4[>;XC_`-Y_A_Q!H?BS0=%\4>&=7T[7_#GB/2M/US0-<TB[AO\`
M2M9T;5;2*^TS5--OK9Y+>\L;^SGANK2Y@D>*>"5)(V96!/QC_P`%"/V`?@=_
MP4:_9X\1_`?XSZ5#!=/'<ZK\-OB-9V,%SXK^%/CI;9HM-\6^&YG>"22,-LM?
M$&@O=0:?XFT5KC2[\H6MKNT_!;_@C':?\%1_^"='QF\0?\$^_P!J3]G?XK?%
MC]D2T\9:KI'PF_:3\(:3K'BSP?\`#.[NLW.EWVDW<;75[)\%_&TDEO<W6FM8
M6E]\-?$FIWM]JD-KI_\`PDL>F@2:FN;127Q*_P`6VJ\^Z^:/ZSJ***#,****
M`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`
M****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`H
5HHH`****`"BBB@`HHHH`****`/_9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>c36132x1x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c36132x1x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_
MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"``_`0(#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#^M'6/^"M7
M[%.C^)?&GA5-7_:8\2:A\/OB!\0?A;XHU'X??L!?M^_$[PA!X[^%7C;7_AQ\
M0M"TCQ]\.OV8_%'@;Q1_PB_CGPOXA\,W^I^%O$6LZ.^IZ1>Q6FH7*1>8:7_#
MW7]C#_GW_;*_\5C_`/!3'_Z$6OSV_9;_`.17^.W_`&?_`/\`!4+_`->2_M6U
M]*T`>Z?\/=?V,/\`GW_;*_\`%8__``4Q_P#H1:/^'NO[&'_/O^V5_P"*Q_\`
M@IC_`/0BUX710![I_P`/=?V,/^??]LK_`,5C_P#!3'_Z$6C_`(>Z_L8?\^_[
M97_BL?\`X*8__0BUX710![I_P]U_8P_Y]_VRO_%8_P#P4Q_^A%H_X>Z_L8?\
M^_[97_BL?_@IC_\`0BUX710![I_P]U_8P_Y]_P!LK_Q6/_P4Q_\`H1:/^'NO
M[&'_`#[_`+97_BL?_@IC_P#0BUX710![I_P]U_8P_P"??]LK_P`5C_\`!3'_
M`.A%H_X>Z_L8?\^_[97_`(K'_P""F/\`]"+7A=%`'NG_``]U_8P_Y]_VRO\`
MQ6/_`,%,?_H1:/\`A[K^QA_S[_ME?^*Q_P#@IC_]"+7A=%`'NG_#W7]C#_GW
M_;*_\5C_`/!3'_Z$6C_A[K^QA_S[_ME?^*Q_^"F/_P!"+7A=%`'NG_#W7]C#
M_GW_`&RO_%8__!3'_P"A%H_X>Z_L8?\`/O\`ME?^*Q_^"F/_`-"+7A=%`'NG
M_#W7]C#_`)]_VRO_`!6/_P`%,?\`Z$6C_A[K^QA_S[_ME?\`BL?_`(*8_P#T
M(M>%T4`>Z?\`#W7]C#_GW_;*_P#%8_\`P4Q_^A%H_P"'NO[&'_/O^V5_XK'_
M`."F/_T(M>%T4`>Z?\/=?V,/^??]LK_Q6/\`\%,?_H1:/^'NO[&'_/O^V5_X
MK'_X*8__`$(M>%T4`>Z?\/=?V,/^??\`;*_\5C_\%,?_`*$6C_A[K^QA_P`^
M_P"V5_XK'_X*8_\`T(M>%T4`>Z?\/=?V,/\`GW_;*_\`%8__``4Q_P#H1:/^
M'NO[&'_/O^V5_P"*Q_\`@IC_`/0BUX710![I_P`/=?V,/^??]LK_`,5C_P#!
M3'_Z$6C_`(>Z_L8?\^_[97_BL?\`X*8__0BUX710![I_P]U_8P_Y]_VRO_%8
M_P#P4Q_^A%KZ!_9L_;>_9V_:S\0_$7PC\&-:^)DOBOX4:-X!\1^._#'Q5_9W
M_:+_`&=_$.D^'OBC?>/],\!:]9Z+^T-\*?A;J7B+1O$6I?"WX@Z?;ZIX9MM8
ML;6^\+:C::A/9SFVCG^"JM?L#_\`*0C]N+_LS7_@G)_ZNW_@I_0!^SU%%%`'
M\X7[+?\`R*_QV_[/_P#^"H7_`*\E_:MKZ5KYJ_9;_P"17^.W_9__`/P5"_\`
M7DO[5M?2M`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1
M110`4444`%%%%`!1110`4444`%6OV!_^4A'[<7_9FO\`P3D_]7;_`,%/ZJU:
M_8'_`.4A'[<7_9FO_!.3_P!7;_P4_H`_9ZBBB@#^<+]EO_D5_CM_V?\`_P#!
M4+_UY+^U;7TK7S5^RW_R*_QV_P"S_P#_`(*A?^O)?VK:^E:`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`*M?L#_P#*0C]N+_LS7_@G)_ZNW_@I_56K7[`__*0C]N+_`+,U_P""<G_J
M[?\`@I_0!^SU%%%`'\X7[+?_`"*_QV_[/_\`^"H7_KR7]JVOI6OLGQ9_P3)_
MX)M^/?%7B;QUXZ_X)\_L0>-/&WC3Q!K/BSQCXQ\6?LH?`;Q'XJ\6>*O$>HW.
ML>(?$WB;Q#K'@&\U?7O$&NZO>7FJ:SK.J7EUJ.J:C=7-]?7,]S/+*W/_`/#I
MW_@EE_TC3_8`_P#$-_V=?_G<T`?*U%?5/_#IW_@EE_TC3_8`_P#$-_V=?_G<
MT?\`#IW_`()9?](T_P!@#_Q#?]G7_P"=S0!\K45]4_\`#IW_`()9?](T_P!@
M#_Q#?]G7_P"=S1_PZ=_X)9?](T_V`/\`Q#?]G7_YW-`'RM17U3_PZ=_X)9?]
M(T_V`/\`Q#?]G7_YW-'_``Z=_P""67_2-/\`8`_\0W_9U_\`G<T`?*U%?5/_
M``Z=_P""67_2-/\`8`_\0W_9U_\`G<T?\.G?^"67_2-/]@#_`,0W_9U_^=S0
M!\K45]4_\.G?^"67_2-/]@#_`,0W_9U_^=S1_P`.G?\`@EE_TC3_`&`/_$-_
MV=?_`)W-`'RM17U3_P`.G?\`@EE_TC3_`&`/_$-_V=?_`)W-'_#IW_@EE_TC
M3_8`_P#$-_V=?_G<T`?*U%?5/_#IW_@EE_TC3_8`_P#$-_V=?_G<T?\`#IW_
M`()9?](T_P!@#_Q#?]G7_P"=S0!\K45]4_\`#IW_`()9?](T_P!@#_Q#?]G7
M_P"=S1_PZ=_X)9?](T_V`/\`Q#?]G7_YW-`'RM17U3_PZ=_X)9?](T_V`/\`
MQ#?]G7_YW-'_``Z=_P""67_2-/\`8`_\0W_9U_\`G<T`?*U%?5/_``Z=_P""
M67_2-/\`8`_\0W_9U_\`G<T?\.G?^"67_2-/]@#_`,0W_9U_^=S0!\K45]4_
M\.G?^"67_2-/]@#_`,0W_9U_^=S1_P`.G?\`@EE_TC3_`&`/_$-_V=?_`)W-
M`'RM17U3_P`.G?\`@EE_TC3_`&`/_$-_V=?_`)W-'_#IW_@EE_TC3_8`_P#$
M-_V=?_G<T`?*U%?5/_#IW_@EE_TC3_8`_P#$-_V=?_G<T?\`#IW_`()9?](T
M_P!@#_Q#?]G7_P"=S0!\K45]4_\`#IW_`()9?](T_P!@#_Q#?]G7_P"=S1_P
MZ=_X)9?](T_V`/\`Q#?]G7_YW-`'RM5K]@?_`)2$?MQ?]F:_\$Y/_5V_\%/Z
M^G_^'3O_``2R_P"D:?[`'_B&_P"SK_\`.YKZ`^!?[)W[+'[+_P#PE/\`PS1^
MS3^S_P#L[_\`"<?V)_PFO_"B_@W\.OA)_P`)A_PC/]K_`/"-_P#"4_\`"`>'
H/#__``D'_"/_`/"0:]_8G]K?:_[*_MO5_L'V?^TKSS@#W^BBB@#_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>c36132x1x11.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c36132x1x11.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_
MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"``N`&4#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#^[WXI>-&^
M&WPR^(WQ$731K#>`?`GB_P`:+I#79L%U5O"WA_4-<&FM?"VO#9"^-B+4W8M+
MHVPE\X6T^SRF_!WP_P#\%HOVB)_@;XB^-GBO]BGP/X<LOA;\!?%O[87QD\/Z
M_P#&;]HOX5Z_:?LL>$X=.CEU+X1:#^T-^PI\&/$'Q3^-.HW]OXT&E^$Y]*\(
M?!/5K+1?!TNC_M$ZE/\`$2*'PQ^EWQ"_X*0?\$R-`U7QQ\*?BK^WM^PGH6NZ
M)J'B7X>_$CX<>/\`]J;X`:5K&CZMIMS>^&_&'@GQKX2\0^.[>^TW4]/O(=1T
M+Q)X<US3X+NSNH;W3-3LXIHYX5^;_B+^UG_P03^+TOPKG^*W[4G_``24^),W
MP-O[#4_@S)XZ^/7[(7BM_A7?Z6NGKIMU\/SK?BZ]_P"$3ET_^R=)>S.B?8Q;
M2Z5I<T0273K-X0"+_@FU_P`%2/$7[>_Q8^.GPTUGX$V7PMMOA1X6\,^.M+U>
MUUOXWG5[CPWXS^(?Q0\">%+7QIX8^./[,W[/"VNJ^(8OA=K>OZ/K7P>UWXY?
