-----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,
 DG89UQZ745jbPAgYjFksJdn+ZKynzBjjK1gQFOpK9guapkewX85JFOkPNZKxT/jn
 POmjN/8PBf2Je2g9p4qokA==

<SEC-DOCUMENT>0000930413-06-004087.txt : 20090825
<SEC-HEADER>0000930413-06-004087.hdr.sgml : 20090825

<ACCEPTANCE-DATETIME>20060526162130

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0000930413-06-004087

CONFORMED SUBMISSION TYPE:	PRE 14A

PUBLIC DOCUMENT COUNT:		5

CONFORMED PERIOD OF REPORT:	20060523

FILED AS OF DATE:		20060526

DATE AS OF CHANGE:		20060621


FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			BLACKROCK HIGH INCOME SHARES

		CENTRAL INDEX KEY:			0000830474

		IRS NUMBER:				042999956

		STATE OF INCORPORATION:			MA

		FISCAL YEAR END:			1231



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-05495

		FILM NUMBER:		06870931



	BUSINESS ADDRESS:	

		STREET 1:		100 BELLEVUE PARKWAY

		CITY:			WILMINGTON

		STATE:			DE

		ZIP:			19809

		BUSINESS PHONE:		1-888-825-2257



	MAIL ADDRESS:	

		STREET 1:		100 BELLEVUE PARKWAY

		CITY:			WILMINGTON

		STATE:			DE

		ZIP:			19809



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	CIGNA HIGH INCOME SHARES

		DATE OF NAME CHANGE:	19920703




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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-05542

		FILM NUMBER:		06870976



	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 MUNICIPAL TARGET TERM TRUST INC

		CENTRAL INDEX KEY:			0000877358

		IRS NUMBER:				133624797

		STATE OF INCORPORATION:			MD

		FISCAL YEAR END:			1231



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-06355

		FILM NUMBER:		06870974



	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 INCOME OPPORTUNITY TRUST INC

		CENTRAL INDEX KEY:			0000880280

		IRS NUMBER:				133634989

		STATE OF INCORPORATION:			MD

		FISCAL YEAR END:			1031



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-06443

		FILM NUMBER:		06870969



	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 INSURED MUNICIPAL TERM TRUST INC

		CENTRAL INDEX KEY:			0000882346

		IRS NUMBER:				133642644

		STATE OF INCORPORATION:			MD

		FISCAL YEAR END:			1231



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-06512

		FILM NUMBER:		06870968



	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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-06721

		FILM NUMBER:		06870981



	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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-07090

		FILM NUMBER:		06870980



	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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-07092

		FILM NUMBER:		06870979



	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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-07094

		FILM NUMBER:		06870978



	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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-07250

		FILM NUMBER:		06870977



	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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-07354

		FILM NUMBER:		06870982



	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 INVESTMENT QUALITY MUNICIPAL TRUST INC

		CENTRAL INDEX KEY:			0000902717

		IRS NUMBER:				133710959

		STATE OF INCORPORATION:			MD

		FISCAL YEAR END:			1031



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-07672

		FILM NUMBER:		06870970



	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 INVESTMENT QUALITY MUNICIPAL TRUST

		CENTRAL INDEX KEY:			0000902719

		IRS NUMBER:				137014351

		STATE OF INCORPORATION:			MA

		FISCAL YEAR END:			1031



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-07666

		FILM NUMBER:		06870972



	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 INVESTMENT QUALITY MUNICIPAL TRUST

		DATE OF NAME CHANGE:	19930714




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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-07664

		FILM NUMBER:		06870973



	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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-07670

		FILM NUMBER:		06870971



	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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-08991

		FILM NUMBER:		06870975



	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 MUNICIPAL TRUST

		CENTRAL INDEX KEY:			0001089094

		IRS NUMBER:				134069935

		STATE OF INCORPORATION:			DE

		FISCAL YEAR END:			1231



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-09401

		FILM NUMBER:		06870966



	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 PENNSYLVANIA STRATEGIC MUNICIPAL TRUST

		CENTRAL INDEX KEY:			0001089821

		IRS NUMBER:				134069938

		STATE OF INCORPORATION:			DE

		FISCAL YEAR END:			1231



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-09417

		FILM NUMBER:		06870967



	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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-10337

		FILM NUMBER:		06870961



	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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-10331

		FILM NUMBER:		06870963



	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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-10333

		FILM NUMBER:		06870965



	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

		DATE OF NAME CHANGE:	20010330




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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-10339

		FILM NUMBER:		06870964



	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 INCOME TRUST

		CENTRAL INDEX KEY:			0001137440

		IRS NUMBER:				510409123

		STATE OF INCORPORATION:			DE

		FISCAL YEAR END:			1031



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-10335

		FILM NUMBER:		06870962



	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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-10499

		FILM NUMBER:		06870960



	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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-10503

		FILM NUMBER:		06870958



	BUSINESS ADDRESS:	

		STREET 1:		100 BELLEVUE PARKWAY

		STREET 2:		MUTUAL FUND DEPARTMENT

		CITY:			WILMINGTON

		STATE:			DE

		ZIP:			19809

		BUSINESS PHONE:		800-441-7762



	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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-10501

		FILM NUMBER:		06870959



	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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-10543

		FILM NUMBER:		06870957



	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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-10635

		FILM NUMBER:		06870956



	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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-21036

		FILM NUMBER:		06870955



	BUSINESS ADDRESS:	

		STREET 1:		100 BELLEVUE PARKWAY

		CITY:			WILMINGTON

		STATE:			DE

		ZIP:			19809

		BUSINESS PHONE:		888-441-7762



	MAIL ADDRESS:	

		STREET 1:		100 BELLEVUE PARKWAY

		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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-21037

		FILM NUMBER:		06870950



	BUSINESS ADDRESS:	

		STREET 1:		100 BELLEVUE PARKWAY

		CITY:			WILMINGTON

		STATE:			DE

		ZIP:			19809

		BUSINESS PHONE:		888-441-7762



	MAIL ADDRESS:	

		STREET 1:		100 BELLEVUE PARKWAY

		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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-21052

		FILM NUMBER:		06870954



	BUSINESS ADDRESS:	

		STREET 1:		100 BELLEVUE PARKWAY

		CITY:			WILMINGTON

		STATE:			DE

		ZIP:			19809

		BUSINESS PHONE:		888-441-7762



	MAIL ADDRESS:	

		STREET 1:		100 BELLEVUE PARKWAY

		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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-21054

		FILM NUMBER:		06870953



	BUSINESS ADDRESS:	

		STREET 1:		100 BELLEVUE PARKWAY

		CITY:			WILMINGTON

		STATE:			DE

		ZIP:			19809

		BUSINESS PHONE:		888-441-7762



	MAIL ADDRESS:	

		STREET 1:		100 BELLEVUE PARKWAY

		CITY:			WILMINGTON

		STATE:			DE

		ZIP:			19809



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	BLACKROCK FLORIDA MUNICIPAL BOND TRUST

		DATE OF NAME CHANGE:	20020312




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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-21051

		FILM NUMBER:		06870952



	BUSINESS ADDRESS:	

		STREET 1:		100 BELLEVUE PARKWAY

		CITY:			WILMINGTON

		STATE:			DE

		ZIP:			19809

		BUSINESS PHONE:		888-441-7762



	MAIL ADDRESS:	

		STREET 1:		100 BELLEVUE PARKWAY

		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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-21050

		FILM NUMBER:		06870951



	BUSINESS ADDRESS:	

		STREET 1:		100 BELLEVUE PARKWAY

		CITY:			WILMINGTON

		STATE:			DE

		ZIP:			19809

		BUSINESS PHONE:		888-441-7762



	MAIL ADDRESS:	

		STREET 1:		100 BELLEVUE PARKWAY

		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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-21053

		FILM NUMBER:		06870949



	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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-21126

		FILM NUMBER:		06870948



	BUSINESS ADDRESS:	

		STREET 1:		100 BELLEVUE PARKWAY

		CITY:			WILMINGTON

		STATE:			DE

		ZIP:			19809

		BUSINESS PHONE:		888-441-7762



	MAIL ADDRESS:	

		STREET 1:		100 BELLEVUE PARKWAY

		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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-21125

		FILM NUMBER:		06870947



	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 II

		CENTRAL INDEX KEY:			0001176197

		IRS NUMBER:				010722231

		STATE OF INCORPORATION:			DE

		FISCAL YEAR END:			0831



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-21124

		FILM NUMBER:		06870946



	BUSINESS ADDRESS:	

		STREET 1:		100 BELLEVUE PARKWAY

		CITY:			WILMINGTON

		STATE:			DE

		ZIP:			19809

		BUSINESS PHONE:		888-441-7762



	MAIL ADDRESS:	

		STREET 1:		100 BELLEVUE PARKWAY

		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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-21179

		FILM NUMBER:		06870942



	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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-21180

		FILM NUMBER:		06870943



	BUSINESS ADDRESS:	

		STREET 1:		100 BELLEVUE PARKWAY

		CITY:			WILMINGTON

		STATE:			DE

		ZIP:			19809

		BUSINESS PHONE:		888-441-7762



	MAIL ADDRESS:	

		STREET 1:		100 BELLEVUE PARKWAY

		CITY:			WILMINGTON

		STATE:			DE

		ZIP:			19809



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	BLACKROCK FLORIDA INSURED MUNICIPAL INCOME TRUST

		DATE OF NAME CHANGE:	20020904



	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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-21177

		FILM NUMBER:		06870944



	BUSINESS ADDRESS:	

		STREET 1:		100 BELLEVUE PARKWAY

		CITY:			WILMINGTON

		STATE:			DE

		ZIP:			19809

		BUSINESS PHONE:		800-441-7762



	MAIL ADDRESS:	

		STREET 1:		100 BELLEVUE PARKWAY

		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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-21178

		FILM NUMBER:		06870945



	BUSINESS ADDRESS:	

		STREET 1:		100 BELLEVUE PARKWAY

		CITY:			WILMINGTON

		STATE:			DE

		ZIP:			19809

		BUSINESS PHONE:		800-441-7762



	MAIL ADDRESS:	

		STREET 1:		100 BELLEVUE PARKWAY

		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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-21184

		FILM NUMBER:		06870938



	BUSINESS ADDRESS:	

		STREET 1:		100 BELLEVUE PARKWAY

		CITY:			WILMINGTON

		STATE:			DE

		ZIP:			19809

		BUSINESS PHONE:		800-441-7762



	MAIL ADDRESS:	

		STREET 1:		100 BELLEVUE PARKWAY

		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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-21181

		FILM NUMBER:		06870939



	BUSINESS ADDRESS:	

		STREET 1:		100 BELLEVUE PARKWAY

		CITY:			WILMINGTON

		STATE:			DE

		ZIP:			19809

		BUSINESS PHONE:		800-441-7762



	MAIL ADDRESS:	

		STREET 1:		100 BELLEVUE PARKWAY

		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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-21280

		FILM NUMBER:		06870941



	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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-21349

		FILM NUMBER:		06870940



	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 DIVIDEND ACHIEVERS TRUST

		CENTRAL INDEX KEY:			0001265316

		IRS NUMBER:				000000000

		STATE OF INCORPORATION:			DE



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-21443

		FILM NUMBER:		06870937



	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 STRATEGIC DIVIDEND ACHIEVERS TRUST

		CENTRAL INDEX KEY:			0001277350

		IRS NUMBER:				000000000

		STATE OF INCORPORATION:			DE



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-21493

		FILM NUMBER:		06870936



	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 S&P QUALITY RANKINGS GLOBAL EQUITY MANAGED TRUST

		CENTRAL INDEX KEY:			0001280936

		IRS NUMBER:				000000000



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-21522

		FILM NUMBER:		06870935



	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:	S&P QUALITY RANKINGS GLOBAL EQUITY MANAGED TRUST

		DATE OF NAME CHANGE:	20040423



	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 GLOBAL FLOATING RATE INCOME TRUST

		CENTRAL INDEX KEY:			0001287480

		IRS NUMBER:				000000000



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-21566

		FILM NUMBER:		06870934



	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 GLOBAL FLOATING RATE INCOME TRUST

		DATE OF NAME CHANGE:	20040528



	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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-21656

		FILM NUMBER:		06870933



	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



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	BlackRock Global Energy & Resources Trust

		DATE OF NAME CHANGE:	20041020




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			BlackRock Health Sciences Trust

		CENTRAL INDEX KEY:			0001314966

		IRS NUMBER:				000000000

		STATE OF INCORPORATION:			DE



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-21702

		FILM NUMBER:		06870932



	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 Global Opportunities Equity Trust

		CENTRAL INDEX KEY:			0001320375

		IRS NUMBER:				000000000

		STATE OF INCORPORATION:			DE

		FISCAL YEAR END:			1031



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-21729

		FILM NUMBER:		06870930



	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 Enhanced Dividend Achievers Trust

		CENTRAL INDEX KEY:			0001332283

		IRS NUMBER:				000000000

		STATE OF INCORPORATION:			DE



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-21784

		FILM NUMBER:		06870929



	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 World Investment Trust

		CENTRAL INDEX KEY:			0001336777

		IRS NUMBER:				000000000

		STATE OF INCORPORATION:			DE



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-21800

		FILM NUMBER:		06870928



	BUSINESS ADDRESS:	

		STREET 1:		100 BELLEVUE PARKWAY

		CITY:			WILMINGTON

		STATE:			DE

		ZIP:			19809

		BUSINESS PHONE:		800-882-0052



	MAIL ADDRESS:	

		STREET 1:		100 BELLEVUE PARKWAY

		CITY:			WILMINGTON

		STATE:			DE

		ZIP:			19809




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			BlackRock Long-Term Municipal Advantage Trust

		CENTRAL INDEX KEY:			0001343793

		IRS NUMBER:				000000000



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-21835

		FILM NUMBER:		06870927



	BUSINESS ADDRESS:	

		STREET 1:		100 BELLEVUE PARKWAY

		CITY:			WILMINGTON

		STATE:			DE

		ZIP:			19809

		BUSINESS PHONE:		800-441-7762



	MAIL ADDRESS:	

		STREET 1:		100 BELLEVUE PARKWAY

		CITY:			WILMINGTON

		STATE:			DE

		ZIP:			19809



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	BlackRock Municipal Advantage Income Trust

		DATE OF NAME CHANGE:	20051108



</SEC-HEADER>

<DOCUMENT>
<TYPE>PRE 14A
<SEQUENCE>1
<FILENAME>c42927_pre14a.htm
<TEXT>

<HTML>

<HEAD><TITLE></TITLE></HEAD>
<BODY>


<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:

[X]  Preliminary Proxy Statement          [_]  Soliciting Material Under Rule
[_]  Confidential, For Use of the              14a-12
     Commission Only (as permitted
     by Rule 14a-6(e)(2))
[_]  Definitive Proxy Statement
[_]  Definitive Additional Materials


</PRE>





<TABLE border=0 cellspacing=0 cellpadding=0 width=100%>
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    <TD width=100% align=center> <FONT size=2 face="sans-serif">THE BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC. (&#147;BKN&#148;)</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=100% align=center> <FONT size=2 face="sans-serif">THE BLACKROCK INSURED MUNICIPAL 2008 TERM TRUST INC. (&#147;BRM&#148;)</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=100% align=center> <FONT size=2 face="sans-serif">THE BLACKROCK CALIFORNIA INSURED MUNICIPAL 2008 TERM TRUST INC. (&#147;BFC&#148;)</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=100% align=center> <FONT size=2 face="sans-serif">THE BLACKROCK FLORIDA INSURED MUNICIPAL 2008 TERM TRUST (&#147;BRF&#148;)</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=100% align=center> <FONT size=2 face="sans-serif">THE BLACKROCK NEW YORK INSURED MUNICIPAL 2008 TERM TRUST INC. (&#147;BLN&#148;)</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=100% align=center> <FONT size=2 face="sans-serif">THE BLACKROCK BROAD INVESTMENT GRADE 2009 TERM TRUST INC. (&#147;BCT&#148;)</FONT>&nbsp; </TD>
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  <TR valign="bottom">
    <TD align=center width=100%> <FONT size=2 face="sans-serif">THE BLACKROCK INCOME TRUST INC. (&#147;BKT&#148;)</FONT> </TD>
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  <TR valign="bottom">
    <TD align=center width=100%> <FONT size=2 face="sans-serif">THE BLACKROCK HIGH YIELD TRUST (&#147;BHY&#148;)</FONT> </TD>
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    <TD align=center width=100%> <FONT size=2 face="sans-serif">THE BLACKROCK MUNICIPAL TARGET TERM TRUST INC. (&#147;BMN&#148;)</FONT> </TD>
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    <TD width=100% align=center> <FONT size=2 face="sans-serif">THE BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC. (&#147;RAA&#148;)</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=100% align=center> <FONT size=2 face="sans-serif">THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST (&#147;RFA&#148;)</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=100% align=center> <FONT size=2 face="sans-serif">THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC. (&#147;RNJ&#148;)</FONT>&nbsp; </TD>
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  <TR valign="bottom">
    <TD width=100% align=center> <FONT size=2 face="sans-serif">THE BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC. (&#147;RNY&#148;)</FONT>&nbsp; </TD>
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    <TD align=center width=100%> <FONT size=2 face="sans-serif">THE BLACKROCK INCOME OPPORTUNITY TRUST INC. (&#145;&#148;BNA&#148;)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center width=100%> <FONT size=2 face="sans-serif">THE BLACKROCK INSURED MUNICIPAL TERM TRUST INC. (&#147;BMT&#148;)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=100% align=center> <FONT size=2 face="sans-serif">THE BLACKROCK PENNSYLVANIA STRATEGIC MUNICIPAL TRUST (&#147;BPS&#148;)</FONT>&nbsp; </TD>
  </TR>
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    <TD align=center width=100%> <FONT size=2 face="sans-serif">THE BLACKROCK STRATEGIC MUNICIPAL TRUST (&#147;BSD&#148;)</FONT> </TD>
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    <TD align=center width=100%> <FONT size=2 face="sans-serif">BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST (&#147;BFZ&#148;)</FONT> </TD>
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  <TR valign="bottom">
    <TD align=center width=100%> <FONT size=2 face="sans-serif">BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST (&#147;BNJ&#148;)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center width=100%> <FONT size=2 face="sans-serif">BLACKROCK NEW YORK MUNICIPAL INCOME TRUST (&#147;BNY&#148;)</FONT> </TD>
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  <TR valign="bottom">
    <TD align=center width=100%> <FONT size=2 face="sans-serif">BLACKROCK CALIFORNIA MUNICIPAL 2018 TERM TRUST (&#147;BJZ&#148;)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center width=100%> <FONT size=2 face="sans-serif">BLACKROCK MUNICIPAL 2018 TERM TRUST (&#147;BPK &#147;)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center width=100%> <FONT size=2 face="sans-serif">BLACKROCK NEW YORK MUNICIPAL 2018 TERM TRUST (&#147;BLH&#148;)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center width=100%> <FONT size=2 face="sans-serif">BLACKROCK CORE BOND TRUST (&#147;BHK&#148;)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center width=100%> <FONT size=2 face="sans-serif">BLACKROCK STRATEGIC BOND TRUST (&#147;BHD&#148;)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center width=100%> <FONT size=2 face="sans-serif">BLACKROCK MUNICIPAL BOND TRUST (&#147;BBK&#148;)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center width=100%> <FONT size=2 face="sans-serif">BLACKROCK CALIFORNIA MUNICIPAL BOND TRUST (&#147;BZA&#148;)</FONT> </TD>
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  <TR valign="bottom">
    <TD align=center width=100%> <FONT size=2 face="sans-serif">BLACKROCK FLORIDA MUNICIPAL BOND TRUST (&#147;BIE&#148;)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center width=100%> <FONT size=2 face="sans-serif">BLACKROCK MARYLAND MUNICIPAL BOND TRUST (&#147;BZM&#148;)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center width=100%> <FONT size=2 face="sans-serif">BLACKROCK NEW JERSEY MUNICIPAL BOND TRUST (&#147;BLJ&#148;)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center width=100%> <FONT size=2 face="sans-serif">BLACKROCK NEW YORK MUNICIPAL BOND TRUST (&#147;BQH&#148;)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center width=100%> <FONT size=2 face="sans-serif">BLACKROCK VIRGINIA MUNICIPAL BOND TRUST (&#147;BHV&#148;)</FONT> </TD>
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    <TD align=center width=100%> <FONT size=2 face="sans-serif">BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST II (&#147;BCL&#148;)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center width=100%> <FONT size=2 face="sans-serif">BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II (&#147;BFY&#148;)</FONT> </TD>
  </TR>
  <TR valign="bottom">
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  </TR>
  <TR valign="bottom">
    <TD width=100% align=center> <FONT size=2 face="sans-serif">BLACKROCK CALIFORNIA INSURED MUNICIPAL INCOME TRUST (&#147;BCK&#148;)</FONT>&nbsp; </TD>
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  <TR valign="bottom">
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  <TR valign="bottom">
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  </TR>
  <TR valign="bottom">
    <TD align=center width=100%> <FONT size=2 face="sans-serif">BLACKROCK MUNICIPAL 2020 TERM TRUST (&#147;BKK&#148;)</FONT> </TD>
  </TR>
  <TR valign="bottom">
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  <TR valign="bottom">
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  <TR valign="bottom">
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  </TR>
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  </TR>
  <TR valign="bottom">
    <TD align=center width=100%> <FONT size=2 face="sans-serif">BLACKROCK GLOBAL FLOATING RATE INCOME TRUST (&#147;BGT&#148;)</FONT> </TD>
  </TR>
  <TR valign="bottom">
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  </TR>
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  </TR>
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  </TR>
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  </TR>
  <TR valign="bottom">
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  </TR>
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    <TD align=center> <FONT size=2 face="sans-serif">BLACKROCK WORLD INVESTMENT TRUST (&#147;BWC&#148;)</FONT> </TD>
  </TR>
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    <TD align=center> <FONT size=2 face="sans-serif">BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST (&#147;BTA&#148;)</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center width=100%>&nbsp;</TD>
  </TR>
</TABLE>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>

<P align="center">
<FONT face="serif">[PRELIMINARY COPY &#150; SUBJECT TO COMPLETION] </FONT></P>
<P align="center"><img src="c42927_bdvx1x1.jpg" border=0></P>
<center>
  <p><B><FONT size=2 face="serif">BLACKROCK CLOSED-END FUNDS </FONT></B><BR>
      <B><FONT size=2 face="serif">100 BELLEVUE PARKWAY </FONT></B><BR>
      <B><FONT size=2 face="serif">WILMINGTON, DELAWARE 19809 </FONT></B></p>
  <p>_____________</p>
  <p><BR>
    <B><FONT size=2 face="serif">NOTICE OF JOINT SPECIAL MEETING OF </FONT></B><BR>
    <B><FONT size=2 face="serif">STOCKHOLDERS/SHAREHOLDERS </FONT></B><BR>
  <B><FONT size=2 face="serif">TO BE HELD ON AUGUST 23, 2006 </FONT></B></p>
  <p>_____________<BR>
  </p>
</center>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">Notice is hereby given to the Stockholders/Shareholders of each of the BlackRock Closed-End Funds listed on </FONT><I><FONT size=2 face="serif">Appendix A</FONT></I><FONT size=2 face="serif">
to the Proxy Statement accompanying this notice (collectively, the "Trusts") that: </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">A Joint Special Meeting of Stockholders/Shareholders
of the Trusts (the "Special Meeting") will be held at the New York East Side
Marriott, 525 Lexington Avenue, New York, New York on  Wednesday, August 23,
2006, at 1:00 p.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. </FONT><B><FONT size=2
face="serif">A list of the Trusts setting forth each Trust's full name and trading
symbol and the proposals for which the shareholders of each Trust will vote is
included in the Proxy Statement at page 1. </FONT></B><FONT size=2 face="serif">The
 Special Meeting is being held for the following purposes:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=3% align=right>&nbsp;&nbsp;</TD>
        <TD width=9% align=right>
      <div align="left"><FONT size=2 face="serif">1.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          </div></TD>
        <TD width=88% align=left>
<FONT size=2 face="serif">For shareholders of each Trust, to approve a new investment management agreement.</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=3>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
        <TD align=right>
      <div align="left"><FONT size=2 face="serif">2.</FONT>&nbsp;
          </div></TD>
        <TD align=left>
<FONT size=2 face="serif">For shareholders of each of the Trusts that have entered into a sub-advisory agreement, to approve a new</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left>

          <div align="left"></div></TD>
        <TD align=left>
<FONT size=2 face="serif">investment sub-advisory agreement.</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=3>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
        <TD align=right>
      <div align="left"><FONT size=2 face="serif">3.</FONT>&nbsp;
          </div></TD>
        <TD align=left>
<FONT size=2 face="serif">To transact such other business as may properly come before the Special Meeting or any adjournments or</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>
<FONT size=2 face="serif">postponements thereof.</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P>
<B><FONT size=2 face="serif">THE BOARD OF DIRECTORS OR BOARD OF TRUSTEES, AS THE CASE MAY BE (THE "DIRECTORS" OR 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;&nbsp;&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">We
encourage you to contact The Altman Group toll free at [TO COME] from 9:00 a.m.
to 6:00 p.m. (New York City time) if you have any questions. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">The Board of each Trust has fixed the close of business on June 5, 2006 as the record date for the determination of Stockholders/Shareholders entitled to notice of, and to vote at, the Special
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 Special Meeting. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=65% align=left>&nbsp;</TD>
        <TD width=35% 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 nowrap>
<FONT size=2 face="serif">Vincent B. Tritto, Secretary of each Trust</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<FONT size=2 face="serif">New York, New York </FONT><BR>
<FONT size=2 face="serif">[June 21], 2006 </FONT><BR>

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


<div style="border-bottom:1px solid #000000; border-top:1px solid #000000"> <font size=2 face="serif">IT IS
    IMPORTANT THAT YOUR SHARES BE REPRESENTED AT THE SPECIAL MEETING IN PERSON
    OR BY PROXY. WHETHER OR NOT YOU PLAN TO ATTEND THE SPECIAL 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 SPECIAL MEETING AND WISH TO VOTE IN PERSON, YOU
    WILL BE ABLE TO DO SO AND YOUR VOTE AT THE SPECIAL 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 OR VOTE
    BY INTERNET OR TELEPHONE TODAY. </font></div>
<P>&nbsp;</P>
<P align="center">
<FONT face="serif">2 </FONT></P>

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


<P align="center">
<FONT face="serif">[PRELIMINARY COPY &#150; SUBJECT TO COMPLETION] </FONT></P>
<center>
  <B><FONT size=2 face="serif">BLACKROCK CLOSED-END FUNDS </FONT></B><BR>
  <B><FONT size=2 face="serif">PROXY STATEMENT </FONT></B><BR>
  <B><FONT size=2 face="serif">FOR </FONT></B><BR>
  <B><FONT size=2 face="serif">JOINT SPECIAL MEETING OF STOCKHOLDERS/SHAREHOLDERS</FONT></B><BR>
  <B><FONT size=2 face="serif">TO BE HELD ON AUGUST 23, 2006 </FONT></B>
</center>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">This document will give you the information you need to vote on the matters listed on the accompanying Notice of Joint Special Meeting of Stockholders/Shareholders ("Notice of Special
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 The
Altman Group toll-free at [TO COME]. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">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 Trust (as defined in the Notice
of Special Meeting) of proxies to be voted at the Joint Special Meeting of Stockholders/Shareholders of the Trusts to be held on Wednesday, August 23, 2006, and any adjournment or postponement thereof (the "Special Meeting"). The Special Meeting
will be held at the New York East Side Marriott, 525 Lexington Avenue, New York, New York, on August 23, 2006, at 1:00 p.m. (New York City time). As used in the Notice of Special Meeting and as used herein, the term "Board of Directors" shall
include Boards of Trustees, "Directors" shall include Trustees, the term "shareholders" shall include stockholders and the term "share" shall include stock where the use of the terms "Board of Trustees" or "Trustees" or "stockholders" or "stock"
would otherwise be appropriate. This Proxy Statement, the Notice of Special Meeting and the enclosed proxy card are first being sent to the Trusts' shareholders on or about [June 21], 2006. </FONT></P>
<P align="center">
<B><FONT size=2 face="serif">SUMMARY OF PROPOSALS AND TRUSTS AFFECTED</FONT></B><B><FONT face="serif"> </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">A list of the Trusts setting forth each Trust's full name and trading symbol as well as a summary of proposals and Trusts affected is set forth below: </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=center>
<FONT size=2 face="serif">PROPOSAL NO. 2</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=center>
<FONT size=2 face="serif">PROPOSAL NO. 1</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">TO APPROVE</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=center>
<FONT size=2 face="serif">TO APPROVE NEW</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">NEW INVEST-</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=center>
<FONT size=2 face="serif">INVESTMENT</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">MENT SUB-</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=2 face="serif">TRADING</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">MANAGEMENT</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">ADVISORY</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">NAME</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">SYMBOL</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">AGREEMENT</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">AGREEMENT</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
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        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
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        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">THE BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC.</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BKN</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
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        </TD>
        <TD>
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        </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 align=center>
<FONT size=2 face="serif">BRM</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
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        </TD>
        <TD>
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        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">THE BLACKROCK CALIFORNIA INSURED MUNICIPAL 2008 TERM</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BFC</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">TRUST INC.</FONT>&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>
<HR noshade size=1>
        </TD>
        <TD>
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        </TD>
        <TD>
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        </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 align=center>
<FONT size=2 face="serif">BRF</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
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        </TD>
        <TD>
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        </TD>
        <TD>
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        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">THE BLACKROCK NEW YORK INSURED MUNICIPAL 2008 TERM TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BLN</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">INC.</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

        </TD>
</TR>
<TR>
        <TD>
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        </TD>
        <TD>
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        </TD>
        <TD>
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        </TD>
        <TD>
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        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">THE BLACKROCK BROAD INVESTMENT GRADE 2009 TERM TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BCT</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">INC.</FONT>&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>
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        </TD>
        <TD>
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        </TD>
        <TD>
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        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">THE BLACKROCK INCOME TRUST INC.</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BKT</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
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        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
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        </TD>
        <TD>
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        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">THE BLACKROCK HIGH YIELD TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BHY</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
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        </TD>
        <TD>
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        </TD>
        <TD>
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        </TD>
        <TD>
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        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">THE BLACKROCK MUNICIPAL TARGET TERM TRUST INC.</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BMN</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
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        </TD>
        <TD>
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        </TD>
        <TD>
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        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">THE BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">RAA</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">TRUST INC.</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

        </TD>
</TR>
<TR>
        <TD>
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        </TD>
        <TD>
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        </TD>
        <TD>
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        </TD>
        <TD>
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        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">RFA</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

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

        </TD>
</TR>
<TR>
        <TD>
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        </TD>
        <TD>
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        </TD>
        <TD>
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        </TD>
        <TD>
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        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">RNJ</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">TRUST INC.</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

        </TD>
</TR>
<TR>
        <TD>
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        <TD>
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        </TD>
        <TD>
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        <TD>
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</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">THE BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">RNY</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">TRUST INC.</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

        </TD>
</TR>
<TR>
        <TD>
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        <TD>
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        </TD>
        <TD>
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        <TD>
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</TR>
</TABLE>
<BR>
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<SUP><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1</FONT></SUP><FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trusts designated in this column as voting on Proposal 2 have entered into a sub-advisory agreement and are referred to in the proxy statement as the "Sub-Advised Trusts". </FONT>
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<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=center>
<FONT size=2 face="serif">PROPOSAL NO. 2</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=center>
<FONT size=2 face="serif">PROPOSAL NO. 1</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">TO APPROVE</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=center>
<FONT size=2 face="serif">TO APPROVE NEW</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">NEW INVEST-</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=center>
<FONT size=2 face="serif">INVESTMENT</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">MENT SUB-</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<FONT size=2 face="serif">TRADING</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">MANAGEMENT</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">ADVISORY</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">NAME</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">SYMBOL</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">AGREEMENT</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">AGREEMENT</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR>
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        <TD>
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        </TD>
        <TD>
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        <TD>
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</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">THE BLACKROCK INCOME OPPORTUNITY TRUST INC.</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BNA</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
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<TR>
        <TD>
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        <TD>
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        </TD>
        <TD>
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        </TD>
        <TD>
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<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">THE BLACKROCK INSURED MUNICIPAL TERM TRUST INC.</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BMT</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD>
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        <TD>
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        <TD>
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        <TD>
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<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">THE BLACKROCK PENNSYLVANIA STRATEGIC MUNICIPAL TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BPS</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
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<TR>
        <TD>
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        <TD>
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        </TD>
        <TD>
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        <TD>
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<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">THE BLACKROCK STRATEGIC MUNICIPAL TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BSD</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
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        <TD>
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        </TD>
        <TD>
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        <TD>
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<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK FLORIDA MUNICIPAL INCOME TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BBF</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
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        <TD>
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        </TD>
        <TD>
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        <TD>
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<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK MUNICIPAL INCOME TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BFK</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
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        <TD>
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        </TD>
        <TD>
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        </TD>
        <TD>
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</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BFZ</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
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        <TD>
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        </TD>
        <TD>
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        </TD>
        <TD>
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</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BNJ</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
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        <TD>
<HR noshade size=1>
        </TD>
        <TD>
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        </TD>
        <TD>
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</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK NEW YORK MUNICIPAL INCOME TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BNY</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
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        <TD>
<HR noshade size=1>
        </TD>
        <TD>
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        </TD>
        <TD>
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</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK CALIFORNIA MUNICIPAL 2018 TERM TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BJZ</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
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        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
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        </TD>
        <TD>
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        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK MUNICIPAL 2018 TERM TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BPK</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
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        <TD>
<HR noshade size=1>
        </TD>
        <TD>
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        </TD>
        <TD>
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        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK NEW YORK MUNICIPAL 2018 TERM TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BLH</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
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        </TD>
        <TD>
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        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK CORE BOND TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BHK</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
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        <TD>
<HR noshade size=1>
        </TD>
        <TD>
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        </TD>
        <TD>
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        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK STRATEGIC BOND TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BHD</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
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        <TD>
<HR noshade size=1>
        </TD>
        <TD>
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        </TD>
        <TD>
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        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK MUNICIPAL BOND TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BBK</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
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        </TD>
        <TD>
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        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK CALIFORNIA MUNICIPAL BOND TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BZA</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
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        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
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        </TD>
        <TD>
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        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK FLORIDA MUNICIPAL BOND TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BIE</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
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        </TD>
        <TD>
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        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK MARYLAND MUNICIPAL BOND TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BZM</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
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        </TD>
        <TD>
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        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK NEW JERSEY MUNICIPAL BOND TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BLJ</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
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        </TD>
        <TD>
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        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK NEW YORK MUNICIPAL BOND TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BQH</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
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        </TD>
        <TD>
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        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK VIRGINIA MUNICIPAL BOND TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BHV</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
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        <TD>
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        </TD>
        <TD>
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        </TD>
        <TD>
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<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK MUNICIPAL INCOME TRUST II</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BLE</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
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        <TD>
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        </TD>
        <TD>
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        </TD>
        <TD>
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        <TD align=left>
<FONT size=2 face="serif">BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST II</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BCL</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
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        <TD>
<HR noshade size=1>
        </TD>
        <TD>
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        </TD>
        <TD>
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</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BFY</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
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        <TD>
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        </TD>
        <TD>
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        </TD>
        <TD>
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</TR>
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        <TD align=left>
<FONT size=2 face="serif">BLACKROCK INSURED MUNICIPAL INCOME TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BYM</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
<TR>
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<HR noshade size=1>
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        <TD>
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        </TD>
        <TD>
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        </TD>
        <TD>
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</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK CALIFORNIA INSURED MUNICIPAL INCOME TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BCK</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
<TR>
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        <TD align=left>
<FONT size=2 face="serif">BLACKROCK FLORIDA INSURED MUNICIPAL INCOME TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BAF</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
<TR>
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<HR noshade size=1>
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<HR noshade size=1>
        </TD>
        <TD>
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        <TD>
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        <TD align=left>
<FONT size=2 face="serif">BLACKROCK NEW YORK INSURED MUNICIPAL INCOME TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BSE</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
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        <TD>
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        </TD>
        <TD>
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        </TD>
        <TD>
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</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK PREFERRED OPPORTUNITY TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BPP</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
<TR>
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<HR noshade size=1>
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        </TD>
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</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK LIMITED DURATION INCOME TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BLW</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
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<HR noshade size=1>
        </TD>
        <TD>
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        </TD>
        <TD>
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<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK MUNICIPAL 2020 TERM TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BKK</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
<TR>
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        <TD>
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<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK FLORIDA MUNICIPAL 2020 TERM TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BFO</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
<TR>
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<HR noshade size=1>
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        </TD>
        <TD>
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        <TD>
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        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK DIVIDEND ACHIEVERS(TM) TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BDV</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
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<HR noshade size=1>
        </TD>
        <TD>
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        <TD>
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</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK STRATEGIC DIVIDEND ACHIEVERS(TM) TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BDT</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
<TR>
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<HR noshade size=1>
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        <TD>
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        </TD>
        <TD>
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</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK S&amp;P QUALITY RANKINGS GLOBAL EQUITY MANAGED</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BQY</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">TRUST</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