M#J:*TUW0]4\<:+X@T2+3]6_82ORX\,?M_P#_``19\$ZQIOB#P=^W%_P3'\*Z
MYH_A:_\`!&E:MX=_:@_9<T:_T[P=JGB)O%VH^%[.ZT[QW;RP:!>>*GD\1W&E
M1LME)K<T^IF'[9/-,_W/\%/VA?@%^TIX5U#QU^SG\<?@_P#'[P3I/B"Z\)ZI
MXQ^"GQ+\%_%3PKIOBJQT[2M8OO#.H>(?`NM:]I%GX@L](UW0]4NM&N+R/4;?
M3M9TJ^FMDMM1LY9@#\J/B+_P6X^"G@3]KO\`;)_9$L_">G>)_&?[*WP@\+>-
M=%N+3XE:%IUS\1_B/>:E\/+#QS\/=6TFXTN>[^&OA[P*OQQ^"MS<?$O6?[6T
M368+WXNC1=/O[SX(^.+"TX'X^_\`!<[P?^R9^SAJ'Q3_`&B?`/POTSXM>#/V
MR4_9*^)?PO\`AU\</$.M>%]!_P"$?\*:=\8/B3XXT'QK\4?@G\&?%6MWOAGX
M#3W?C'PUX$U#X8:#K/Q)\8W7@SP!X"O=?O/B'X*U+6_T3_:%\5?\$WOV>++P
MGIO[5_BW]BSX':=XT\2?&'QCX)L/VB/$_P`$_AK9>,O%7CJQO],^/7B#PW:_
M$O4-&@\3:KXITWXIWVG_`!5O-/COYM4L?'OV3Q2TMOX@ACN?EGX7_M3?\$!_
M@EHNA>'/@]^TW_P2-^%V@>&+#QOI?A_1?`/QU_8_\)Z7I-A\2SH!^(MO96.B
M>++*VB7QV/"GAI/%[",R>(X]!TF+5WNX[&W6,`\<^-'_``7,\*?!7XPZA\-M
M9^!&J:QX3O?$7B_P3X(^+>B>,;_4?!.K>.-+^)G@7P/X`T#Q9>Z=X!OK;P-:
M_%C2?$OB'5/!WB#4;Z[T>Y\4>'=)\!I<7.K^,]$N5Y.P_P""PO[5_C?X@>(O
MAU\-?V._V<TU_2?C7\/OAOIVF_%7]KGXU?#_`%C5?!'QP^)7BCX7?`[XJ:;%
M8_L*>*?#7C/P9XGUKP+XONO$WC3X1>+_`(G_``TT-[!?#7AKQYXW\6:=XFT?
M0?I#3_VJ/^"!6E:`WA73?VGO^"2-CX:?3]!TF30K;X\_LA0Z3+IGA;6]!\2^
M&["6Q3Q<+>6TT+Q%X7\-Z[I,$D;1V&KZ#I&HVRQW>G6LT7<_L[_$;_@BIXG^
M*&H^"OV4/B7_`,$RO$OQG^,OQ#B^+>H^#_V?OB#^S#KOQ+^)WQ0\"0ZYX\C^
M(,GASX=ZW=^)_%OB_P`(00^)O&O]OI97VI:&B^(?$K7%L&U2]8`U_P#@J!_P
M4U^&O_!+WX)_#3XO?%+1=,U^?XB?%[PG\.H_#3^-+'PK]E\.IIVJ^-?BYXOT
MS5M6TN5==N_`'PQ\*^*]:\,^$H;&TUOXF^-!X0^&GAJ-?%OC;0K"X^.O$_\`
MP6D^(VC?'7]I+X6Z%^R9IOBOP9\,=#^,<?P.^)"_$?XP>%]'^.'Q!^%ME\-[
M_2O!=OXG\3?LLV/P5U"Y\=6/C^ZU+3]!^!GQI^/WQ>TJQ\+WGVGX0W=SJ%I!
M'^UWQ'TSX.:/9W_QA^+EI\.=)TOX6^`?B(^K?$SXBIX<T_2?A[\,=8T[3-8^
M*UQJOBWQ+Y.G^%O!-_H_@W2M1\=W5]?66B2Z5X<MKG79?L6G!XOR#TKXF?\`
M!MMHFJ>+M<TGXK_\$6+'6?'_`(`E^%7CC5H/B?\`L3KJ/B_X9SZ3I.@S^`/$
MEZ?$+7&L^#[C1=`T/2KGP]J$D^EW&GZ/IEK-:O#8VR1@&S\.O^"G/[1'Q33]
MDCQ'X9_9[_9KT_X=?'3Q!\7?!/QDU_Q?^U!\;/!WBKX'>-?V;]9^(TW[0&D2
M?#OQ1^Q-HOB9W\)>"?A[<7VDZ-\4X/@YX\7X@W6H>`?'_@KX>:=H8\;ZK\W^
M`?\`@X=\$_%_]EK5OVC/@[^S\/B1K>D>-OCSX6E^%.@_%W3;K7+RU^'OA_P3
M\1/@_)9ZQI_@W4[,>(?C#\,OB7X)OM6\+WEI:ZC\+OB#+XH^%_B@2^*_!OB*
MTL/L/1_VM/\`@@MX>^''ACX/Z!^U5_P2<T3X5>"]#\8^&?"/PYTG]H+]DG3O
M!?AKP_\`$31=7\.^/M'T/PW:>,H=*TRP\;:%X@UW2?%=O:6L2>(+#6=4M]5%
MW'?W0ETM?_;-_P""%7BKQ!-XK\3?M<_\$I=?\37&B:%X:GU_6/VAOV2M1U:7
MP_X8%^OAS17O[KQE+<-I>A)JFH1Z39&3[/817<T5K''&VP`'U#^PU^V;X,_;
MK^$?B+XU?#W1-0T3P9I_Q3\:?#K0X]974[+Q!>1>#1I4-[-XG\.ZUHNA:OX+
M\56.J7U]H/B?P3JEI-J/AC7='U#2[ZZENH)4B*]_^$NG_!Y?!UKXO^!EM\.G
M^'_Q:NI_C+8^*?A8OAV?P?\`$FZ^)Z0^*Y_BC8ZYX5,FB^+G\?Q:A;>(SXRM
M;K4!XGAO8-674+V.XCG<H`^3/^":?_)NOQ&_[/\`_P#@K%_Z]-_;(K[_`*^`
M/^":?_)NOQ&_[/\`_P#@K%_Z]-_;(K[_`*`"O@#]C?\`Y.*_X*Q?]G__``X_
M]=9?\$TZ^_Z^`/V-_P#DXK_@K%_V?_\`#C_UUE_P33H`/B-_RE-_8W_[,`_X
M*6?^M%?\$G:^_P"O@#XC?\I3?V-_^S`/^"EG_K17_!)VOO\`H`*^`/VR/^3B
MO^"3O_9__P`1_P#UUE_P4LK[_KX`_;(_Y.*_X)._]G__`!'_`/767_!2R@`_
MX*Q?\HLO^"EG_9@'[9'_`*SK\1J^_P"O@#_@K%_RBR_X*6?]F`?MD?\`K.OQ
M&K[_`*`"BBB@#X`_X)._\HLO^":?_9@'[&__`*SK\.:*/^"3O_*++_@FG_V8
M!^QO_P"LZ_#FB@`_X)I_\FZ_$;_L_P#_`."L7_KTW]LBOO\`KX@\6?\`!,G_
M`()M^/?%7B;QUXZ_X)\_L0>-/&WC3Q!K/BSQCXQ\6?LH?`;Q'XJ\6>*O$>HW
M.L>(?$WB;Q#K'@&\U?7O$&NZO>7FJ:SK.J7EUJ.J:C=7-]?7,]S/+*W/_P##
MIW_@EE_TC3_8`_\`$-_V=?\`YW-`'W_7P!^QO_R<5_P5B_[/_P#AQ_ZZR_X)
MIT?\.G?^"67_`$C3_8`_\0W_`&=?_G<U]/\`P4_9Z^`7[-?A74/`O[.?P.^#
M_P``?!.K>(+KQ9JG@[X*?#3P7\*_"NI>*K[3M*T>^\3:AX>\"Z+H.D7GB"\T
MC0M#TNZUFXLY-1N-.T;2K&:Y>VTZSBA`/F#XC?\`*4W]C?\`[,`_X*6?^M%?
M\$G:^_Z\`^.G[)W[+'[4'_"+?\-+_LT_L_\`[1'_``@_]M_\(5_PO3X-_#KX
MM_\`"'_\)-_9'_"2?\(M_P`)_P"'/$'_``C_`/PD'_"/Z#_;?]D_9/[5_L32
M/M_VC^S;/R?G_P#X=._\$LO^D:?[`'_B&_[.O_SN:`/O^O@#]LC_`).*_P""
M3O\`V?\`_$?_`-=9?\%+*/\`AT[_`,$LO^D:?[`'_B&_[.O_`,[FO0/A;_P3
MV_8%^!WCO0OBE\%/V'OV0/@_\3?"_P#:?_",_$7X6_LT_!?X?^._#O\`;>CZ
MAX=UG^PO%WA/P5I'B#2/[7\/ZOJNA:G_`&?J%O\`;]'U/4-,NO-LKVY@E`//
M_P#@K%_RBR_X*6?]F`?MD?\`K.OQ&K[_`*Y_Q9X3\*^/?"OB;P+XZ\,^'_&G
M@GQIX?UGPGXQ\'>+-&T[Q'X5\6>%?$>G7.C^(?#/B;P]K%M>:1KWA_7=(O+S
M2]9T;5+.ZT[5-.NKFQOK:>VGEB;X@_X=._\`!++_`*1I_L`?^(;_`+.O_P`[
MF@#[_HKX`_X=._\`!++_`*1I_L`?^(;_`+.O_P`[FC_AT[_P2R_Z1I_L`?\`
MB&_[.O\`\[F@`_X)._\`*++_`()I_P#9@'[&_P#ZSK\.:*^W_"?A/PKX"\*^
M&?`O@7PSX?\`!?@GP7X?T;PGX.\'>$]&T[PYX5\)^%?#FG6VC^'O#/AGP]H]
CM9Z1H/A_0M(L[/2]&T;2[.UT[2].M;:QL;:"V@BB4H`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>c36132x1x2.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c36132x1x2.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_
MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"`!$`%`#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#^_BBBB@`K
M^=[_`(.2/B_^T+\*?V8OV*]'_9M^/OQ'_9N\9?'3_@IC^SC^SWXB^)/PNU6;
M2O$MOX&^)OP^^.EKJ]DQAGMAJ%C#JNG:%KQTN:XA@N[_`$+3_,EC\L.O]$-?
MS6?\'-7_`"1#_@EW_P!IJ?V)O_41^/=`'#>(?^"1W[87A'4/[)\5_P#!RS^V
M-X8U7R([K^S/$-UX-T74/LTQ=8;C['J7Q5MKGR)6CD$<WE^7(8W"L2K8P_\`
MAUM^T[_TL]?M5?\`A0?#[_Y[M?RK_P#!XG_RE[A_[-5^"G_I[^(U?)W[(W_!
M&[X8:W\'_B/^T7_P4(_:8US]F#P3\)/@=8_M*^*_@CX!^'$/C7X[)\&O%MS#
MX<^#VK>-M6\3:]X<\#?!3Q'^T/XYU?PWX>_9^\"^(H/&7Q(^)-IJMKXNF\!>
M&OAKJ%A\07`/[6?^'6W[3O\`TL]?M5?^%!\/O_GNU>TS_@E%^UAK6H6>DZ-_
MP<T_M<:MJNH3I:V&F:9JO@:_U"^N93B.WL[*U^+,MS<SR'A(88WD<\*I-?RQ
M?M?_`/!N]\"=(OOCUX1_84_:K\>>-OC1^S-\;M#_`&;_`(A_!?\`:0\)>"/"
M=IXL^+7CCP?8_$+X2Z9X+^-'AKQ#IWAOP_)\;M"O-0\'_"*T^(7@W0O#WB;X
MN^%=4^&^K?$#PSXF\4_#+2_&_P"5?_!%SP[KWA#_`(+.?L$>$_%.CZEX>\3^
M%_VP_`'AWQ'H&LV<^GZOH>O:)XI?3=7T?5;"Y2.YL=2TS4+:XLKZSN(XY[:Z
M@EAE19$90`?WW?\`!*IOVO?@)_P6?_;<_82^/G[=GQ\_;2^'_P`(_P!D/X5?
M$OPMK'QGOFA%GXD\>Z_X$U&ZO+3P]%JNLV5C=V-EK-WI$=Y%>O)<6CN76,R%
M!_4[7\UG[,7_`"M#_P#!2_\`[,`_9L_]*/A;7]*=`!117S'^V%^V!\`_V$OV
M??'O[3/[27C2#P7\,?`%BLMS*D:WOB#Q-KMYOBT'P5X+T3SH)_$7C+Q/?*MA
MHFD0RPQEC/J.J7FF:'I^J:K8@'T'XA\1>'_"6B:GXE\5Z[HWAGPYHMI)?ZSX
M@\0ZG9:+HFDV,.#+>ZGJNI3VUA86D0(,EQ=3Q0ID;G&:_C&_X+Q?\%3O^"??
M[6VJ?\$Z_P!EW]F3]J'X?_';XS^`_P#@K3^QU\4O$VC_``Q@\3^*_"%MX$T:
MW^*O@_4M=T[XMZ7H$_PA\0_9?$7C'PU8-IGAWQWJNL2)JD5_#I\FFPW5Y![E
M\&OV(OVM/^"^^K:+^UW_`,%3=>^(_P`!?^">MWXKL/'7[*'_``3$\'ZM<^$)
M/'O@RT6W?PQ\3OVEO%>EKI7B?4O^$FTU9;G2K5DLO%EU;:]JNM>`M4^%/A&_
MT^U\8WO^"]_[*7[,W[+/[-O_``2O\)?LX?`/X1_!'0+'_@LW^Q3IT=G\,_`/
MAOPE+<VLOACX[75R-3U#2-/MM2UF>]O((;W4+S5KR]O-0O8TO+V>XN5$M`'X
M5_\`!Q/X.^&_Q$_X.6?V,?A_\9'L8_A!XZ_X8/\`!WQ5DU2[M[#3$^&_B?X[
MZOHGCE]1OKQ'M+.Q7PQ?:HUW=W2/;V]N))IT:)&!\N_:K\4_L%:Y\#O^"G&N
M?&3X]_\`!2VWU7XP?\%0_A)X)_:VUB']EC]F.[\5V7Q2^%/A7]K/4?AI\(='
M\.O^V;'X5T_X3^&)[/XAG0[NTU'0]7MF\`^%?#VG:#+X=TITTORK_@\.EE@_
MX+`6D\$DD,T/[+/P2EAFB=HY8I8]=^(KQR1R(0Z2(X#(ZD,K`,I!`-=M\`_V
MH?\`@GU_P5!_93_:@^!7[4'QP\*?L9?\%$/VIOA_\%Y?'?Q@^+L)\,_LO?'W
M]HS]CVZU^;X#_M$>(OB?'?-HOP6^('Q*^&GC;XC?#;]I2P\4Z3%X-\=^)-8M
M_BSX+DTWQ[/)X4\1`'Z"_MS^&/V%O$/[9G_!PKI?BOXS?MU>&]7L_@Y\$/BO
M^T=;>`O@3\"=3\&^`/$GPF^/7[(NL_"[Q;\"/$VL?M+:#XF\7?$>V>_U#PY8
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M9U.^TC^<_P#X);?&_P`?_M*_\%Z?V0OV@?BIJ,&J?$7XR_MU>%OB/XPN;*&6
MUTN+6O%GC.?5[G3M"T^6XNO[(\-Z1]J72?#6APSO::%H-EIVCV6RSL8$4`_O
MU_9B_P"5H?\`X*7_`/9@'[-G_I1\+:_I3K^:S]F+_E:'_P""E_\`V8!^S9_Z
M4?"VOZ4Z`"OY>_VO=-T+_@JA_P`%UO@5^P%XDM[[5OV7O^"6WP_T[]M3]ICP
MKJ%M(GACXE?M(^-+3PH_[/G@#54\BY@U*Q\-^%/&NA^-6@O632?$OAG6?BKX
M-U&UD4QR3?T-?M"_M&_`W]E#X3>*?CI^T;\3_"GPA^$W@R"";Q#XU\87QL].