        </TD>
</TR>
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<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK GLOBAL FLOATING RATE INCOME TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BGT</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
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        <TD align=left>
<FONT size=2 face="serif">BLACKROCK GLOBAL ENERGY AND RESOURCES TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BGR</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
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        <TD align=left>
<FONT size=2 face="serif">BLACKROCK HEALTH SCIENCES TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BME</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
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</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK HIGH INCOME SHARES</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">HIS</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
<TR>
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<HR noshade size=1>
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<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK GLOBAL OPPORTUNITIES EQUITY TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BOE</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR>
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<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">BLACKROCK ENHANCED DIVIDEND ACHIEVERS (TM) TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BDJ</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
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        <TD align=left>
<FONT size=2 face="serif">BLACKROCK WORLD INVESTMENT TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BWC</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
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        <TD align=left>
<FONT size=2 face="serif">BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">BTA</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
        <TD align=center>
<FONT face="sans-serif">X</FONT>&nbsp;
        </TD>
</TR>
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<BR>
<P align="center">
<FONT face="serif">2 </FONT></P>

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<B><FONT face="serif">Questions and Answers About our Special Meeting</FONT></B><BR>
<P>
<I><FONT size=2 face="serif">The following questions and answers provide brief answers to frequently asked questions concerning our special meeting. These questions and answers do not, and are not intended to, address all questions that may be
important to you. You should read the remainder of this proxy statement carefully, including all of the appendices. </FONT></I></P>
<P>
<B><FONT size=2 face="serif">* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHY IS A SPECIAL SHAREHOLDER MEETING BEING HELD? </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">BlackRock, Inc. ("BlackRock") is the parent company of each Trust's investment advisor and, if applicable, sub-advisor. BlackRock Advisors, Inc. (the "Advisor") is the investment advisor for
each Trust. BlackRock Financial Management, Inc. or, in the case of BGR, State Street Research &amp; Management Company (each, a "Sub-Advisor"), is the sub-advisor for each Trust that has a sub-advisor. The Advisor and the Sub-Advisors sometimes are
referred to herein collectively as the "Advisors." On February 15, 2006, BlackRock and Merrill Lynch &amp; Co., Inc. (&#147;Merrill Lynch&#148;) announced that they had entered into an agreement pursuant to which Merrill Lynch will contribute its
investment management business, Merrill Lynch Investment Managers (&#147;MLIM&#148;), to BlackRock, one of the largest publicly traded investment management firms in the United States, to form a new asset management company that will be one of the
world's preeminent, diversified global money management organizations with approximately &#36;1 trillion of assets under management (the &#147;Transaction&#148;). The new company will operate under the BlackRock name and be governed by a board of
directors with a majority of independent members. Although BlackRock has informed the Directors that it does not believe the Transaction will be an assignment of the Trusts' current investment management agreements or sub-advisory agreements under
the Investment Company Act of 1940 (the "1940 Act"), it is possible that the Transaction could be determined to be such an assignment, which would result in the automatic termination of each current agreement. Due to this uncertainty, each Trust is
submitting a new investment management agreement and, if applicable, new sub-advisory agreement to its shareholders to prevent any potential disruption in the Advisor's and, if applicable, the Sub-Advisor's ability to continue to provide services to
the Trusts after completion of the Transaction. The new agreements will be effective upon completion of the Transaction or, if the Transaction is not completed, at such time as the Board determines.</FONT></P>
<P>
<B><FONT size=2 face="serif">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHAT IS THE RATIONALE FOR THE TRANSACTION? </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">The combination of BlackRock and MLIM will form one of the world&#146;s preeminent, diversified global money management organizations with approximately &#36;1 trillion of assets under
management. The new company will offer a full range of equity, fixed income, cash management and alternative investment products with strong representation in both retail and institutional channels, in the United States and in non-United States
markets. It will have over 4,500 employees in 18 countries and a major presence in most key markets, including the United States, the United Kingdom, Asia, Australia, the Middle East and Europe. The combination also will create operating
efficiencies and the new company will offer its clients enhanced portfolio management capabilities. </FONT></P>
<P>
<B><FONT size=2 face="serif">* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HOW WILL THE TRANSACTION POTENTIALLY BENEFIT ME? </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">The new company will have greater resources to serve your investment needs. </FONT></P>
<P>
<B><FONT size=2 face="serif">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HOW DOES THE PROPOSED NEW INVESTMENT MANAGEMENT AGREEMENT DIFFER FROM MY TRUST&#146;S CURRENT AGREEMENT? </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">The advisory fees payable by each Trust to the Advisor and the services provided under the new investment management agreements are identical to those under the current agreements. While the
other terms of the new investment management agreements generally are substantially similar to those of the current agreements, certain revisions have been made in the new investment management agreements in order to standardize terms and language
across all BlackRock- and MLIM-sponsored funds. These revisions are described in this Proxy Statement.</FONT></P>
<P>
<B><FONT size=2 face="serif">* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HOW DOES THE PROPOSED NEW INVESTMENT SUB-ADVISORY AGREEMENT, IF APPLICABLE, DIFFER FROM MY TRUST&#146;S CURRENT <br>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGREEMENT? </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">The sub-advisory fees payable by the Advisor to the Sub-Advisor and the services provided under the new investment sub-advisory agreements are identical to those under the current agreements.
While the other terms of the new investment sub-advisory agreements generally are substantially similar to those of the current agreements, certain revisions have been made in the new sub-advisory agreements in order to standardize terms and
language across all BlackRock- and MLIM-sponsored funds. These revisions are described in this Proxy Statement.</FONT></P>
<P align="center">
<FONT face="serif">3</FONT></P>

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<P>
<FONT size=2 face="serif">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></FONT><B><FONT size=2 face="serif">WILL MY TRUST&#146;S FEES FOR ADVISORY OR SUB-ADVISORY SERVICES INCREASE?</FONT></B><FONT size=2 face="serif"> </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">No. The fees payable under your current investment management agreement and, if applicable, sub-advisory agreement will remain the same under the new agreements.</FONT></P>
<P>
<B><FONT size=2 face="serif">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WILL THERE BE ANY CHANGES TO THE PERSONS MANAGING MY TRUST FOLLOWING THE TRANSACTION? </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">Perhaps. The same entities that currently advise and, if applicable, sub-advise your Trust will continue to do so after the closing of the Transaction. The Advisor and Sub-Advisor, if
applicable, have advised the Board of each Trust that in the course of combining the investment management operations of BlackRock and MLIM, some changes to portfolio managers or portfolio management teams will occur for some Trusts, subject to the
consent of the Board and appropriate notice to shareholders, and that in other cases the current portfolio managers or management teams will remain in place. </FONT></P>
<P>
<B><FONT size=2 face="serif">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHAT AM I BEING ASKED TO VOTE &#147;FOR&#148; IN THIS PROXY? </FONT></B></P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">You are being asked to vote in favor of proposals to:</FONT><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
        <TD nowrap valign=top>
<FONT size=2 face="serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD>
<FONT size=2 face="serif">Approve a new investment management agreement with
the Advisor for your Trust. This new investment management agreement will take
effect when the combination of Merrill Lynch&#146;s investment management business
with  BlackRock, Inc. is completed or, if the Transaction is not completed, at
such time as the Board determines.</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">2.</FONT></TD>
        <TD>
<FONT size=2 face="serif">Approve a new investment sub-advisory agreement, if
applicable, with the Sub-Advisor for your Trust. This new investment sub-advisory
agreement will take effect when the combination of Merrill Lynch&#146;s investment
management business with BlackRock, Inc. is completed or, if the Transaction
is not completed, at such time as the Board determines.</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<B><FONT size=2 face="serif">* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHO IS ASKING FOR YOUR VOTE?</FONT></B><BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">The enclosed proxy is solicited by the Board of each Trust for use at the Special Meeting to be held on Wednesday, August 23, 2006, and, if the Special Meeting is adjourned or postponed, at any
later meetings, for the purposes stated in the Notice of Special Meeting. The Notice of Special Meeting, the proxy and this Proxy Statement are being mailed on or about [June 21], 2006. </FONT></P>
<P>
<B><FONT size=2 face="serif">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HOW DOES THE BOARD SUGGEST I
VOTE IN CONNECTION WITH THE NEW INVESTMENT MANAGEMENT AGREEMENT AND, IF <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APPLICABLE, NEW INVESTMENT SUB-ADVISORY AGREEMENT? </FONT></B></P>
<P>


     &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">After careful consideration, the Board of each Trust unanimously recommends that you vote FOR
     the approval of the new investment management agreement and, if applicable, the new investment sub-advisory
     agreement.
</FONT></P>
<P>
<B><FONT size=2 face="serif">* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WILL MY VOTE MAKE A DIFFERENCE? </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">Yes! Your vote is important and is needed to ensure that the proposals can be acted upon. We encourage all shareholders to participate in the governance of their Trust. </FONT></P>
<P>
<B><FONT size=2 face="serif">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IS THE TRUST PAYING FOR PREPARATION, PRINTING AND MAILING OF THESE PROXY MATERIALS?</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">No, all costs will be borne by Merrill Lynch whether or not the proposals are successful. </FONT></P>
<P>
<B><FONT size=2 face="serif">* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHOM DO I CALL IF I HAVE QUESTIONS? </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">If you need any assistance, or have any questions regarding the proposals or how to vote your shares, please call The Altman Group at [TO COME]. </FONT></P>
<P align="center">
<FONT face="serif">4</FONT></P>

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<B><FONT size=2 face="serif">* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HOW DO I VOTE MY SHARES?</FONT></B><BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">You can vote your shares by attending the Special Meeting, or if you do not expect to attend, by completing and signing the enclosed proxy card(s), and mailing it or them in the enclosed
postage-paid envelope. Alternatively, if your Trust permits it, you may vote by telephone by calling the toll-free number on the proxy card or by computer by going to the Inter-net address provided on the proxy card and following the instructions,
using your proxy card as a guide. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">A proxy card is enclosed with respect to each Trust in which you own shares. If you own shares in more than one Trust, please complete EACH enclosed proxy card in full. Properly executed proxy
cards will be voted by the persons named therein in the manner directed by the shareholder executing the proxy. Except as otherwise described below, properly executed proxy cards that do not give specific direction with respect to specific proposals
will be voted FOR Proposals 1 and 2 and in the best judgment of the named proxies as to any other matters. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">Broker-dealer firms holding shares in "street name" for the benefit of their customers and clients will request the instructions of such customers and clients on how to vote their shares on
each proposal before the Special Meeting. The New York Stock Exchange (the "NYSE") may take the position that broker-dealers that are members of the NYSE and that have not received instructions from a customer may not vote such customer's shares on
any of the proposals. A signed proxy card or other authorization by a beneficial owner of shares that does not specify how the beneficial owner's shares are to be voted on a proposal will be deemed to be an instruction to vote such shares in favor
of the applicable proposal. If any other business is brought before your Trust's Special Meeting, your shares will be voted at your proxy holder's discretion. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">Some broker-dealers are affiliates of BlackRock and Merrill Lynch and therefore have an interest in the outcome of the voting on the new investment advisory agreements in Proposal 1 and the new
sub-advisory agreements in Proposal 2, and stand to benefit if these proposals are approved. With respect to any shares for which a BlackRock- or Merrill Lynch-affiliated service organization (other than a broker-dealer) is the holder of record and
for which it does not receive voting instructions from its customers, such service organization intends to vote those shares in the same proportion as the votes received from its customers for which instructions have been received.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">If you beneficially own shares that are held in "street name" through a broker-dealer or that are held of record by a service organization, and if you have not given or do not give voting
instructions for your shares, they may not be voted at all or, as described above, may be voted in a manner that you may not intend. Therefore, you are strongly encouraged to be sure your broker-dealer or service organization has instructions as to
how you want your shares to be voted. </FONT></P>
<P>
<B><FONT size=2 face="serif">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MAY I CHANGE MY VOTE AFTER I HAVE MAILED MY PROXY? </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">Yes. 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 Special Meeting. </FONT></P>
<B><FONT size=2 face="serif">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHO IS ELIGIBLE TO VOTE?</FONT></B><BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">Shareholders of record of each Trust at the close of business on June 5, 2006 are entitled to be present and to vote at the Special Meeting or any adjourned or postponed meeting. Each common
share and each preferred share, if any, is entitled to one vote.</FONT></P>
<P>
<B><FONT size=2 face="serif">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HOW MANY SHARES OF EACH TRUST WERE OUTSTANDING AS OF THE RECORD DATE?</FONT></B></P>
<P>
<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">Appendix B</FONT></I><FONT size=2 face="serif"> sets forth the number of outstanding shares for each Trust at the close of business on June 5, 2006.</FONT><BR>
</P>
<P>
<B><FONT size=2 face="serif">* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHAT IS A QUORUM FOR PURPOSES OF THE PROPOSALS BEING VOTED ON AT THE SPECIAL MEETING? </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">The holders of a majority of outstanding common shares and preferred shares, if any, taken together, of each Trust present at the Special Meeting in person or by proxy will constitute a quorum
for each proposal. </FONT></P>
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<B><FONT size=2 face="serif">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHAT VOTE IS REQUIRED TO APPROVE THE PROPOSALS? </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">To become effective with respect to a particular Trust, each Proposal must be approved by a vote of a majority of the outstanding voting securities of that Trust. The &#147;vote of a majority
of the outstanding voting securities&#148; is defined in the 1940 Act as the lesser of the vote of (i) 67% or more of the voting securities of a Trust entitled to vote thereon present at the Special Meeting or represented by proxy if holders of more
than 50% of the outstanding voting securities are present or represented by proxy; or (ii) more than 50% of the outstanding voting securities of the Trust entitled to vote thereon. </FONT></P>
<P>
<B><FONT size=2 face="serif">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHY DOES THIS PROXY STATEMENT LIST SEVERAL CLOSED-END FUNDS?</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">The Trusts have similar proposals and it is cost-efficient to have a joint proxy statement and one special meeting. In the event that any shareholder present at the Special 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 Special 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>
<B><FONT face="serif">The Proposals</FONT></B><BR>
<P>
<B><FONT size=2 face="serif">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT size=2 face="serif">FIRST PROPOSAL</FONT></U></B><B><FONT size=2 face="serif">: TO APPROVE NEW INVESTMENT MANAGEMENT AGREEMENTS </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">At the Special Meeting, you will be asked to approve a new investment management agreement between each Trust in which you own shares and the Advisor (each, a &#147;New Management
Agreement&#148; and collectively, the &#147;New Management Agreements&#148;). The Advisor is responsible for the overall investment management of each Trust. A general description of the proposed New Management Agreements and a comparison of the
proposed New Management Agreements and the investment management agreements currently in effect for each Trust (each, a &#147;Current Management Agreement&#148; and, collectively, the &#147;Current Management Agreements&#148;) are included below.
The form of New Management Agreement is attached hereto as </FONT><I><FONT size=2 face="serif">Appendix C</FONT></I><FONT size=2 face="serif">. The date of the Current Management Agreement applicable to each Trust and the date on which it was last
approved by shareholders are provided in </FONT><I><FONT size=2 face="serif">Appendix D</FONT></I><FONT size=2 face="serif">. As described below, each Current Management Agreement was last approved for continuance by the Board on May 23, 2006.
</FONT></P>
<B><FONT size=2 face="serif">DESCRIPTION OF THE TRANSACTION</FONT></B><BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">On February 15, 2006, BlackRock, the parent company of the Advisor and the Sub-Advisors, and Merrill Lynch announced that they had entered into an agreement pursuant to which Merrill Lynch
would contribute its investment management business, MLIM, to BlackRock, one of the largest publicly traded investment management firms in the United States, to form a new asset management company that will be one of the world's preeminent,
diversified global money management organizations with approximately &#36;1 trillion in assets under management. Based in New York, BlackRock currently manages assets for institutional and individual investors worldwide through a variety of equity,
fixed income, cash management and alternative investment products. The new company will operate under the BlackRock name and be governed by a board of directors with a majority of independent members. The new company will offer a full range of
equity, fixed income, cash management and alternative investment products with strong representation in both retail and institutional channels, in the U.S. and in non-U.S. markets. It will have over 4,500 employees in 18 countries and a major
presence in most key markets, including the United States, the United Kingdom, Asia, Australia, the Middle East and Europe. Merrill Lynch will own no more than 49.8% of the total issued and outstanding capital stock of the new company and it will
own no more than 45% of the new company's common stock, and The PNC Financial Services Group, Inc. ("PNC"), which currently holds a majority interest in BlackRock, will retain approximately 34% of the new company's common stock. Each of Merrill
Lynch and PNC has agreed that it will vote all of its shares on all matters in accordance with the recommendation of BlackRock's board in order to assure the independence of BlackRock and BlackRock's board of directors. Completion of the transaction
is subject to various regulatory approvals, client consents, approval by BlackRock shareholders and customary conditions. The transaction has been approved by the boards of directors of Merrill Lynch, BlackRock and PNC and is expected to close at
the end of the third quarter of 2006. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">Although BlackRock has informed the Directors that it does not believe the Transaction will be an assignment of the Current Management Agreements under the 1940 Act, it is possible that the
Transaction could be determined to be such an assignment, which would result in the automatic termination of each Current Management Agreement. Due to this uncertainty, each Trust is submitting its New Management Agreement to shareholders to prevent
any potential disruption in the Advisor's ability to </FONT></P>
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<FONT size=2 face="serif">continue to provide services to the Trusts after completion of the Transaction. The New Management Agreements will be effective upon the completion of the Transaction or, if the Transaction is not completed, at such time as
the Board determines.</FONT><B><FONT size=2 face="serif"> </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">Members of the Board met on February 23, 2006, April 21, 2006 and May 23, 2006 for the purpose of, among other things, discussing the impact of the Transaction on the Advisors and the Trusts
and considering whether it would be in the best interests of each Trust and its shareholders to approve a New Management Agreement between each Trust and the Advisor. At those Board meetings, and for the reasons discussed below (see &#147;Board
Considerations&#148; below), the Board, including a majority of the Board Members who are not &#147;interested persons&#148; of the Trusts or the Advisor as defined in the 1940 Act (the &#147;Independent Directors&#148;), unanimously approved each
New Management Agreement and unanimously recommended its approval by shareholders of the respective Trust in order to assure continuity of investment advisory services to the Trusts after the Transaction. In the event shareholders of a Trust do not
approve the New Management Agreement, the Board will take such action as it deems to be in the best interests of the Trust and its shareholders. </FONT></P>
<B><FONT size=2 face="serif">SECTION 15(F) OF THE 1940 ACT</FONT></B><BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">BlackRock and Merrill Lynch have agreed to conduct their respective businesses (and use reasonable best efforts to cause their respective affiliates) to enable the conditions of Section 15(f)
of the 1940 Act to be true in relation to any funds advised by MLIM and registered under the 1940 Act. They have agreed to the same conduct in relation to the BlackRock funds to the extent BlackRock determines. Section 15(f) provides in substance
that when a sale of a controlling interest in an investment advisor occurs, the investment advisor or any of its affiliated persons may receive any amount or benefit in connection with the sale so long as two conditions are satisfied. The first
condition of Section 15(f) is that during the three-year period following completion of the Transaction, at least 75% of the investment company&#146;s board of directors or trustees must not be &#147;interested persons&#148; (as defined in the 1940
Act) of the investment advisor or predecessor advisor. Each Trust currently meets this test. Second, an &#147;unfair burden&#148; must not be imposed on the investment company as a result of the transaction relating to the sale of such interest, or
any express or implied terms, conditions or understandings applicable thereto. The term &#147;unfair burden&#148; (as defined in the 1940 Act) includes any arrangement during the two-year period after the transaction whereby the investment advisor
(or predecessor or successor advisor), or any &#147;interested person&#148; (as defined in the 1940 Act) of such an advisor, receives or is entitled to receive any compensation, directly or indirectly, from the investment company or its security
holders (other than fees for bona fide investment advisory or other services) or from any person in connection with the purchase or sale of securities or other property to, from or on behalf of the investment company (other than bona fide ordinary
compensation as principal underwriter for the investment company). </FONT><B><FONT size=2 face="serif"> </FONT></B></P>
<B><FONT size=2 face="serif">THE NEW MANAGEMENT AGREEMENTS</FONT></B><BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">The fees payable by each Trust under each New Management Agreement will be the same as the fees currently payable by each Trust under each Current Management Agreement. In addition, the Advisor
has assured the Board that it will continue to provide the same level of advisory and management services to each Trust under the New Management Agreements as provided under the Current Management Agreements. The Current Management Agreements
pursuant to which the Trusts receive investment management services are substantially similar to one another, except that the fees paid by the Trusts for management services vary from Trust to Trust. </FONT></P>
<P>
<B><FONT size=2 face="serif">COMPARISON OF CURRENT MANAGEMENT AGREEMENTS TO THE NEW MANAGEMENT AGREEMENTS </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">Set forth below is a general description of the terms of the New Management Agreements and a comparison with the terms of the Current Management Agreements. A copy of the form of New Management
Agreement is included in this Proxy Statement as </FONT><I><FONT size=2 face="serif">Appendix C</FONT></I><FONT size=2 face="serif"> and you should refer to </FONT><I><FONT size=2 face="serif">Appendix C</FONT></I><FONT size=2 face="serif"> for the
complete terms of the New Management Agreements.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Fees. </FONT></B><FONT size=2 face="serif">There is no change in the fees payable by any Trust to the Advisor for investment management services under its New Management Agreement. The
current fee schedule for investment management services for each Trust is set forth in <I>Appendix D</I>. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Investment Management Services. </FONT></B><FONT size=2 face="serif">Each New Management Agreement provides that, subject to the supervision of the Board, the Advisor will regularly provide
the Trusts with investment research, advice, management and supervision; will furnish a continuous investment program for the respective Trust consistent with its investment objectives, policies and restrictions; will determine from time to time
what securities and other investments will be purchased, retained or sold by the Trusts; and will implement those decisions, all subject to the provisions of the Trust&#146;s governing documents, the 1940 Act, the applicable rules and regulations of
the SEC, and other applicable federal and state law, as well as any specific policies adopted by the Board and disclosed to the Advisor. Each Current Management Agreement contains similar provisions. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Brokerage Transactions</FONT></B><FONT size=2 face="serif">. As noted above, under each Trust's New Management Agreement, the Advisor is authorized to place orders pursuant to its investment
determinations for the purchase and sale of securities. These orders may be placed either directly with the issuer or with any broker or dealer. In placing orders with brokers and dealers, each New Management Agreement states that the Advisor will
attempt to obtain the best price and the most favorable execution of its orders. In placing orders, the Advisor will consider the experience and skill of the firm's securities traders as well as the firm's financial responsibility and administrative
efficiency. Consistent with this obligation, the Advisor may, subject to the approval of the Trust's Board, select brokers on the basis of the research, statistical and pricing services they provide to a Trust and other clients of the Advisor or a
Sub-Advisor. Information and research received from such brokers will be in addition to, and not in lieu of, the services required to be performed by the Advisor under the New Management Agreement. A commission paid to such brokers may be higher
than that which another qualified broker would have charged for effecting the same transaction, provided that the Advisor determines in good faith that such commission is reasonable in terms of either the transaction or the overall responsibility of
the Advisor and Sub-Advisors to the Trust and their other clients and that the total commissions paid by each Trust will be reasonable in relation to the benefits to such Trust over the long-term. In no instance, however, will a Trust's securities
be purchased from or sold to the Advisor, the Sub-Advisors or any affiliated person thereof, accept to the extent permitted by the SEC or by applicable law. Subject to the foregoing and the provisions of the 1940 Act, the Securities Exchange Act of
1934 (the "1934 Act"), and other applicable provisions of law, the Advisor may select brokers and dealers with which it or the Trust is affiliated. Each Current Management Agreement contains similar provisions, although it is silent on the Advisor's
use of affiliated brokers and dealers. The Current Management Agreements contain a provision permitting the Advisor to take into account the sale of shares of a Trust in allocating purchase and sale orders for portfolio securities to brokers or
dealers, provided certain requirements were satisfied. This provision has been omitted from the New Management Agreements. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Exclusivity of Services. </FONT></B><FONT size=2 face="serif">Each Advisor's services under the New Management Agreements are not deemed to be exclusive, and each Advisor is free to render
similar services to others so long as its services under the New Management Agreements are not impaired. Each Current Management Agreement contains a similar provision. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Appointment of Sub-Advisors. </FONT></B><FONT size=2 face="serif">Each New Management Agreement expressly states that the Advisor may from time to time, in its sole discretion to the extent
permitted by applicable law, appoint one or more sub-advisors, including, without limitation, affiliates of the Advisor, to perform investment advisory services with respect to any Trust. The Advisor may terminate any or all sub-advisors in its sole
discretion at any time to the extent permitted by applicable law. Under current rules and SEC interpretations under the 1940 Act, the Advisor would be permitted, without shareholder approval, to hire and fire sub-advisors provided each sub-advisor
was controlled by, controlling or under common control with the Advisor. The Current Management Agreements are silent on such authority.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Payment of Expenses. </FONT></B><FONT size=2 face="serif">The New Management Agreements require the Advisor to bear all costs and expenses incurred in connection with its duties thereunder,
except that the Board may approve reimbursement to the Advisor of the pro rata portion of the salaries, bonuses, health insurance, retirement benefits and all similar employment costs for the time spent on Trust operations (including, without
limitation, compliance matters) (other than the provision of investment advisory services) of all personnel employed by the Advisor who devote substantial time to Trust operations or the operations of other investment companies advised by the
Advisor. Each Current Management Agreement contains similar provisions, but does not explicitly identify compliance matters. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Indemnity. </FONT></B><FONT size=2 face="serif">The New Management Agreements require that each Trust, subject to the prior consent of the Board, including a majority of the Independent
Directors in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations thereunder, indemnify the Advisor, its directors, officers, employees, agents and control persons for liabilities incurred by them
in connection with their services to such Trust, subject to certain limitations and conditions. Each Current Management Agreement contains similar provisions.</FONT><B><FONT size=2 face="serif"> </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Limitation on Liability. </FONT></B><FONT size=2 face="serif">Under each New Management Agreement, the Advisor is not liable for any error of judgment or mistake of law, or for any loss
suffered by a Trust in connection with its performance of the Agreement, except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services or a loss resulting from willful misfeasance, bad faith or
gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under the Agreement. Each Current Management Agreement contains similar provisions. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Term and Continuance. </FONT></B><FONT size=2 face="serif">If approved by shareholders of a Trust, the New Management Agreement for the Trust will terminate, unless sooner terminated as set
forth therein, two years from the date of implementation, unless continuance is specifically approved by (i) the Board or (ii) a "majority of the outstanding voting securities" (as defined in the 1940 Act) of the Trust, provided that in either event
the continuance is also approved by a majority of the Independent Directors. Thereafter, if not termi-</FONT></P>
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<FONT size=2 face="serif">nated, each New Management Agreement will continue in effect from year to year if its continuance is re-approved annually as described above. The Current Management Agreements have similar provisions for their term and
continuance, although the initial dates of the contracts differ, and the initial term has elapsed in most cases. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Termination. </FONT></B><FONT size=2 face="serif">The New Management Agreement for each Trust provides that it may be terminated at any time without the payment of any penalty by the Trust
upon not more than 60 days&#146; notice to the Advisor or by the Advisor upon not less than 60 days&#146; written notice to the Trust. A Trust may effect termination by action of the Board or by vote of a majority of the outstanding voting
securities of the Trust, accompanied by appropriate notice. Both the Current Management Agreement and the New Management Agreement will terminate automatically in the event of their &#147;assignment&#148; (as defined in the 1940 Act). The Current
Management Agreements contain similar termination provisions. </FONT></P>
<P>
<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">Choice of Law. </FONT></B><FONT size=2 face="serif">Both the New Management Agreements and Current Management Agreements are governed by Delaware law.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Use of BlackRock Name. </FONT></B><FONT size=2 face="serif">Each New Management Agreement explicitly states that the Advisor has consented to the use by each Trust of the BlackRock name and
that such consent is conditioned upon the employment of the Advisor as the investment adviser to such Trust. Under the New Management Agreements, the Advisor may require a Trust to cease using "Black-Rock" in its name if such Trust ceases to employ,
for any reason, the Advisor, any successor thereto or any affiliate thereof as investment advisor of the Trust. The Current Management Agreement contains similar provisions. </FONT></P>
<B><FONT size=2 face="serif">BOARD CONSIDERATIONS</FONT></B><BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">The Current Management Agreements and the Current Sub-Advisory Agreements (defined below) sometimes are referred to herein collectively as the &#147;Current Agreements&#148;. The New Management
Agreements and the New Sub-Advisory Agreements (defined below) sometimes are referred to herein collectively as the &#147;New Agreements&#148; and the Current Agreements and the New Agreements sometimes are referred to herein collectively as the
&#147;Agreements&#148;.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">Under the 1940 Act, the continuation of the Agreements is required to be approved annually by the Boards, including the Independent Directors. At a meeting held on May 23, 2006, the Board of
each Trust, including the Independent Directors, met to consider the annual continuation of each Current Agreement, other than the Current Agreements for BTA which were not required to be continued at the meeting because they were new Trusts. The
Boards first considered the annual continuation of each Current Agreement without considering the impending Transaction because the Current Agreements needed to be reapproved whether or not the Transaction closes. Accordingly, it was appropriate to
review each Current Agreement without considering the impending Transaction, and then to separately consider the impact of the Transaction on the Current Agreements.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">At the meeting on May 23, 2006, the Board of each Trust, including the Independent Directors, unanimously approved the continuance of each Current Management Agreement and, if applicable,
Current Sub-Advisory Agreement for each Trust and then approved each New Management Agreement and, if applicable, New Sub-Advisory Agreement for each Trust. </FONT><B><FONT size=2 face="serif"> </FONT></B></P>
<B><FONT size=2 face="serif">Information Received by the Boards</FONT></B><BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">To assist each Board in its evaluation of the Current Agreements, the Independent Directors received information from BlackRock on or about April 22, 2006 which detailed, among other things:
the organization, business lines and capabilities of the Advisors, including the responsibilities of various departments and key personnel and biographical information relating to key personnel; financial statements for BlackRock, Inc., The PNC
Financial Services Group, Inc. and each Trust; the advisory and/or administrative fees paid by each Trust to the Advisors, including comparisons, compiled by an independent third party, with the management fees of funds with similar investment
objectives (&#147;Peers&#148;); the profitability of BlackRock and certain industry profitability analyses for advisors to registered investment companies; the expenses of BlackRock in providing the various services; non-investment advisory
reimbursements and &#147;fallout&#148; benefits to BlackRock; the expenses of each Trust, including comparisons of the respective Trust&#146;s expense ratios (both before and after any fee waivers) with the expense ratios of its Peers; and each
Trust&#146;s performance for the past one-, three-, five- and ten-year periods, when applicable, as well as each Trust&#146;s performance compared to its Peers. This information supplemented the information received by each Board throughout the year
regarding each Trust&#146;s performance, expense ratios, portfolio composition, trade execution and compliance.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">In addition to the foregoing materials, independent legal counsel to the Independent Directors provided a legal memorandum outlining, among other things, the duties of the Boards under the 1940
Act, as well as the general principles of relevant law in reviewing and approving advisory contracts, the requirements of the 1940 Act in such matters, an advisor&#146;s fiduciary </FONT></P>
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<FONT size=2 face="serif">duty with respect to advisory agreements and compensation, and the standards used by courts in determining whether investment company boards of directors have fulfilled their duties and factors to be considered by the
boards in voting on advisory agreements.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">The Independent Directors reviewed this information and discussed it with independent counsel in executive session prior to the Board meeting. At the Board meeting on May 23, 2006, BlackRock
made a presentation to and responded to additional questions from the Boards. After the presentations and after additional discussion the Boards considered each Agreement and, in consultation with independent counsel, reviewed the factors set out in
judicial decisions and SEC statements relating to the renewal of the Agreements. </FONT></P>
<p><B><FONT size=2 face="serif">Matters Considered by the Boards</FONT></B></p>
<p> <I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Current Agreements </FONT></I></p>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">In connection with their deliberations with respect to the Current Agreements, the Boards considered all factors they believed relevant with respect to each Trust, including the following: the
nature, extent and quality of the services to be provided by the Advisors; the investment performance of each Trust; the costs of the services to be provided and profits to be realized by the Advisors and their affiliates from their relationship
with the Trusts; the extent to which economies of scale would be realized as the BlackRock closed-end fund complex grows; and whether BlackRock realizes other benefits from its relationship with the Trusts. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Nature and Quality of Investment Advisory and Sub-Advisory Services. </FONT></I><FONT size=2 face="serif">In evaluating the nature, extent and quality of the Advisors&#146; services, the
Boards reviewed information concerning the types of services that the Advisors provide and are expected to provide to each Trust, narrative and statistical information concerning each Trust&#146;s performance record and how such performance compares
to each Trust&#146;s Peers, information describing BlackRock&#146;s organization and its various departments, the experience and responsibilities of key personnel and available resources. The Boards noted the willingness of the personnel of
BlackRock to engage in open, candid discussions with the Boards. The Boards further considered the quality of the Advisors&#146; investment process in making portfolio management decisions. Given the Boards&#146; experience with BlackRock, the
Boards noted that they were familiar with and continue to have a good understanding of the organization, operations and personnel of BlackRock. The Boards also noted that the formation of Portfolio Review Committees and a Compliance Committee had
helped the Boards to continue to improve their understanding of BlackRock&#146;s organization, operations and personnel. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">In addition to advisory services, the Independent Directors considered the quality of the administrative or non-investment advisory services provided to the Trusts. In this regard, the Advisors
provide each Trust with such administrative and other services (exclusive of, and in addition to, any such services provided by others for the Trusts) and officers and other personnel as are necessary for the operations of the respective Trust. In
addition to investment management services, the Advisors and their affiliates provide each Trust with services, such as preparing shareholder reports and communications, including annual and semi-annual financial statements and
Trust web sites; communications with analysts to support secondary market trading; assisting with daily accounting and pricing; preparing periodic filings with regulators and stock exchanges; overseeing and coordinating the activities of other
service providers; administering and organizing Board meetings and preparing the Board materials for such meetings; providing legal and compliance support (such as helping to prepare proxy statements and responding to regulatory inquiries); and
performing other Trust administrative tasks necessary for the operation of the respective Trust (such as tax reporting
and fulfilling regulatory filing requirements). The Boards considered the Advisors&#146; policies and procedures for assuring compliance with applicable laws and regulations. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Investment Performance of the Trusts</FONT></I><FONT size=2 face="serif">. As previously noted, the Boards received performance information regarding each Trust and its Peers. Among
other things, the Boards received materials reflecting each Trust&#146;s historic performance and each Trust&#146;s performance compared to its Peers. More specifically, each Trust&#146;s one-, three-, five- and ten-year total returns (when
applicable) were evaluated relative to its respective Peers (including the performance of individual Peers as well as the Peers&#146; average performance). </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">The Boards reviewed a narrative analysis of the third-party Peer rankings that was prepared by BlackRock at the Boards&#146; request. The summary placed the Peer rankings into context by
analyzing various factors that affect these comparisons. In evaluating the performance information, in certain limited instances, the Boards noted that the Peers most similar to a given Trust still would not adequately reflect such Trust&#146;s
investment objectives and strategies, thereby limiting the usefulness of the compari-</FONT></P>
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<FONT size=2 face="serif">sons of such Trust&#146;s performance with that of its Peers. The Boards noted that, of
the 55 Trusts with investment advisory agreements subject to re-approval at the meeting, four Trusts launched during 2005 had less than one full year of performance as of January 31, 2006 and concluded that a comparison of the investment performance
of these Trusts to their Peers was not apposite. Of the remaining 51 Trusts, the Boards determined that the 12 Trusts with finite terms were not comparable to the Peers assigned to them by Lipper because, in accordance with their investment
objectives, they manage their duration to reflect their finite lives. Because the portfolios of these 12 Trusts have a shorter duration than those of their Peers, they generally will have lower returns than their Peers, all other things being equal,
in order to seek to return to investors their initial investment at the end of the life of these Trusts. The Boards also noted that each of these 12 Trusts performed at least as well as their benchmark in each of the past one-, three- and five-year
periods. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">Of the 39 other Trusts, the Boards noted that 25 had performed better than or equal to the median of their Peers and benchmarks in each of the past one-, three- and five-year periods (if
applicable). The Boards also noted that the remaining 14 Trusts had performed worse than the median of their Peers in at least one of these periods or worse than their applicable benchmark in more than one of these periods. The Boards considered the
following reasons why these 14 Trusts may have underperformed their Peers or their benchmarks, but also noted that it is often difficult to determine why a Trust underperformed a Peer because it is difficult to obtain perfect information with
respect to the Peers. </FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">&#149; </FONT><FONT size=2 face="sans-serif"> </FONT><I><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shorter
            Duration than Peers. </FONT></I><FONT size=2 face="serif">The Boards
            of BKT, BHK, BNA, BKN, BPS, RAA, RFA, RNJ and RNY noted that these
            nine Trusts had under-performed their respective Peers or their benchmark
            for one or more periods. The Boards considered that, with respect
            to the Trusts in this category that invest primarily in municipal
            securities (BKN, BPS, RAA, RFA, RNJ, and RNY), the Advisor generally
            limits lengthening the duration of these Trusts in response to changing
            interest rate environments because the shorter duration bonds owned
            by these Trusts generally have yields higher than the coupons on
            longer duration bonds available in the market today. Accordingly,
            by retaining the short duration bonds currently in the portfolios
            of these Trusts, the Advisor believes it is better able to maintain
            the current dividend levels of these Trusts, albeit at the expense
            of a lower total return than they may have otherwise had with a longer
            duration portfolio. In addition, in a rising interest rate environment
            where the yield-curve is normal, the Advisor believes that the Trusts&#146; respective
            portfolios will have less interest rate risk than a portfolio of
            longer duration bonds. Although the Advisors could not be certain,
            they believed BKT, BHK and BNA also under-performed their Peers because
            they had shorter durations than their Peers. The Board also noted
            that RFA had out-performed its benchmark for the one-year period,
            and that all other Trusts in this group had out-performed their benchmarks
            for at least two of the one-, three- or five-year periods. The Boards
            also noted that RAA, RFA, RNJ and RNY, whose total assets range from &#36;22
            to &#36;30 million (as of Febru-ary 28, 2006), are the smallest funds
            compared to each of their respective Peers and that their small size
            negatively affects their performance.</FONT></P>
      <P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif"></FONT><FONT size=2 face="sans-serif">&#149; </FONT><FONT size=2 face="sans-serif"> </FONT><I><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Better
            Credit Quality</FONT></I><FONT size=2 face="serif">. The Boards of
            BHD, BLW, BHY and HIS noted that these four Trusts had under-performed
            their respective Peers in one or more of these periods, but that
            they invest in relatively high quality debt because the Advisor has
            been concerned that relatively lower quality debt was not providing
            adequate returns for the increased risk present. The Boards noted
            that higher quality debt had been under-performing lower quality
            debt during 2005, reducing the Trusts&#146; relative performance. The Boards
            also noted that the Advisor had been managing HIS only since March
            2005 and restructured its portfolio through April 2005. The Boards
            also note that BHY had out-performed its benchmark for the three-
            and five-year periods, and that all other Trusts had outperformed
            their benchmarks for at least one of the one-, three-, or five-year
            periods. </FONT></P>
      <P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif"></FONT><FONT size=2 face="sans-serif">&#149; </FONT><FONT size=2 face="sans-serif"> </FONT><I><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Irrelevant
            Peer Comparison</FONT></I><FONT size=2 face="serif">. The Board of
            BDV noted that it had under-performed its Peers, but that a third-party
            service provider that selects the Peers had compared BDV with three
            Peers that mainly invest in (i) high-yield fixed-income securities,
            international equity and/or emerging market securities, (ii) a multi-strategy
            hedged investment program or (iii) large-cap stocks. In contrast,
            BDV primarily invests in large-cap value, but is limited in its stock
            selection to a sub-set of the companies appearing in the Mergent
    Dividend Achievers Index. </FONT></P></td>
  </tr>
</table>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">After considering this information, the Boards concluded that the performance of each Trust, in light of and after considering the other facts and circumstances applicable to each Trust,
supports a conclusion that each Trust's Current Agreement should be renewed. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Fees and Expenses. </FONT></I><FONT size=2 face="serif">In evaluating the management fees and expenses that a Trust is expected to bear, the Boards considered each Trust&#146;s current
management fee structure and the Trust&#146;s expected expense ratios in absolute terms as well as relative to the fees and expense ratios of applicable Peers. In reviewing fees, the Boards, among other things, reviewed comparisons of each
Trust&#146;s gross management fees before and after any applicable reimbursements and fee waivers and total expense ratios before and after any applicable waivers with those of the applicable Peers. The Boards also reviewed a narrative analysis of
the Peer rankings that was prepared by an independent third party and summarized by BlackRock at the request of the Boards. This summary placed the rankings into context by analyzing various factors that affect these comparisons.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">The Boards noted that, of the 55 Trusts with investment advisory agreements subject to re-approval at the meeting, 29 Trusts pay fees lower than or equal to the median fees paid by their Peers
in each of (i) contractual management fees payable by a Trust prior to any expense reimbursements or fee waivers ("contractual management fees"), (ii) actual management fees paid by a Trust after taking into consideration expense reimbursements and
fee waivers ("actual management fees") and (c) total expenses. The remaining 26 Trusts (of which 13 have contractual management fees lower than or equal to the median) are worse than the median of their Peers in at least one of (a) contractual
management fees, (b) actual management fees or (c) total expenses. The Board noted the following reasons why these 26 Trusts have contractual or actual management fees or total expenses higher than the median of their Peers: </FONT></P>
<P align="left">&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149; </FONT><FONT size=2 face="sans-serif"> </FONT><I><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;De
            minimis</FONT></I><FONT size=2 face="serif">. The Boards of BPP,
            BOE, BCK, BFO, BRM, BLH, RNY, BIE, BBF, BBK and BFY noted that these
            Trusts pay actual management fees and/or incur total expenses that
            are no more than 4 bps (no more than 6%) higher than the median of
            their respective Peers. Nevertheless, all 11 of these Trusts have
            contractual management fees that are lower than or equal to the median
            of their peers. In addition, BFO, BLH and BFY incur total expenses
            that are lower than or equal to the median.</FONT></P>
      <P align="left"> <FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT size=2 face="sans-serif">&#149; </FONT><FONT size=2 face="sans-serif"> </FONT><I><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covered
            Call Strategy</FONT></I><FONT size=2 face="serif">. The Boards of
            BGR, BME and BDJ noted that these Trusts pay contractual management
            fees, actual management fees and/or total expenses that are higher
            than the median of their respective Peers. With respect to BGR and
            BME, the Boards noted that these Trusts are the only ones of their
            Peers that employ covered calls as part of their main investment
            strategy. Similarly, the Board of BDJ noted that when it is compared
            with the only three of its Peers that employ covered calls as part
            of their main investment strategy, it has contractual and management
            fees that are better than or equal to two of those three Peers. The
            Board of BGR noted that it pays actual management fees and incurs
            total expenses that are better than or equal to the median, as it
            has a fee waiver structure in place through December 2012. </FONT></P>
      <P align="left"> <FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT size=2 face="sans-serif">&#149; </FONT><FONT size=2 face="sans-serif"> </FONT><I><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small
            Trusts</FONT></I><FONT size=2 face="serif">. The Boards of (i) BCT,
            RAA, RFA and RNJ noted that the total assets of each of these four
            Trusts ranged from &#36;14 to &#36;43 million as of February 28,
            2006, and that they incur total expenses that are higher than the
            median of their respective Peers and (ii) RFA noted that it pays
            actual management fees that are higher than the median of its peer
            group, but the difference is no more than 0.04% and therefore </FONT><I><FONT size=2 face="serif">de
            minimis</FONT></I><FONT size=2 face="serif">. The Boards noted that
            because these Trusts are small compared to their Peers, the fixed
            costs associated with operating these Trusts cause their total expenses
            to be higher than would be the case if the Trusts were larger. The
            Boards also noted that each of these Trusts has contractual management
            fees that are lower than or equal to the median of their respective
            peers. </FONT></P>
      <P align="left"> <FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT size=2 face="sans-serif">&#149; </FONT><FONT size=2 face="sans-serif"> </FONT><I><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fee
            Waivers</FONT></I><FONT size=2 face="serif">. The Boards of BHD,
            BZM, BLJ and BHV noted that these four Trusts have contractual fees
            that are worse than the median of their respective peers. Nevertheless,
            these Trusts pay actual management fees and incur total expenses
            that are better than or equal to the median, as they have a fee waiver
            structure in place through as late as 2012.</FONT></P>
      <P align="left"> <FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT size=2 face="sans-serif">&#149; </FONT><FONT size=2 face="sans-serif"> </FONT><I><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor
            Incurred Greater Business Risk</FONT></I><FONT size=2 face="serif">.
            The Board of BHY noted that it pays contractual and actual management
            fees, and incurs total expenses, that are higher than the median
            of its Peers. However, the Board of BHY also noted that the Advisor
            incurred substantially greater business risk in connection with the
            initial offering of shares of BHY, because the Advisor paid underwriting
            commissions on behalf of the investors in the initial public offering
            of BHY's common shares and determined that the Advisor was entitled
            to a higher fee to compensate it for this additional risk. </FONT></P>
      <P align="left"> <FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT size=2 face="sans-serif">&#149; </FONT><FONT size=2 face="sans-serif"> </FONT><I><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
            Factors. </FONT></I><FONT size=2 face="serif">The Boards of BNA,
            HIS and BFC noted that each of these Trusts pays actual management
            fees, incurs total expenses and/or has contractual management fees
            that are worse than the median of their Peers. The Boards noted that
            BNA has actual management fees and total expenses and that BFC has
    contrac-</FONT></P></td>
  </tr>
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<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
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    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><FONT size=2 face="serif">tual management fees which are better or equal
        to the median of its peers and also noted that BlackRock has agreed to
    cap HIS&#146;s operating expenses. </FONT></td>
  </tr>
</table>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">The Boards also compared the management fees charged to the Trusts by the Advisors to the management fees the Advisors charge other types of clients (such as open-end investment companies and
separately managed institutional accounts). With respect to open-end investment companies, the management fees charged to the Trusts generally were higher than those charged to the open-end investment companies. The Boards also noted that the
Advisors provide the Trusts with certain services not provided to open-end funds, such as leverage management in connection with the issuance of preferred shares, stock exchange listing compliance requirements, rating agency compliance with respect
to the leverage employed by the Trusts and secondary market support and other services not provided to the Trusts, such as monitoring of subscriptions and redemptions. With respect to separately managed institutional accounts, the management fees
for such accounts were generally lower than those charged to the comparable Trusts. The Boards noted, however, the various services that are provided and the costs incurred by the Advisors in managing and operating the Trusts. For instance, the
Advisors and their affiliates provide numerous services to the Trusts that are not provided to institutional accounts including, but not limited to: preparing shareholder reports and communications, including annual and semi-annual financial
statements; preparing periodic filings with regulators and stock exchanges; overseeing and coordinating the activities of other service providers; administering and organizing Board meetings and preparing the Board materials for such meetings;
income monitoring; expense budgeting; preparing proxy statements; and performing other Trust administrative tasks necessary for the operation of the respective Trust (such as tax reporting and fulfilling regulatory filing requirements). Further, the
Boards noted the increased compliance requirements for the Trusts in light of new SEC regulations and other legislation. These services are generally not required to the same extent, if at all, for separate accounts.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">In connection with the Boards' consideration of this information, the Boards reviewed the considerable investment management experience of the Advisors and considered the high level of
investment management, administrative and other services provided by the Advisors. In light of these factors and the other facts and circumstances applicable to each Trust, the Boards concluded that the fees paid and expenses incurred by each Trust
under its Current Agreements supports a conclusion that each Trust&#146;s Current Agreements should be renewed. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Profitability. </FONT></I><FONT size=2 face="serif">The Directors also considered BlackRock&#146;s profitability in conjunction with their review of fees. The Directors reviewed
BlackRock&#146;s revenues, expenses and profitability margins on an after-tax basis. In reviewing profitability, the Directors recognized that one of the most difficult issues in determining profitability is establishing a method of allocating
expenses. The Directors also reviewed BlackRock&#146;s assumptions and methodology of allocating expenses, noting the inherent limitations in allocating costs among
various advisory products. The Boards also recognized that individual fund or product line profitability of other advisors is generally not publicly available.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">The Boards recognized that profitability may be affected by numerous factors including, among other things, the types of funds managed, expense allocations and business mix, and therefore
comparability of profitability is somewhat limited. Nevertheless, to the extent available, the Boards considered BlackRock&#146;s pre-tax profit margin compared to the pre-tax profitability of various publicly-traded investment management companies
and/or investment management companies that publicly disclose some or all of their financial results.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">In evaluating the reasonableness of the Advisors&#146; compensation, the Boards also considered any other revenues paid to the Advisors, including partial reimbursements paid to the Advisors
for certain non-investment advisory services. The Boards noted that these payments were less than the Advisors&#146; costs for providing these services. The Boards also considered indirect benefits (such as soft dollar arrangements) that the
Advisors and their affiliates are expected to receive that are attributable to their management of the Trusts. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">In reviewing each Trust&#146;s fees and expenses, the Boards examined the potential benefits of economies of scale, and whether any economies of scale should be reflected in the Trusts&#146;
fee structures, for example through the use of breakpoints. In this connection, the Boards reviewed information provided by BlackRock, noting that most closed-end fund complexes do not have fund-level breakpoints, as closed-end funds generally do
not experience substantial growth after their initial public offering and each fund is managed independently consistent with its own investment objectives. The Boards also noted that the one Trust that has a breakpoint in its fee structure, HIS, was
inherited by BlackRock when it took over managing HIS from another manager and that BlackRock simply retained the structure it inherited. The information also revealed that only one closed-end fund complex used a complex-level breakpoint structure,
and that this complex generally is homogeneous with regard to the types of funds managed and is about four times as large as the Trusts&#146; complex.</FONT></P>
<P align="center">
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<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Other Benefits. </FONT></I><FONT size=2 face="serif">In evaluating fees, the Boards also considered indirect benefits or profits the Advisors or their affiliates may receive as a result of
their relationships with the Trusts. The Directors, including the Independent Directors, considered the intangible benefits that accrue to the Advisors and their affiliates by virtue of their relationships with the Trusts, including potential
benefits accruing to the Advisors and their affiliates as a result of participating in offerings of the Trusts&#146; shares, potentially stronger relationships with members of the broker-dealer community, increased name recognition of the Advisors
and their affiliates, enhanced sales of other investment funds and products sponsored by the Advisors and their affiliates and increased assets under management which may increase the benefits realized by the Advisors from soft dollar arrangements
with broker-dealers. The Boards also considered the unquantifiable nature of these potential benefits. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Miscellaneous. </FONT></I><FONT size=2 face="serif">During the Boards&#146; deliberations in connection with the Current Agreements, the Boards were aware that the Advisor pays compensation,
out of its own assets, to the lead underwriter and to certain qualifying underwriters of many of its closed-end funds, and to employees of the Advisors&#146; affiliates that participated in the offering of such funds. The Boards considered whether
the management fee met applicable standards in light of the services provided by the Advisors, without regard to whether the Advisors ultimately pay any portion of the anticipated compensation to the underwriters. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Conclusion with respect to the Current Agreements. </FONT></I><FONT size=2 face="serif">In reviewing the Current Agreements without considering the impending Transaction, the Directors did
not identify any single factor discussed above as all-important or controlling. The Directors, including the Independent Directors, unanimously determined that each of the factors described above, in light of all the other factors and all of the
facts and circumstances applicable to each respective Trust, was acceptable for each Trust and supported the Directors&#146; conclusion that the terms of each Current Agreement were fair and reasonable, that the respective Trust&#146;s fees are
reasonable in light of the services provided to the respective Trust, and that each Current Agreement should be approved. </FONT></P>
<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The New Agreements</FONT></I><BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Consequences of the Transaction</FONT></I><FONT size=2 face="serif">. On February 23, 2006, April 21, 2006 and May 23, 2006, members of BlackRock management made presentations on the
Transaction to the Directors and the Directors discussed with management and amongst themselves management's general plans and intentions regarding the Trusts, including the preservation, strengthening and growth of BlackRock&#146;s business and its
combination with MLIM&#146;s business. The Board also inquired about the plans for and anticipated roles and responsibilities of certain BlackRock employees and officers after the Transaction. The Independent Directors also met in executive session
to discuss the Transaction. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">After considering and approving the Current Agreements, the Boards (including the Independent Directors) then considered the information received at these meetings and the consequences of the
Transaction to each Trust, including, among other things: </FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;        that BlackRock, MLIM and their investment advisory subsidiaries are
        experienced and respected asset management firms, and that BlackRock
        advised the Boards that in connection with the closing of the Transaction,
        it intends to take steps to combine the investment management operations
        of BlackRock and MLIM, which, among other things, may involve sharing
        common systems and procedures, employees (including portfolio managers),
        investment and trading platforms, and other resources. Furthermore,
        it is expected that these combination processes will result in changes
        to portfolio managers or portfolio management teams for a number of
        the Trusts, subject to Board consent and appropriate notice to shareholders,
        and that, in other cases, the current portfolio managers or portfolio
        management teams will remain in place; </FONT></P>
      <P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;        that
          BlackRock advised the Board that following the Transaction, there is
          not expected to be any diminution in the nature, quality and extent
        of services provided to the Trusts and their shareholders by the Advisors,
        including compliance services; </FONT></P>
      <P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;        that BlackRock advised the Board that it has no present intention to
        alter the expense waivers and reimbursements currently in effect for
        certain of the Trusts; </FONT></P>
      <P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;        the
          experience, expertise, resources and performance of MLIM that will
          be contributed to BlackRock after the closing of the Transaction and
        their anticipated impact on BlackRock&#146;s ability to manage the
          Trusts; </FONT></P>
      <P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;        that BlackRock and MLIM would derive benefits from the Transaction
        and that as a result, they have a financial interest in the matters
  that were being considered; </FONT></P></td>
  </tr>
</table>
<P align="center">
<FONT face="serif">14</FONT></P>