MMI+N9;73].LK>".YU/6]<U:\DCL=%\/:'8ZEKNM7\L5CI.G7EW+'"W\K?_!M
M-^V/^RE^T=^T]_P5C^,)^-NC-^U=^V9^VQXX\<>!/A#XOOQIOC;5/V1OAEI]
MYJOP.O\`PC;ZKI>C3^(H_#ND^/\`QGX=U[2=+$VMZ%HO@?2M3U_1-+M&BO+D
M`_L.K^9[_@Y^U33-$_9]_P""9FM:UJ-CI&CZ1_P6;_8RU35M6U2[M[#3-+TR
MP\$_'^[O]1U&_NY(K6RL;*UBEN;N[N98K>VMXI)II$C1F']!GQM^./P@_9N^
M&'B;XT_'KXB^%/A-\)_!G]B_\)7\0/&^JP:+X8T#_A(O$.D^%-"_M/4[DB&V
M_M7Q)KNCZ)9;S^^U#4K2W7YY5K\8?VLOV]O^#>3]NCX=:+\)?VLOVMOV-?C5
M\.?#OC73OB+HOA;Q)\8);"QL/&ND:%XC\,Z=X@BF\.:WHE\UW:Z%XN\1Z=''
M+=26AAU6=GMWF2"2(`\[_;F_8+_X("_\%%OC>O[0W[4GQ]^!WBOXGKX-T#P&
M-5\/?MN>&_!NG_\`".>&;C5;K2;;^Q_#_P`0[/3_`#X9M9OS)=^3Y\XD19'8
M1)CYU\5?\&X?_!NIX*^">K?M)>);>[T_]G_0]-;6-5^,T?[67CG4?AM::4FM
M)X<DU`^+]+\57NBS6D>ON-&EFM[N5(M3#V4A6XC=%X/_`(4W_P`&;?\`T&/V
M`/\`P^WCG_YX=?`$GQ!^'?[!7Q)^+_A;_@C3_P`%D_\`@D[I7[#OQTOH/'.J
M_LE_MZ?$_P`=^-_"WP9^(LMPXUN#X1MX:\#?$.>\\*:Q!#92M+KFKZ9J30VN
MEZ5X@M/%-]X<TOQ7(`?H;^S3_P`&_P!_P;4?MD:9XKUG]EB_G^/6E>!K[3-,
M\87_`,-/VJ/B1XEMO#FH:U;W=UI-GJTEGX@86D^H6UA>36J28,L=M,R\(:]@
M^!/_``2$_P"#<S]DKX^_#OXY_#3XO?";PK\8?@9X\T_Q;X6D\1?MU:?J*Z#X
MQ\+7S-"FL>'-;^(KV]Q)87L3Q7FF:E;$"6-X;B$,K*/R!\5_MP?MP?%OP'XC
M^`_B+_@ME_P;[_LS_"CXN2:;X9^+/Q&_9&\0_%?PY\;M'\!WE[!;^*[GP";_
M`.$GAK2I_$\WAR34]-L/.\2>%+UDO9K?3_&'A:YG36K/[;^''[-G_!G/X!\!
M>$/!6H_$O]B[XC:CX8\/Z9HVH^/O'W[07BF^\:>,]0LK9(K[Q-XGN-'\8:+H
MQUG6KH2W][#HNBZ/HMK+.UKI&E:;IT-M90`'U=^Q-\1?A]\4_P#@YD_X*2^,
M?ACXZ\&_$?PC>_L#_L[VMGXJ\!^)]$\7^&[NYL+_`.&%K?6]MKGAZ^U'3)Y[
M*YC>WNX8KIY+:='AF5)%*C^H2OYL_P!DC]H/_@V,_81\7>*/'G[)'[0/[$?P
M2\7>-/#D?A'Q1KGAKXSZM?W.L>'(M3M-9CTJXC\2>*-;MD@74[&TNP]O!#/Y
MD"J93&61OWW^"7QQ^$'[2/PP\,_&GX"_$7PI\6?A/XS_`+:_X13X@>"-5@UK
MPQK_`/PCOB'5O"FN_P!F:G;$PW/]E>)-"UC1+W8?W.H:;=V[?/$U`'\G'_!0
MU_\`@I)^U_\`\%PM1^&W[(7PW_9#^,GA7_@FA\$?A)\2O"7PA_;-U7XAR?!F
MW^+GQ^L=2U>']H%?"7@'7?"[^)_BSX4TVW_X0[P3<>)=1U31/`5A9S^(_#FE
M6GBO69]6M?D/_@KG^RS_`,'!?QS^%-M^V/\`'CX+_P#!,#X.^/OV!['Q!^T]
MH'[27[)/B'XQ>%?VG?#/A+X/>%O$?C#Q%X<TCQ/X\\;>*],U_P`*06=K<>*O
M^$.O[0/=:WH=DFD75NU_JFGZU^G?[<?Q+\3?\$A_^"R^F_\`!3;XKV?B?4?^
M"=/[;'P#\(?LR_M/^/?"_AO6_%K?LZ?&/X<WD3?"CQ_XL\.^&],U3Q!=^&-2
MT[3['0=*GT:.ZN;J+Q/\1X8M!U/Q-I/@K2_$O!_\%9?^"P?P1_;O^`VL_P#!
M+_\`X)0^-X/VO/VN_P!N32M,^%AF^&FFZ]/\.OA3\&/%TGF?%;QA\0O'=_I5
MEH&F0+X$M-9T#7;".[GO/!FFZY>^(_%<.F)I=IIFL@'8_P#!:?\`:"?]J[_@
MU:\>_M*7!@&I?''X`?L'?$OQ!#:V$^F6UEXJ\5_M'_LRZIXMTVWL;AY7MX-+
M\33ZMIT*QW%W:M':K)97U]:/!>3Z7QF_9P_8<^#OA_6-&\*?L??\&^WAF[\*
M?\$R_"?[2FC6?[6OPH^$/@_XH0?%BY\?Z#X$B^(GQ;T?3?A^);;]EC4[:]/A
MP_$"UN8O$FL?&V\L/!ZWUO'J'VJ/2_X+L?L\>&_V2?\`@V(^,W[,?A*\GU/P
M_P#`CX1_L5?"ZRU>Z,_VG7)/"'[47[-VD7^OW"7%Q=/;SZ]J-O=ZQ-9QS-;6
M4E\UI9I#:000Q_$?BG_@O?\`\$<?B5H=K=:C^WK^UQ\)M9U/]CGP=^S'>>&/
MA]^S3X<UCPYX1U[0O%6A^.9_BOH=SX_^`'CK6]2\<I>Z4W@N?3M9\0:M\-;K
MPA-<S6O@FT\7/:^+K4`^Z_BO\`?V#O"&L_M3V7A_]D7_`(-P=*M/@_XY_8(T
M/P8GQ%^'/P;TJ^\'Z'^T=+X?NOB;'^T@++X<)%X(UWQYHMYJVI_LAOI4?V/Q
MWI2V6O\`B"UO+2"YL;C]=O\`AT[_`,$LO^D:?[`'_B&_[.O_`,[FOYM_&/\`
MP7J_X(O>+;WXSW<?_!1']M'P\GQAUG]FS5$M])_9B\$SI\.[?]GG3[72KW3O
M!4FM?LTZK+=Q_&*VAFNOB#<^.F\9SZ1JDZS_``T/@338?[(D^]/^(M#_`((K
M?]%P^*O_`(C[\5/_`)0T`?7_`.UI^R;_`,$5OV*O@KKGQ^^-_P#P36_8RC^'
MOA[5?#VC:BW@/_@G[\&_B-XD%[XFU6WT;2Q;>%O"/PIU/6[N`WMS$+NX@M'A
MLH-]Q<,D2,P_);_AOG_@UX_Z1O\`PJ_\4Y6__P`X.OJK_B+0_P""*W_1</BK
M_P"(^_%3_P"4-'_$6A_P16_Z+A\5?_$??BI_\H:`.@^`O@#_`((8?M[?`+]I
MCQI^S#_P3E_98LS\(O!6NVFKZCX\_P""<OPV^#FKZ?K>K^"_$NK:%>>'?^$R
M^$>AWU_);'2)ISJ.D%SIMU';[Y89I(2>U_X-<?\`E!1^PS_W<S_ZV'^T%7S=
M\5/^#K+_`((S^*OAA\1_#&C?&OXHS:OXC\!^+]!TJ&7X!?%&WBEU+6/#VHZ?
M8Q23RZ$L4,<EU<1(\LC!(U)=R%4FOI'_`(-<?^4%'[#/_=S/_K8?[05`'[V:
MOHVD>(--N]&U[2M-UO2+^,17VE:O8VNI:;>1*Z2K'=V-Y%-:W$:RQI($FB=0
MZ(X&Y01YY\-O@3\$/@U_:'_"G_@W\*OA3_:VW^U?^%;?#SPCX%_M/;Y>W^T/
I^$7TC2_MNWR8=OVGS,>5'C[BX**`/5:***`"BBB@`HHHH`****`/_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>c36132x1x3.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c36132x1x3.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_
MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"`!'`%<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#^_BOB3]M;
M_@HY^Q3_`,$[_!EGXW_:_P#C_P"#?A'::QD>&?#-S_:GB;XC>,6$PMF;PA\,
M_!^GZ_X\\0V-M=/%;ZIK>G>'YM`T!IX9O$.JZ5:/]H%3_@I3^VSX7_X)V?L0
M?M`_M@>*=.371\)?",$GA;PS(TH7Q7\1/%FMZ7X)^'/AN?[,Z7::;JOC;Q%H
M<.O7=H3-I7AX:MK!VPZ?+(G\]G_!$'_@C;X._:*\!>&?^"M?_!5;17_:W_;.