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<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;        the
          potential effects of regulatory restrictions on the Trusts as a result
          of Merrill Lynch&#146;s equity stake in BlackRock after the
          Transaction; </FONT></P>
      <P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;        the
          fact that each Trust&#146;s investment advisory and sub-advisory
          fees will not increase by virtue of the New Management Agreements,
          but will remain the same; </FONT></P>
      <P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(viii)
          &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the terms of the New Agreements, including the differences from the
          Current Agreements (see &#147;Comparison of Current Management Agreements
          to the New Management Agreements&#148; above); </FONT></P>
      <P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(ix) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that the Trusts would not bear the costs
          of obtaining shareholder approval of the New Agreements; and </FONT></P>
      <P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif"></FONT><FONT size=2 face="serif">(x)
          &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that BlackRock and Merrill Lynch have agreed to conduct their respective
          businesses (and use reasonable best efforts to cause their respective
          affiliates to conduct their respective businesses) to enable the conditions
          of Section 15(f) to be true in relation to any public funds advised
    by BlackRock or MLIM, respectively.</FONT></P></td>
  </tr>
</table>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Nature and Quality of Investment Advisory and Sub-Advisory Services</FONT></I><FONT size=2 face="serif">. The Boards considered the expected impact of the Transaction on the operations,
facilities, organization and personnel of the Advisors, the potential implications of regulatory restrictions on the Trusts following the Transaction and the ability of the Advisors to perform their duties after the Transaction. The Boards
considered that the services to be provided and the standard of care under the New Agreements are the same as under the Current Agreements. The Boards also considered statements by management of BlackRock that, in connection with integrating the
operations of the Advisors and MLIM, the objective was to preserve the best of both organizations in order to enhance Black-Rock's ability to provide investment advisory services following completion of the Transaction. In this connection, the
Boards noted that it is impossible to predict with certainty the impact of the Transaction on the nature, quality and extent of the services provided by the Advisors to the Trusts, but concluded based on the information currently available and in
light of all of the current facts and circumstances that the Transaction is likely to provide the Advisors with additional resources with which to serve the Trusts and was not expected to adversely affect the nature, quality and extent of the
services to be provided to the Trusts and their shareholders by the Advisors and was not expected to materially adversely affect the ability of the Advisors to provide those services. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Investment Performance of the Trusts</FONT></I><FONT size=2 face="serif">. The Boards examined MLIM's investment performance with respect to its closed-end funds. The Boards noted the
Advisors' and MLIM's considerable investment management experience and capabilities. The Boards considered this information together with the level of services expected to be provided to the Trusts. Although the Boards noted that it is impossible to
predict the effect, if any, that consummation of the Transaction would have on the future performance of the Trusts, the Boards concluded that the information currently available, in light of all of the current facts and circumstances, supported
approving the New Agreements.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Fees</FONT></I><FONT size=2 face="serif">. The Boards noted that the fees payable by the Trusts under the New Agreements are identical to the fees payable under the Current Agreements. The
Boards also considered the fees paid by the MLIM closed-end funds. In light of (i) the Boards' approval of the fees paid by each Trust pursuant to the Current Agreements earlier at the May 23rd meeting, (ii) the fact that the Transaction would cause
no change to the fees paid by any Trust and (iii) the Boards' earlier conclusion with respect to the services expected to be provided to the Trusts under the New Agreements, the Boards concluded that the fee structure under the New Agreements was
reasonable. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Profitability</FONT></I><FONT size=2 face="serif">. Management of the Advisors stated to the Boards that, following the Transaction, the current intention is to continue to determine
profitability and report profitability to the Boards in the same way as they did prior to the Transaction, subject to management's desire to preserve the best practices of MLIM. Management of the Advisors stated that any changes in the methods used
to determine profitability and report profitability to the Board would be discussed with the Board. The Boards considered the potential for increased economies of scale as a result of the Transaction and whether any economies of scale should be
reflected in the Trusts' fee structures. The Boards also considered that the process of integrating the operations of the Advisors and MLIM was in the early stages and that considerable expense would be incurred in connection with integrating such
operations, all of which made it difficult to conclude that economies of scale would be realized as a result of the Transaction. In light of the foregoing, the Boards concluded that, at this time, no changes were necessary to the fee structure of
the Trusts as a result of the Transaction. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Other Benefits</FONT></I><FONT size=2 face="serif">. In evaluating ancillary benefits to be received by the Advisors and their affiliates under the New Agreements, the Boards considered
whether the Transaction would have an impact on the ancillary benefits received by the Advisors by virtue of the Current Agreements. Based on its review of the materials provided, including materials received in connection </FONT></P>
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<FONT face="serif">15 </FONT></P>

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<P>
<FONT size=2 face="serif">with its approval of the continuance of each Current Agreement earlier at the May 23rd meeting of the Boards and its discussions with the Advisors, the Boards noted that such benefits were difficult to quantify with
certainty at this time and indicated that it would continue to evaluate them going forward. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT size=2 face="serif">Conclusion with respect to the New Agreements</FONT></I><FONT size=2 face="serif">. The Directors did not identify any single consequence of the Transaction discussed above as all-important
or controlling. The Boards determined that all of the factors referred to in their contemporaneous evaluation of the Current Contracts
 (see page 10-14) are applicable to the evaluation of the New Conracts.</FONT><B><FONT size=2 face="serif"> </FONT></B></P>
<B><FONT size=2 face="serif">INFORMATION ABOUT THE ADVISOR</FONT></B><BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">The Advisor is a corporation organized under the laws of the State of Delaware. The table set forth in </FONT><I><FONT size=2 face="serif">Appendix E </FONT></I><FONT size=2 face="serif">shows
amounts paid to the Advisor and affiliates of the Advisor during each Trust&#146;s most recently completed fiscal year for the services noted in the Appendix. There were no other material payments by the Trusts to the Advisor or any of its
affiliates during that period. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">Affiliates of Merrill Lynch currently act as brokers for certain Trusts in connection with the purchase and sale of securities and as a broker-dealer in connection with periodic auctions held
for preferred shares issued by some of the Trusts. The aggregate brokerage commissions paid by each Trust to Merrill Lynch and its affiliated brokers during the most recently completed fiscal year are set forth in </FONT><I><FONT size=2
face="serif">Appendix F</FONT></I><FONT size=2 face="serif">. In addition, affiliates of Merrill Lynch provide certain shareholder and other services to the Advisor in respect of certain Trusts. The aggregate amounts paid by the Advisor to Merrill
Lynch and its affiliates for such services during the 2005 calendar year are set forth in </FONT><I><FONT size=2 face="serif">Appendix F</FONT></I><FONT size=2 face="serif">. There were no other material payments by the Advisor or the Trusts to
Merrill Lynch or its affiliates during that period. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">The name and principal occupation of the directors and principal executive officers of the Advisors are as set forth in </FONT><I><FONT size=2 face="serif">Appendix G</FONT></I><FONT size=2
face="serif">. The principal address of each individual as it relates to his or her duties at the applicable Advisor is the same as that of the Advisor. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">The Advisors provide investment advisory and management services to certain other funds that may have investment objectives and policies similar to those of the Trusts. The table set forth in
</FONT><I><FONT size=2 face="serif">Appendix H </FONT></I><FONT size=2 face="serif">lists other funds advised by the Advisors, the net assets of those funds, and the management fees the Advisors received from those funds during the fiscal years
ended on the dates noted. </FONT></P>
<P>
<B><FONT size=2 face="serif">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHAT VOTE IS REQUIRED TO APPROVE THIS PROPOSAL? </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">To become effective with respect to a particular Trust, a New Management Agreement must be approved by a vote of a majority of the outstanding voting securities of that Trust. The &#147;vote of
a majority of the outstanding voting securities&#148; is defined in the 1940 Act as the lesser of the vote of (i) 67% or more of the voting securities of a Trust entitled to vote thereon present at the Special Meeting or represented by proxy if
holders of more than 50% of the outstanding voting securities are present or represented by proxy; or (ii) more than 50% of the outstanding voting securities of the Trust entitled to vote thereon. </FONT></P>
<P>
<B><FONT size=2 face="serif">* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HOW DO THE DIRECTORS RECOMMEND I VOTE ON THIS PROPOSAL? </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">THE BOARD OF EACH TRUST HAS APPROVED SUBMITTING THIS PROPOSAL TO THE SHAREHOLDERS OF EACH TRUST. THE DIRECTORS OF EACH TRUST, INCLUDING THE INDEPENDENT DIRECTORS, UNANIMOUSLY RECOMMEND THAT
YOU VOTE TO APPROVE EACH NEW MANAGEMENT AGREEMENT UNDER THIS PROPOSAL. </FONT></B></P>
<P align="center">
<FONT face="serif">*&nbsp;&nbsp; *&nbsp;&nbsp; *&nbsp;&nbsp; *&nbsp;&nbsp; * </FONT></P>
<P align="center">
<FONT face="serif">16 </FONT></P>

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<P>
<B><FONT size=2 face="serif">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT size=2 face="serif">SECOND PROPOSAL</FONT></U></B><B><FONT size=2 face="serif">: TO APPROVE NEW INVESTMENT SUB-ADVISORY AGREEMENTS </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">At the Special Meeting, shareholders of each Trust that has entered into a sub-advisory agreement (the "Sub-Advised Trusts") will be asked to approve a new sub-advisory agreement among the
Advisor, the Sub-Advisor and the respective Sub-Advised Trust (each, a &#147;New Sub-Advisory Agreement&#148; and, collectively, the &#147;New Sub-Advisory Agreements&#148;). The table included at </FONT><I><FONT size=2 face="serif">Appendix
A</FONT></I><FONT size=2 face="serif"> identifies each Sub-Advised Trust, the shareholders of which are entitled to vote on this Proposal 2. A general description of the proposed New Sub-Advisory Agreements and a general comparison of the proposed
New Sub-Advisory Agreements and the sub-advisory agreements currently in effect for each such Trust (each, a &#147;Current Sub-Advisory Agreement&#148; and, collectively, the &#147;Current Sub-Advisory Agreements&#148;) is included below. The form
of New Sub-Advisory Agreement is attached hereto as </FONT><I><FONT size=2 face="serif">Appendix I</FONT></I><FONT size=2 face="serif">. The date of each Trust&#146;s Current Sub-Advisory Agreement and the date on which it was last approved by
shareholders are provided in </FONT><I><FONT size=2 face="serif">Appendix D</FONT></I><FONT size=2 face="serif">. Each Current Sub-Advisory Agreement was last approved for continuance by the Board on May 23, 2006. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">With respect to each Sub-Advised Trust, the Sub-Advisor is responsible for the applicable Trusts&#146; day-to-day management and will generally make all decisions regarding portfolio
securities. The Sub-Advisor also provides research and credit analysis.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">Although BlackRock has informed the Directors that it does not believe the Transaction will be an assignment of the Current Sub-Advisory Agreements under the 1940 Act, it is possible that the
Transaction could be determined to be such an assignment, which would result in the automatic termination of each Current Sub-Advisory Agreement. Due to such uncertainty, each Trust is submitting its New Sub-Advisory Agreement to shareholders to
prevent any potential disruption in the Sub-Advisor's ability to provide services to the Trusts after completion of the Transaction. The New Sub-Advisory Agreements will be effective upon the completion of the Transaction or, if the Transaction is
not completed, at such time as the Board determines.</FONT></P>
<B><FONT size=2 face="serif">THE NEW SUB-ADVISORY AGREEMENTS</FONT></B><BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">As noted above, under the requirements of the 1940 Act, each Sub-Advised Trust may be required to enter into a new sub-advisory agreement as a result of the Transaction. The Current
Sub-Advisory Agreements pursuant to which the Trusts currently receive sub-advisory services are substantially similar to one another. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">The fees payable to the Sub-Advisor under each New Sub-Advisory Agreement are paid by the Advisor (and not the respective Sub-Advised Trust) and will in each case be no greater than the fees
currently payable to the Sub-Advisor by the Advisor for sub-advisory services. In addition, the Sub-Advisor has assured the Board that it will continue to provide the same level of sub-advisory services to each Trust under the New Sub-Advisory
Agreements as provided under the Current Sub-Advisory Agreements. </FONT></P>
<P>
<B><FONT size=2 face="serif">COMPARISON OF CURRENT SUB-ADVISORY AGREEMENTS TO THE NEW SUB-ADVISORY AGREEMENTS </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">Set forth below is a general description of the terms of the New Sub-Advisory Agreements and a general comparison with the terms of the Current Sub-Advisory Agreements. A copy of the form of
New Sub-Advisory Agreement is included in this Proxy Statement as </FONT><I><FONT size=2 face="serif">Appendix I</FONT></I><FONT size=2 face="serif"> and you should refer to </FONT><I><FONT size=2 face="serif">Appendix I</FONT></I><FONT size=2
face="serif"> for the complete terms of the New Sub-Advisory Agreements.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">As noted above, under the requirements of the 1940 Act, each Trust is entering into a New Sub-Advisory Agreement as a result of the Transaction. BlackRock had provided assurances to each Board
that the Sub-Advisor will continue to provide the same level of sub-advisory services to each Trust and the Advisor under the New Sub-Advisory Agreements as it provides under the Current Sub-Advisory Agreements. The following description of the
terms of the New Sub-Advisory Agreements is qualified in its entirety by reference to the form of New Sub-Advisory Agreement attached hereto as </FONT><I><FONT size=2 face="serif">Appendix I</FONT></I><FONT size=2 face="serif">. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Fees. </FONT></B><FONT size=2 face="serif">The Advisor, and not any of the Trusts, is responsible for paying the Sub-Advisor its sub-advisory fee under the New Sub-Advisory Agreements. The
rate of the fees payable by the Advisor to the Sub-Advisor pursuant to the New Sub-Advisory Agreement is the same as the rate in the Current Sub-Advisory Agreement. Consequently, the Sub-Advisor will be paid by the Advisor a fee at a rate under the
New Sub-Advisory Agreement which is identical to the fee rate for its Current Sub-Advisory Agreement, which fee is set forth in </FONT><I><FONT size=2 face="serif">Appendix D</FONT></I><FONT size=2 face="serif">. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Sub-Advisory Services. </FONT></B><FONT size=2 face="serif">Pursuant to each New Sub-Advisory Agreement, the Sub-Advisor, subject to the supervision of the Advisor and the Board, will manage
such investments and determine the composition of such assets of the respective-Sub-Advised Trust as may be agreed from time to time between the Advisor and the Sub-Advisor.</FONT></P>
<P align="center">
<FONT face="serif">17</FONT></P>

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<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Brokerage Transactions</FONT></B><FONT size=2 face="serif">. Under each Trust's New Sub-Advisory Agreement, the Sub-Advisor is authorized to place orders pursuant to its investment
determinations for the purchase and sale of securities. These orders may be placed either directly with the issuer or with any broker or dealer. In placing orders with brokers and dealers, each New Sub-Advisory Agreement states that the Sub-Advisor
will attempt to obtain the best price and the most favorable execution of its orders. In placing orders, the Sub-Advisor will consider the experience and skill of the firm's securities traders as well as the firm's financial responsibility and
administrative efficiency. Consistent with this obligation, the Sub-Advisor may, subject to the approval of the Trust's Board, select brokers on the basis of the research, statistical and pricing services they provide to a Trust and other clients of
the Advisor or a Sub-Advisor. Information and research received from such brokers will be in addition to, and not in lieu of, the services required to be performed by the Sub-Advisor under the New Sub-Advisory Agreement. A commission paid to such
brokers may be higher than that which another qualified broker would have charged for effecting the same transaction, provided that the Sub-Advisor determines in good faith that such commission is reasonable in terms of either the transaction or the
overall responsibility of the Advisor and Sub-Advisors to the Trust and their other clients and that the total commissions paid by each Trust will be reasonable in relation to the benefits to such Trust over the long-term. In no instance, however,
will a Trust's securities be purchased form or sold to the Advisor, the Sub-Advisors or any affiliated person thereof, accept to the extent permitted by the SEC or by applicable law. Subject to the foregoing and the provisions of the 1940 Act, the
1934 Act, and other applicable provisions of law, the Sub-Advisor may select brokers and dealers with which it or the Trust is affiliated. Each Current Sub-Advisory Agreement contains similar provisions, although it is silent on the Sub-Advisor's
use of affiliated brokers and dealers. The Current Sub-Advisory Agreements contained a provision permitting the Advisor to take into account the sale of shares of a Trust in allocating purchase and sale orders for portfolio securities to brokers or
dealers, provided certain requirements were satisfied. This provision has been omitted from the New Sub-Advisory Agreements. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Exclusivity of Services. </FONT></B><FONT size=2 face="serif">Each Sub-Advisor's services under the New Sub-Advisory Agreements are not deemed to be exclusive, and each Sub-Advisor is free
to render similar services to others so long as its services under the New Sub-Advisory Agreements are not impaired. Each Current Sub-Advisory Agreement contains a similar provision. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Payment of Expenses. </FONT></B><FONT size=2 face="serif">Each New Sub-Advisory Agreement requires the Sub-Advisor to bear all costs and expenses incurred in connection with its duties
thereunder, except that the Board may approve reimbursement to the Sub-Advisor of the pro rata portion of the salaries, bonuses, health insurance, retirement benefits and all similar employment costs for the time spent on Trust operations
(including, without limitation, compliance matters) (other than the provision of sub-advisory services) of all personnel employed by the Sub-Advisor who devote substantial time to Trust operations or the operations of other investment companies
advised or sub-advised by the Sub-Advisor. Each Current Sub-Advisory Agreement contains similar provisions. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Indemnity. </FONT></B><FONT size=2 face="serif">The New Sub-Advisory Agreement requires that each Trust, subject to the prior consent of the Board, including a majority of the Independent
Directors, in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations thereunder, indemnify the Sub-Advisor, its directors, officers, employees, agents and control persons for liabilities incurred by
them in connection with their services to such Trust, subject to certain limitations and conditions. Each Current Sub-Advisory Agreement contains similar provisions.</FONT><B><FONT size=2 face="serif"> </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Limitation on Liability. </FONT></B><FONT size=2 face="serif">Under each New Sub-Advisory Agreement, the Sub-Advisor is not liable for any error of judgment or mistake of law, or for any
loss suffered by a Trust in connection with its performance of the Agreement, except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services or a loss resulting from willful misfeasance, bad faith or
gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under the New Sub-Advisory Agreement. Each Current Sub-Advisory Agreement contains similar provisions. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Term and Continuance</FONT></B><FONT size=2 face="serif">. If approved by shareholders of the Trusts, each New Sub-Advisory Agreement will terminate, unless sooner terminated as set forth
therein, two years from the date of implementation, unless continuance is specifically approved by: (i) the Board; or (ii) a majority of the Board or the holders of a &#147;majority of the outstanding voting securities&#148; (as defined in the 1940
Act) of the Trusts, provided that in either event the continuance is also approved by a majority of the Independent Directors. Thereafter, if not terminated, each New Sub-Advisory Agreement will continue in effect for successive annual periods
provided such continuance is re-approved annually as described above. The Current Sub-Advisory Agreements have the same provisions, although the initial dates of the contracts differ and the initial term has lapsed in most cases. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Termination. </FONT></B><FONT size=2 face="serif">The New Sub-Advisory Agreements provide that they may be terminated, without penalty, on 60 days&#146; notice, by the Board of the
respective Sub-Advised Trust or by the Advisor or the Sub-Advisor, or by a vote of the holders of a &#147;majority of the outstanding voting securities&#148; (as defined in the 1940 Act) of the respective Sub-Advised Trust. The New Sub-Advisory
Agreements will terminate automatically in the event of their &#147;assignment&#148; (as defined in the 1940 Act). The Current Sub-Advisory Agreements contain similar provisions.</FONT></P>
<P align="center">
<FONT face="serif">18</FONT></P>

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<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Choice of Law. </FONT></B><FONT size=2 face="serif">Both the New Sub-Advisory Agreements and Current Sub-Advisory Agreements are governed by Delaware law. </FONT></P>
<P>
<B><FONT size=2 face="serif">BOARD CONSIDERATIONS </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">The Boards considered each New Sub-Advisory Agreement together with its related New Management Agreement. Please refer to "Board Considerations &#150;Matters Considered by the Boards -- The New
Agreements" for a description of the matters considered and the conclusions reached by the Boards in approving the New Sub-Advisory Agreements.</FONT><B><FONT size=2 face="serif"> </FONT></B></P>
<P>
<B><FONT size=2 face="serif">INFORMATION ABOUT THE SUB-ADVISORS </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">Each Sub-Advisor is a corporation organized under the laws of the State of Delaware. The tables set forth in </FONT><I><FONT size=2 face="serif">Appendix D </FONT></I><FONT size=2 face="serif">
show amounts paid to each Sub-Advisor and its affiliates during the most recently completed fiscal year of each Sub-Advised Trust. There were no other material payments by the Sub-Advised Trust to the Sub-Advisors or any of their affiliates during
that period. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">The name and principal occupation of the directors and principal executive officers of the Sub-Advisors are as set forth in </FONT><I><FONT size=2 face="serif">Appendix G</FONT></I><FONT size=2
face="serif">. The principal address of each individual as it relates to his or her duties at the applicable Sub-Advisor is the same as that of the Sub-Advisor. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">The Sub-Advisors provide investment advisory services to certain other funds that may have investment objectives and policies similar to those of the Sub-Advised Trusts. The table set forth in
</FONT><I><FONT size=2 face="serif">Appendix H </FONT></I><FONT size=2 face="serif"> lists other funds advised by the Sub-Advisors, the net assets of those funds, and the management fees the Sub-Advisors received from those funds during the fiscal
years ended on the dates noted. </FONT></P>
<P>
<B><FONT size=2 face="serif">* WHAT VOTE IS REQUIRED TO APPROVE THIS PROPOSAL? </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">To become effective with respect to a particular Sub-Advised Trust, a New Sub-Advisory Agreement must be approved by a vote of a majority of the outstanding voting securities of that
Sub-Advised Trust. The &#147;vote of a majority of the outstanding voting securities&#148; is defined in the 1940 Act as the lesser of the vote of (i) 67% or more of the voting securities of the Sub-Advised Trust entitled to vote thereon present at
the Special Meeting or represented by proxy if the holders of more than 50% of the outstanding voting securities are present or represented by proxy; or (ii) more than 50% of the outstanding voting securities of the Sub-Advised Trust entitled to
vote thereon.</FONT></P>
<P>
<B><FONT size=2 face="serif">* HOW DO THE DIRECTORS RECOMMEND I VOTE ON THIS PROPOSAL? </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">THE BOARD OF EACH SUB-ADVISED TRUST HAS APPROVED SUBMITTING THIS PROPOSAL TO THE SHAREHOLDERS OF EACH SUB-ADVISED TRUST. THE BOARD OF EACH SUB-ADVISED TRUST UNANIMOUSLY RECOMMENDS THAT
SHAREHOLDERS OF EACH SUB-ADVISED TRUST VOTE "FOR" THE APPROVAL OF THE RESPECTIVE SUB-ADVISED TRUST&#146;S NEW SUB-ADVISORY AGREEMENT. </FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">* * * * * </FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">ADDITIONAL INFORMATION </FONT></B></P>
<P>
<B><FONT size=2 face="serif">FURTHER INFORMATION ABOUT VOTING AND THE SPECIAL MEETING </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">The cost of soliciting proxies will be borne by Merrill Lynch and not the Trusts. 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 pursuant to its standard contract as proxy solicitor,
the cost of which will be borne by Merrill Lynch. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">All properly executed proxies received prior to the Special Meeting will be voted at the Special 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 Special Meeting. Abstentions will
be counted as shares present at the Special Meeting and will have the same effect as a negative vote. </FONT></P>
<P align="center">
<FONT face="serif">19 </FONT></P>

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<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">The Board of each Trust has fixed the close of business on June 5, 2006 as the record date for the determination of shareholders of each Trust entitled to notice of, and to vote at, the Special
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>
<B><FONT size=2 face="serif">SECURITY OWNERSHIP OF MANAGEMENT</FONT></B><BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">As of June 5, 2006, the Directors and officers of each Trust owned, in the aggregate, less than 1% of each Trust&#146;s outstanding shares. </FONT></P>
<B><FONT size=2 face="serif">INVESTMENT ADVISOR</FONT></B><BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">The Advisor, located at 100 Bellevue Parkway, Wilmington, Delaware 19809, is a wholly owned subsidiary of BlackRock, which is one of the largest publicly traded investment management firms in
the United States, with approximately &#36;463.1 billion of assets under management as of March 31, 2006. 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 Trusts, 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 currently 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>
<B><FONT size=2 face="serif">PRINCIPAL EXECUTIVE OFFICES</FONT></B><BR>
<P>
<FONT size=2 face="serif">The principal executive office of each Trust is located at 100 Bellevue Parkway, Wilmington, Delaware 19809.</FONT></P>
<B><FONT size=2 face="serif">PRINCIPAL SHAREHOLDERS</FONT></B><BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">As of June 5, 2006, 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><SUP><FONT size=2
face="sans-serif"> </FONT></SUP><FONT size=2 face="serif"> </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=34% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=16% align=center>
<FONT size=2 face="serif">AMOUNT OF</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=25% align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">OWNER</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">OWNERSHIP</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">PERCENT OF CLASS</FONT>&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>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=2 face="serif">BCT</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Karpus Management, Inc.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">149,225</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">5.1</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></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 align=left>&nbsp;

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

          <div align="left"></div></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 align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=7>

          <div align="left"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=2 face="serif">BLN</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Karpus Management, Inc.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">1,183,232</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">10.5</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></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 align=left>&nbsp;

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

          <div align="left"></div></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 align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=7>

          <div align="left"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=2 face="serif">BMN</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Karpus Management, Inc.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">3,850,875</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">8.5</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></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 align=left>&nbsp;

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

          <div align="left"></div></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 align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=7>

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

          <div align="left"></div></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 align=left>&nbsp;

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

          <div align="left"></div></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 align=left>&nbsp;

        </TD>
</TR>
</TABLE>
<BR>
<hr align="left" noshade width="200" size="1" color=black>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicative
  information as of February 28, 2006. To be updated after June 5, 2006.</FONT>
<P align="center">
<FONT face="serif">20</FONT></P>

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


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=9% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=35% align=left>&nbsp;

        </TD>
        <TD width=10%>&nbsp;
        </TD>
        <TD width=13% align=center>
<FONT size=2 face="serif">AMOUNT OF</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=24% align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<FONT size=2 face="serif">TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">OWNER</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">OWNERSHIP</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">PERCENT OF CLASS</FONT>&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>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=2 face="serif">BCK</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">First Trust Portfolios L.P.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">344,973</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">6.5</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">1001 Warrenville Road</FONT>&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>

          <div align="left"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Lisle, Illinois 60532</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR>
        <TD colspan=7>

          <div align="left"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=2 face="serif">BFK</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">First Trust Portfolios L.P.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">959,752</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">6.4</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">1001 Warrenville Road</FONT>&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>

          <div align="left"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Lisle, Illinois 60532</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR>
        <TD colspan=7>

          <div align="left"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=2 face="serif">BCL</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">First Trust Portfolios L.P.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">627,245</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">7.9</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">1001 Warrenville Road</FONT>&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>

          <div align="left"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Lisle, Illinois 60532</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR>
        <TD colspan=7>

          <div align="left"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=2 face="serif">BQH</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">First Trust Portfolios L.P.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">147,145</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">5.4</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">1001 Warrenville Road</FONT>&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>

          <div align="left"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Lisle, Illinois 60532</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR>
        <TD colspan=7>

          <div align="left"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=2 face="serif">BLE</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">First Trust Portfolios L.P.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">1,266,792</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">5.6</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">1001 Warrenville Road</FONT>&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>

          <div align="left"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Lisle, Illinois 60532</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR>
        <TD colspan=7>

          <div align="left"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=2 face="serif">BHK</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">First Trust Portfolios L.P.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">1,598,569</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">5.9</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">1001 Warrenville Road</FONT>&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>

          <div align="left"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Lisle, Illinois 60532</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR>
        <TD colspan=7>

          <div align="left"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=2 face="serif">BZA</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">First Trust Portfolios L.P.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">188,601</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">5.6</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">1001 Warrenville Road</FONT>&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>

          <div align="left"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Lisle, Illinois 60532</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR>
        <TD colspan=7>

          <div align="left"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=2 face="serif">BHD</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">First Trust Portfolios L.P.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">576,694</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">8.2</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">1001 Warrenville Road</FONT>&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>

          <div align="left"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Lisle, Illinois 60532</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR>
        <TD colspan=7>

          <div align="left"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=2 face="serif">HIS</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">First Trust Portfolios L.P.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">4,465,848</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">8.3</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">1001 Warrenville Road</FONT>&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>

          <div align="left"></div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Lisle, Illinois 60532</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR>
        <TD colspan=7>

          <div align="left"></div></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=2 face="serif">RAA</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">M.H. Whittier Corp. James E. Greene, Arlo</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">242,400</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<FONT size=2 face="serif">24.1</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">G. Sorensen, Michael J. Casey and Whittier</FONT>&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>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Trust Co. (Jointly Held)</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
</TR>
</TABLE>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">With respect to the above chart, all shares are common shares.</FONT><BR>
<P>
<B><FONT size=2 face="serif">FINANCIAL STATEMENTS AND OTHER INFORMATION </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">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) 882-0052). </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">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 </FONT></P>
<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>


<P>
<FONT size=2 face="serif">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>
<B><FONT size=2 face="serif">PRIVACY PRINCIPLES OF THE TRUSTS</FONT></B><BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">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;&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">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>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">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>
<B><FONT size=2 face="serif">DEADLINE FOR SHAREHOLDER PROPOSALS</FONT></B><BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">Shareholder proposals intended for inclusion in the Trust's Proxy Statement in connection with the Trusts' 2007 annual meetings of shareholders pursuant to Rule 14a-8 under the Securities
Exchange Act of 1934 ("Exchange Act") must be received by a Trust at such Trust's principal executive offices by December 20, 2006. 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 3, 2006. </FONT></P>
<B><FONT size=2 face="serif">OTHER MATTERS</FONT></B><BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">Management of the Trusts know of no other matters which are to be brought before the Special Meeting. However, if any other matters not now known properly come before the Special 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>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">A list of shareholders entitled to be present and to vote at the Meeting will be available at the offices of the Trusts, 40 East 52nd Street, New York, New York, for inspection by any
shareholder during regular business hours beginning five days prior to the date of the Meeting. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">Failure of a quorum to be present at the Special Meeting with respect to any Trust will necessitate adjournment of the meeting for such Trust. The chairman of the Special Meeting or persons
named in the enclosed proxy may also move for an adjournment of the Special Meeting to permit further solicitation of proxies with respect to any of the proposals with respect to any Trust if they determine that adjournment and further solicitation
is reasonable and in the best interests of such Trust. Under each Trust's Declaration of Trust or Articles of Incorporation, as the case may be, a shareholder meeting may be adjourned up to 90 days after the record date of June 5, 2006, without
setting a new record date. </FONT></P>
<B><FONT size=2 face="serif">GENERAL</FONT></B><BR>
<P>
<FONT size=2 face="serif">Please note that only one annual statement or Proxy Statement may be delivered to two or more shareholders of a Trust who share an address, unless the Trust has received instructions to the contrary. To request a separate
copy of an annual report or the Proxy Statement, which will be delivered promptly upon written or oral request, or for instructions as to how to request a single copy of such documents if multiple copies are received, shareholders should contact the
applicable Trust at the address and phone number set forth above. </FONT></P>
<P align="center">
<FONT face="serif">22</FONT></P>

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

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


<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Please vote promptly by completing, signing and dating the enclosed proxy card (s) and returning it in the accompanying postage-paid return envelope OR by following the enclosed instructions
to vote by telephone or over the Internet. </FONT></B></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>
</TABLE>
<BR>
<P>
<FONT size=2 face="serif">[June 21], 2006 </FONT></P>
<P align="center">
<FONT face="serif">23 </FONT></P>

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

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


<center>
  <B><FONT size=2 face="serif">APPENDIX A</FONT></B>
</center>
<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=44% align=left nowrap>&nbsp;

        </TD>
        <TD width=48%>&nbsp;
        </TD>
        <TD width=8% align=left>
<FONT size=2 face="serif">TRADING</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">NAME</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">SYMBOL</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD nowrap>
<HR noshade size=1>     </TD>
        <TD>
        </TD>
        <TD><hr size="1" noshade>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<FONT size=2 face="serif">THE BLACKROCK PENNSYLVANIA STRATEGIC MUNICIPAL TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BPS</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">THE BLACKROCK STRATEGIC MUNICIPAL TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BSD</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<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 nowrap>
<FONT size=2 face="serif">BLACKROCK 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 nowrap>
<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 nowrap>
<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>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">BLACKROCK HEALTH SCIENCES TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BME</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">BLACKROCK HIGH INCOME SHARES</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">HIS</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">BLACKROCK GLOBAL OPPORTUNITIES EQUITY TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BOE</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">BLACKROCK ENHANCED DIVIDEND ACHIEVERS (TM) TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BDJ</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">BLACKROCK WORLD INVESTMENT TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BWC</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=2 face="serif">BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BTA</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>


<center>
  <B><FONT size=2 face="serif">APPENDIX B </FONT></B><BR>
  <B><FONT size=2 face="serif">OUTSTANDING SHARES</FONT></B>
</center>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">The following table sets forth the number of outstanding shares for each Trust at the close of business on June 5, 2006:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=15% align=left nowrap>

          <div align="left"></div></TD>
        <TD width=14% nowrap>&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap>
<FONT size=2 face="serif">OUTSTANDING SHARES OF </FONT>&nbsp;
        </TD>
        <TD width=5% nowrap>&nbsp;
        </TD>
        <TD colspan="2" align=center nowrap>
<FONT size=2 face="serif">OUTSTANDING SHARES OF </FONT>&nbsp;
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left nowrap>    <center>
          <FONT size=2 face="serif">TRUST</FONT>
    </center></TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD colspan="2" align=right nowrap>
      <center>
        <FONT size=2 face="serif">COMMON STOCK</FONT>&nbsp;
          </center></TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD colspan="2" align=right nowrap>
      <center>
        <FONT size=2 face="serif">PREFERRED STOCK</FONT>&nbsp;
          </center></TD>
  </TR>
<TR>
        <TD>
<HR align="left" size=1 noshade>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD width="21%">
<HR noshade size=1>
        </TD>
        <TD width="9%"><HR noshade size=1></TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD width="22%">
<HR noshade size=1>
        </TD>
    <TD width="14%"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=2 face="serif">BKN</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">16,707,093</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,862</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=2 face="serif">BRM</FONT>&nbsp;
          </div></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=right>
      <div align="left"><FONT size=2 face="serif">BFC</FONT>&nbsp;
          </div></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=right>
      <div align="left"><FONT size=2 face="serif">BRF</FONT>&nbsp;
          </div></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=right>
      <div align="left"><FONT size=2 face="serif">BLN</FONT>&nbsp;
          </div></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=right>
      <div align="left"><FONT size=2 face="serif">BCT</FONT>&nbsp;
          </div></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=right>
      <div align="left"><FONT size=2 face="serif">BKT</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">63,942,536</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=right>
      <div align="left"><FONT size=2 face="serif">BHY</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,411,693</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=right>
      <div align="left"><FONT size=2 face="serif">BMN</FONT>&nbsp;
          </div></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">--</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=2 face="serif">RAA</FONT>&nbsp;
          </div></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=right>
      <div align="left"><FONT size=2 face="serif">RFA</FONT>&nbsp;
          </div></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=right>
      <div align="left"><FONT size=2 face="serif">RNJ</FONT>&nbsp;
          </div></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=right>
      <div align="left"><FONT size=2 face="serif">RNY</FONT>&nbsp;
          </div></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=right>
      <div align="left"><FONT size=2 face="serif">BNA</FONT>&nbsp;
          </div></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=right>
      <div align="left"><FONT size=2 face="serif">BMT</FONT>&nbsp;
          </div></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=right>
      <div align="left"><FONT size=2 face="serif">BPS</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,017,100</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">700</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=2 face="serif">BSD</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,253,492</FONT>&nbsp;
        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,480</FONT>&nbsp;
        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=2 face="serif">BBF</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,651,878</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=right>
      <div align="left"><FONT size=2 face="serif">BFK</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">43,720,672</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=right>
      <div align="left"><FONT size=2 face="serif">BFZ</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">14,993,678</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=right>
      <div align="left"><FONT size=2 face="serif">BNJ</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,432,894</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=right>
      <div align="left"><FONT size=2 face="serif">BNY</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">12,540,168</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=right>
      <div align="left"><FONT size=2 face="serif">BJZ</FONT>&nbsp;
          </div></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=right>
      <div align="left"><FONT size=2 face="serif">BPK</FONT>&nbsp;
          </div></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=right>
      <div align="left"><FONT size=2 face="serif">BLH</FONT>&nbsp;
          </div></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=right>
      <div align="left"><FONT size=2 face="serif">BHK</FONT>&nbsp;
          </div></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=right>
      <div align="left"><FONT size=2 face="serif">BHD</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,058,402</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=right>
      <div align="left"><FONT size=2 face="serif">BBK</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">10,167,170</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=right>
      <div align="left"><FONT size=2 face="serif">BZA</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,356,422</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=right>
      <div align="left"><FONT size=2 face="serif">BIE</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">3,312,785</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=right>
      <div align="left"><FONT size=2 face="serif">BZM</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,019,870</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=right>
      <div align="left"><FONT size=2 face="serif">BLJ</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,274,620</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=right>
      <div align="left"><FONT size=2 face="serif">BQH</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">2,706,216</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=right>
      <div align="left"><FONT size=2 face="serif">BHV</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">1,531,266</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=right>
      <div align="left"><FONT size=2 face="serif">BLE</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">22,856,544</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=right>
      <div align="left"><FONT size=2 face="serif">BCL</FONT>&nbsp;
          </div></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=right>
      <div align="left"><FONT size=2 face="serif">BFY</FONT>&nbsp;
          </div></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=right>
      <div align="left"><FONT size=2 face="serif">BYM</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">26,203,900</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=right>
      <div align="left"><FONT size=2 face="serif">BCK</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,276,156</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=right>
      <div align="left"><FONT size=2 face="serif">BAF</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">8,734,048</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=right>
      <div align="left"><FONT size=2 face="serif">BSE</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">6,469,766</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=right>
      <div align="left"><FONT size=2 face="serif">BPP</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">18,309,937</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=right>
      <div align="left"><FONT size=2 face="serif">BLW</FONT>&nbsp;
          </div></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=right>
      <div align="left"><FONT size=2 face="serif">BKK</FONT>&nbsp;
          </div></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=right>
      <div align="left"><FONT size=2 face="serif">BFO</FONT>&nbsp;
          </div></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=right>
      <div align="left"><FONT size=2 face="serif">BDV</FONT>&nbsp;
          </div></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=right>
      <div align="left"><FONT size=2 face="serif">BDT</FONT>&nbsp;
          </div></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=right>
      <div align="left"><FONT size=2 face="serif">BQY</FONT>&nbsp;
          </div></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=right>
      <div align="left"><FONT size=2 face="serif">BGT</FONT>&nbsp;
          </div></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=right>
      <div align="left"><FONT size=2 face="serif">BGR</FONT>&nbsp;
          </div></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>
<TR valign="bottom">
        <TD align=right>
      <div align="left"><FONT size=2 face="serif">BME</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">7,504,817</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=right>
      <div align="left"><FONT size=2 face="serif">HIS</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">54,493,341</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=right>
      <div align="left"><FONT size=2 face="serif">BOE</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">12,376,932</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=right>
      <div align="left"><FONT size=2 face="serif">BDJ</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">69,088,582</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=right>
      <div align="left"><FONT size=2 face="serif">BWC</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">51,919,893</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=right>
      <div align="left"><FONT size=2 face="serif">BTA</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">13,049,704</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 align="center">
<FONT face="serif">B-1</FONT></P>

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<P>
&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">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>
<FONT size=2 face="serif">* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicative information as of February 28, 2006. To be updated after June 5, 2006. </FONT></P>
<P align="center">
<FONT face="serif">B-2 </FONT></P>

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<p align="right"><B><FONT size=2 face="serif">Appendix C</FONT></B></p>
<p align="center"><B><FONT size=2 face="serif">Form of New Management Agreement</FONT></B></p>
<p align="center"><BR>
</p>
<P align="center">
<FONT face="serif">FORM OF INVESTMENT MANAGEMENT AGREEMENT </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">AGREEMENT, dated [DATE], between [TRUST] (the "</FONT><U><FONT size=2 face="serif">Trust</FONT></U><FONT size=2 face="serif">"), a Delaware statutory trust, and BlackRock Advisors, Inc. (the
"</FONT><U><FONT size=2 face="serif">Advisor</FONT></U><FONT size=2 face="serif">"), a Delaware corporation. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">WHEREAS, Advisor has agreed to furnish investment advisory services to the Trust, a closed-end management investment company registered under the Investment Company Act of 1940, as amended (the
"</FONT><U><FONT size=2 face="serif">1940 Act</FONT></U><FONT size=2 face="serif">"); </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">WHEREAS, this Agreement has been approved in accordance with the provisions of the 1940 Act, and the Advisor is willing to furnish such services upon the terms and conditions herein set forth;
</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">NOW, THEREFORE, in consideration of the mutual premises and covenants herein contained and other good and valuable consideration, the receipt of which is hereby acknowledged, it is agreed by
and between the parties hereto as follows: </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">1. </FONT><U><FONT size=2 face="serif">In General</FONT></U><FONT size=2 face="serif">. The Advisor agrees, all as more fully set forth herein, to act as investment advisor to the Trust with
respect to the investment of the Trust's assets and to supervise and arrange for the day-to-day operations of the Trust and the purchase of securities for and the sale of securities held in the investment portfolio of the Trust. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">2. </FONT><U><FONT size=2 face="serif">Duties and Obligations of the Advisor with Respect to Investment of Assets of the Trust</FONT></U><FONT size=2 face="serif">. Subject to the succeeding
provisions of this section and subject to the direction and control of the Trust's Board of Trustees, the Advisor shall (i) act as investment advisor for and supervise and manage the investment and reinvestment of the Trust's assets and in
connection therewith have complete discretion in purchasing and selling securities and other assets for the Trust and in voting, exercising consents and exercising all other rights appertaining to such securities and other assets on behalf of the
Trust; (ii) supervise continuously the investment program of the Trust and the composition of its investment portfolio; (iii) arrange, subject to the provisions of paragraph 4 hereof, for the purchase and sale of securities and other assets held in
the investment portfolio of the Trust; and (iv) provide investment research to the Trust. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">3. </FONT><U><FONT size=2 face="serif">Duties and Obligations of Advisor with Respect to the Administration of the Trust</FONT></U><FONT size=2 face="serif">. The Advisor also agrees to furnish
office facilities and equipment and clerical, bookkeeping and administrative services (other than such services, if any, provided by the Trust's Custodian, Transfer Agent and Dividend Disbursing Agent and other service providers) for the Trust. To
the extent requested by the Trust, the Advisor agrees to provide the following administrative services: </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">(a) Oversee the determination and publication of the Trust's net asset value in accordance with the Trust's policy as adopted from time to time by the Board of Trustees; </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">(b) Oversee the maintenance by the Trust's Custodian and Transfer Agent and Dividend Disbursing Agent of certain books and records of the Trust as required under Rule 31a-1(b)(4) of the 1940
Act and maintain (or oversee maintenance by such other persons as approved by the Board of Trustees) such other books and records required by law or for the proper operation of the Trust; </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">(c) Oversee the preparation and filing of the Trust's federal, state and local income tax returns and any other required tax returns; </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">(d) Review the appropriateness of and arrange for payment of the Trust's expenses; </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">(e) Prepare for review and approval by officers of the Trust financial information for the Trust's semi-annual and annual reports, proxy statements and other communications with shareholders
required or otherwise to be sent to Trust shareholders, and arrange for the printing and dissemination of such reports and communications to shareholders; </FONT></P>
<P align="center">
<FONT face="serif">C-1 </FONT></P>

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<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">(f) Prepare for review by an officer of the Trust the Trust's periodic financial reports required to be filed with the Securities and Exchange Commission ("</FONT><U><FONT size=2
face="serif">SEC</FONT></U><FONT size=2 face="serif">") on Form N-SAR, Form N-CSR, Form N-PX, Form N-Q, and such other reports, forms and filings, as may be mutually agreed upon; </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">(g) Prepare such reports relating to the business and affairs of the Trust as may be mutually agreed upon and not otherwise appropriately prepared by the Trust's custodian, counsel or auditors;
</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">(h) Prepare such information and reports as may be required by any stock exchange or exchanges on which the Trust's shares are listed; </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">(i) Make such reports and recommendations to the Board of Trustees concerning the performance of the independent accountants as the Board of Trustees may reasonably request or deems
appropriate; </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">(j) Make such reports and recommendations to the Board of Trustees concerning the performance and fees of the Trust's Custodian and Transfer and Dividend Disbursing Agent as the Board of
Trustees may reasonably request or deems appropriate; </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">(k)
Oversee and review calculations of fees paid to the Trust's service providers;</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">(l) Oversee the Trust's portfolio and perform necessary calculations as required under Section 18 of the 1940 Act; </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">(m) Consult with the Trust's officers, independent accountants, legal counsel, custodian, accounting agent and transfer and dividend disbursing agent in establishing the accounting policies of
the Trust and monitor financial and shareholder accounting services;</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">(n) Review implementation of any share purchase programs authorized by the Board of Trustees;</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">(o) Determine the amounts available for distribution as dividends and distributions to be paid by the Trust to its shareholders; prepare and arrange for the printing of dividend notices to
shareholders; and provide the Trust's dividend disbursing agent and custodian with such information as is required for such parties to effect the payment of dividends and distributions and to implement the Trust's dividend reinvestment plan;
</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">(p) Prepare such information and reports as may be required by any banks from which the Trust borrows funds; </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">(q) Provide such assistance to the Custodian and the Trust's counsel and auditors as generally may be required to properly carry on the business and operations of the Trust;</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">(r) Assist in the preparation and filing of Forms 3, 4, and 5 pursuant to Section 16 of the Securities Exchange Act of 1934, as amended, and Section 30(f) of the 1940 Act for the officers and
trustees of the Trust, such filings to be based on information provided by those persons; </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">(s) Respond to or refer to the Trust's officers or transfer agent, shareholder (including any potential shareholder) inquiries relating to the Trust; and </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">(t) Supervise any other aspects of the Trust's administration as may be agreed to by the Trust and the Advisor.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">All services are to be furnished through the medium of any directors, officers or employees of the Advisor or its affiliates as the Advisor deems appropriate in order to fulfill its obligations
hereunder. The Advisor may from time to time, in its sole discretion to the extent permitted by applicable law, appoint one or more sub-advisors, including, without limitation, affiliates of the Advisor, to perform investment advisory services with
respect to the Trust, or assign all or a portion of this agreement to any of its affiliates. The Advisor may terminate any or all sub-advisors in its sole discretion at any time to the extent permitted by applicable law. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">The Trust will reimburse the Advisor or its affiliates for all out-of-pocket expenses incurred by them in connection with the performance of the administrative services described in this
paragraph 3. </FONT></P>
<P align="center">
<FONT face="serif">C-2 </FONT></P>