M_:MNX_C;X(TWXVVS:_X$^%?PTUZV+_#6:'X:7@/@K5]9USP_+:^+_#5OJFAW
M'A;X;^%K_P`"Z#\/_"_A75?#%YJ^I`'07O\`P=;>'/C%=75A_P`$^/\`@EI^
MWQ^VU-#?)I5MJ6D>#)_"7AR^U-+.34+ZU34/A[X<^/FKV7V&RBDN9?[3\/V5
MPMM;WEY<6UM8VXNI:&J?\%E_^#@GQSJ&H:?\(_\`@WZ\5^"94V7]HWQ<^(7B
M74+.#2X3!;W5I+JVH:#\%M,U/59KFXCEM5L[BUN%M5G<:1=Q6MS=P_UK:/HV
MD>'M+T_0]`TK3=#T32;2&PTK1]'L;73-+TVQMD$=O9:?I]E%!:6=I!&JQPV]
MM#'#$@"HBJ`*^&?VS?\`@J)^P%_P3X&EP_M@?M/?#_X.ZUK=C%JNC^#;B+Q)
MXU^(VI:/-J":5%K=G\,_AQH7C#X@SZ&]^TEN-:C\-'2MUIJ3F[$6EZB]J`?A
M+I7_``4"_P"#K+Q=H>I7OAC_`((M?LU:5=I]LL+&?QE\<O`_A_[/JBV<<MM=
MS^&_$_[5G@_6M6TJ&2YMWE:QN+*WO_+NK"VU>VNX;B2UY3_ALC_@\D_Z1._L
M`?\`AQO`W_TRROO_`/XBCO\`@A1_T?-_YK-^V'_]#[1_Q%'?\$*/^CYO_-9O
MVP__`*'V@#X@?]OK_@[&\(>'8K[QS_P1F_98\0WXNS!-=>`/C-X*NED$[R-:
MB+PIHG[87Q#UZ&.&)-EU?/>36GF[7<V@FCAJI#_P5X_X.,?!6FK?_$K_`(((
M?\)6L^JP6MO_`,*R^(^JFYCMWMY)GAN=&T?4/BMJJ;A;7'_$[EBMM+MI);6U
MF@:YFMUNONK_`(BCO^"%'_1\W_FLW[8?_P!#[7UK^R)_P6K_`."7?[=OQ"A^
M$W[+G[7?@KX@_$Z\CO)-)\`ZWX6^)OPJ\6>(ET[3Y]6U$>$]#^,'@?P#?^+G
MT_2[6[U*_B\,P:M+9V-G>7=RD4%I<21@'Y$1_P#!S[XP^"%T8_\`@HA_P1Y_
M;\_8RTI=9EM9?&%EX=O_`(I^!;?03I#WMKKK^*?&'@3X"V=_(=1MM0M;^P\/
MQZW!9:;87&I0:I?WT-WH=K^S7[#/_!7;_@GI_P`%&FGTS]E#]HWPQXW\<6&F
MMJFK_"O7].U[X?\`Q4TJSAB@DO[D^!O&^EZ%J^N:;I;7,4&H>(/"D?B#PU!<
M-Y:ZU(<$_I-7\YG_``5T_P""#?P9_:C\,:[^U9^Q7X=3]EK_`(*2?"&/4OBK
M\'/BQ\!VL/AA>_%7XB^&K2[UK1_"OQ!&D3:%H\GB#Q3J<,&G:3\5'FTWQ;X?
MU673)]:U[5O"=IJ'AZ[`/Z,Z*_&'_@@M_P`%']?_`."F_P#P3S\`?&;XDG38
MOCU\.O$&M_!#X_0:=';6<=]\0_`]OIMQ;>+SH\#JVCR>//"&L^&?%>I:>++3
M]/L?$FI>(-+T6T32-.LR2@#\_/\`@\.NKFW_`."0$D4%Q/!%??M1_!.UO8H9
MI(X[RV33?'UZEO=(C*MQ`MY9VEVL,H>-;FUMYPHE@B=?Z,/V8O#VG^$OV:_V
M>O"FD^?_`&5X8^!WPF\/:9]JE$US_9^B^`M`TVR^T3!(Q+/]FMH_.E$:"23<
MP10=H^'/^"Q7_!,O_A[+^R"G[*?_``NS_A06SXJ^"OB;_P`)Y_PK?_A:F?\`
MA#['Q'9_V)_PB_\`PGOPXQ_:/_"0>9_:7_"1'[)]DV?8+K[1NA_)W2_^""O_
M``5KT73=.T;2?^#DW]J/3]*TFQM-,TRPM?V==:BMK'3["WCM;.SMXE_:[VQP
M6UM%'##&.$C15'`H`_JVK^)7_@DC^S;\!/\`@H;_`,%G_P#@X&^+G[;GPA^'
M?[4/B/\`9Y_:?TSX&_"/2/CCX1T'XH>"/"7@"#XJ_M*_#O3[2S\$^.+#7O#C
M:EH_@WX!_#[0]#U-[#S]%LX=:33!;?VU=U\5?\%6?@[_`,%=_P#@G1XH_9@^
M"'PE_P""Y7[97[9O[7'[6GCR?PS\+/V;O"/PVUGX<:M/X5TV(VNK^.-4\6-^
MT#\1+;2K2'Q%>Z)H^FVFJZ'I^G:A9'Q=XAN?$.EZ5X$UR0_T(?\`!`?_`()$
M?M0?\$SKS]LGXN_M=?';P;\:_C9^V_KGP?\`B%X]?PJ?$6JWFB>.O"=W\9_$
MOCO4?$_C3Q!;Z:WC'7/%'B;XRWDMYJ5EH]G;/=Z3=WXN+Q=5C6U`/TP_X=._
M\$LO^D:?[`'_`(AO^SK_`/.YH_X=._\`!++_`*1I_L`?^(;_`+.O_P`[FOX_
MOB/\1_\`@OS%_P`%^=.\.>'-._X*6G]@8_\`!2WX5Z5<7&E?"OXZS?LU_P##
M-<WQU\(6_BF67Q3;^$'\"CX3#P*^KMK.LMJX\.P>'1?75U?1V4<LRK^W#\1_
M^"_.G_\`!<OQ-X?^"&G?\%+9/V'4_:U^`]EID_P]^%?QUU+]G@_":XF^&(\=
MO:>)=%\(77@I_!2I+XF_X2._CU5M*M5&KF^N(A#<^6`?V`?\.G?^"67_`$C3
M_8`_\0W_`&=?_G<U_+;_`,'4G[&G[)/["?[+_P"R#^VI^QS^S7\%?V9/V@_A
MK^W'\+O#>A>+/@)\/O#_`,&K.^T9OAO\9_BA'!X@T3X86?A+3M8OK3Q?\+_"
MEYI^O3Q+XATRUAO[#3]6M;6_FCKQ#_@KY\1_^"_.B_\`!9WXN:%^R)IW_!2V
M;]C2'QY^S''X2G^!_P`*_CKK_P`!FT&[^"OP2G^)IT3Q%X4\(:EX0N--3QI<
M>-E\72VNIR066OKX@MM2>"\MKR*+^E[_`(+L_P#!*[Q=_P`%=OV-?"W[.7@/
MXO>'/@WXN\`_'CPG\=M#UGQ=X7U/Q+X<\27/AKP#\4/A])X1U6;1M4LM3\,P
M7=M\3I];3Q)::9XIDBGT"+2&\/21ZP^K:0`?M%17^<[^Q=\)/^"UGQS_`."@
M7Q]_X)H?M8_\%I_VIOV-_P!IOX0^"K+XC^`[2RTO6OCGX%^//@8R6DFJ>)/A
M]XMD^+WP@5[2+2-9T'Q!I%HNG:CJE_II\6VVLV'AG7O`/B?1K7]NO^'%'_!7
MO_I99_:J_P#$>-;_`/HNZ`/,?^#6"YGM_BG_`,%MO#-N_P!G\/:+_P`%!M<N
M=(T6W5(--TR>_P#$?Q;T^\>QLXE2&V\^QT+1K1UB14%OIMG$JA(4`*_3_P#X
M(R?\$??$'_!)O3?VHAXL_:LOOVK_`!3^U#\1_#?Q,\2^,-4^$3?"G4['Q!I%
MOXI_MFZU%'^*OQ2?Q'?>)=1\47.J7>H/=:0T%Q'(&@NS<F2$H`_;>LK7==T;
MPOH>L^)?$>J6.B>'O#NE:CKNNZUJES%9:9I&C:3:3:AJFJ:C>3LD%I8Z?8V\
M]W=W,SI%!;PR2R,J(2-6OY>_^#G;]KWXA>'?V?O@U_P3)_9FN/M_[5/_``4Y
M^(&F_!.QTBR^UR7VD?!"_P!7T[0_'=[>RV%O?R:38^.]:UC0OA_>7-[83V]U
MX$O?BE>VFVY\.R3VH!X7_P`$4]*\3_\`!4O_`(*?_MD?\%R?B7H=VOP9\(R:
MG^R9_P`$\;#7[:[AN-*\`Z$UYI?B?QOH]G<PV<^E7<OA6]O$U59?[1MF\7_&
MOXM:)%)"_AZ(U_7Q7S)^QA^RWX"_8H_94^`W[*GPTMX(O"7P0^'&@^"X+R"W
M:U;Q%KL$+7_C'QG>6[37'E:KXZ\97VO^,M9196C&K:[>F()$41?IN@#_`#P_
MB7_P4U_X*^:5_P`'"VF_LSZ+\;/CQ;_LB2_\%/\`X3?"2;P3;_#;1)?`C?`_
M6?CYX-\.:_X?;Q(W@&2]'ARY\)WVI6=UJW]O"XAL99KE=2B=!.A^W=_P4U_X
M*^?#O_@O-XH_9U^%?QL^/.C_`+*MI^U_\`/!%CX.T3X;:)J'@F/X>>))OA8O
MBS3(O$$W@&^O'TJ]76-=%]>G6VEMQ<7)2[@\I?*/B7_P7/\`^"IWA_\`X.%M
M-_8;TC]J/[)^RU<?\%/_`(3?L[R_"_\`X4E^SK<;_@[XF^/G@WP5K?@__A-K
MKX1S?$1?MOAG5;_3/^$@7Q:OBFV^T?;+36[?4(H;N,_;N_X+G_\`!4[X,_\`
M!>;Q1^QA\-OVH_\`A&_V:=._:_\`@!\+;/X;?\*2_9UUCR?`GC:;X6)XGT+_
M`(3'7OA'JGCZ3^TU\1ZR/[3E\4OK%E]LSI^H6AM[0P`!_P`%DO\`@IK_`,%?