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<P align="justify">

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">4. </FONT><U><FONT size=2 face="serif">Covenants</FONT></U><FONT size=2 face="serif">. (a) In the
performance of its duties under this Agreement, the Advisor shall at all times conform to, and act in accordance with,
any requirements imposed by: (i) the provisions of the 1940 Act and the Investment Advisers Act of 1940, as amended, and
all applicable Rules and Regulations of the Securities and Exchange Commission; (ii) any other applicable provision of
law; (iii) the provisions of the Agreement and Declaration of Trust and By-Laws of the Trust, as such documents are
amended from time to time; (iv) the investment objectives and policies of the Trust as set forth in its Registration
Statement on Form N-2; and (v) any policies and determinations of the Board of Trustees of the Trust and </FONT></P>
<P align="left">


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In addition, the Advisor will:
</FONT></P>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif"> (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;        place orders either directly with the issuer or with any broker or
        dealer. Subject to the other provisions of this paragraph, in placing
        orders with brokers and dealers, the Advisor will attempt to obtain
        the best price and the most favorable execution of its orders. In placing
        orders, the Advisor will consider the experience and skill of the firm's
        securities traders as well as the firm's financial responsibility and
        administrative efficiency. Consistent with this obligation, the Advisor
        may select brokers on the basis of the research, statistical and pricing
        services they provide to the Trust and other clients of the Advisor.
        Information and research received from such brokers will be in addition
        to, and not in lieu of, the services required to be performed by the
        Advisor hereunder. A commission paid to such brokers may be higher
        than that which another qualified broker would have charged for effecting
        the same transaction, provided that the Advisor determines in good
        faith that such commission is reasonable in terms either of the transaction
        or the overall responsibility of the Advisor to the Trust and its other
        clients and that the total commissions paid by the Trust will be reasonable
        in relation to the benefits to the Trust over the long-term. In no
        instance, however, will the Trust's securities be purchased from or
        sold to the Advisor, or any affiliated person thereof, except to the
        extent permitted by the SEC or by applicable law; </FONT></P>
      <P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;        maintain
          a policy and practice of conducting its investment advisory services
          hereunder independently of the commercial banking operations of its
          affiliates. When the Advisor makes investment recommendations for the
          Trust, its investment advisory personnel will not inquire or take into
          consideration whether the issuer of securities proposed for purchase
          or sale for the Trust's account are customers of the commercial department
          of its affiliates; and </FONT></P>
      <P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif"> </FONT><FONT size=2 face="serif">(iii)
          &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;treat confidentially and
          as proprietary information of the Trust all records and other information
          relative to the Trust, and the Trust's prior, current or potential
          shareholders, and will not use such records and information for any
          purpose other than performance of its responsibilities and duties hereunder,
          except after prior notification to and approval in writing by the Trust,
          which approval shall not be unreasonably withheld and may not be withheld
          where the Advisor may be exposed to civil or criminal contempt proceedings
          for failure to comply, when requested to divulge such information by
    duly constituted authorities, or when so requested by the Trust. </FONT></P></td>
  </tr>
</table>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">5. </FONT><U><FONT size=2 face="serif">Services Not Exclusive</FONT></U><FONT size=2 face="serif">. Nothing in this Agreement shall prevent the Advisor or any officer, employee or other
affiliate thereof from acting as investment advisor for any other person, firm or corporation, or from engaging in any other lawful activity, and shall not in any way limit or restrict the Advisor or any of its officers, employees or agents from
buying, selling or trading any securities for its or their own accounts or for the accounts of others for whom it or they may be acting; provided, however, that the Advisor will undertake no activities which, in its judgment, will adversely affect
the performance of its obligations under this Agreement. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">6. </FONT><U><FONT size=2 face="serif">Books and Records</FONT></U><FONT size=2 face="serif">. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Advisor hereby agrees
that all records which it maintains for the Trust are the property of the Trust and further agrees to surrender promptly to the Trust any such records upon the Trust's request. The Advisor further agrees to preserve for the periods prescribed by
Rule 31a-2 under the 1940 Act the records required to be maintained by Rule 31a-1 under the 1940 Act. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">7. </FONT><U><FONT size=2 face="serif">Agency Cross Transactions</FONT></U><FONT size=2 face="serif">. From time to time, the Advisor or brokers or dealers affiliated with it may find
themselves in a position to buy for certain of their brokerage clients (each an "</FONT><U><FONT size=2 face="serif">Account</FONT></U><FONT size=2 face="serif">") securities which the Advisor's investment advisory clients wish to sell, and to sell
for certain of their brokerage clients securities which advisory clients wish to buy. Where one of the parties is an advisory client, the Advisor or the affiliated broker or dealer cannot participate in this type of transaction (known as a cross
transaction) on behalf of an advisory client and retain commissions from one or both parties to the transaction without the advisory client's consent. This is because in a situation where the Advisor is making the investment decision (as opposed to
a brokerage client who makes his own investment decisions), and the Advisor or an affiliate is receiving commissions from both sides of the transaction, there is a potential conflicting division of loyalties and responsibilities on the Advisor's
part regarding the advisory client. The SEC has adopted a rule under the Investment Advisers Act of 1940, as amended, which permits the Advisor </FONT></P>
<P align="center">
<FONT face="serif">C-3 </FONT></P>

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<P>
<FONT size=2 face="serif">or its affiliates to participate on behalf of an Account in agency cross transactions if the advisory client has given written consent in advance. By execution of this Agreement, the Trust authorizes the Advisor or its
affiliates to participate in agency cross transactions involving an Account. The Trust may revoke its consent at any time by written notice to the Advisor. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">8. </FONT><U><FONT size=2 face="serif">Expenses</FONT></U><FONT size=2 face="serif">. During the term of this Agreement, the Advisor will bear all costs and expenses of its employees and any
overhead incurred in connection with its duties hereunder and shall bear the costs of any salaries or trustees fees of any officers or trustees of the Trust who are affiliated persons (as defined in the 1940 Act) of the Advisor; provided that the
Board of Trustees of the Trust may approve reimbursement to the Advisor of the pro rata portion of the salaries, bonuses, health insurance, retirement benefits and all similar employment costs for the time spent on Trust operations (including,
without limitation, compliance matters) (other than the provision of investment advice and administrative services required to be provided hereunder) of all personnel employed by the Advisor who devote substantial time to Trust operations or the
operations of other investment companies advised by the Advisor. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">9. </FONT><U><FONT size=2 face="serif">Compensation of the Advisor</FONT></U><FONT size=2 face="serif">. (a) The Trust agrees to pay to the Advisor and the Advisor agrees to accept as full
compensation for all services rendered by the Advisor as such, a monthly fee (the "</FONT><U><FONT size=2 face="serif">Investment Advisory Fee</FONT></U><FONT size=2 face="serif">") in arrears at an annual rate equal to [ %] of the average weekly
value of the Trust's [Managed Assets].</FONT><SUP><FONT size=2 face="sans-serif">  </FONT></SUP><FONT size=2 face="serif">["</FONT><U><FONT size=2 face="serif">Managed Assets</FONT></U><FONT size=2 face="serif">" means the total assets of the Trust
minus the sum of the accrued liabilities (other than the aggregate indebtedness constituting financial leverage).]* For any period less than a month during which this Agreement is in effect, the fee shall be prorated according to the proportion
which such period bears to a full month of 28, 29, 30 or 31 days, as the case may be. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">(b) For purposes of this Agreement, the net assets of the Trust shall be calculated pursuant to the procedures adopted by resolutions of the Trustees of the Trust for calculating the value of
the Trust's assets or delegating such calculations to third parties. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">10. </FONT><U><FONT size=2 face="serif">Indemnity</FONT></U><FONT size=2 face="serif">. (a) The Trust may, with the prior consent of the Board of Trustees of the Trust, including a majority of
the trustees of the Trust who are not &#147;interested persons&#148; of the Trust (as defined in Section 2(a)(19) of the 1940 Act), indemnify the Advisor, and each of the Advisor's directors, officers, employees, agents, associates and controlling
persons and the directors, partners, members, officers, employees and agents thereof (including any individual who serves at the Advisor's request as director, officer, partner, member, trustee or the like of another entity) (each such person being
an "</FONT><U><FONT size=2 face="serif">Indemnitee</FONT></U><FONT size=2 face="serif">") against any liabilities and expenses, including amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and counsel fees (all as
provided in accordance with applicable state law) reasonably incurred by such Indemnitee in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or
investigative body in which such Indemnitee may be or may have been involved as a party or otherwise or with which such Indemnitee may be or may have been threatened, while acting in any capacity set forth herein or thereafter by reason of such
Indemnitee having acted in any such capacity, except with respect to any matter as to which such Indemnitee shall have been adjudicated not to have acted in good faith in the reasonable belief that such Indemnitee's action was in the best interest
of the Trust and furthermore, in the case of any criminal proceeding, so long as such Indemnitee had no reasonable cause to believe that the conduct was unlawful; provided, however, that (1) no Indemnitee shall be indemnified hereunder against any
liability to the Trust or its shareholders or any expense of such Indemnitee arising by reason of (i) willful misfeasance, (ii) bad faith, (iii) gross negligence or (iv) reckless disregard of the duties involved in the conduct of such Indemnitee's
position (the conduct referred to in such clauses (i) through (iv) being sometimes referred to herein as "</FONT><U><FONT size=2 face="serif">disabling conduct</FONT></U><FONT size=2 face="serif">"), (2) as to any matter disposed of by settlement or
a compromise payment by such Indemnitee, pursuant to a consent decree or otherwise, no indemnification either for said payment or for any other expenses shall be provided unless there has been a determination that such settlement or compromise is in
the best interests of the Trust and that such Indemnitee appears to have acted in good faith in the reasonable belief that such Indemnitee's action was in the best interest of the Trust and did not involve disabling conduct by such Indemnitee and
(3) with respect to any action, suit or other proceeding voluntarily prosecuted by any Indemnitee as plaintiff, indemnification shall be mandatory only if the prosecution of such action, suit or other proceeding by such Indemnitee was authorized by
a majority of the full Board of Trustees of the Trust, including a majority of the trustees of the Trust who are not &#147;interested persons&#148; of the Trust (as defined in Section 2(a)(19) of the 1940 Act). </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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"> (b) The Trust may make advance payments in connection with the expenses of defending any action with respect to which indemnification might be sought hereunder if the Trust receives a written
affirmation of the Indemnitee's good faith belief that the standard of conduct necessary for indemnification has been met and a written undertaking to reimburse the Trust unless it is subsequently determined that such Indemnitee is entitled to such
indemnification and if the trustees of the Trust deter-</FONT></P>
<P>
<SUP><FONT size=2 face="sans-serif">  </FONT></SUP></P>
<hr align="left" noshade width="200" size="1" color=black>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
  Trusts paid on a basis other than on "Managed Assets", the agreement will be
  modified accordingly to reflect the terms of the respective current agreement. </FONT>
<P align="center">
<FONT face="serif">C-4</FONT></P>

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


<P>
<FONT size=2 face="serif">mine that the facts then known to them would not preclude indemnification. In addition, at least one of the following conditions must be met: (A) the Indemnitee shall provide security for such Indemnitee-undertaking, (B)
the Trust shall be insured against losses arising by reason of any unlawful advance, or (C) a majority of a quorum consisting of trustees of the Trust who are neither "interested persons" of the Trust (as defined in Section 2(a)(19) of the 1940 Act)
nor parties to the proceeding ("</FONT><U><FONT size=2 face="serif">Disinterested Non-Party Trustees</FONT></U><FONT size=2 face="serif">") or an independent legal counsel in a written opinion, shall determine, based on a review of readily available
facts (as opposed to a full trial-type inquiry), that there is reason to believe that the Indemnitee ultimately will be found entitled to indemnification. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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"> (c) All determinations with respect to the standards for indemnification hereunder shall be made (1) by a final decision on the merits by a court or other body before whom the proceeding was
brought that such Indemnitee is not liable or is not liable by reason of disabling conduct, or (2) in the absence of such a decision, by (i) a majority vote of a quorum of the Disinterested Non-Party Trustees of the Trust, or (ii) if such a quorum
is not obtainable or, even if obtainable, if a majority vote of such quorum so directs, independent legal counsel in a written opinion. All determinations that advance payments in connection with the expense of defending any proceeding shall be
authorized and shall be made in accordance with the immediately preceding clause (2) above. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">The rights accruing to any Indemnitee under these provisions shall not exclude any other right to which such In-demnitee may be lawfully entitled. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">11. </FONT><U><FONT size=2 face="serif">Limitation on Liability</FONT></U><FONT size=2 face="serif">. (a) The Advisor will not be liable for any error of judgment or mistake of law or for any
loss suffered by Advisor or by the Trust in connection with the performance of this Agreement, except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services or a loss resulting from willful
misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its duties under this Agreement. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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"> (b) Notwithstanding anything to the contrary contained in this Agreement, the parties hereto acknowledge and agree that, as provided in Section 5.1 of Article V of the Declaration of Trust,
this Agreement is executed by the Trustees and/or officers of the Trust, not individually but as such Trustees and/or officers of the Trust, and the obligations hereunder are not binding upon any of the Trustees or Shareholders individually but bind
only the estate of the Trust. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">12. </FONT><U><FONT size=2 face="serif">Duration and Termination</FONT></U><FONT size=2 face="serif">. This Agreement shall become effective as of the date hereof and, unless sooner terminated
with respect to the Trust as provided herein, shall continue in effect for a period of two years. Thereafter, if not terminated, this Agreement shall continue in effect with respect to the Trust for successive periods of 12 months, provided such
continuance is specifically approved at least annually by both (a) the vote of a majority of the Trust's Board of Trustees or the vote of a majority of the outstanding voting securities of the Trust at the time outstanding and entitled to vote, and
(b) by the vote of a majority of the Trustees who are not parties to this Agreement or interested persons of any party to this Agreement, cast in person at a meeting called for the purpose of voting on such approval. Notwithstanding the foregoing,
this Agreement may be terminated by the Trust at any time, without the payment of any penalty, upon giving the Advisor 60 days' notice (which notice may be waived by the Advisor), provided that such termination by the Trust shall be directed or
approved by the vote of a majority of the Trustees of the Trust in office at the time or by the vote of the holders of a majority of the voting securities of the Trust at the time outstanding and entitled to vote, or by the Advisor on 60 days'
written notice (which notice may be waived by the Trust). This Agreement will also immediately terminate in the event of its assignment. (As used in this Agreement, the terms "</FONT><U><FONT size=2 face="serif">majority of the outstanding
voting</FONT></U><FONT size=2 face="serif"> </FONT><U><FONT size=2 face="serif">securities</FONT></U><FONT size=2 face="serif">," "</FONT><U><FONT size=2 face="serif">interested person</FONT></U><FONT size=2 face="serif">" and "</FONT><U><FONT
size=2 face="serif">assignment</FONT></U><FONT size=2 face="serif">" shall have the same meanings of such terms in the 1940 Act.) </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">13. </FONT><U><FONT size=2 face="serif">Notices</FONT></U><FONT size=2 face="serif">. Any notice under this Agreement shall be in writing to the other party at such address as the other party
may designate from time to time for the receipt of such notice and shall be deemed to be received on the earlier of the date actually received or on the fourth day after the postmark if such notice is mailed first class postage prepaid. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">14. </FONT><U><FONT size=2 face="serif">Amendment of this Agreement</FONT></U><FONT size=2 face="serif">. No provision of this Agreement may be changed, waived, discharged or terminated orally,
but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. Any amendment of this Agreement shall be subject to the 1940 Act. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">15. </FONT><U><FONT size=2 face="serif">Governing Law</FONT></U><FONT size=2 face="serif">. This Agreement shall be governed by and construed in accordance with the laws of the State of New
York for contracts to be performed entirely therein without reference to choice of law principles thereof and in accordance with the applicable provisions of the 1940 Act. </FONT></P>
<P align="center">
<FONT face="serif">C-5</FONT></P>

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<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">16. </FONT><U><FONT size=2 face="serif">Use of the Name BlackRock</FONT></U><FONT size=2 face="serif">. The Advisor has consented to the use by the Trust of the name or identifying word
"BlackRock" in the name of the Trust. Such consent is conditioned upon the employment of the Advisor as the investment advisor to the Trust. The name or identifying word "BlackRock" may be used from time to time in other connections and for other
purposes by the Advisor and any of its affiliates. The Advisor may require the Trust to cease using "BlackRock" in the name of the Trust if the Trust ceases to employ, for any reason, the Advisor, any successor thereto or any affiliate thereof as
investment advisor of the Trust.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">17. </FONT><U><FONT size=2 face="serif">Miscellaneous</FONT></U><FONT size=2 face="serif">. The captions in this Agreement are included for convenience of reference only and in no way define or
delimit any of the provisions hereof or otherwise affect their construction or effect. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be
affected thereby. This Agreement shall be binding on, and shall inure to the benefit of the parties hereto and their respective successors. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">18. </FONT><U><FONT size=2 face="serif">Counterparts</FONT></U><FONT size=2 face="serif">. This Agreement may be executed in counterparts by the parties hereto, each of which shall constitute
an original counterpart, and all of which, together, shall constitute one Agreement. </FONT></P>
<P align="center">
<FONT face="serif">C-6</FONT></P>

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<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">IN WITNESS WHEREOF, the parties hereto have caused the foregoing instrument to be executed by their duly authorized officers, all as of the day and the year first above written. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=49% align=left>&nbsp;</TD>
        <TD width=51% align=left>
<FONT face="serif">[TRUST]</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>
<FONT face="serif">By: _________________________ </FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Name:</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Title:</FONT>&nbsp;
        </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
        <TD>&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>
<FONT face="serif">BLACKROCK ADVISORS, INC.</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> <FONT face="serif">By: _________________________ </FONT>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Name:</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Title:</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT face="serif">C-7 </FONT></P>

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<P align="right">
<B><FONT size=2 face="serif">Appendix D </FONT></B></P>
<center>
  <B><FONT size=2 face="serif">Management and Sub-Advisory Agreements </FONT></B><BR>
  <I><FONT size=2 face="serif">Dates, Approvals and Fees</FONT></I><B><FONT size=2 face="serif"> </FONT></B>
</center>
<P>
<B><FONT size=2 face="serif">Management Agreements </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">Date of Cur-</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">Date Last</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">Current</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">rent Manage-</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">Submitted for</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">Management Fee</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">New Management Fee</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">ment Agree-</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">Shareholder</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">(as a percentage of average</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">(as a percentage of average</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <center>
        <B><FONT size=1 face="serif">Trust</FONT></B>&nbsp;
          </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">ment</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">Approval</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">daily net assets)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">daily net assets)</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p><BR>
</p>
<P align="center">
<B><FONT size=2 face="serif">* * * * * </FONT></B></P>
<P align="center">&nbsp;</P>
<P>
<B><FONT size=2 face="serif">Sub-Advisory Agreements </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">Date of Cur-</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">Date Last</FONT></B>&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>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">rent Sub-</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">Submitted for</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">Current Sub-Advisory Fee</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">New Sub-Advisory Fee (as a</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">Advisory Con-</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">Shareholder</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">(as a percentage of average</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">percentage of average daily</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <center>
        <B><FONT size=1 face="serif">Trust</FONT></B>&nbsp;
          </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">tract</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">Approval</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">daily net assets)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">net assets)</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<p><BR>
</p>
<P align="center">
<B><FONT size=2 face="serif">* * * * * </FONT></B></P>

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<p align="right"><B><FONT size=2 face="serif">Appendix E</FONT></B></p>
<p align="center"><B><FONT face="serif">Fees Paid to Advisors, Sub-Advisors and Affiliates</FONT></B></p>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">The following table indicates amounts paid by each Trust to its Advisor, Sub-Advisor or an affiliate of the Advisor or Sub-Advisor during the Trusts&#146;s last fiscal year. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <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>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">Percentage</FONT></B>&nbsp;
        </TD>
        <TD>&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>&nbsp;

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

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

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">of Trusts&#146;s</FONT></B>&nbsp;
        </TD>
        <TD>&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>&nbsp;

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

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

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

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

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

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

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

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

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

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">Fee (after</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">Fee (after</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

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

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

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">reimburse-</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">reimburse-</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">Adminis-</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">Commissions</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">(identify</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">ments, if</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">ments, if</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">tration Fee</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">Paid to Affili-</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">broker and</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
  </TR>
<TR valign="bottom">
        <TD align=right>
      <center>
        <B><FONT size=1 face="serif">Trust</FONT></B>&nbsp;
          </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">any) (&#36;)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">any) (&#36;)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">(&#36;)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">ated Brokers</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">relationship)</FONT></B>&nbsp;
        </TD>
        <TD>&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>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD><HR noshade size=1>
        </TD>
        <TD>
        </TD>
  </TR>
</TABLE>
<p><BR>
</p>
<p>&nbsp;</p>
<p align="center"><B><FONT size=2 face="serif">* * * * *</FONT></B><BR>

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

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


<p align="right"><B><FONT size=2 face="serif">Appendix F</FONT></B></p>
<p align="center"><B><FONT face="serif">Fees Paid to Merrill Lynch and Affiliates</FONT></B></p>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">The following table indicates amounts paid by each Trust (in the aggregate and as a percentage of aggregate brokerage fees) during its last fiscal year to Merrill Lynch or brokers affiliated
with Merrill Lynch. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=20% align=left nowrap>&nbsp;

        </TD>
        <TD width=7% nowrap>&nbsp;
        </TD>
        <TD width=16% align=left nowrap>&nbsp;

        </TD>
        <TD width=6% nowrap>&nbsp;
        </TD>
        <TD width=13% align=center nowrap>
<B><FONT size=2 face="serif">Percentage of</FONT></B>&nbsp;
        </TD>
        <TD width=6% nowrap>&nbsp;
        </TD>
        <TD width=17% align=left nowrap>&nbsp;

        </TD>
        <TD width=5% nowrap>&nbsp;
        </TD>
        <TD width=10% 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>
<B><FONT size=2 face="serif">Trusts&#146;s Aggregate</FONT></B>&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>
<B><FONT size=2 face="serif">Brokerage Commis-</FONT></B>&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>
<B><FONT size=2 face="serif">sions Paid to</FONT></B>&nbsp;
        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Broker-Dealer</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Aggregate Commissions</FONT></B>&nbsp;
        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Merrill Lynch or</FONT></B>&nbsp;
        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Shareholder Service Fees</FONT></B>&nbsp;
        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Fees for Auction</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;

        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Paid to Merrill Lynch or</FONT></B>&nbsp;
        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Affiliated Brokers</FONT></B>&nbsp;
        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Paid to Merrill Lynch and</FONT></B>&nbsp;
        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Market Preferred</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
      <div align="left"><B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
          </div></TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Affiliated Brokers (&#36;)</FONT></B>&nbsp;
        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">(%)</FONT></B>&nbsp;
        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Affiliates</FONT></B>&nbsp;
        </TD>
        <TD nowrap>&nbsp;
        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<p><BR>
</p>
<p>&nbsp;</p>
<p align="center"><B><FONT size=2 face="serif">* * * * *</FONT></B><BR>

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

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


<P align="right">
<B><FONT size=2 face="serif">Appendix G </FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">Directors</FONT></B><FONT size=2 face="serif"> </FONT><B><FONT size=2 face="serif">and Principal Executive Officers of Advisors and Sub-Advisors</FONT></B><FONT size=2 face="serif"> </FONT></P>
<P align="center">
<B><FONT size=2 face="serif">Directors and Principal Officers of the Advisor </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=20% align=center>
      <div align="left"><B><FONT size=2 face="serif">Name</FONT></B>&nbsp;
          </div></TD>
        <TD width=8%>&nbsp;
        </TD>
        <TD width=29% align=center>
      <div align="left"><B><FONT size=2 face="serif">Position with the Advisor</FONT></B>&nbsp;
          </div></TD>
        <TD width=7%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><B><FONT size=2 face="serif">Position with the Trust, if any</FONT></B>&nbsp;
          </div></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>
</TABLE><BR>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center"><B><FONT size=2 face="serif">Directors and Principal Officers of the Sub-Advisors</FONT></B><FONT size=2 face="serif"> </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=20% align=center>
      <div align="left"><B><FONT size=2 face="serif">Name</FONT></B>&nbsp;
          </div></TD>
        <TD width=8%>
          <div align="left"></div></TD>
        <TD width=29% align=center>
      <div align="left"><B><FONT size=2 face="serif">Position with the Sub-Advisor</FONT></B>&nbsp;
          </div></TD>
        <TD width=7%>
          <div align="left"></div></TD>
        <TD width=36% align=center>
      <div align="left"><B><FONT size=2 face="serif">Position with the Trust, if any</FONT></B>&nbsp;
          </div></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>
</TABLE>
<BR>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center"><B><FONT size=2 face="serif">* * * * * </FONT></B></P>
<HR noshade  width="100%" size=4>

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


<p align="right"><B><FONT size=2 face="serif">Appendix H</FONT></B></p>
<p align="center"><B><FONT face="serif">Other Funds Advised by Advisor and Sub-Advisors</FONT></B></p>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">The following table lists certain information regarding funds for which the Advisor or a Sub-Advisor provides investment advisory services, other than the Trusts that are addressed by this
Proxy Statement. All of the information below is given as of the end of the last fiscal year of each fund. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=3% align=left>&nbsp;

        </TD>
        <TD width=30%>&nbsp;
        </TD>
        <TD width=16% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=12% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=12% align=center>
<B><FONT size=1 face="serif">Advisory Fee</FONT></B>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=13% align=center>
<B><FONT size=1 face="serif">Advisory Fee (after</FONT></B>&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>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">(as a percentage of</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">waivers and reim-</FONT></B>&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>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">average daily net</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">bursements, if any</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right>
      <center>
        <B><FONT size=1 face="serif">Fund</FONT></B>&nbsp;
          </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <center>
        <B><FONT size=1 face="serif">Advisor/Sub-Advisor</FONT></B>&nbsp;
          </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <center>
        <B><FONT size=1 face="serif">Net Assets (&#36;)</FONT></B>&nbsp;
          </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">assets)</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=1 face="serif">(&#36;)</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD><hr size="1" noshade>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<p><BR>
</p>
<p>&nbsp;</p>
<p align="center"><B><FONT size=2 face="serif">* * * * *</FONT></B><BR>

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

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


<div align="right"><B><FONT size=2 face="serif">Appendix I</FONT></B><BR>
</div>
<P align="center">
<B><FONT face="serif">Form of New Sub-Advisory Agreement </FONT></B></P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">
<FONT face="serif">FORM OF SUB-INVESTMENT ADVISORY AGREEMENT </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">AGREEMENT dated [DATE], among [TRUST], a Delaware statutory trust (the "</FONT><U><FONT size=2 face="serif">Trust</FONT></U><FONT size=2 face="serif">"), BlackRock Advisors, Inc. a Delaware
corporation (the "</FONT><U><FONT size=2 face="serif">Advisor</FONT></U><FONT size=2 face="serif">"), and [BlackRock Financial Management, Inc./State Street Research &amp; Management Company], a Delaware corporation (the "</FONT><U><FONT size=2
face="serif">Sub-Advisor</FONT></U><FONT size=2 face="serif">"). </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">WHEREAS, the Advisor has agreed to furnish investment advisory services to the Trust, a closed-end management investment company registered under the Investment Company Act of 1940, as amended
(the "</FONT><U><FONT size=2 face="serif">1940 Act</FONT></U><FONT size=2 face="serif">"); </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">WHEREAS, the Advisor wishes to retain the Sub-Advisor to provide it with certain sub-advisory services as described below in connection with Advisor's advisory activities on behalf of the
Trust; </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">WHEREAS, the investment management agreement between the Advisor and the Trust, dated [DATE] (such agreement or the most recent successor agreement between such parties relating to advisory
services to the Trust is referred to herein as the "</FONT><U><FONT size=2 face="serif">Advisory Agreement</FONT></U><FONT size=2 face="serif">") contemplates that the Advisor may appoint a sub-adviser to perform investment advisory services with
respect to the Trust; and </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">WHEREAS, this Agreement has been approved in accordance with the provisions of the 1940 Act, and the Sub-Advisor is willing to furnish such services upon the terms and conditions herein set
forth; </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">NOW, THEREFORE, in consideration of the mutual premises and covenants herein contained and other good and valuable consideration, the receipt of which is hereby acknowledged, it is agreed by
and between the parties hereto as follows: </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Appointment</U>. The Advisor hereby appoints the Sub-Advisor to act as sub-advisor with respect to the Trust and the Sub-Advisor accepts such appointment and agrees to render the services herein set forth for the compensation herein provided. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT size=2 face="serif">Services of the Sub-Advisor</FONT></U><FONT size=2 face="serif">. Subject to the succeeding provisions of this section, the oversight and supervision of
the Advisor and the direction and control of the Trust's Board of Trustees, the Sub-Advisor will perform certain of the day-to-day operations of the Trust, which may include one or more of the following services, at the request of the Advisor: (a)
acting as investment advisor for and managing the investment and reinvestment of those assets of the Trust as the Advisor may from time to time request and in connection therewith have complete discretion in purchasing and selling such securities
and other assets for the Trust and in voting, exercising consents and exercising all other rights appertaining to such securities and other assets on behalf of the Trust; (b) arranging, subject to the provisions of paragraph 3 hereof, for the
purchase and sale of securities and other assets of the Trust; (c) providing investment research and credit analysis concerning the Trust's investments, (d) assist the Advisor in determining what portion of the Trust's assets will be invested in
cash, cash equivalents and money market instruments, (e) placing orders for all purchases and sales of such investments made for the Trust, and (f) maintaining the books and records as are required to support Trust investment operations. At the
request of the Advisor, the Sub-Advisor will also, subject to the oversight and supervision of the Advisor and the direction and control of the Trust's Board of Trustees, provide to the Advisor or the Trust any of the facilities and equipment and
perform any of the services described in Section 3 of the Advisory Agreement. In addition, the Sub-Advisor will keep the Trust and the Advisor informed of developments materially affecting the Trust and shall, on its own initiative, furnish to the
Trust from time to time whatever information the Sub-Advisor believes appropriate for this purpose. The Sub-</FONT></P>
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<FONT size=2 face="serif">Advisor will periodically communicate to the Advisor, at such times as the Advisor may direct, information concerning the purchase and sale of securities for the Trust, including: (a) the name of the issuer, (b) the amount
of the purchase or sale, (c) the name of the broker or dealer, if any, through which the purchase or sale is effected, (d) the CUSIP number of the instrument, if any, and (e) such other information as the Advisor may reasonably require for purposes
of fulfilling its obligations to the Trust under the Advisory Agreement. The Sub-Advisor will provide the services rendered by it under this Agreement in accordance with the Trust's investment objectives, policies and restrictions (as currently in
effect and as they may be amended or supplemented from time to time) as stated in the Trust's Prospectus and Statement of Additional Information and the resolutions of the Trust's Board of Trustees. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT size=2 face="serif">Covenants</FONT></U><FONT size=2 face="serif">. (a) In the performance of its duties under this Agreement, the Sub-Advisor shall at all times conform to,
and act in accordance with, any requirements imposed by: (i) the provisions of the 1940 Act and the Investment Advisers Act of 1940, as amended (the "</FONT><U><FONT size=2 face="serif">Advisers Act</FONT></U><FONT size=2 face="serif">") and all
applicable Rules and Regulations of the Securities and Exchange Commission (the "</FONT><U><FONT size=2 face="serif">SEC</FONT></U><FONT size=2 face="serif">"); (ii) any other applicable provision of law; (iii) the provisions of the Agreement and
Declaration of Trust and ByLaws of the Trust, as such documents are amended from time to time; (iv) the investment objectives and policies of the Trust as set forth in its Registration Statement on Form N-2; and (v) any policies and determinations
of the Board of the Trustees of the Trust and </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In
addition, the Sub-Advisor will: (i) place orders either directly with the issuer
or with any broker or dealer. Subject to the other provisions of this paragraph,
in placing orders with  brokers and dealers, the Sub-Advisor will attempt to
obtain the best price and the most favorable execution of its orders. In placing
orders, the Sub-Advisor will consider the experience and skill of the firm's
securities traders as well as the  firm's financial responsibility and administrative
efficiency. Consistent with this obligation, the Sub-Advisor may select brokers
on the basis of the research, statistical and pricing services they provide to
the Trust and other clients of the  Advisor or the Sub-Advisor. Information and
research received from such brokers will be in addition to, and not in lieu of,
the services required to be performed by the Sub-Advisor hereunder. A commission
paid to such brokers may be higher than that  which another qualified broker
would have charged for effecting the same transaction, provided that the Sub-Advisor
determines in good faith that such commission is reasonable in terms either of
the transaction or the overall responsibility of the  Advisor and the Sub-Advisor
to the Trust's and their other clients and that the total commissions paid by
the Trust will be reasonable in relation to the benefits to the Trust over the
long-term. In no instance, however, will the Trust's securities  be purchased
from or sold to the Advisor, the Sub-Advisor or any affiliated person thereof,
except to the extent permitted by the SEC or by applicable law. Subject to the
foregoing and the provisions of the 1940 Act, the Securities Exchange Act of
 1934, as amended, and other applicable provisions of law, the Sub-Advisor may
select brokers and dealers with which it or the Trust is affiliated; </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; maintain
books and records with respect to the Trust's securities transactions and will
render to the Advisor and the Trust's Board of Trustees such periodic and special
reports as they  may request; </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; maintain
a policy and practice of conducting its investment advisory services hereunder
independently of the commercial banking operations of its affiliates. When the
Sub-Advisor makes  investment recommendations for the Trust, its investment advisory
personnel will not inquire or take into consideration whether the issuer of securities
proposed for purchase or sale for the Trust's account are customers of the commercial
department  of its affiliates; and </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; treat
confidentially and as proprietary information of the Trust all records and other
information relative to the Trust, and the Trust's prior, current or potential
shareholders, and will  not use such records and information for any purpose
other than performance of its responsibilities and duties hereunder, except after
prior notification to and approval in writing by the Trust, which approval shall
not be unreasonably withheld and  may not be withheld where the Sub-Advisor may
be exposed to civil or criminal contempt proceedings for failure to comply, when
requested to divulge such information by duly constituted authorities, or when
so requested by the Trust. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT size=2 face="serif">Services Not Exclusive</FONT></U><FONT size=2 face="serif">. Nothing in this Agreement shall prevent the Sub-Advisor or any officer, employee or other
affiliate thereof from acting as investment advisor for any other person, firm or corporation, or from engaging in any other lawful activity, and shall not in any way limit or restrict the Sub-Advisor or any of its officers, employees or agents from
buying, selling or trading any securities for its or their own accounts or for the accounts of others for whom it or they may be acting; provided, however, that the Sub-Advisor will undertake no activities which, in its judgment, will adversely
affect the performance of its obligations under this Agreement. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT size=2 face="serif">Books and Records</FONT></U><FONT size=2 face="serif">. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Sub-Advisor hereby
agrees that all records which it maintains for the Trust are the property of the Trust and further agrees to surrender </FONT></P>
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<FONT size=2 face="serif">promptly to the Trust any such records upon the Trust's request. The Sub-Advisor further agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act the records required to be maintained by Rule 31a-1
under the 1940 Act (to the extent such books and records are not maintained by the Advisor). </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT size=2 face="serif">Agency Cross Transactions</FONT></U><FONT size=2 face="serif">. From time to time, the Sub-Advisor or brokers or dealers affiliated with it may find
themselves in a position to buy for certain of their brokerage clients (each an "</FONT><U><FONT size=2 face="serif">Account</FONT></U><FONT size=2 face="serif">") securities which the Sub-Advisor's investment advisory clients wish to sell, and to
sell for certain of their brokerage clients securities which advisory clients wish to buy. Where one of the parties is an advisory client, the Advisor or the affiliated broker or dealer cannot participate in this type of transaction (known as a
cross transaction) on behalf of an advisory client and retain commissions from both parties to the transaction without the advisory client's consent. This is because in a situation where the Sub-Advisor is making the investment decision (as opposed
to a brokerage client who makes his own investment decisions), and the Sub-Advisor or an affiliate is receiving commissions from one or both sides of the transaction, there is a potential conflicting division of loyalties and responsibilities on the
Sub-Advisor's part regarding the advisory client. The SEC has adopted a rule under the Advisers Act which permits the Sub-Advisor or its affiliates to participate on behalf of an Account in agency cross transactions if the advisory client has given
written consent in advance. By execution of this Agreement, the Trust authorizes the Sub-Advisor or its affiliates to participate in agency cross transactions involving an Account. The Trust may revoke its consent at any time by written notice to
the Sub-Advisor. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT size=2 face="serif">Expenses</FONT></U><FONT size=2 face="serif">. During the term of this Agreement, the Sub-Advisor will bear all costs and expenses of its employees and
any overhead incurred by the Sub-Advisor in connection with its duties hereunder; provided that the Board of Trustees of the Trust may approve reimbursement to the Sub-Advisor of the pro-rata portion of the salaries, bonuses, health insurance,
retirement benefits and all similar employment costs for the time spent on Trust operations (including, without limitation, compliance matters) (other than the provision of investment advice and administrative services required to be provided
hereunder) of all personnel employed by the Sub-Advisor who devote substantial time to the Trust operations or the operations of other investment companies advised or sub-advised by the Sub-Advisor. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT size=2 face="serif">Compensation</FONT></U><FONT size=2 face="serif">.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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"> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Advisor agrees to pay to the Sub-Advisor and the Sub-Advisor agrees to accept as full compensation for all services rendered by the Sub-Advisor as such, a monthly fee in arrears at an
annual rate equal to [ %] of the monthly advisory fees received by the Advisor. For any period less than a month during which this Agreement is in effect, the fee shall be prorated according to the proportion which such period bears to a full month
of 28, 29, 30 or 31 days, as the case may be. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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"> (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For purposes of this Agreement, the Managed Assets of the Trust shall be calculated pursuant to the procedures adopted by resolutions of the Trustees of the Trust for calculating the value
of the Trust's assets or delegating such calculations to third parties. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT size=2 face="serif">Indemnity</FONT></U><FONT size=2 face="serif">.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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"> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Trust may, with the prior consent of the Board of Trustees of the Trust, including a majority of the trustees of the Trust that are not &#147;interested persons&#148; of the Trust (as
defined in Section 2(a)(19) of the 1940 Act, indemnify the Sub-Advisor and each of the Sub-Advisor's directors, officers, employees, agents, associates and controlling persons and the directors, partners, members, officers, employees and agents
thereof (including any individual who serves at the Sub-Advisor's request as director, officer, partner, member, trustee or the like of another entity) (each such person being an "</FONT><U><FONT size=2 face="serif">Indemnitee</FONT></U><FONT size=2
face="serif">") against any liabilities and expenses, including amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and counsel fees (all as provided in accordance with applicable state law) reasonably incurred by
such Indemnitee in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or investigative body in which such Indemnitee may be or may have been involved as a
party or otherwise or with which such Indemnitee may be or may have been threatened, while acting in any capacity set forth herein or thereafter by reason of such Indemnitee having acted in any such capacity, except with respect to any matter as to
which such Indemnitee shall have been adjudicated not to have acted in good faith in the reasonable belief that such Indemnitee's action was in the best interest of the Trust and furthermore, in the case of any criminal proceeding, so long as such
Indemnitee had no reasonable cause to believe that the conduct was unlawful; provided, however, that (1) no Indemnitee shall be indemnified hereunder against any liability to the Trust or its shareholders or any expense of such Indemnitee arising by
reason of (i) willful misfeasance, (ii) bad faith, (iii) gross negligence or (iv) reckless disregard of the duties involved in the conduct of such Indemnitee's position (the conduct referred to in such clauses (i) through (iv) being sometimes
referred to herein as "</FONT><U><FONT size=2 face="serif">disabling conduct</FONT></U><FONT size=2 face="serif">"), (2) as to any matter disposed of by settlement or a compromise payment by such Indemnitee, pursuant to a consent decree or
otherwise, no indemnification either for said payment or for any other expenses shall be provided unless there has been a determination that such settlement or compromise is in the best interests of the Trust and </FONT></P>
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<FONT size=2 face="serif">that such Indemnitee appears to have acted in good faith in the reasonable belief that such Indemnitee's action was in the best interest of the Trust and did not involve disabling conduct by such Indemnitee and (3) with
respect to any action, suit or other proceeding voluntarily prosecuted by any Indemnitee as plaintiff, indemnification shall be mandatory only if the prosecution of such action, suit or other proceeding by such Indemnitee was authorized by a
majority of the full Board of Trustees of the Trust, including a majority of the trustees of the Trust who are not &#147;interested persons&#148; of the Trust (as defined in Section 2(a)(19) of the 1940 Act. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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"> (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Trust shall make advance payments in connection with the expenses of defending any action with respect to which indemnification might be sought hereunder if the Trust receives a
written affirmation of the Indemnitee's good faith belief that the standard of conduct necessary for indemnification has been met and a written undertaking to reimburse the Trust unless it is subsequently determined that such Indemnitee is entitled
to such indemnification and if the trustees of the Trust determine that the facts then known to them would not preclude indemnification. In addition, at least one of the following conditions must be met: (A) the Indemnitee shall provide a security
for such Indemnitee-undertaking, (B) the Trust shall be insured against losses arising by reason of any unlawful advance, or (C) a majority of a quorum consisting of trustees of the Trust who are neither "interested persons" of the Trust (as defined
in Section 2(a)(19) of the 1940 Act) nor parties to the proceeding ("</FONT><U><FONT size=2 face="serif">Disinterested Non-Party Trustees</FONT></U><FONT size=2 face="serif">") or an independent legal counsel in a written opinion, shall determine,
based on a review of readily available facts (as opposed to a full trial-type inquiry), that there is reason to believe that the Indemnitee ultimately will be found entitled to indemnification. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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"> (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All determinations with respect to indemnification hereunder shall be made (1) by a final decision on the merits by a court or other body before whom the proceeding was brought that such
Indemnitee is not liable by reason of disabling conduct, or (2) in the absence of such a decision, by (i) a majority vote of a quorum of the Disinterested Non-Party Trustees of the Trust, or (ii) if such a quorum is not obtainable or even, if
obtainable, if a majority vote of such quorum so directs, independent legal counsel in a written opinion. All determinations that advance payments in connection with the expense of defending any proceeding shall be authorized shall be made in
accordance with the immediately preceding clause (2) above. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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"> The rights accruing to any Indemnitee under these provisions shall not exclude any other right to which such Indemnitee may be lawfully entitled. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT size=2 face="serif">Limitation on Liability</FONT></U><FONT size=2 face="serif">.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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"> (a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Advisor will not be liable for any error of judgment or mistake of law or for any loss suffered by the Advisor or by the Trust in connection with the performance of this Agreement,
except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services or a loss resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from
reckless disregard by it of its duties under this Agreement. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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"> (b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained in this Agreement, the parties hereto acknowledge and agree that, as provided in Section 5.1 of Article V of the Declaration of Trust,
this Agreement is executed by the Trustees and/or officers of the Trust, not individually but as such Trustees and/or officers of the Trust, and the obligations hereunder are not binding upon any of the Trustees or Shareholders individually but bind
only the estate of the Trust. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT size=2 face="serif">Duration and Termination</FONT></U><FONT size=2 face="serif">. This Agreement shall become effective as of the date hereof and, unless sooner terminated
with respect to the Trust as provided herein, shall continue in effect for a period of two years. Thereafter, if not terminated, this Agreement shall continue in effect with respect to the Trust for successive periods of 12 months, provided such
continuance is specifically approved at least annually by both (a) the vote of a majority of the Trust's Board of Trustees or a vote of a majority of the outstanding voting securities of the Trust at the time outstanding and entitled to vote and (b)
by the vote of a majority of the Trustees, who are not parties to this Agreement or interested persons (as such term is defined in the 1940 Act) of any such party, cast in person at a meeting called for the purpose of voting on such approval.
Notwithstanding the foregoing, this Agreement may be terminated by the Trust or the Advisor at any time, without the payment of any penalty, upon giving the Sub-Advisor 60 days' notice (which notice may be waived by the Sub-Advisor), provided that
such termination by the Trust or the Advisor shall be directed or approved by the vote of a majority of the Trustees of the Trust in office at the time or by the vote of the holders of a majority of the voting securities of the Trust at the time
outstanding and entitled to vote, or by the Sub-Advisor on 60 days' written notice (which notice may be waived by the Trust and the Advisor), and will terminate automatically upon any termination of the Advisory Agreement between the Trust and the
Advisor. This Agreement will also immediately terminate in the event of its assignment. (As used in this Agreement, the terms "</FONT><U><FONT size=2 face="serif">majority of the outstanding voting securities</FONT></U><FONT size=2 face="serif">,"
"</FONT><U><FONT size=2 face="serif">interested person</FONT></U><FONT size=2 face="serif">" and "</FONT><U><FONT size=2 face="serif">assignment</FONT></U><FONT size=2 face="serif">" shall have the same meanings of such terms in the 1940 Act.)
</FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT size=2 face="serif">Notices</FONT></U><FONT size=2 face="serif">. Any notice under this Agreement shall be in writing to the other party at such address as the other party
may designate from time to time for the receipt of such notice and shall be deemed to be received on the earlier of the date actually received or on the fourth day after the postmark if such notice is mailed first class postage prepaid. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT size=2 face="serif">Amendment of this Agreement</FONT></U><FONT size=2 face="serif">. No provision of this Agreement may be changed, waived, discharged or terminated orally,
but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. Any amendment of this Agreement shall be subject to the 1940 Act. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT size=2 face="serif">Miscellaneous</FONT></U><FONT size=2 face="serif">. The captions in this Agreement are included for convenience of reference only and in no way define or
delimit any of the provisions hereof or otherwise affect their construction or effect. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be
affected thereby. This Agreement shall be binding on, and shall inure to the benefit of the parties hereto and their respective successors. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT size=2 face="serif">Governing Law</FONT></U><FONT size=2 face="serif">. This Agreement shall be governed by and construed in accordance with the laws of the State of New
York for contracts to be performed entirely therein without reference to choice of law principles thereof and in accordance with the applicable provisions of the 1940 Act. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT size=2 face="serif">Counterparts</FONT></U><FONT size=2 face="serif">. This Agreement may be executed in counterparts by the parties hereto, each of which shall constitute
an original counterpart, and all of which, together, shall constitute one Agreement. </FONT></P>
<P align="center">
<FONT face="serif">I-5</FONT></P>

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

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


<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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">IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their duly authorized officers designated below as of the day and year first above written. </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 face="serif">BLACKROCK ADVISORS, INC.</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>
<FONT face="serif">By: ___________________________ </FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Name:</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Title:</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 nowrap>
<FONT face="serif">[BLACKROCK FINANCIAL MANAGEMENT, INC./</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
        <TD align=center>
      <div align="left">&nbsp; &nbsp;<FONT face="serif">STATE STREET RESEARCH &amp; MANAGEMENT</FONT>&nbsp;
          </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left>
 &nbsp; &nbsp;<FONT face="serif">COMPANY]</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> <FONT face="serif">By: ___________________________ </FONT>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Name:</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Title:</FONT>&nbsp;
        </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
        <TD>&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>
<FONT face="serif">[TRUST]</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> <FONT face="serif">By: ___________________________ </FONT>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Name:</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Title:</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT face="serif">I-6 </FONT></P>

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



<P align="left" style="page-break-before:always"></P>
<PAGE>
<P>
<B><FONT face="sans-serif">The BlackRock Investment<br>
Quality Municipal Trust Inc. </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Stock</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposal</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap> <B><FONT size=2 face="sans-serif">PLEASE REFER TO THE
    REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Directors
          recommends a vote <B>FOR </B>the
          following proposal.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=41% align=center>
<B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a new investment management
 agreement. </FONT></TD>
        <TD><center>
          <b>[&nbsp;&nbsp;]</b>
    </center></TD>
        <TD align=left><center>
          <b>[&nbsp;&nbsp;]</b>
        </center></TD>
        <TD align=left><center>
            <b>[&nbsp;&nbsp;]</b>
        </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>

<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 7 1 7 1</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JORB</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - The BlackRock Investment Quality Municipal Trust Inc.</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">COMMON STOCK</FONT></B></P>
<P>
<B><FONT 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 common stock of The BlackRock Investment Quality Municipal Trust Inc. (the "Trust") held of record by the undersigned on June 5, 2006 at the Special Meeting of Stockholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available
24 hours a day 7 days a week!</FONT></B><BR>
<FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose
one of the two voting methods outlined below to vote your proxy.</FONT><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
          U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
          vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
            in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
            touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
            CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
            by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
            <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on
            your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
            instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<BR>
<P><BR>
    <B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet,
    please DO NOT mail back this proxy card.</FONT></B><BR>
    <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet
    must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
    <B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>

<P>
<B><FONT face="sans-serif">The BlackRock Investment<br>
Quality Municipal Trust Inc.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="21%" align=left>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%" align=left>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" align=right>&nbsp;</TD>
    <TD width="37%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
    <TD align=left> <FONT size=1 face="sans-serif">Mark this box with an X if you have made</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="sans-serif">changes to your name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<hr noshade size=3>
<B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Stock</FONT></B>
<hr noshade size=3>
<P><FONT face="sans-serif">A </FONT><B><FONT face="sans-serif">Proposal</FONT></B></P>
<P>
<FONT size=1 face="sans-serif">The Board of Directors recommends a vote </FONT><B><FONT size=1 face="sans-serif">FOR </FONT></B><FONT size=1 face="sans-serif">the following proposal.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD width="22%" align=center>&nbsp;</TD>
    <TD width="7%" align=center>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp;</TD>
    <TD width="2%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve
        a new investment management agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=8>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=8>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=8>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp; </TD>
    <TD>
      <center>
        <b>[&nbsp;&nbsp;]</b>
    </center></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>&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>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&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>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&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>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>
</TABLE>
<P><FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=10% nowrap>&nbsp; </TD>
    <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=12% nowrap>&nbsp; </TD>
    <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=29% align=center> <FONT face="sans-serif">0 0 8 7 1 7 2</FONT>&nbsp; </TD>
    <TD width=9%>&nbsp; </TD>
    <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp; </div></TD>
    <TD width=4%>&nbsp; </TD>
    <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp; </div></TD>
    <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JOSB</FONT> </div></TD>
  </TR>
</TABLE>
<br>
<HR noshade  width="100%" size=4>

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

<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - The BlackRock Investment Quality Municipal Trust Inc.</FONT></B>
<hr noshade>
<P>
  <B><FONT face="sans-serif">PREFERRED STOCK</FONT></B></P>
<P>
<B><FONT 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 preferred stock of The BlackRock Investment Quality Municipal Trust Inc. (the "Trust") held of record by the undersigned on June 5, 2006 at the Special Meeting of Stockholders of the Trust to be held on
August 23, 2006 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. 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>
<B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>

<P>
<B><FONT face="sans-serif">The BlackRock Insured<br>
Municipal 2008 Term Trust Inc.</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Stock</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposal</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap> <B><FONT size=2 face="sans-serif">PLEASE REFER TO THE
    REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Directors
          recommends a vote <B>FOR </B>the
          following proposal.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<P><FONT face="sans-serif">B</FONT> <B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 7 1 6 1</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JOOB</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - The BlackRock Insured Municipal 2008 Term Trust Inc.</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">COMMON STOCK</FONT></B></P>
<P>
<B><FONT 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 common stock of The BlackRock Insured Municipal 2008 Term Trust Inc. (the "Trust") held of record by the undersigned on June 5, 2006 at the Special Meeting of Stockholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available
24 hours a day 7 days a week!</FONT></B><BR>
<FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose
one of the two voting methods outlined below to vote your proxy.</FONT><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
          U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
          vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
            in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
            touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
            CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
            by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
            <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on
            your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
            instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<BR>
<P><BR>
    <B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet,
    please DO NOT mail back this proxy card.</FONT></B><BR>
    <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet
    must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
    <B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>


<P>
<B><FONT face="sans-serif">The BlackRock Insured<br>
Municipal 2008 Term Trust Inc.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="21%" align=left>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%" align=left>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" align=right>&nbsp;</TD>
    <TD width="37%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
    <TD align=left> <FONT size=1 face="sans-serif">Mark this box with an X if you have made</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="sans-serif">changes to your name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<hr noshade size=3>
<B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Stock</FONT></B>
<hr noshade size=3>
<P><FONT face="sans-serif">A </FONT><B><FONT face="sans-serif">Proposal</FONT></B></P>
<P>
<FONT size=1 face="sans-serif">The Board of Directors recommends a vote <B>FOR </B>the
following proposal.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD width="22%" align=center>&nbsp;</TD>
    <TD width="7%" align=center>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp;</TD>
    <TD width="2%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve
        a new investment management agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=8>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=8>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=8>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp; </TD>
    <TD>
      <center>
        <b>[&nbsp;&nbsp;]</b>
    </center></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>&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>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&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>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&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>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>
</TABLE>
<P><FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=10% nowrap>&nbsp; </TD>
    <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=12% nowrap>&nbsp; </TD>
    <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=29% align=center> <FONT face="sans-serif">0 0 8 7 1 6 2</FONT>&nbsp; </TD>
    <TD width=9%>&nbsp; </TD>
    <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp; </div></TD>
    <TD width=4%>&nbsp; </TD>
    <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp; </div></TD>
    <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JOPB</FONT> </div></TD>
  </TR>
</TABLE>
<br>
<HR noshade  width="100%" size=4>

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

<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - The BlackRock Insured Municipal 2008 Term Trust Inc.</FONT></B>
<hr noshade>
<P>
  <B><FONT face="sans-serif">PREFERRED STOCK</FONT></B></P>
<P>
<B><FONT 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 preferred stock of The BlackRock Insured Municipal 2008 Term Trust Inc. (the "Trust") held of record by the undersigned on June 5, 2006 at the Special Meeting of Stockholders of the Trust to be held on
August 23, 2006 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. 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>
<B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>



<P>
<B><FONT face="sans-serif">The BlackRock California Insured<br>
Municipal 2008 Term Trust Inc.</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Stock</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposal</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap> <B><FONT size=2 face="sans-serif">PLEASE REFER TO THE
    REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Directors
          recommends a vote <B>FOR </B>the
          following proposal.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>

<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 7 1 5 1</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JNFB</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - The BlackRock California Insured Municipal 2008 Term Trust Inc.</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">COMMON STOCK</FONT></B></P>
<P>
<B><FONT 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 common stock of The BlackRock California Insured Municipal 2008 Term Trust Inc. (the "Trust") held of record by the undersigned on June 5, 2006 at the Special Meeting of Stockholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available
24 hours a day 7 days a week!</FONT></B><BR>
<FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose
one of the two voting methods outlined below to vote your proxy.</FONT><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
          U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
          vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
            in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
            touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
            CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
            by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
            <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on
            your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
            instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<BR>
<P><BR>
    <B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet,
    please DO NOT mail back this proxy card.</FONT></B><BR>
    <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet
    must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
    <B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>


<P>
<B><FONT face="sans-serif">The BlackRock California Insured<br>
Municipal 2008 Term Trust Inc.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="21%" align=left>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%" align=left>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" align=right>&nbsp;</TD>
    <TD width="37%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
    <TD align=left> <FONT size=1 face="sans-serif">Mark this box with an X if you have made</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="sans-serif">changes to your name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<hr noshade size=3>
<B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Stock</FONT></B>
<hr noshade size=3>
<P><FONT face="sans-serif">A </FONT><B><FONT face="sans-serif">Proposal</FONT></B></P>
<P>
<FONT size=1 face="sans-serif">The Board of Directors recommends a vote <B>FOR </B>the
following proposal.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD width="22%" align=center>&nbsp;</TD>
    <TD width="7%" align=center>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp;</TD>
    <TD width="2%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve
        a new investment management agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=8>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=8>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=8>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp; </TD>
    <TD>
      <center>
        <b>[&nbsp;&nbsp;]</b>
    </center></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>&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>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&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>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&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>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>
</TABLE>
<P><FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=10% nowrap>&nbsp; </TD>
    <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=12% nowrap>&nbsp; </TD>
    <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=29% align=center> <FONT face="sans-serif">0 0 8 7 1 5 2</FONT>&nbsp; </TD>
    <TD width=9%>&nbsp; </TD>
    <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp; </div></TD>
    <TD width=4%>&nbsp; </TD>
    <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp; </div></TD>
    <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JNJB</FONT> </div></TD>
  </TR>
</TABLE>
<br>
<HR noshade  width="100%" size=4>

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

<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - The BlackRock California Insured Municipal 2008 Term Trust Inc.</FONT></B>
<hr noshade>
<P>
  <B><FONT face="sans-serif">PREFERRED STOCK</FONT></B></P>
<P>
<B><FONT 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 preferred stock of The BlackRock California Insured Municipal 2008 Term Trust Inc. (the "Trust") held of record by the undersigned on June 5, 2006 at the Special Meeting of Stockholders of the Trust to be held on
August 23, 2006 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. 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>
<B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>


<P>
<B><FONT face="sans-serif">The BlackRock Florida Insured<br>
Municipal 2008 Term Trust</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposal</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposal.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>

<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 6 9 1 1</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JFVB</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - The BlackRock Florida Insured Municipal 2008 Term Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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 PROPOSAL. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<HR noshade  width="100%" size=4>

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

<P>
<B><FONT face="sans-serif">The BlackRock Florida Insured<br>
Municipal 2008 Term Trust</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy
            Card - Preferred Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposal</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposal.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 6 9 1 2 </FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JFWC</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - The BlackRock Florida Insured Municipal 2008 Term Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">PREFERRED SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders
of the Trust to be held on August 23, 2006 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 PROPOSAL. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>


<P>
<B><FONT face="sans-serif">The BlackRock New York Insured<br>
Municipal 2008 Term Trust Inc.</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Stock</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposal</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap> <B><FONT size=2 face="sans-serif">PLEASE REFER TO THE
    REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Directors
          recommends a vote <B>FOR </B>the
          following proposal.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>

<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 7 1 8 1</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JOUB</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - The BlackRock New York Insured Municipal 2008 Term Trust Inc.</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">COMMON STOCK</FONT></B></P>
<P>
<B><FONT 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 common stock of The BlackRock New York Insured Municipal 2008 Term Trust Inc. (the "Trust") held of record by the undersigned on June 5, 2006 at the Special Meeting of Stockholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available
24 hours a day 7 days a week!</FONT></B><BR>
<FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose
one of the two voting methods outlined below to vote your proxy.</FONT><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
          U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
          vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
            in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
            touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
            CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
            by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
            <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on
            your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
            instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<BR>
<P><BR>
    <B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet,
    please DO NOT mail back this proxy card.</FONT></B><BR>
    <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet
    must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
    <B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>


<P>
<B><FONT face="sans-serif">The BlackRock New York Insured<br>
Municipal 2008 Term Trust Inc.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="21%" align=left>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%" align=left>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" align=right>&nbsp;</TD>
    <TD width="37%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
    <TD align=left> <FONT size=1 face="sans-serif">Mark this box with an X if you have made</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="sans-serif">changes to your name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<hr noshade size=3>
<B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Stock</FONT></B>
<hr noshade size=3>
<P><FONT face="sans-serif">A </FONT><B><FONT face="sans-serif">Proposal</FONT></B></P>
<P>
<FONT size=1 face="sans-serif">The Board of Directors recommends a vote <B>FOR </B>the
following proposal.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD width="22%" align=center>&nbsp;</TD>
    <TD width="7%" align=center>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp;</TD>
    <TD width="2%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve
        a new investment management agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=8>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=8>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=8>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp; </TD>
    <TD>
      <center>
        <b>[&nbsp;&nbsp;]</b>
    </center></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>&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>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&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>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&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>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>
</TABLE>
<P><FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=10% nowrap>&nbsp; </TD>
    <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=12% nowrap>&nbsp; </TD>
    <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=29% align=center> <FONT face="sans-serif">0 0 8 7 1 8 2</FONT>&nbsp; </TD>
    <TD width=9%>&nbsp; </TD>
    <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp; </div></TD>
    <TD width=4%>&nbsp; </TD>
    <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp; </div></TD>
    <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JOVB</FONT> </div></TD>
  </TR>
</TABLE>
<br>
<HR noshade  width="100%" size=4>

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

<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - The BlackRock New York Insured Municipal 2008 Term Trust Inc.</FONT></B>
<hr noshade>
<P>
  <B><FONT face="sans-serif">PREFERRED STOCK</FONT></B></P>
<P>
<B><FONT 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 preferred stock of The BlackRock New York Insured Municipal 2008 Term Trust Inc. (the "Trust") held of record by the undersigned on June 5, 2006 at the Special Meeting of Stockholders of the Trust to be held on
August 23, 2006 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. 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>
<B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>



<P>
<B><FONT face="sans-serif">The BlackRock Broad Investment<br>
Grade 2009 Term Trust Inc.
</FONT></B></P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Stock</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap> <B><FONT size=2 face="sans-serif">PLEASE REFER TO THE
    REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Directors
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>

<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 7 2 31 </FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JOUB</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - </FONT><FONT face="sans-serif">The BlackRock Broad Investment Grade 2009 Term Trust Inc.</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">COMMON STOCK</FONT></B></P>
<P>
<B><FONT 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 common stock of The BlackRock Broad Investment Grade 2009 Term Trust Inc. (the "Trust") held of record by the undersigned on June 5, 2006 at the Special Meeting of Stockholders of the Trust to be held on August 23, 2006 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 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available
24 hours a day 7 days a week!</FONT></B><BR>
<FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose
one of the two voting methods outlined below to vote your proxy.</FONT><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
          U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
          vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
            in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
            touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
            CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
            by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
            <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on
            your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
            instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<BR>
<P><BR>
    <B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet,
    please DO NOT mail back this proxy card.</FONT></B><BR>
    <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet
    must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
    <B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>

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


<P>
<B><FONT face="sans-serif">The BlackRock Income Trust Inc.
</FONT></B></P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Stock</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap> <B><FONT size=2 face="sans-serif">PLEASE REFER TO THE
    REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Directors
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom"> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2.
      To approve a new investment sub-advisory agreement. </FONT></TD>
  <TD valign="bottom"><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left valign="bottom"><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left valign="bottom"><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
        <TD>&nbsp;</TD>
</TR>

<TR>
  <TD colspan=5>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 3 3 3 1</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JT2A</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - </FONT><FONT face="sans-serif">The BlackRock Income Trust Inc.</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">COMMON STOCK</FONT></B></P>
<P>
<B><FONT 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 common stock of The BlackRock Income Trust Inc. (the "Trust") held of record by the undersigned on June 5, 2006 at the Special Meeting of Stockholders of the Trust to be held on August 23, 2006 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 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available
24 hours a day 7 days a week!</FONT></B><BR>
<FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose
one of the two voting methods outlined below to vote your proxy.</FONT><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
          U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
          vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
            in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
            touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
            CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
            by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
            <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on
            your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
            instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<BR>
<P><BR>
    <B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet,
    please DO NOT mail back this proxy card.</FONT></B><BR>
    <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet
    must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
    <B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>


<P>
<B><FONT face="sans-serif">The BlackRock High Yield Trust</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="sans-serif">PLEASE REFER TO THE REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
  <TD width=41% align=center valign="bottom"> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center valign="bottom"><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center valign="bottom"><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center valign="bottom"><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
        <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 6 9 2 1</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JLNB</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - The BlackRock High Yield Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available 24 hours a day 7 days a week!</FONT></B><BR>
<FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose one of the two voting methods outlined below to vote your proxy.</FONT><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
    U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
      <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
          in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
          touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
          CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
      <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
          by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
      <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
          <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
      <LI> <FONT size=1 face="sans-serif">Enter the information requested on
          your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
          instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>

<BR>
<P><BR>
  <B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet, please DO NOT mail back this proxy card.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>


<P>
<B><FONT face="sans-serif">The BlackRock Municipal<br>
Target Term Trust Inc.</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Stock</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposal</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap> <B><FONT size=2 face="sans-serif">PLEASE REFER TO THE
    REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Directors
          recommends a vote <B>FOR </B>the
          following proposal.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
        <TD>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 7 1 9 1</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JSZA</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - The BlackRock Municipal Target Term Trust Inc.</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">COMMON STOCK</FONT></B></P>
<P>
<B><FONT 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 common stock of The BlackRock Municipal Target Term Trust Inc. (the "Trust") held of record by the undersigned on June 5, 2006 at the Special Meeting of Stockholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available
24 hours a day 7 days a week!</FONT></B><BR>
<FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose
one of the two voting methods outlined below to vote your proxy.</FONT><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
          U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
          vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
            in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
            touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
            CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
            by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
            <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on
            your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
            instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<BR>
<P><BR>
    <B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet,
    please DO NOT mail back this proxy card.</FONT></B><BR>
    <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet
    must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
    <B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>

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



<P><B><FONT face="sans-serif">The BlackRock California<br>
Investment Quality Municipal Trust Inc.</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Stock</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposal</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap> <B><FONT size=2 face="sans-serif">PLEASE REFER TO THE
    REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Directors
          recommends a vote <B>FOR </B>the
          following proposal.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>

<TR>
  <TD colspan=5>&nbsp; </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 7 2 0 1</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JTCA</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - The BlackRock California
Investment Quality Municipal Trust Inc.</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">COMMON STOCK</FONT></B></P>
<P>
<B><FONT 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 common stock of The BlackRock California Investment Quality Municipal Trust Inc. (the "Trust") held of record by the undersigned on June 5, 2006 at the Special Meeting of Stockholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available
24 hours a day 7 days a week!</FONT></B><BR>
<FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose
one of the two voting methods outlined below to vote your proxy.</FONT><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
          U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
          vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
            in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
            touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
            CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
            by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
            <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on
            your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
            instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<BR>
<P><BR>
    <B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet,
    please DO NOT mail back this proxy card.</FONT></B><BR>
    <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet
    must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
    <B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>


<P>
<B><FONT face="sans-serif">The BlackRock California <br>
Investment Quality Municipal Trust Inc.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="21%" align=left>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%" align=left>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" align=right>&nbsp;</TD>
    <TD width="37%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
    <TD align=left> <FONT size=1 face="sans-serif">Mark this box with an X if you have made</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="sans-serif">changes to your name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<hr noshade size=3>
<B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Stock</FONT></B>
<hr noshade size=3>
<P><FONT face="sans-serif">A </FONT><B><FONT face="sans-serif">Proposal</FONT></B></P>
<P>
<FONT size=1 face="sans-serif">The Board of Directors recommends a vote <B>FOR </B>the
following proposal.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD width="22%" align=center>&nbsp;</TD>
    <TD width="7%" align=center>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp;</TD>
    <TD width="2%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve
        a new investment management agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=8>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=8>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=8>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp; </TD>
    <TD>
      <center>
        <b>[&nbsp;&nbsp;]</b>
    </center></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>&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>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&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>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&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>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>
</TABLE>
<P><FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=10% nowrap>&nbsp; </TD>
    <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=12% nowrap>&nbsp; </TD>
    <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=29% align=center> <FONT face="sans-serif">0 0 8 7 2 0 2</FONT>&nbsp; </TD>
    <TD width=9%>&nbsp; </TD>
    <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp; </div></TD>
    <TD width=4%>&nbsp; </TD>
    <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp; </div></TD>
    <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JTDA</FONT></div></TD>
  </TR>
</TABLE>
<br>
<HR noshade  width="100%" size=4>

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

<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - The BlackRock Califonia Investment Quality Municipal Trust Inc.</FONT></B>
<hr noshade>
<P>
  <B><FONT face="sans-serif">PREFERRED STOCK</FONT></B></P>
<P>
<B><FONT 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 preferred stock of The BlackRock California Investment Quality Municipal Trust Inc. (the "Trust") held of record by the undersigned on June 5, 2006 at the Special Meeting of Stockholders of the Trust to be held on
August 23, 2006 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. 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>
<B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>


<P>
<B><FONT face="sans-serif">The BlackRock Florida<br>
</FONT></B><B><FONT face="sans-serif">Investment Quality Municipal Trust</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="21%" align=left>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%" align=left>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" align=right>&nbsp;</TD>
    <TD width="37%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
    <TD align=left> <FONT size=1 face="sans-serif">Mark this box with an X if you have made</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="sans-serif">changes to your name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center><hr noshade size=3></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Shares</FONT></B>&nbsp; </div></TD>
  </TR>
  <TR>
    <TD>
      <hr noshade size=3>
    </TD>
  </TR>
</TABLE>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="4" align=left><FONT face="sans-serif">A</FONT>&nbsp; <B><FONT face="sans-serif">Proposal</FONT></B>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
      following proposal.</FONT>&nbsp; </div></TD>
    <TD width=30% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve
        a new investment management agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp;</TD>
  </TR>