M/@9_P6U^,/P#_9R^-GQX\+_LS:'\0/V6M-\.^$_"7PVT36_!UKI/B_X'_`SQ
M!XZ@M-=NO`.KW<\&H^)_$/BB[U*1]9F:TO+R]MXY+9+=(8/]#RO\\/\`X+)?
M\%S_`/@J=^RG_P`%M?C#^R)\`_VH_P#A`_V>/"OQ`_9:T30?A[_PI+]G7Q1]
M@TOXC_`_X&>,/&=K_P`)9XS^$?B+QQ=?VSXC\8^)-1\Z\\2W%QIW]H_9-*EL
M;&SL+6U_T/*`/Y:?^#DOX`_$OX2Z?^S!_P`%I?V6]-C;]I#_`()M>/-(O?'U
MM$D@_P"$_P#V9/%6M/I_B?PYK[P.]]<^']`U7Q#JNEZQ:Z;;QSVWP^^*OQ3U
MJ>]METJWFA_H3_91_:7^&7[8_P"S?\&/VH/@[JD>J_#GXV>`]%\<>'V^T6MS
M>:3)?PF'7/"NMFRFGMK?Q/X+\16VK>$/%>G)*[:5XET/5M,E(FM)`/8/&/A#
MPM\0O"/BKP#XYT#2O%?@KQQX<USPAXP\+:]90ZCH?B7PMXETRZT7Q!H&LZ?<
MJ]O?Z5K.DWMWIVHV4Z/#=6=S-!*K([`_RA?\$']6\3?\$W/V]_VZ_P#@A3\4
M-:U6_P#!OA+7-1_:S_88\0:_>B<>(/@IXRETL^(?#%E>79MC=:M!I>I>%]<O
MM(T.T_LZ/QMX<^.NJ!$\F>XN`#^N"BBB@`K^5#]NBUMKS_@ZR_X(LQ7=O!=1
M)^RY^U#=)%<0QSQK<V7PA_:QO;*X5)595GM+RW@N[68`26]S!#/$R2QHZ_U7
MU_)3_P`%O]<\7_L,?\%9O^"8/_!8+QI\)?B7\4/V0OV=/AY\;/@Q\=-5^$.B
M6_B3Q/\`#74_B)X+^*GA'P_XA\0Z;?7NE6%EX?O_`/A;8OM/U.^U.RTRYN_"
M6J^'[K4M.UK6?"UKK0!_6M17\J__`!&)_P#!(3_GC^U5_P"&5T3_`.>-1_Q&
M)_\`!(3_`)X_M5?^&5T3_P">-0!_5117\J__`!&)_P#!(3_GC^U5_P"&5T3_
M`.>-1_Q&)_\`!(3_`)X_M5?^&5T3_P">-0!_5117\J__`!&)_P#!(3_GC^U5
M_P"&5T3_`.>-1_Q&)_\`!(3_`)X_M5?^&5T3_P">-0!_517\J'[:MK;:?_P=
M@_\`!'+4;"W@LM0\0?LC_M-Z7KU]:0QVUYK>F:5\(OVN+_2].U>YA5)]2L=-
MOG>\L+2]>:WL[MVN+>..9BYG_P"(Q/\`X)"?\\?VJO\`PRNB?_/&KY9_9*_:
M8;_@MQ_P<#_LT_M[_LN?"GXI>%?V-_\`@GU^S=\3O!7BCXK_`!5\+1>'_P#A
M//B'\4?!OQ?\&6_A;15TW6-9TFTU+S_B[9:GI^D'4KS5ET3P1XFU?5X-.BU7
M1+90#^TZBBB@`HHHH`\J_P"%$_!#_HC?PJ_\-YX1_P#E/1_PHGX(?]$;^%7_
M`(;SPC_\IZ**`#_A1/P0_P"B-_"K_P`-YX1_^4]'_"B?@A_T1OX5?^&\\(__
M`"GHHH`/^%$_!#_HC?PJ_P##>>$?_E/1_P`*)^"'_1&_A5_X;SPC_P#*>BB@
M`_X43\$/^B-_"K_PWGA'_P"4]>CZ9I>F:+I]GI.C:=8Z3I6GP1VMAIFF6EO8
B:?8VT0VQ6]G9VL<5M;01KQ'##&D:#A5`HHH`O4444`?_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>c36132x1x4.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c36132x1x4.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_
MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"``K`"0#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#^_BBO@#]I
M?XH?M3_\-3_LY?LT?LT>//V?_A?_`,+0_9__`&L?CIXU\:_'3X"?$7]H#_DW
M_P"(O[&_@#PWX6\+>'/`'[37[,O]B_VU_P`--:]JVMZWJVO>)O\`D6=(L+#2
M+3[7>7E>`P?&G]JBZ^-]U^S+;?\`!5W_`()`W/[2-B,WO[/L'[&WQ&F^-]F/
M^$?@\69NOA1'_P`%A6\>6X_X1:ZM?$N9M`0?\(_<P:S_`,@Z:.Y8`_7VBOR7
M^-OQ+_;$_9GT+2/%/[1__!43_@DO^S]X9\0:N=`T'Q'\;?V)OBC\*="UO719
MW&HG1-(U?QW_`,%?]!T_4M7&GVEW?'3;.XFO!9VMQ=>3Y$$KKK6_Q9_;A^&7
MQG_8;L_B3^T)^Q;\?_@E^UO\;?%'PFN9?@G^R1\7?@]XBM]&A_8V_:A_:>\)
M^/\`P9\2M>_;X_:+\):KIE]J?P#T/29+.3P!?6NM^'/%-W?Z;KFGW%M9SS`'
MZI4444`?`'Q&_P"4IO[&_P#V8!_P4L_]:*_X).U^(7_!S!_P3J^)7B[PE\-/
M^"M'[&#ZGX8_;-_8$>S\::[>>$EM;36O'?P5\*:I_P`)->:A<LGV6[UG5?A#
M(-7\0Q:6UZ8M?^'FL?$+PU<:=KMQ-X?TR+]O?B-_RE-_8W_[,`_X*6?^M%?\
M$G:_GS_X.3_V^?BI\5O&/PL_X(8?L)3CQ+^U%^V+J&A:+\=YM*N;F)?!'PH\
M1I)>V7@+5]5LDF_L-/&FCVE]XR^*%W+'</X=^">BWTFJ:;/I7CJ"Y@`/SG_8
MTU#XR?\`!U%_P4D^'G[1O[37P\7P3_P3W_8+\&^![O6?@?<&[\1_#SQ_\;=8
MTJQU/6_`T>HSVVEVFOGQOXRL)?$WC47\&J2:?\&O"GA3P+K&G6=SXXAU:?\`
ML@_;#BB@_:%_X),P01QPPP_M]_$2*&&)%CBBBC_X)8?\%*TCCCC0!(XXT`5$
M4!54!5```K^,KX??#GXI_P#!I?\`\%'_`(,'Q5X]\7?%S_@FE^VYX1\'>!/B
M]X[N=%C@M?"WQ.\/V%C9^)/$]Y8Z>@M=.UWX9^*=3U/QMX:M(_\`B8^(O@;X
MK\1>&X(O%7B[PI=ZQ;_V4_M9ZMI>O?';_@D7KFB:C9:OHNL_MW^.M6TC5M-N
MH;W3M4TO4?\`@E3_`,%)[S3]1T^]MGDM[NRO;2:*YM;J"22&X@ECEB=D=6(!
M^A]%%%`'P!^TO\+_`-J?_AJ?]G+]I?\`9H\!_L__`!0_X5?^S_\`M8_`OQKX
M*^.GQ[^(O[/_`/R<!\1?V-_'_AOQ3X6\1^`/V9?VFO[:_L7_`(9EU[2=;T35
MM!\,_P#(S:1?V&KW?V2\LZ\"T#X,?M5>%/C+KG[1GA?_`()2?\$@_#?[0?B=
M+^/Q+\=M`_;*^(^C_&7Q#'JL%M:ZHFN?$_3O^"/=MXVU9-2MK*SM[];_`%RX
M6\@M+:&X$D<$2I^OE%`'Y2_&;P/^VM^T;X5M_`G[0O\`P3,_X)2_'CP1:ZM:
MZ_:^#?C-^W+\6?BAX5MM=LH+JVLM:M_#WC?_`()":YI$.K6EM>WMO:ZE'9K>
M6\%W=113)'<2J]/PY\"?VQO$_P`4OV#M.\2_LQ_L,?LP?L[?L;?&CQ1\4K;0
M?V>/VI_BE\2[VWT"?]CG]J3]F7PG\.OA_P#"2_\`V`OV;?`WA_1[+5_V@-&U
@J6XC\<Z;9:+H'AF^L]-T'4+J[M88OUFHH`****`/_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>c36132x1x5.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c36132x1x5.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_
MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"``4`"P#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#^_BOF#X^?