  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp; </TD>
    <TD>
      <center>
        <b>[&nbsp;&nbsp;]</b>
    </center></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<br>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=10% nowrap>&nbsp; </TD>
    <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=12% nowrap>&nbsp; </TD>
    <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=29% align=center> <FONT face="sans-serif">0 0 8 7 0 9 1</FONT>&nbsp; </TD>
    <TD width=9%>&nbsp; </TD>
    <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp; </div></TD>
    <TD width=4%>&nbsp; </TD>
    <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<br>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp; </div></TD>
    <TD width=76%>
      <div align="left"><font size=1 face="sans-serif">00JQHA</font></div></TD>
  </TR>
</TABLE>
<BR>
<BR>
<BR>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - The BlackRock Florida Investment Quality Municipal Trust</FONT></B>
<hr noshade>
<P>
<B><FONT face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be
held on August 23, 2006 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 PROPOSAL. 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>
<B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>



<P>
<B><FONT face="sans-serif">The BlackRock Florida<br>
</FONT></B><B><FONT face="sans-serif">Investment Quality Municipal Trust</FONT></B></P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="21%" align=left>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%" align=left>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
    <TD width="37%" align=left> <FONT size=1 face="sans-serif">Mark this box with an X if you have made</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="sans-serif">changes to your name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<hr noshade size=3>
<B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Shares</FONT></B>
<hr noshade size=3>
<P> <FONT face="sans-serif">A&nbsp;&nbsp; </FONT><B><FONT face="sans-serif">Proposal</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="5" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
      following proposal.</FONT>&nbsp; </div>
      <B></B></TD>
    <TD width=7% align=center>&nbsp;</TD>
    <TD width=9% align=center>&nbsp;</TD>
    <TD width=13% align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD width="23%" 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; &nbsp;<FONT size=1 face="sans-serif">1. To approve
        a new investment management agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<p>
</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <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>
  </TR>
  <TR valign="bottom">
    <TD width=33% align=center>
      <div align="left"><FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp; </div></TD>
    <TD width=7% align=center> <b>[&nbsp;&nbsp;]</b> </TD>
    <TD width=8% align=center>&nbsp;</TD>
    <TD width=8% align=center>&nbsp;</TD>
    <TD width=44% align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <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>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=center><hr size="1" noshade>
    </TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=center><hr size="1" noshade>
    </TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=center><hr size="1" noshade>
    </TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<P> <FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P> <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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=10% nowrap>&nbsp; </TD>
    <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=12% nowrap>&nbsp; </TD>
    <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=29% align=center> <FONT face="sans-serif">0 0 8 7 0 9 2 </FONT>&nbsp; </TD>
    <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp; </div></TD>
    <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=15% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp; </div></TD>
    <TD width=85%> <FONT size=1 face="sans-serif">00JQIA</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<P>&nbsp;</P>
<HR noshade  width="100%" size=4>

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

<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - The BlackRock Florida Investment Quality Municipal Trust</FONT></B>
<hr noshade>
<P><B><FONT face="sans-serif">PREFERRED SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to
be held on August 23, 2006 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 PROPOSAL. 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>
<B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>

<P>
<B><FONT face="sans-serif">The BlackRock New Jersey <br>
Investment Quality Municipal Trust Inc.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="21%" align=left>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%" align=left>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" align=right>&nbsp;</TD>
    <TD width="37%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
    <TD align=left> <FONT size=1 face="sans-serif">Mark this box with an X if you have made</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="sans-serif">changes to your name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<hr noshade size=3>
<B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Stock</FONT></B>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposal</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="sans-serif">PLEASE REFER TO THE REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp;
        </TD>
</TR>
</TABLE>
<p><FONT size=1 face="sans-serif">The Board of Directors recommends a vote <B>FOR </B>the
    following proposal.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD width="22%" align=center>&nbsp;</TD>
    <TD width="7%" align=center><B></B></TD>
    <TD width="8%" align=center><B></B></TD>
    <TD width="2%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve
        a new investment management agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>

  <TR>
    <TD colspan=8>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=8>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=8>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp; </TD>
    <TD>
      <center>
        <b>[&nbsp;&nbsp;]</b>
    </center></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>&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>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&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>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&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>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>
</TABLE>
<P><FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=10% nowrap>&nbsp; </TD>
    <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=12% nowrap>&nbsp; </TD>
    <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=29% align=center> <FONT face="sans-serif">0 0 8 7 2 1 1 </FONT>&nbsp; </TD>
    <TD width=9%>&nbsp; </TD>
    <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp; </div></TD>
    <TD width=4%>&nbsp; </TD>
    <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp; </div></TD>
    <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JTFA</FONT> </div></TD>
  </TR>
</TABLE>
<br>
<HR noshade  width="100%" size=4>

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

<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - The BlackRock New Jersey Investment Quality Municipal Trust Inc.</FONT></B>
<hr noshade>
<P>
  <B><FONT face="sans-serif">COMMON STOCK</FONT></B></P>
<P>
<B><FONT 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 common stock of The BlackRock New Jersey
Investment Quality Municipal Trust Inc. (the "Trust") held of record by the undersigned on June 5, 2006 at the Special Meeting of Stockholders of the Trust to be held on
August 23, 2006 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. 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>
<B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available
24 hours a day 7 days a week!</FONT></B><BR>
<FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose
one of the two voting methods outlined below to vote your proxy.</FONT><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
          U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
          vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
            in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
            touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
            CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
            by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
            <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on
            your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
            instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<BR>
<P><BR>
    <B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet,
    please DO NOT mail back this proxy card.</FONT></B><BR>
    <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet
    must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
    <B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>

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


<P>
<B><FONT face="sans-serif">The BlackRock New Jersey <br>
Investment Quality Municipal Trust Inc.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="21%" align=left>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%" align=left>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" align=right>&nbsp;</TD>
    <TD width="37%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
    <TD align=left> <FONT size=1 face="sans-serif">Mark this box with an X if you have made</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="sans-serif">changes to your name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<hr noshade size=3>
<B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Stock</FONT></B>
<hr noshade size=3>
<P><FONT face="sans-serif">A </FONT><B><FONT face="sans-serif">Proposal</FONT></B></P>
<P>
<FONT size=1 face="sans-serif">The Board of Directors recommends a vote <B>FOR </B>the
following proposal.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD width="22%" align=center>&nbsp;</TD>
    <TD width="7%" align=center>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp;</TD>
    <TD width="2%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve
        a new investment management agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=8>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=8>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=8>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp; </TD>
    <TD>
      <center>
        <b>[&nbsp;&nbsp;]</b>
    </center></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>&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>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&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>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&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>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>
</TABLE>
<P><FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=10% nowrap>&nbsp; </TD>
    <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=12% nowrap>&nbsp; </TD>
    <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=29% align=center> <FONT face="sans-serif">0 0 8 7 2 1 2</FONT>&nbsp; </TD>
    <TD width=9%>&nbsp; </TD>
    <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp; </div></TD>
    <TD width=4%>&nbsp; </TD>
    <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp; </div></TD>
    <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JTGA</FONT> </div></TD>
  </TR>
</TABLE>
<br>
<HR noshade  width="100%" size=4>

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

<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - The BlackRock New Jersey
Investment Quality Municipal Trust Inc.</FONT></B>
<hr noshade>
<P>
  <B><FONT face="sans-serif">PREFERRED STOCK</FONT></B></P>
<P>
<B><FONT 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 preferred stock of The BlackRock New Jersey Investment Quality Municipal Trust Inc. (the "Trust") held of record by the undersigned on June 5, 2006 at the Special Meeting of Stockholders of the Trust to be held on
August 23, 2006 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. 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>
<B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>


<P>
<B><FONT face="sans-serif">The BlackRock New York<br>
Investment Quality Municipal Trust Inc.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="21%" align=left>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%" align=left>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" align=right>&nbsp;</TD>
    <TD width="37%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
    <TD align=left> <FONT size=1 face="sans-serif">Mark this box with an X if you have made</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="sans-serif">changes to your name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<hr noshade size=3>
<B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Stock</FONT></B>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposal</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap> <B><FONT size=2 face="sans-serif">PLEASE REFER TO THE
    REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
</TR>
</TABLE>
<P>
<FONT size=1 face="sans-serif">The Board of Directors recommends a vote <B>FOR </B>the
following proposal.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD width="22%" align=center>&nbsp;</TD>
    <TD width="7%" align=center><B></B></TD>
    <TD width="8%" align=center><B></B></TD>
    <TD width="2%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve
        a new investment management agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp; </TD>
    <TD><center>
    </center></TD>
    <TD align=left><center>
    </center></TD>
    <TD align=left>&nbsp;</TD>
  </TR>

  <TR>
    <TD colspan=8>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=8>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=8>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp; </TD>
    <TD>
      <center>
        <b>[&nbsp;&nbsp;]</b>
    </center></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>&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>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&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>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&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>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>
</TABLE>
<P><FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=10% nowrap>&nbsp; </TD>
    <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=12% nowrap>&nbsp; </TD>
    <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=29% align=center> <FONT face="sans-serif">0 0 8 7 2 2 1</FONT>&nbsp; </TD>
    <TD width=9%>&nbsp; </TD>
    <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp; </div></TD>
    <TD width=4%>&nbsp; </TD>
    <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp; </div></TD>
    <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JTJA</FONT> </div></TD>
  </TR>
</TABLE>
<br>
<HR noshade  width="100%" size=4>

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

<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - The BlackRock New York
Investment Quality Municipal Trust Inc.</FONT></B>
<hr noshade>
<P>
  <B><FONT face="sans-serif">COMMON STOCK</FONT></B></P>
<P>
<B><FONT 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 common stock of The BlackRock New York Investment Quality Municipal Trust Inc. (the "Trust") held of record by the undersigned on June 5, 2006 at the Special Meeting of Stockholders of the Trust to be held on
August 23, 2006 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. 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>
<B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available
24 hours a day 7 days a week!</FONT></B><BR>
<FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose
one of the two voting methods outlined below to vote your proxy.</FONT><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
          U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
          vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
            in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
            touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
            CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
            by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
            <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on
            your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
            instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<BR>
<P><BR>
    <B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet,
    please DO NOT mail back this proxy card.</FONT></B><BR>
    <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet
    must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
    <B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>

<P>
<B><FONT face="sans-serif">The BlackRock New York <br>
Investment Quality Municipal Trust Inc.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="21%" align=left>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%" align=left>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" align=right>&nbsp;</TD>
    <TD width="37%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
    <TD align=left> <FONT size=1 face="sans-serif">Mark this box with an X if you have made</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="sans-serif">changes to your name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<hr noshade size=3>
<B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Stock</FONT></B>
<hr noshade size=3>
<P><FONT face="sans-serif">A </FONT><B><FONT face="sans-serif">Proposal</FONT></B></P>
<P>
<FONT size=1 face="sans-serif">The Board of Directors recommends a vote <B>FOR </B>the
following proposal.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD width="22%" align=center>&nbsp;</TD>
    <TD width="7%" align=center>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp;</TD>
    <TD width="2%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve
        a new investment management agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=8>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=8>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp; </TD>
    <TD>
      <center>
        <b>[&nbsp;&nbsp;]</b>
    </center></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>&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>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&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>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&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>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>
</TABLE>
<P><FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=10% nowrap>&nbsp; </TD>
    <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=12% nowrap>&nbsp; </TD>
    <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=29% align=center> <FONT face="sans-serif">0 0 8 7 2 2 2</FONT>&nbsp; </TD>
    <TD width=9%>&nbsp; </TD>
    <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp; </div></TD>
    <TD width=4%>&nbsp; </TD>
    <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp; </div></TD>
    <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JTKA</FONT> </div></TD>
  </TR>
</TABLE>
<br>
<HR noshade  width="100%" size=4>

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

<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - The BlackRock New York
Investment Quality Municipal Trust Inc.</FONT></B>
<hr noshade>
<P>
  <B><FONT face="sans-serif">PREFERRED STOCK</FONT></B></P>
<P>
<B><FONT 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 preferred stock of The BlackRock New York Investment Quality Municipal Trust Inc. (the "Trust") held of record by the undersigned on June 5, 2006 at the Special Meeting of Stockholders of the Trust to be held on
August 23, 2006 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. 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>
<B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>


<P>
<B><FONT face="sans-serif">The BlackRock Income Opportunity Trust Inc. </FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="21%" align=left>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%" align=left>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" align=right>&nbsp;</TD>
    <TD width="37%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
    <TD align=left> <FONT size=1 face="sans-serif">Mark this box with an X if you have made</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="sans-serif">changes to your name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<br>
<hr noshade size=3>
<B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Stock</FONT></B>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap> <B><FONT size=2 face="sans-serif">PLEASE REFER TO THE
    REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
</TR>
</TABLE>
<P>
<FONT size=1 face="sans-serif">The Board of Directors recommends a vote <B>FOR </B>the
following proposals.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve
        a new investment management agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve
        a new investment sub-advisory agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp; </TD>
    <TD>
      <center>
        <b>[&nbsp;&nbsp;]</b>
    </center></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<br>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=10% nowrap>&nbsp; </TD>
    <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=12% nowrap>&nbsp; </TD>
    <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=29% align=center> <FONT face="sans-serif">0 0 8 3 7 3 1</FONT>&nbsp; </TD>
    <TD width=9%>&nbsp; </TD>
    <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp; </div></TD>
    <TD width=4%>&nbsp; </TD>
    <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<br>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp; </div></TD>
    <TD width=76%>
      <div align="left"><font size=1 face="sans-serif">00JT7A</font></div></TD>
  </TR>
</TABLE>
<BR>
<BR>
<BR>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - The BlackRock </FONT></B><B><FONT face="sans-serif">Income Opportunity Trust Inc.</FONT></B>
<hr noshade>
<P>
<B><FONT face="sans-serif">COMMON STOCK</FONT></B></P>
<P>
<B><FONT 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 common stock of The BlackRock Income Opportunity Trust Inc. (the "Trust") held of record by the undersigned on June 5, 2006 at the Special Meeting of Stockholders of the Trust to be
held on August 23, 2006 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 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>
<B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>

<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available 24 hours a day 7 days a week!</FONT></B><BR>
<FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose one of the two voting methods outlined below to vote your proxy.</FONT><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
    U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
      <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
          in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
          touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
          CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
      <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
          by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
      <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
          <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
      <LI> <FONT size=1 face="sans-serif">Enter the information requested on
          your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
          instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>

<BR>
<P><BR>
</P>
<P><B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet, please DO NOT mail back this proxy card.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
<B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>


<P>
<B><FONT face="sans-serif">The BlackRock Insured<br>
Municipal Term Trust Inc.</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Stock</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposal</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap> <B><FONT size=2 face="sans-serif">PLEASE REFER TO THE
    REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Directors
          recommends a vote <B>FOR </B>the
          following proposal.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 6 2 2 1</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JSWA</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - The BlackRock Insured Municipal Term Trust Inc.</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">COMMON STOCK</FONT></B></P>
<P>
<B><FONT 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 common stock of The BlackRock Insured Municipal Term Trust Inc. (the "Trust") held of record by the undersigned on June 5, 2006 at the Special Meeting of Stockholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available
24 hours a day 7 days a week!</FONT></B><BR>
<FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose
one of the two voting methods outlined below to vote your proxy.</FONT><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
          U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
          vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
            in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
            touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
            CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
            by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
            <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on
            your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
            instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<BR>
<P><BR>
    <B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet,
    please DO NOT mail back this proxy card.</FONT></B><BR>
    <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet
    must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
    <B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>

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

<P>
<B><FONT face="sans-serif">The BlackRock Insured<br>
Municipal Term Trust Inc.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="21%" align=left>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%" align=left>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" align=right>&nbsp;</TD>
    <TD width="37%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
    <TD align=left> <FONT size=1 face="sans-serif">Mark this box with an X if you have made</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="sans-serif">changes to your name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<hr noshade size=3>
<B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Stock</FONT></B>
<hr noshade size=3>
<P><FONT face="sans-serif">A </FONT><B><FONT face="sans-serif">Proposal</FONT></B></P>
<P>
<FONT size=1 face="sans-serif">The Board of Directors recommends a vote <B>FOR </B>the
following proposal.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD width="22%" align=center>&nbsp;</TD>
    <TD width="7%" align=center>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp;</TD>
    <TD width="2%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve
        a new investment management agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=8>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=8>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=8>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp; </TD>
    <TD>
      <center>
        <b>[&nbsp;&nbsp;]</b>
    </center></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>&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>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&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>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&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>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>
</TABLE>
<P><FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=10% nowrap>&nbsp; </TD>
    <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=12% nowrap>&nbsp; </TD>
    <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=29% align=center> <FONT face="sans-serif">0 0 8 6 2 2 2</FONT>&nbsp; </TD>
    <TD width=9%>&nbsp; </TD>
    <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp; </div></TD>
    <TD width=4%>&nbsp; </TD>
    <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp; </div></TD>
    <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JSXA</FONT> </div></TD>
  </TR>
</TABLE>
<br>
<HR noshade  width="100%" size=4>

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

<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - The BlackRock Insured Municipal Term Trust Inc.</FONT></B>
<hr noshade>
<P>
  <B><FONT face="sans-serif">PREFERRED STOCK</FONT></B></P>
<P>
<B><FONT 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 preferred stock of The BlackRock Insured Municipal Term Trust Inc. (the "Trust") held of record by the undersigned on June 5, 2006 at the Special Meeting of Stockholders of the Trust to be held on
August 23, 2006 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. 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>
<B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>


<P>
<B><FONT face="sans-serif">The BlackRock Pennsylvania<br>
Strategic Municipal Trust </FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap>
<B><FONT size=2 face="sans-serif">PLEASE REFER TO THE REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom"> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2.
      To approve a new investment sub-advisory agreement. </FONT></TD>
  <TD valign="bottom"><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left valign="bottom"><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left valign="bottom"><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
        <TD>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 7 1 0 1</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JPXA</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - The BlackRock Pennsylvania Strategic
Municipal Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT 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 Pennsylvania Strategic
Municipal Trust (the "Trust") held of record by the undersigned on June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available 24 hours a day 7 days a week!</FONT></B><BR>
<FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose one of the two voting methods outlined below to vote your proxy.</FONT><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
    U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
      <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
          in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
          touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
          CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
      <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
          by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
      <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
          <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
      <LI> <FONT size=1 face="sans-serif">Enter the information requested on
          your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
          instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>

<BR>
<P><BR>
</P>
<P><B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet, please DO NOT mail back this proxy card.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
<B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>

<p><B><FONT face="sans-serif">The BlackRock Pennsylvania </FONT></B><BR>
    <B><FONT face="sans-serif">Strategic Municipal Trust</FONT></B></p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p><BR>
</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="21%" align=left>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%" align=left>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
    <TD width="37%" align=left> <FONT size=1 face="sans-serif">Mark this box
        with an X if you have made</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="sans-serif">changes to your
        name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<hr noshade size=3>
<B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Shares</FONT></B>
<hr noshade size=3>

<P>
<FONT face="sans-serif">A&nbsp;&nbsp; </FONT><B><FONT face="sans-serif">Proposals</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="5" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>
      <B></B></TD>
    <TD width=7% align=center>&nbsp;</TD>
    <TD width=9% align=center>&nbsp;</TD>
    <TD width=13% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD width="23%" 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; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<p><BR>
</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <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>
</TR>
<TR valign="bottom">
        <TD width=33% align=center>
      <div align="left"><FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
      </div></TD>
    <TD width=7% align=center> <b>[&nbsp;&nbsp;]</b> </TD>
    <TD width=8% align=center>&nbsp;</TD>
    <TD width=8% align=center>&nbsp;</TD>
    <TD width=44% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <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>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=center><hr size="1" noshade>    </TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=center><hr size="1" noshade>    </TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=center><hr size="1" noshade>    </TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B <B>Authorized Signatures - Sign Here - This section
must be completed for your instructions to be executed.</B></FONT></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep
          signature within the box</FONT>&nbsp; </div></TD>
    <TD width=10% nowrap>&nbsp; </TD>
    <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep
          signature within the box</FONT>&nbsp; </div></TD>
    <TD width=12% nowrap>&nbsp; </TD>
    <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=29% align=center> <FONT face="sans-serif">0 0 8 7 1 0 2 </FONT>&nbsp; </TD>
     <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp; </div></TD>
     <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=15% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=85%>
<FONT size=1 face="sans-serif">00JPYA</FONT>&nbsp;
        </TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - The BlackRock Pennsylvania Strategic Municipal Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">PREFERRED SHARES</FONT></B></P>
<P><B><FONT 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 Pennsylvania Strategic Municipal Trust (the "Trust")
    held of record by the undersigned on June 5, 2006 at the Special Meeting
    of Shareholders of the Trust to be held on August 23, 2006 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. 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>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<P>
<B><FONT face="sans-serif">The BlackRock Strategic Municipal Trust</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="21%" align=left>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%" align=left>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
    <TD width="37%" align=left> <FONT size=1 face="sans-serif">Mark this box with an X if you have made</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="sans-serif">changes to your name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="4" align=center><hr noshade size=3></TD>
  </TR>
  <TR valign="bottom">
    <TD width="76%" align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Shares</FONT></B>&nbsp; </div></TD>
    <TD width="9%" align=center><b></b></TD>
    <TD width="7%" align=center><b></b></TD>
    <TD width="8%" align=center><b></b></TD>
  </TR>
  <TR>
    <TD colspan="4">
      <hr noshade size=3>
    </TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=27% align=left>
<FONT face="sans-serif">A </FONT><B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
        </TD>
        <TD width=73% align=right>
<B><FONT size=2 face="sans-serif">PLEASE REFER TO THE REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp;
        </TD>
</TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="5" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
      following proposals.</FONT>&nbsp; </div>
      <B></B></TD>
    <TD width=7% align=center>&nbsp;</TD>
    <TD width=9% align=center>&nbsp;</TD>
    <TD width=13% align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD width="23%" 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; &nbsp;<FONT size=1 face="sans-serif">1. To approve
        a new investment management agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp; </TD>
    <TD><center>
        </center></TD>
    <TD align=left><center>
        </center></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve
        a new investment sub-advisory agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<p>
</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>

  <TR valign="bottom">
    <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>
  </TR>
  <TR valign="bottom">
    <TD width=33% align=center>
      <div align="left"><FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp; </div></TD>
    <TD width=7% align=center> <b>[&nbsp;&nbsp;]</b> </TD>
    <TD width=8% align=center>&nbsp;</TD>
    <TD width=8% align=center>&nbsp;</TD>
    <TD width=44% align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <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>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=center><hr size="1" noshade>
    </TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=center><hr size="1" noshade>
    </TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=center><hr size="1" noshade>
    </TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
</TABLE>
<p><FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></p>
<P> <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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=10% nowrap>&nbsp; </TD>
    <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=12% nowrap>&nbsp; </TD>
    <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=29% align=center> <FONT face="sans-serif">0 0 8 7 0 8 1 </FONT>&nbsp; </TD>
    <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp; </div></TD>
    <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=15% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp; </div></TD>
    <TD width=85%> <font size=1 face="sans-serif">00JQQA</font>&nbsp; </TD>
  </TR>
</TABLE>
<p>&nbsp;</p>
<HR noshade  width="100%" size=4>

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



<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - The BlackRock Strategic Municipal Trust</FONT></B>
<hr noshade>
<P>
  <B><FONT face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT 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 Municipal Trust (the "Trust") held of record by the undersigned on June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23,
2006 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. 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>
<B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>
<B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available 24 hours a day 7 days a week!<br>
</FONT></B><FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose one of the two voting methods outlined below to vote your proxy.</FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683) in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
            <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on your computer screen and follow thesimple instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<br>
<P>
<B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet, please DO NOT mail back this proxy card.<br>
</FONT></B><B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet must be received by 1:00 a.m., Central Time, on August 23, 2006. <br>
THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>



<P>
<B><FONT face="sans-serif">The BlackRock Strategic Municipal Trust</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="21%" align=left>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%" align=left>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
    <TD width="37%" align=left> <FONT size=1 face="sans-serif">Mark this box with an X if you have made</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="sans-serif">changes to your name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<hr noshade size=3>
<B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Shares</FONT></B>
<hr noshade size=3>
<P> <FONT face="sans-serif">A&nbsp;&nbsp; </FONT><B><FONT face="sans-serif">Proposals</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="5" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
      following proposals.</FONT>&nbsp; </div>
      <B></B></TD>
    <TD width=7% align=center>&nbsp;</TD>
    <TD width=9% align=center>&nbsp;</TD>
    <TD width=13% align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD width="23%" 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; &nbsp;<FONT size=1 face="sans-serif">1. To approve
        a new investment management agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve
        a new investment sub-advisory agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<p> </p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <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>
  </TR>
  <TR valign="bottom">
    <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>
  </TR>
  <TR valign="bottom">
    <TD width=33% align=center>
      <div align="left"><FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp; </div></TD>
    <TD width=7% align=center> <b>[&nbsp;&nbsp;]</b> </TD>
    <TD width=8% align=center>&nbsp;</TD>
    <TD width=8% align=center>&nbsp;</TD>
    <TD width=44% align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <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>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=center><hr size="1" noshade>
    </TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=center><hr size="1" noshade>
    </TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=center><hr size="1" noshade>
    </TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
</TABLE>
<P><FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=10% nowrap>&nbsp; </TD>
    <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=12% nowrap>&nbsp; </TD>
    <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=29% align=center> <FONT face="sans-serif">0 0 8 7 0 8 2</FONT>&nbsp; </TD>
    <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp; </div></TD>
    <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=15% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp; </div></TD>
    <TD width=85%> <FONT size=1 face="sans-serif">00JQRA</FONT></TD>
  </TR>
</TABLE>
<BR>
<HR noshade  width="100%" size=4>

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

<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - The BlackRock Strategic Municipal Trust</FONT></B>
<hr noshade><P>
  <B><FONT face="sans-serif">PREFERRED SHARES</FONT></B></P>
<P>
<B><FONT 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 Strategic Municipal Trust (the "Trust") held of record by the
undersigned on June 5, 2006 at the Special Meeting of Shareholders of the Trust
to be held on August 23, 2006 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. 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>
<B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>


<P>
<B><FONT face="sans-serif">BlackRock Florida Municipal Income Trust</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="21%" align=left>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%" align=left>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" align=right>&nbsp;</TD>
    <TD width="37%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
    <TD align=left> <FONT size=1 face="sans-serif">Mark this box with an X if you have made</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="sans-serif">changes to your name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="4" align=center><hr noshade size=3></TD>
  </TR>
  <TR valign="bottom">
    <TD width="84%" align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Shares</FONT></B>&nbsp; </div></TD>
    <TD width="7%" align=center><b><font size=4 face="sans-serif"> </font></b><b></b></TD>
    <TD width="4%" align=center><b><font size=1 face="sans-serif"> </font></b></TD>
    <TD width="5%" align=center><b><font size=1 face="sans-serif"> </font></b></TD>
  </TR>
  <TR>
    <TD colspan="4">
      <hr noshade size=3>
    </TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=27% align=left>
<FONT face="sans-serif">A </FONT><B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
        </TD>
        <TD width=73% align=right>
<B><FONT size=2 face="sans-serif">PLEASE REFER TO THE REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=2 align=left>
<FONT size=1 face="sans-serif">The Board of Trustees recommends a vote <B>FOR </B>the
following proposals.</FONT>&nbsp;
        </TD>
</TR>
</TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD width="30%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve
        a new investment management agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left valign="bottom"> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2.
        To approve a new investment sub-advisory agreement. </FONT></TD>
    <TD valign="bottom"><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left valign="bottom"><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left valign="bottom"><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp; </TD>
    <TD>
      <center>
        <b>[&nbsp;&nbsp;]</b>
    </center></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P><FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=10% nowrap>&nbsp; </TD>
    <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=12% nowrap>&nbsp; </TD>
    <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=29% align=center> <FONT face="sans-serif">0 0 8 7 0 0 1</FONT>&nbsp; </TD>
    <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp; </div></TD>
    <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=15% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp; </div></TD>
    <TD width=85%> <FONT size=1 face="sans-serif">00JRHA</FONT> </TD>
  </TR>
</TABLE>
<P>&nbsp;</P>
<HR noshade  width="100%" size=4>

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

<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock Florida Municipal Income Trust</FONT></B>
<hr noshade>
<P>
  <B><FONT face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August
23, 2006 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. 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>
<B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p><b><font face="sans-serif">Telephone and Internet Voting Instructions</font></b>
</p>
<P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available 24 hours a day 7 days a week!<br>
</FONT></B><FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose one of the two voting methods outlined below to vote your proxy.</FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683) in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
          <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on your computer screen and follow the simple instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<P><BR>
</P>
<P>
<B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet, please DO NOT mail back this proxy card.<br>
</FONT></B><B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet must be received by 1:00 a.m., Central Time, on August 23, 2006. <br>
THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>


<P>
<B><FONT face="sans-serif">BlackRock Florida Municipal Income Trust</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="21%" align=left>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%" align=left>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" align=right>&nbsp;</TD>
    <TD width="37%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
    <TD align=left> <FONT size=1 face="sans-serif">Mark this box with an X if you have made</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="sans-serif">changes to your name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<hr noshade size=3>
<B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Shares</FONT></B>
<hr noshade size=3>
<P><FONT face="sans-serif">A </FONT><B><FONT face="sans-serif">Proposals</FONT></B></P>
<P>
<FONT size=1 face="sans-serif">The Board of Trustees recommends a vote <B>FOR </B>the
following proposals.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD width="30%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve
        a new investment management agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left valign="bottom"> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2.
        To approve a new investment sub-advisory agreement. </FONT></TD>
    <TD valign="bottom"><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left valign="bottom"><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left valign="bottom"><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp; </TD>
    <TD>
      <center>
        <b>[&nbsp;&nbsp;]</b>
    </center></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P><FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=10% nowrap>&nbsp; </TD>
    <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=12% nowrap>&nbsp; </TD>
    <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=29% align=center> <FONT face="sans-serif">0 0 8 7 0 0 2</FONT>&nbsp; </TD>
    <TD width=9%>&nbsp; </TD>
    <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp; </div></TD>
    <TD width=4%>&nbsp; </TD>
    <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp; </div></TD>
    <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JRIA</FONT> </div></TD>
  </TR>
</TABLE>
<br>
<HR noshade  width="100%" size=4>

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

<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock Florida Municipal Income Trust</FONT></B>
<hr noshade>
<P>
  <B><FONT face="sans-serif">PREFERRED SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on
August 23, 2006 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. 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>
<B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>


<P>
<B><FONT face="sans-serif">BlackRock Municipal Income Trust</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="21%" align=left>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%" align=left>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
    <TD width="37%" align=left> <FONT size=1 face="sans-serif">Mark this box with an X if you have made</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="sans-serif">changes to your name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="4" align=center><hr noshade size=3></TD>
  </TR>
  <TR valign="bottom">
    <TD width="89%" align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Shares</FONT></B>&nbsp; </div></TD>
    <TD width="3%" align=center><b><font size=4 face="sans-serif"> </font></b><b></b></TD>
    <TD width="3%" align=center><b><font size=1 face="sans-serif"> </font></b></TD>
    <TD width="5%" align=center><b><font size=1 face="sans-serif"> </font></b></TD>
  </TR>
  <TR>
    <TD colspan="4">
      <hr noshade size=3>
    </TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=27% align=left> <FONT face="sans-serif">A </FONT><B><FONT face="sans-serif">Proposals</FONT></B>&nbsp; </TD>
    <TD width=73% align=right> <B><FONT size=2 face="sans-serif">PLEASE REFER TO THE REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=2 align=left> <FONT size=1 face="sans-serif">The Board of
        Trustees recommends a vote <B>FOR </B>the
    following proposals.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD width="30%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve
        a new investment management agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left valign="bottom"> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2.
        To approve a new investment sub-advisory agreement. </FONT></TD>
    <TD valign="bottom"><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left valign="bottom"><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left valign="bottom"><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp; </TD>
    <TD>
      <center>
        <b>[&nbsp;&nbsp;]</b>
    </center></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=10% nowrap>&nbsp; </TD>
    <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=12% nowrap>&nbsp; </TD>
    <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=29% align=center> <FONT face="sans-serif">0 0 8 6 9 9 1</FONT>&nbsp; </TD>
    <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp; </div></TD>
    <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=15% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp; </div></TD>
    <TD width=85%> <FONT size=1 face="sans-serif">00JREA</FONT></TD>
  </TR>
</TABLE>
<P>&nbsp;</P>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock Municipal Income Trust</FONT></B>
<hr noshade>

<P>
  <B><FONT face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23,
2006 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. 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>
<B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available 24 hours a day 7 days a week!<br>
</FONT></B><FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose one of the two voting methods outlined below to vote your proxy.</FONT></P>
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683) in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
          <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<P>&nbsp;</P>
<P>
<B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet, please DO NOT mail back this proxy card.<br>
</FONT></B><B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet must be received by 1:00 a.m., Central Time, on August 23, 2006. <br>
THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>

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

<P>
<B><FONT face="sans-serif">BlackRock Municipal Income Trust</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="21%" align=left>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%" align=left>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" align=right>&nbsp;</TD>
    <TD width="37%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
    <TD align=left> <FONT size=1 face="sans-serif">Mark this box with an X if you have made</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="sans-serif">changes to your name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<hr noshade size=3>
<B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Shares</FONT></B>
<hr noshade size=3>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="3" align=left><font face="sans-serif">A </font><b><font face="sans-serif">Proposals</font></b></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left><FONT size=1 face="sans-serif">The Board of
        Trustees recommends a vote <B>FOR </B>the
    following proposals.</FONT></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD width="30%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve
        a new investment management agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left valign="bottom"> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2.
        To approve a new investment sub-advisory agreement. </FONT></TD>
    <TD valign="bottom"><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left valign="bottom"><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left valign="bottom"><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp; </TD>
    <TD>
      <center>
        <b>[&nbsp;&nbsp;]</b>
    </center></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P><FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=10% nowrap>&nbsp; </TD>
    <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=12% nowrap>&nbsp; </TD>
    <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=29% align=center> <FONT face="sans-serif">0 0 8 6 9 9 2</FONT> </TD>
    <TD width=9%>&nbsp; </TD>
    <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp; </div></TD>
    <TD width=4%>&nbsp; </TD>
    <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp; </div></TD>
    <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JRFA</FONT> </div></TD>
  </TR>
</TABLE>
<P>&nbsp;</P>
<HR noshade  width="100%" size=4>