MM.P?!7Q5\/?AKX5^"_Q@_:,^,GQ,\/\`Q!\<^&?A!\%)_@UH_BH_#/X3ZC\/
M-`^)?Q)U#Q+^T+\8/@-\*;3P_P"#_%/QA^$7A>ZT,?$:;XA:SJ/Q%TJ_\*^"
M=?\`#?A[Q]KO@_Z?KX`^(W_*4W]C?_LP#_@I9_ZT5_P2=H`^O_A;XR\1_$#P
M)H7B[Q9\)_B!\#O$&K_VG_:'PM^*6I?"S5_'?A?[!K&H:9:_V[J'P4^)?Q@^
M&5Q_;=E96WB+3/\`A&?B+XB\K1]7T^#6?[(\01:KH6F>@444`%%%%`!7P!\1
BO^4IO[&__9@'_!2S_P!:*_X).T44`??]%%%`!1110!__V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>c36132x1x6.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c36132x1x6.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_
MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"``P`"T#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#^_BBOP!_X
M.CO^4%'[<W_=LW_K8?[/M?`'_!E3_P`HLOCY_P!G_P#Q3_\`6=?V5:`/Z_:*
M**`"BBB@#\`?^#H[_E!1^W-_W;-_ZV'^S[7P!_P94_\`*++X^?\`9_\`\4__
M`%G7]E6OO_\`X.CO^4%'[<W_`';-_P"MA_L^U\`?\&5/_*++X^?]G_\`Q3_]
M9U_95H`_K]HHHH`****`/P!_X.CO^4%'[<W_`';-_P"MA_L^U\`?\&5/_*++
MX^?]G_\`Q3_]9U_95K]?_P#@O5^RY\=OVT?^"3W[5G[-'[-'@;_A97QM^)7_
M``HS_A"O!7_"3>#O!W]M?\(=^TG\'?'_`(C_`.*C\?\`B'PKX2T[^SO"7A77
MM6_XFVO6'VS[!]@L/M6IW5E97'\$7P4_X(G?\'4_[-?A74/`O[.?A7]I_P"`
M/@G5O$%UXLU3P=\%/^"B_P`$OA7X5U+Q5?:=I6CWWB;4/#W@7]J[0=(O/$%Y
MI&A:'I=UK-Q9R:C<:=HVE6,UR]MIUG%"`?ZK=%?Y@G_#M/\`X/)/^BC?M_\`
M_BV+P-_]&11_P[3_`.#R3_HHW[?_`/XMB\#?_1D4`?Z?=%?Y@G_#M/\`X/)/
M^BC?M_\`_BV+P-_]&17]WG_!&?X:?MD_!_\`X)L?LX?#K_@H%J7Q`U?]KKP[
M_P`+@_X6WJ'Q2^+%C\<?'=Q_:_QZ^*.N^`_[=^*6F^,OB!9>*/*^&6I^#(-,
7\GQ=J_\`8FCQ:?X=D^P3:1)IED`?_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>c36132x1x7.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c36132x1x7.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_
MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"``H`,,#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#^_BBBB@"H
M;^P%XNGF]M!?M'YJV)N81>-%@GS5MB_G&/"L=X3;A2<\&HUU72V:S1=2L&?4
M$,E@BWEN6OD`R7LU$F;E`.2T(<`<DXK\//VLO^"1LO[1O[2O[37[44?B?P+:
M?%#QK\)_A_X"^!6B:]X.^$.H6-WIOASPU<>'_B9H/CSXD:K\!/$O[1WPZ\,?
M$?1]9UGX7>(T^"WQBT[PYJ/P_P#'?B)?%?@7Q-+>RZ/J7P->?\$&/CQXQ^)]
MU\>#IW[+'[/5GH'Q4^'_`,6_@Q^QG\(]-\`^/O@A\#=-\+_$']G_`%?QW\)/
MA#\7O&/[)?A;XF?`JZ^+5C\(_&WQ1O\`XO?LTZ3\$-5\)_&#XJ:DD/A/Q-81
M^)/$GC$`_K+HHHH`^(/'/_!0W]F[P%\3/B3\(KRP_:?\:>-OA!X@T/PG\28_
M@I^P?^W3^T+X5\)^*O$?P]\$_%?2?#.H?$3X#_LX_$?X=R^()?AW\1_`OBJZ
MT:Q\576HZ7IWBC2AJEM97,YMUY__`(>6?LZ_]$Y_;_\`_%3O_!4W_P"@WH_8
MW_Y.*_X*Q?\`9_\`\./_`%UE_P`$TZ^_Z`/@#_AY9^SK_P!$Y_;_`/\`Q4[_
M`,%3?_H-Z]@^`?[87P0_:4\5?$+P+\-6^,&D^-OA;X?^'WBSQOX.^-?[,_[2
MO[,WBK3?"OQ4U'XAZ/\`#_Q-I_A[]I+X2?"?5_$OA_Q+J_PG^(VEVNL^%[/6
M=.M]1\(ZK8W]S:7*0Q3?3]?`'PY_Y2F_MD?]F`?\$T__`%HK_@K%0!]_T444
M`%%%%`!7YP>$_P#@JQ^R7X]\*^&?'7@7P]^V_P"-/!/C3P_HWBSP=XQ\)_\`
M!+;_`(*>>(_"OBSPKXCTZVUCP]XF\,^(='_8_O-(U[P_KND7EGJFC:SI=Y=:
M=JFG75M?6-S/;3Q2M^C]?`'_``2=_P"467_!-/\`[,`_8W_]9U^'-`!_P\L_
M9U_Z)S^W_P#^*G?^"IO_`-!O1_P\L_9U_P"B<_M__P#BIW_@J;_]!O7W_10!
MXY\#?CY\+OVC?A=I_P`9/A3K&N7_`("U#7/B%X8:Z\8^`_B!\)_$ND>)?A/\
M0/%7PK^)'A[Q5\/_`(L^%_!'Q!\&ZYX-^(/@CQ7X7US2?%OA?1;^TO\`1;IS
M;M:-!<3>M&\M%+!KJV!21HG!GB!65%1GC8%OED19(V9#AE5T)`#+G\P?V-_A
M?X:^-W["_P"TU\&/&5G;:AX0^+?[7/\`P68^&?BFPO+:&]M+SP]X[_X*4?MM
M^%]9MKFSN%>"Z@FT[5+B.6"9&BE1BCJ58BOR'^`?_!&']K3P=J7C+Q;\:?VD
M_A'\1?&7Q%^#%]K?C*PMO'OBL>&)OVZ/BO\`&SX4W'Q<\76=A+X)L8D\!>$?
MV9?V=/@Y\'_@Y.VGQ^)$,GCM=:\.6,^LW6O:B`?U76VL:1>/*EIJFG73P9\]
M+:^MIWAP')\U8I6,>!'(3O`P(W/1&Q;2YMY"HCGA<N65`DJ,79%#.JA6.XHK
M!F`R54@G`(-?SI>)_P#@B)IND>*OB+J/[,A^"O[%>H>)/B+^U#X@A\6?LO\`
M@+X)^`?'=]\'OBI\!O#/P[^%WPF\0Q^)?V<_'_A^#X=0^.[#QI>^*-"T_1H)
MO#>F:S?ZOX`\0VGB'4]34<?=?\$>?VH=4\/7-I:?M.:-JT=VOQ9OA\$-2\1^
M'6^!MMIGCGP!\*-!L;:PU'P]\!=,^,YM?C$?`'B#P)\6KGQ%\0?%WAS3_`7B
MB[O_``?X2O-1\S2B`?TO03P7,,=Q;317$$R"2*>"1)894;E7CDC+(Z$<AE8@
M]C3;>ZM;M7>TN8+E(Y9()'MYHYE2:([987:-F"RQMQ)&Q#H>&`-?S_?!?]AW
M]LW]G35O!_QI^"'P)_8VT@I^T'\8_BEX>_8A\'_M&^-OAA^S3^SM\./BC^SS
M\*?A`/#?P8^*'AW]D#75U*Y\3^.?AYXC^.7C71])_9]^''A%_&'Q3\0KI,5S
MJ$>K>*O%7N7_``38_8'^*G[*7Q1^('C?QI\-?V;?@[IFJ^#O$O@G4A^SUXIU
MOQ'K7[2WB;6/C)XC^).F_'[X[P7?P:^#VG:/\0=`\-:PG@C2+26[^*^OO9ZG
MKXO/B`FF0:5IK@'[+4444`->1(E+R.D:+C<[L$49(`RS$`9)`&3R2!U-1-=6
MJ&-7N;=6EN#:Q*TT:F2Z"/*;:,%@7N!'')(85S($C=]NU6(^3?V\OV==6_:U
M_9%^-_[-^BZE;:1??%WPS8>%'U.ZU?4-`6RTZ7Q)HE[K,]MK>E:;J^H:7J*Z
M/97_`/9-[:Z=<R0:H;-R(T#31_@[XN_X(S_MG:[X+\:^&/'/B/\`9J_:B\?^
M.$^//@GP)^T/\:?$/B3P?\1OV4]<\;^,[*]^&G[>'PCTCPS\%?%5G>_M:Z9X
M5TOP]J'C#2/!FN?!0MX]\%^')?"GQ;T/P_J6IP:>`?7_`.V)^P/^V)\=/VYA
M^UQ\._C]\%_#?@_P/\)=8_92\%?`?Q+:>+TNO&/PC^,'P_\`$L'Q]UWQ#\0]
M,U:31_!_B*Z\<^,/!WC>U\$M\*/B%J&NI^S+\)I-.^)7PXT[Q;X[T;4N[M/A
M[_P4.T?PI^QIX[_X9_\`V.Y?B=^RA#XZ^'6H?#^?]M_XF6G@7QG\/=9^"G@_
MP/8?$&#XJG]AV?5-`\3IX@TW5FU#X=R_"_5M-L]'BT_4(_B+=7%_-IVG_`GQ
M"_X(=_M7^)OVX/'7[0^G?'SP9>_!OQ#\7/BW\?[#X9ZOJUW::AJ'QK^*/P+\
M8_LU3>,_$ES8_#2;&GZ?\)K3X??9=!TW4%:T\7:[\0]2_M*^TF'0=&?GO&G_
M``0W_;$N+'XDV^@_%SX4>+_!WQ5\.?%6Z\4_`CQUXGU4>`+/XDZI\/\`X/?#
MKPCXC\'^(;_X->,)=&T_X@>$/!&J^&?BWH?B'P=XP\-0_P#",^!?$6E>'M7N
M-1\7Z3?`']4MKKVC736L,>KZ/+=W<8:&WM=4M;EIF!=)/LNUTDN8TDBF02+"
MI)B?<B,KJNE;W-O=Q+/:SPW,#%U6:WE2:)FBD:*15DC9D)CE1XW`)*2(R-AE
M('\LW[+_`/P1M^.GP?\`VB+'XIZG^RG^Q)X)TA_`?B?PQI&N^#?B?\#M0\2_
M#74]7\"_%CPL+^TM/AO_`,$C/V;_`!%.-4U+QMIEU=7'[/OQ0_9-OK;39;J7
MQ'/\0=?M=2U#Q1^G'_!'[]BGXP_L*_`+XB?"GXKZ+\&?"-EK7Q;N/%OP\\"_
M!C4M(\1:7X3\*-X"\#>&[V#Q%XO\,_`7]E_PQXJUG5_%7AW7]<LM2M?@=X?\
M30^&]0T2Q^(/C#XG^.+;6_'.K`'M'[&__)Q7_!6+_L__`.''_KK+_@FG7W_7
MXP_"']MW]B_]FO\`:T_X*I>!?VB_VN_V8/@#XVU;]M_X7>+-+\'?&OX^_"GX
M5^*M2\*WW_!,/_@G1H]CXFT_P]XZ\6:#J]YX?O-7T+7-+M=9M[.33KC4=&U6
MQAN7N=.O(H?I_P#X>Q?\$LO^DEG[`'_B9'[.O_SQJ`/O^O@#X<_\I3?VR/\`
MLP#_`()I_P#K17_!6*C_`(>Q?\$LO^DEG[`'_B9'[.O_`,\:O'_V3OVA?@%^
MTI_P4D_;8\=?LY_''X/_`!^\$Z3^Q!_P3>\)ZIXQ^"GQ+\%_%3PKIOBJQ^//
M_!4W6+[PSJ'B'P+K6O:19^(+/2->T/5+K1KB\CU&WT[6=*OIK9+;4;.68`_5
M^BBB@`HHHH`*^`/^"3O_`"BR_P"":?\`V8!^QO\`^LZ_#FOO^OPA_P""9/\`
MP4V_X)M^`O\`@FW_`,$^?`OCK_@H-^Q!X+\;>"_V(/V4/"?C'P=XL_:O^`WA
MSQ5X3\5>'/@-X!T?Q#X9\3>'M8\?6>KZ#X@T+5[.\TO6=&U2SM=1TO4;6YL;
MZV@N8)8E`/W>HKX`_P"'L7_!++_I)9^P!_XF1^SK_P#/&H_X>Q?\$LO^DEG[
M`'_B9'[.O_SQJ`$_X)JLJ_LY_$AF8*J_M_?\%8V9F("JH_X*F_MDDLQ.```"
M22<`<FOQ$^)?_!NF/%GP3E\-Z!\2/@IX:^*WC'7OC[\1/B/XQ\3_`+._[&WQ
M`\.0_$+QKH7C[3/@=I:0:[^QW;>(OB7X:T[5?'U]+J/C/XLZ_P"(/COX%FU?
M5+_X1_%71;R[N8=2_5+]@U-)^/\`_P`$Z_CQ'\*O%?A+Q;H7QL_:5_X+!I\-
M_'&BZ]::YX$\3:3\2/\`@HI^VHO@_P`5Z3XG\/'6+'6/"6LV>LZ=J]AKVAG5
M+34-'N8M0TPWL,T'F_FCX-_X(O?M2_#'P]:^'?'%I^S'_P`%"/AQX'G\%^&O
MA]\`?VN_&&N:#X*UCP+IGP`L/ASX<O/B'XEM/V?OBSI^N>+OV:/%=QX@T'X-
MZS<_#/4=8\2?"V[@O]4UOPK\1+<:M<@'K,'_``2W^/K_`!G;Q=)HG[-'@#5;
M:Z^+_B[Q#^T_9_%GQCXM_:B^*7A'XQ_LM^./@9X-_88^*$VL?!C2;[6/V?/A
MEX]\3^'/%NE>.->^*_BM-?C^#7@36M(^#&@>/KZ]U_0/*/V-_P#@CA^VU^R;
M\-/VR/#VE?M/?#K5O'_QP_9A^&G[%WP!^(%WJ%U>6_P!^"OPV\1>*/!'@+7&
MT6T\!:!_PD'CGP/\(/&.O_$.YB>_ATWQO\6XQH-NW@SPW,=:M^.^(?\`P09_
M;'\2?%K]GCQ<O[6.B^+_``YX%\`_L&>'OVA;SQ/JFKQ>*OCYXH_8*B\&ZO\`
M#C7KRZU'P5XJU+3[/5?'NK?%KQ1XG34?$NK:[XA@T[X;02Z[8:K)XHU:X[N^
M_P""*?[7T'C6U\<^&/CG\/-(L]:NO!WAWXF_"NYU_P`1W_P]\;>#_!GA[XWW
MOA3Q;;2R?#Y=7\._$[P/XY^(UK8Z3=V#2:/XA\#>+?'%EK\(U#1_"DL8!]&?
ML2_LC_MK?L.^+_@3X/LM3_90_:1^$GPS\`ZS^RYI_CRY^-OQ%^`_BCPM^S[<
M_&?2_B?X,O/"?PLU#X8?M)S>)M9^$WA/Q)K'PJ\-?#OQ-\=S?ZWH/P^\$:CX
M@^,-SJWBS5[_`$C]"/V`/`_[27PA^&6J_!/XZ^`?@KH'ASX8ZQK-A\-?'7PI
M^.GBGXIZO\0[+Q!XW\;^)]2N/'/@CQ#\"/A3;?"C4]'T[5?#2P:1IGC/XHKJ
M=QJ6IK+J&EQ:5:S:S^!W[.__``1"^/WPH^,7[-WQ!U_]C[]A&/2/A+K'@^;Q
M`="^*O[.%[KD.I^'_%/PZUN\^(6CV_\`PY3\-V-]??9?"U\=.M;&^\&?'22\
MBB2^_:J$-QI<WAS]3_\`@F#^P3\</V-_C3^V3XQ^(.D_`OPS\/OCIXJTCQ%X
M4TKX6ZS_`,)7XJ\2^*XO&WQ4\2>*?B)XR\1CX(_!;6[>V\2:7XS\-0V7A7XH
MZY^TI\4-!UVQ\3I<?M%>(/",WAKP_I(!^S-%%%`!1110`4444`%%%%`!1110
G`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110!__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>14
<FILENAME>c36132x1x9.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c36132x1x9.jpg
M_]C_X``02D9)1@`!`0$`2`!(``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$"`0$!`0$!`@("`@("`@("`@("`@("`@("`@("`@("`@("`@+_
MVP!#`0$!`0$!`0("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("
M`@("`@("`@("`@("`@("`@("`@("`@+_P``1"``=`!T#`1$``A$!`Q$!_\0`
M&0```@,!``````````````````@!!@<*_\0`+A````4"`@<(`P``````````
M!`4&!P@``P()`108.'BYV!,5%A=869>9$B,H_\0`%`$!````````````````
M`````/_$`!01`0````````````````````#_V@`,`P$``A$#$0`_`.GF.#=2
MBE`DG1=HYS)I?MA_7\]FM(&]:YM\NWP(D$)'^<+AL"W!&1WG.8=3*"]V*?3)
M;A$B38^,Q@H9K`FX(_;HMX`8#8WD5[L,_P#XYRLNFF@-C>17NPS_`/CG*RZ:
M:"(,'[N^+)V-*[3ZN!(C9WE^GFN;UPG13;*)E=^!%-!YEW^O$1[98%)(E/B=
M64"V/L083H(;0S4[H<,)$"=6P8Z"<M/=U<;C_P`V+FFO)0/_`$!0(!#?>*S8
MN/\`;GE91IH#+3W=7&X_\V+FFO)0/_0%`@$-]XK-AX_VYY64::#/V[BO/IC@
MJ_2+*R_B`7MFIW_DZ^::)W1@&\[@+M/;3<CE5)`Y2YXMDG)!*%YIW68*L47!
MAH=.E';@PP?'="8;^FYBQ!H'ESFF^LB`'UIR*ZL:`\N<TWUD0`^M.175C07Z
M)<?'38P5)-7/6[3?O`YLF7_`/FI3AK6:43$H1.]R1Q;R-Y,ER-$JQ;N$88OQ
8+V^"F(D:(45SMQAB(P6@@6S9MX<0?__9
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