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

<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock Municipal Income Trust</FONT></B>
<hr noshade>
<P>
  <B><FONT face="sans-serif">PREFERRED SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23,
2006 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. 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>
<B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>


<P>
<B><FONT face="sans-serif">BlackRock California Municipal Income Trust</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="21%" align=left>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%" align=left>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" align=right>&nbsp;</TD>
    <TD width="37%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
    <TD align=left> <FONT size=1 face="sans-serif">Mark this box with an X if you have made</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="sans-serif">changes to your name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="4" align=center><hr noshade size=3></TD>
  </TR>
  <TR valign="bottom">
    <TD width="80%" align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Shares</FONT></B>&nbsp; </div></TD>
    <TD width="5%" align=center><b><font size=4 face="sans-serif"> </font></b><b></b></TD>
    <TD width="9%" align=center><b><font size=1 face="sans-serif"> </font></b></TD>
    <TD width="6%" align=center><b><font size=1 face="sans-serif"> </font></b></TD>
  </TR>
  <TR>
    <TD colspan="4">
      <hr noshade size=3>
    </TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=27% align=left>
<FONT face="sans-serif">A </FONT><B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
        </TD>
        <TD width=73% align=right>
<B><FONT size=2 face="sans-serif">PLEASE REFER TO THE REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=2 align=left>
<FONT size=1 face="sans-serif">The Board of Trustees recommends a vote <B>FOR </B>the
following proposals.</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD width="30%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve
        a new investment management agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left valign="bottom"> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2.
        To approve a new investment sub-advisory agreement. </FONT></TD>
    <TD valign="bottom"><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left valign="bottom"><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left valign="bottom"><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp; </TD>
    <TD>
      <center>
        <b>[&nbsp;&nbsp;]</b>
    </center></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P><FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=10% nowrap>&nbsp; </TD>
    <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=12% nowrap>&nbsp; </TD>
    <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=29% align=center> <FONT face="sans-serif">0 0 8 6 9 8 1</FONT>&nbsp; </TD>
    <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp; </div></TD>
    <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=15% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp; </div></TD>
    <TD width=85%> <FONT size=1 face="sans-serif">00JRBA</FONT></TD>
  </TR>
</TABLE>
<br>
<HR noshade  width="100%" size=4>

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

<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock California Municipal Income Trust</FONT></B>
<hr noshade>
<P>
  <B><FONT face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on
August 23, 2006 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. 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>
<B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available 24 hours a day 7 days a week!<br>
</FONT></B><FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose one of the two voting methods outlined below to vote your proxy.</FONT></P>
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683) in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
          <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<P>&nbsp;</P>
<P>
<B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet, please DO NOT mail back this proxy card.<br>
</FONT></B><B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet must be received by 1:00 a.m., Central Time, on August 23, 2006. <br>
THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>



<P>
<B><FONT face="sans-serif">BlackRock California Municipal Income Trust</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="21%" align=left>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%" align=left>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" align=right>&nbsp;</TD>
    <TD width="37%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
    <TD align=left> <FONT size=1 face="sans-serif">Mark this box with an X if you have made</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="sans-serif">changes to your name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="4" align=center><hr noshade size=3></TD>
  </TR>
  <TR valign="bottom">
    <TD width="80%" align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Shares</FONT></B> </div></TD>
    <TD width="5%" align=center><b><font size=4 face="sans-serif"> </font></b><b></b></TD>
    <TD width="9%" align=center><b><font size=1 face="sans-serif"> </font></b></TD>
    <TD width="6%" align=center><b><font size=1 face="sans-serif"> </font></b></TD>
  </TR>
  <TR>
    <TD colspan="4">
      <hr noshade size=3>
    </TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="2" align=left><font face="sans-serif">A </font><b><font face="sans-serif">Proposals</font></b></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left><FONT size=1 face="sans-serif">The Board of
        Trustees recommends a vote <B>FOR </B>the
    following proposals.</FONT></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD width="30%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve
        a new investment management agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve
        a new investment sub-advisory agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp; </TD>
    <TD>
      <center>
        <b>[&nbsp;&nbsp;]</b>
    </center></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=10% nowrap>&nbsp; </TD>
    <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=12% nowrap>&nbsp; </TD>
    <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=29% align=center> <FONT face="sans-serif">0 0 8 6 9 8 2</FONT>&nbsp; </TD>
    <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp; </div></TD>
    <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=15% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp; </div></TD>
    <TD width=85%> <FONT size=1 face="sans-serif">00JRCA</FONT></TD>
  </TR>
</TABLE>
<P>&nbsp;</P>
<HR noshade  width="100%" size=4>

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

<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock California Municipal Income Trust</FONT></B>
<hr noshade>
<P>
  <B><FONT face="sans-serif">PREFERRED SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held
on August 23, 2006 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. 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>
<B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>


<P>
<B><FONT face="sans-serif">BlackRock New Jersey Municipal Income Trust</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="21%" align=left>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%" align=left>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" align=right>&nbsp;</TD>
    <TD width="37%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
    <TD align=left> <FONT size=1 face="sans-serif">Mark this box with an X if you have made</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="sans-serif">changes to your name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<br>
<hr noshade size=3>
<B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Shares</FONT></B>
<hr noshade size=3>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=27% align=left> <FONT face="sans-serif">A </FONT><B><FONT face="sans-serif">Proposals</FONT></B>&nbsp; </TD>
    <TD width=73% align=right> <B><FONT size=2 face="sans-serif">PLEASE REFER TO THE REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=2 align=left> <FONT size=1 face="sans-serif">The Board of
        Trustees recommends a vote <B>FOR </B>the
    following proposals.</FONT> </TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD width="30%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve
        a new investment management agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width=41% align=center valign="bottom"> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center valign="bottom"><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center valign="bottom"><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center valign="bottom"><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left valign="bottom"> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2.
        To approve a new investment sub-advisory agreement. </FONT></TD>
    <TD valign="bottom"><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left valign="bottom"><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left valign="bottom"><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp; </TD>
    <TD>
      <center>
        <b>[&nbsp;&nbsp;]</b>
    </center></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P><FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=10% nowrap>&nbsp; </TD>
    <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=12% nowrap>&nbsp; </TD>
    <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=29% align=center> <FONT face="sans-serif">0 0 8 7 0 1 1</FONT> </TD>
    <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp; </div></TD>
    <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=15% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp; </div></TD>
    <TD width=85%> <FONT size=1 face="sans-serif">00JRKA</FONT></TD>
  </TR>
</TABLE>
<P>&nbsp;</P>
<HR noshade  width="100%" size=4>

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

<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock New Jersey Municipal Income Trust</FONT></B>
<hr noshade>
<P>
  <B><FONT face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on
August 23, 2006 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. 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>
<B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available 24 hours a day 7 days a week!<br>
</FONT></B><FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose one of the two voting methods outlined below to vote your proxy.</FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683) in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
          <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<P>&nbsp;</P>
<P>
<B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet, please DO NOT mail back this proxy card.<br>
</FONT></B><B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet must be received by 1:00 a.m., Central Time, on August 23, 2006. <br>
THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>

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


<P>
<B><FONT face="sans-serif">BlackRock New Jersey Municipal Income Trust</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="21%" align=left>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%" align=left>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" align=right>&nbsp;</TD>
    <TD width="37%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
    <TD align=left> <FONT size=1 face="sans-serif">Mark this box with an X if you have made</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="sans-serif">changes to your name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<br>
<hr noshade size=3>
<B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Shares</FONT></B>
<hr noshade size=3><P><FONT face="sans-serif">A <B>Proposals<br>
</B></FONT><FONT size=1 face="sans-serif">The Board of Trustees recommends
a vote <B>FOR </B>the
following proposals.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD width="30%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve
        a new investment management agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve
        a new investment sub-advisory agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp; </TD>
    <TD>
      <center>
        <b>[&nbsp;&nbsp;]</b>
    </center></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P><FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=10% nowrap>&nbsp; </TD>
    <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=12% nowrap>&nbsp; </TD>
    <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=29% align=center> <FONT face="sans-serif">0 0 8 7 0 1 2</FONT>&nbsp; </TD>
    <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp; </div></TD>
    <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=15% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp; </div></TD>
    <TD width=85%> <FONT size=1 face="sans-serif">00JRLA</FONT></TD>
  </TR>
</TABLE>
<P>&nbsp;</P>
<HR noshade  width="100%" size=4>

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

<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock New Jersey Municipal Income Trust</FONT></B>
<hr noshade>
<P>
  <B><FONT face="sans-serif">PREFERRED SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held
on August 23, 2006 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. 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>
<B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>



<P>
<B><FONT face="sans-serif">BlackRock New York Municipal Income Trust</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="21%" align=left>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%" align=left>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" align=right>&nbsp;</TD>
    <TD width="37%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
    <TD align=left> <FONT size=1 face="sans-serif">Mark this box with an X if you have made</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="sans-serif">changes to your name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="4" align=center><hr noshade size=3></TD>
  </TR>
  <TR valign="bottom">
    <TD width="80%" align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Shares</FONT></B>&nbsp; </div></TD>
    <TD width="5%" align=center><b><font size=4 face="sans-serif"> </font></b><b></b></TD>
    <TD width="9%" align=center><b><font size=1 face="sans-serif"> </font></b></TD>
    <TD width="6%" align=center><b><font size=1 face="sans-serif"> </font></b></TD>
  </TR>
  <TR>
    <TD colspan="4">
      <hr noshade size=3>
    </TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=27% align=left> <FONT face="sans-serif">A </FONT><B><FONT face="sans-serif">Proposals</FONT></B>&nbsp; </TD>
    <TD width=73% align=right> <B><FONT size=2 face="sans-serif">PLEASE REFER TO THE REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=2 align=left> <FONT size=1 face="sans-serif">The Board of
        Trustees recommends a vote <B>FOR </B>the
    following proposals.</FONT>&nbsp;&nbsp; </TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD width="30%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve
        a new investment management agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left valign="bottom"> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2.
        To approve a new investment sub-advisory agreement. </FONT></TD>
    <TD valign="bottom"><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left valign="bottom"><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left valign="bottom"><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp; </TD>
    <TD>
      <center>
        <b>[&nbsp;&nbsp;]</b>
    </center></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=10% nowrap>&nbsp; </TD>
    <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=12% nowrap>&nbsp; </TD>
    <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=29% align=center> <FONT face="sans-serif">0 0 8 7 0 2 1</FONT>&nbsp; </TD>
    <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp; </div></TD>
    <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=15% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp; </div></TD>
    <TD width=85%> <FONT size=1 face="sans-serif">00JRNA</FONT></TD>
  </TR>
</TABLE>
<P>&nbsp;</P>
<HR noshade  width="100%" size=4>

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

<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock New York Municipal Income Trust</FONT></B>
<hr noshade>
<P>
  <B><FONT face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on
August 23, 2006 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. 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>
<B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available 24 hours a day 7 days a week!<br>
</FONT></B><FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose one of the two voting methods outlined below to vote your proxy.</FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683) in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
          <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<P>&nbsp;</P>
<P>
<B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet, please DO NOT mail back this proxy card.<br>
</FONT></B><B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet must be received by 1:00 a.m., Central Time, on August 23, 2006. <br>
THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>

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


<P>
<B><FONT face="sans-serif">BlackRock New York Municipal Income Trust</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="21%" align=left>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%" align=left>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" align=right>&nbsp;</TD>
    <TD width="37%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
    <TD align=left> <FONT size=1 face="sans-serif">Mark this box with an X if you have made</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="sans-serif">changes to your name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<hr noshade size=3>
<B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Shares</FONT></B>
<hr noshade size=3>
<br>
<FONT face="sans-serif">A <B>Proposals<br>
</B></FONT><FONT size=1 face="sans-serif">The Board of Trustees recommends
a vote <B>FOR </B>the
following proposals.</FONT>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD width="30%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve
        a new investment management agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve
        a new investment sub-advisory agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp; </TD>
    <TD>
      <center>
        <b>[&nbsp;&nbsp;]</b>
    </center></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P><FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=10% nowrap>&nbsp; </TD>
    <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=12% nowrap>&nbsp; </TD>
    <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=29% align=center> <FONT face="sans-serif">0 0 8 7 0 2 2</FONT>&nbsp; </TD>
    <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp; </div></TD>
    <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=15% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp; </div></TD>
    <TD width=85%> <FONT size=1 face="sans-serif">00JROA</FONT></TD>
  </TR>
</TABLE>
<P>&nbsp;</P>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock New York Municipal Income Trust</FONT></B>
<hr noshade>

<P>
  <B><FONT face="sans-serif">PREFERRED SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on
August 23, 2006 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. 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>
<B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>


<p><B><FONT face="sans-serif">BlackRock California</FONT></B><BR>
    <B><FONT face="sans-serif">Municipal 2018 Term Trust</FONT></B></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="21%" align=left>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%" align=left>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" align=right>&nbsp;</TD>
    <TD width="37%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
    <TD align=left> <FONT size=1 face="sans-serif">Mark this box
        with an X if you have made</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="sans-serif">changes to your
        name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy
            Card - Common Shares</FONT></B>&nbsp; </div></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD>
      <hr noshade size=3>
    </TD>
    <TD>
      <hr noshade size=3>
    </TD>
    <TD>
      <hr noshade size=3>
    </TD>
    <TD>
      <hr noshade size=3>
    </TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp; <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp; </div></TD>
    <TD align=center nowrap> <B><FONT size=2 face="sans-serif">PLEASE REFER TO
          THE REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=28% align=center>&nbsp;</TD>
  <TD width=12% align=center>&nbsp;</TD>
  <TD width=12% align=center>&nbsp;</TD>
  <TD width=17% align=center>&nbsp;</TD>
  <TD width=31% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=28% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=12% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=12% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=17% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom"> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1.
      To approve a new investment management agreement. </FONT></TD>
  <TD valign="bottom"><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left valign="bottom"><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left valign="bottom"><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=28% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=12% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=12% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=17% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=33% align=center>
      <div align="left"><FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
      </div></TD>
    <TD width="6%"><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD width=61% align=center>&nbsp;</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><hr size="1" noshade>    </TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=center><hr size="1" noshade>    </TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=center><hr size="1" noshade>    </TD>
  <TD align=center>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep
          signature within the box</FONT>&nbsp; </div></TD>
    <TD width=10% nowrap>&nbsp; </TD>
    <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep
          signature within the box</FONT>&nbsp; </div></TD>
    <TD width=12% nowrap>&nbsp; </TD>
    <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=29% align=center> <FONT face="sans-serif">0 0 8 6 9 3 1</FONT>&nbsp; </TD>
    <TD width=9%>&nbsp; </TD>
    <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp; </div></TD>
    <TD width=4%>&nbsp; </TD>
    <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=14% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=86%>
<FONT size=1 face="sans-serif">00JKQA</FONT>&nbsp;
        </TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock California Municipal 2018 Term Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held
on August 23, 2006 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. 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>
<B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<p><B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available 24 hours a day 7 days a week!</FONT></B><BR>
    <FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose one of the two voting methods outlined below to vote your proxy.</FONT></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
          U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
          vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
            in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
            touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
            CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
            by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
            <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on
            your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
            instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<p>&nbsp;</p>
<p><BR>
  <B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet, please DO NOT mail back this proxy card.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
<B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></p>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>



<B><FONT face="sans-serif">BlackRock California</FONT></B><BR>
<B><FONT face="sans-serif">Municipal 2018 Term Trust</FONT></B><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="21%" align=left nowrap>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%" align=left>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" align=right>&nbsp;</TD>
    <TD width="37%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
    <TD align=left> <FONT size=1 face="sans-serif">Mark this box
        with an X if you have made</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="sans-serif">changes to your
        name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<hr noshade size=3>
<B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Shares</FONT></B>
<hr noshade size=3>

<P>
<FONT face="sans-serif">A&nbsp;&nbsp; </FONT><B><FONT face="sans-serif">Proposals</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=41% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div></TD>
        <TD width=11% align=center>&nbsp;</TD>
    <TD width=11% align=center><B></B></TD>
    <TD width=11% align=center>&nbsp;</TD>
    <TD width=40% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=11% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=11% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=11% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=11% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=11% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=11% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<p><BR>
</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=33% align=center>
      <div align="left"><FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
      </div></TD>
    <TD width=8% align=center> <b>[&nbsp;&nbsp;]</b> </TD>
    <TD width=59% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=center><hr size="1" noshade>    </TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=center><hr size="1" noshade>    </TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=center><hr size="1" noshade>    </TD>
  <TD align=center>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep
          signature within the box</FONT>&nbsp; </div></TD>
    <TD width=10% nowrap>&nbsp; </TD>
    <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep
          signature within the box</FONT>&nbsp; </div></TD>
    <TD width=12% nowrap>&nbsp; </TD>
    <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
  </TR>
</TABLE>
<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>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=29% align=center> <FONT face="sans-serif">0 0 8 6 9 3 2 </FONT>&nbsp; </TD>
    <TD width=9%>&nbsp; </TD>
    <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp; </div></TD>
    <TD width=4%>&nbsp; </TD>
    <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=15% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=85%>
<FONT size=1 face="sans-serif">00JKRA</FONT>&nbsp;
        </TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock California Municipal 2018 Term Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">PREFERRED SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be
held on August 23, 2006 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. 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>
<B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>


<P>
<B><FONT face="sans-serif">BlackRock Municipal 2018 Term Trust</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="21%" align=left>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%" align=left>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" align=right>&nbsp;</TD>
    <TD width="37%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
    <TD align=left> <FONT size=1 face="sans-serif">Mark this box with an X if you have made</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="sans-serif">changes to your name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<hr noshade size=3>
<B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Shares</FONT></B>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp; <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp; </div></TD>
    <TD align=center nowrap> <B><FONT size=2 face="sans-serif">PLEASE REFER TO THE REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
  </TR>
  <TR align="left" valign="bottom">
    <TD colspan="2" nowrap><font size=1 face="sans-serif">The Board of Trustees
        recommends a vote <b>FOR </b>the
    following proposals.</font>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD width="30%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve
        a new investment management agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left valign="bottom"> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2.
        To approve a new investment sub-advisory agreement. </FONT></TD>
    <TD valign="bottom"><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left valign="bottom"><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left valign="bottom"><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp; </TD>
    <TD>
      <center>
        <b>[&nbsp;&nbsp;]</b>
    </center></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=10% nowrap>&nbsp; </TD>
    <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=12% nowrap>&nbsp; </TD>
    <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=29% align=center> <FONT face="sans-serif">0 0 8 6 9 6 1</FONT></TD>
    <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp; </div></TD>
    <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=15% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp; </div></TD>
    <TD width=85%> <FONT size=1 face="sans-serif">00JR8A</FONT></TD>
  </TR>
</TABLE>
<br>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock Municipal 2018 Term Trust</FONT></B>
<hr noshade>

<P>
  <B><FONT face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23,
2006 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. 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>
<B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available 24 hours a day 7 days a week!<br>
</FONT></B><FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose one of the two voting methods outlined below to vote your proxy.</FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683) in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
            <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<P>&nbsp;</P>
<P>
<B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet, please DO NOT mail back this proxy card.<br>
</FONT></B><B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet must be received by 1:00 a.m., Central Time, on August 23, 2006. <br>
THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>


<P>
<B><FONT face="sans-serif">BlackRock Municipal 2018 Term Trust</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="21%" align=left>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%" align=left>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" align=right>&nbsp;</TD>
    <TD width="37%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
    <TD align=left> <FONT size=1 face="sans-serif">Mark this box with an X if you have made</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="sans-serif">changes to your name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<hr noshade size=3>
<B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Shares</FONT></B>
<hr noshade size=3>
<FONT face="sans-serif">A <B>Proposals<br>
</B></FONT><FONT size=1 face="sans-serif">The Board of Trustees recommends
a vote <B>FOR </B>the
following proposals.</FONT>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD width="30%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve
        a new investment management agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve
        a new investment sub-advisory agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp; </TD>
    <TD>
      <center>
        <b>[&nbsp;&nbsp;]</b>
    </center></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P><FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=10% nowrap>&nbsp; </TD>
    <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=12% nowrap>&nbsp; </TD>
    <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=29% align=center> <FONT face="sans-serif">0 0 8 6 9 6 2</FONT> </TD>
    <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp; </div></TD>
    <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=15% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp; </div></TD>
    <TD width=85%> <FONT size=1 face="sans-serif">00JR9A</FONT></TD>
  </TR>
</TABLE>
<P>&nbsp;</P>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock Municipal 2018 Term Trust</FONT></B>
<hr noshade>

<P>
  <B><FONT face="sans-serif">PREFERRED SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August
23, 2006 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. 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>
<B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>


<P>
<B><FONT face="sans-serif">BlackRock New York Municipal 2018 Term Trust</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="21%" align=left>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%" align=left>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" align=right>&nbsp;</TD>
    <TD width="37%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
    <TD align=left> <FONT size=1 face="sans-serif">Mark this box with an X if you have made</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="sans-serif">changes to your name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<br>
<hr noshade size=3>
<B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Shares</FONT></B>
<hr noshade size=3>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=27% align=left> <FONT face="sans-serif">A </FONT><B><FONT face="sans-serif">Proposals</FONT></B>&nbsp; </TD>
    <TD width=73% align=right> <B><FONT size=2 face="sans-serif">PLEASE REFER TO THE REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=2 align=left> <FONT size=1 face="sans-serif">The Board of
        Trustees recommends a vote <B>FOR </B>the
    following proposals.</FONT>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD width="30%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve
        a new investment management agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left valign="bottom"> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2.
        To approve a new investment sub-advisory agreement. </FONT></TD>
    <TD valign="bottom"><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left valign="bottom"><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left valign="bottom"><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp; </TD>
    <TD>
      <center>
        <b>[&nbsp;&nbsp;]</b>
    </center></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P><FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=10% nowrap>&nbsp; </TD>
    <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=12% nowrap>&nbsp; </TD>
    <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=29% align=center> <FONT face="sans-serif">0 0 8 6 9 4 1</FONT></TD>
    <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp; </div></TD>
    <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=15% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp; </div></TD>
    <TD width=85%> <FONT size=1 face="sans-serif">00JR5A</FONT></TD>
  </TR>
</TABLE>
<P>&nbsp;</P>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock New York Municipal 2018 Term Trust</FONT></B>
<hr noshade>

<P>
  <B><FONT face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on
August 23, 2006 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. 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>
<B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available 24 hours a day 7 days a week!<br>
</FONT></B><FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose one of the two voting methods outlined below to vote your proxy.</FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683) in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
          <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<P>&nbsp;</P>
<P>
<B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet, please DO NOT mail back this proxy card.<br>
</FONT></B><B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet must be received by 1:00 a.m., Central Time, on August 23, 2006. <br>
THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>

<P>
<B><FONT face="sans-serif">BlackRock New York Municipal 2018 Term Trust</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="21%" align=left>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%" align=left>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" align=right>&nbsp;</TD>
    <TD width="37%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
    <TD align=left> <FONT size=1 face="sans-serif">Mark this box with an X if you have made</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="sans-serif">changes to your name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<br>
<hr noshade size=3>
<B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Shares</FONT></B>
<hr noshade size=3>
<FONT face="sans-serif">A <B>Proposals<br>
</B></FONT><FONT size=1 face="sans-serif">The Board of Trustees recommends
a vote <B>FOR </B>the
following proposals.</FONT>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD width="30%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve
        a new investment management agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
    <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
    <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve
        a new investment sub-advisory agreement. </FONT></TD>
    <TD><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left><center>
        <b>[&nbsp;&nbsp;]</b>
    </center></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp; </TD>
    <TD>
      <center>
        <b>[&nbsp;&nbsp;]</b>
    </center></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P><FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=10% nowrap>&nbsp; </TD>
    <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp; </div></TD>
    <TD width=12% nowrap>&nbsp; </TD>
    <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=29% align=center> <FONT face="sans-serif">0 0 8 6 9 4 2</FONT> </TD>
    <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp; </div></TD>
    <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=15% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp; </div></TD>
    <TD width=85%> <FONT size=1 face="sans-serif">00JR6A</FONT></TD>
  </TR>
</TABLE>
<P>&nbsp;</P>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock New York Municipal 2018 Term Trust</FONT></B>
<hr noshade>

<P>
  <B><FONT face="sans-serif">PREFERRED SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held
on August 23, 2006 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. 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>
<B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>


<P>
<B><FONT face="sans-serif">BlackRock Core Bond Trust</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="21%" align=left>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%" align=left>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" align=right>&nbsp;</TD>
    <TD width="37%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
    <TD align=left> <FONT size=1 face="sans-serif">Mark this box
        with an X if you have made</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="sans-serif">changes to your
        name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy
            Card - Common Shares</FONT></B>&nbsp; </div></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD>
      <hr noshade size=3>
    </TD>
    <TD>
      <hr noshade size=3>
    </TD>
    <TD>
      <hr noshade size=3>
    </TD>
    <TD>
      <hr noshade size=3>
    </TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp; <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp; </div></TD>
    <TD align=center nowrap> <B><FONT size=2 face="sans-serif">PLEASE REFER TO
          THE REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=42% align=center>&nbsp;</TD>
  <TD width=8% align=center>&nbsp;</TD>
  <TD width=10% align=center>&nbsp;</TD>
  <TD width=10% align=center>&nbsp;</TD>
  <TD width=41% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=42% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=8% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=42% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=8% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom"> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2.
      To approve a new investment sub-advisory agreement. </FONT></TD>
  <TD valign="bottom"><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left valign="bottom"><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left valign="bottom"><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>
<div align="left">
  <p><BR>
  </p>
  <TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
    <TR valign="bottom">
      <TD width=36% align=center>
        <div align="left"><FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </div></TD>
      <TD width=9% align=center> <b>[&nbsp;&nbsp;]</b> </TD>
      <TD width=55% align=center>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=center>&nbsp;</TD>
      <TD align=center>&nbsp;</TD>
      <TD align=center>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="2" align=center><hr size="1" noshade>      </TD>
      <TD align=center>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="2" align=center>&nbsp;</TD>
      <TD align=center>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="2" align=center><hr size="1" noshade>      </TD>
      <TD align=center>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="2" align=center>&nbsp;</TD>
      <TD align=center>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="2" align=center><hr size="1" noshade>      </TD>
      <TD align=center>&nbsp;</TD>
    </TR>
  </TABLE>
</div>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep
          signature within the box</FONT>&nbsp; </div></TD>
    <TD width=10% nowrap>&nbsp; </TD>
    <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep
          signature within the box</FONT>&nbsp; </div></TD>
    <TD width=12% nowrap>&nbsp; </TD>
    <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=29% align=center> <FONT face="sans-serif">0 0 8 7 0 4 1 </FONT>&nbsp; </TD>
    <TD width=9%>&nbsp; </TD>
    <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp; </div></TD>
    <TD width=4%>&nbsp; </TD>
    <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=14% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=86%>
<FONT size=1 face="sans-serif">00JLJA</FONT>&nbsp;
        </TD>
  </TR>
</TABLE>
<BR>

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

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


<P>&nbsp;</P>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock Core Bond Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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>
<B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<p><B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available 24 hours a day 7 days a week!</FONT></B><BR>
    <FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose one of the two voting methods outlined below to vote your proxy.</FONT></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
          U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
          vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
            in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
            touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
            CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
            by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
            <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on
            your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
            instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<p>&nbsp;</p>
<p><BR>
  <B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet, please DO NOT mail back this proxy card.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
<B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></p>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>

<P>
<B><FONT face="sans-serif">BlackRock Strategic Bond Trust</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap><B><FONT size=2 face="sans-serif">PLEASE REFER TO THE
    REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <center>
      </center></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 7 0 5 1</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JQTA</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock Strategic Bond Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available
24 hours a day 7 days a week!</FONT></B><BR>
<FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose
one of the two voting methods outlined below to vote your proxy.</FONT><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
          U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
          vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
            in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
            touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
            CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
            by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
            <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on
            your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
            instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<P>&nbsp;</P>
<P><B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet,
      please DO NOT mail back this proxy card.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet
  must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>


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

<P>
<B><FONT face="sans-serif">BlackRock Municipal Bond Trust</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap><B><FONT size=2 face="sans-serif">PLEASE REFER TO THE
    REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
        <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom"> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2.
      To approve a new investment sub-advisory agreement. </FONT></TD>
  <TD valign="bottom"><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left valign="bottom"><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left valign="bottom"><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
        <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <center>
      </center></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 6 8 3 1</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JSEA</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock Municipal Bond Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available
24 hours a day 7 days a week!</FONT></B><BR>
<FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose
one of the two voting methods outlined below to vote your proxy.</FONT><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
          U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
          vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
            in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
            touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
            CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
            by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
            <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on
            your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
            instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<P>&nbsp;</P>
<P><B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet,
      please DO NOT mail back this proxy card.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet
  must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>


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

<P>
<B><FONT face="sans-serif">BlackRock Municipal Bond Trust</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&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>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 6 8 3 2</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JSFA</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock Municipal Bond Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">PREFERRED SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<HR noshade  width="100%" size=4>

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


<P>
<B><FONT face="sans-serif">BlackRock California Municipal Bond Trust</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap><B><FONT size=2 face="sans-serif">PLEASE REFER TO THE
    REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
        <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <center>
      </center></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 6 8 2 1</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JSBA</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock California Municipal Bond Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available
24 hours a day 7 days a week!</FONT></B><BR>
<FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose
one of the two voting methods outlined below to vote your proxy.</FONT><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
          U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
          vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
            in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
            touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
            CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
            by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
            <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on
            your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
            instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<P>&nbsp;</P>
<P><B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet,
      please DO NOT mail back this proxy card.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet
  must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>

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


<P>
<B><FONT face="sans-serif">BlackRock California Municipal Bond Trust</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&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>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 6 8 2 2</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JSDA</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock California Municipal Bond Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">PREFERRED SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<HR noshade  width="100%" size=4>

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


<P>
<B><FONT face="sans-serif">BlackRock Florida Municipal Bond Trust</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap><B><FONT size=2 face="sans-serif">PLEASE REFER TO THE
    REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
        <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <center>
      </center></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 6 8 5 1</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JSHA</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock Florida Municipal Bond Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available
24 hours a day 7 days a week!</FONT></B><BR>
<FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose
one of the two voting methods outlined below to vote your proxy.</FONT><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
          U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
          vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
            in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
            touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
            CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
            by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
            <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on
            your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
            instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<P>&nbsp;</P>
<P><B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet,
      please DO NOT mail back this proxy card.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet
  must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>

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

<P>
<B><FONT face="sans-serif">BlackRock Florida Municipal Bond Trust</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <center>
      </center></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 6 8 5 2</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JSIA</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock Florida Municipal Bond Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">PREFERRED SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>


<P>
<B><FONT face="sans-serif">BlackRock Maryland Municipal Bond Trust</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap><B><FONT size=2 face="sans-serif">PLEASE REFER TO THE
    REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
        <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <center>
      </center></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 6 8 8 1</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JSQA</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock Maryland Municipal Bond Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available
24 hours a day 7 days a week!</FONT></B><BR>
<FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose
one of the two voting methods outlined below to vote your proxy.</FONT><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
          U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
          vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
            in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
            touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
            CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
            by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
            <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on
            your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
            instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<P>&nbsp;</P>
<P><B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet,
      please DO NOT mail back this proxy card.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet
  must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>

<P>
<B><FONT face="sans-serif">BlackRock Maryland Municipal Bond Trust</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <center>
      </center></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 6 8 8 2</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JSRA</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock Maryland Municipal Bond Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">PREFERRED SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<HR noshade  width="100%" size=4>

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


<P>
<B><FONT face="sans-serif">BlackRock New Jersey Municipal Bond Trust</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap><B><FONT size=2 face="sans-serif">PLEASE REFER TO THE
    REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
        <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom"> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2.
      To approve a new investment sub-advisory agreement. </FONT></TD>
  <TD valign="bottom"><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left valign="bottom"><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left valign="bottom"><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
        <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD>&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>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 6 8 6 1</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JSKA</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock New Jersey Municipal Bond Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available
24 hours a day 7 days a week!</FONT></B><BR>
<FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose
one of the two voting methods outlined below to vote your proxy.</FONT><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
          U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
          vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
            in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
            touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
            CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
            by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
            <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on
            your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
            instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<P>&nbsp;</P>
<P><B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet,
      please DO NOT mail back this proxy card.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet
  must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>

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


<P>
<B><FONT face="sans-serif">BlackRock New Jersey Municipal Bond Trust</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <center>
      </center></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 6 8 6 2</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JSLA</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock New Jersey Municipal Bond Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">PREFERRED SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<HR noshade  width="100%" size=4>

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


<P>
<B><FONT face="sans-serif">BlackRock New York Municipal Bond Trust</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap><B><FONT size=2 face="sans-serif">PLEASE REFER TO THE
    REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
        <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <center>
      </center></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 6 8 7 1</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JSNA</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock New York Municipal Bond Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available
24 hours a day 7 days a week!</FONT></B><BR>
<FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose
one of the two voting methods outlined below to vote your proxy.</FONT><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
          U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
          vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
            in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
            touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
            CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
            by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
            <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on
            your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
            instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<P>&nbsp;</P>
<P><B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet,
      please DO NOT mail back this proxy card.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet
  must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>

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


<P>
<B><FONT face="sans-serif">BlackRock New York Municipal Bond Trust</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <center>
      </center></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 6 8 7 2</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JSOA</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock New York Municipal Bond Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">PREFERRED SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<HR noshade  width="100%" size=4>

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


<P>
<B><FONT face="sans-serif">BlackRock Virginia Municipal Bond Trust</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap><B><FONT size=2 face="sans-serif">PLEASE REFER TO THE
    REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
        <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <center>
      </center></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 6 9 0 1</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JSTA</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock Virginia Municipal Bond Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available
24 hours a day 7 days a week!</FONT></B><BR>
<FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose
one of the two voting methods outlined below to vote your proxy.</FONT><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
          U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
          vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
            in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
            touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
            CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
            by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
            <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on
            your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
            instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<P>&nbsp;</P>
<P><B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet,
      please DO NOT mail back this proxy card.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet
  must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>

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

<P>
<B><FONT face="sans-serif">BlackRock Virginia Municipal Bond Trust</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <center>
      </center></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 6 9 0 2</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JSUA</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock Virginia Municipal Bond Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">PREFERRED SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<HR noshade  width="100%" size=4>

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


<P>
<B><FONT face="sans-serif">BlackRock Municipal Income Trust II</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap><B><FONT size=2 face="sans-serif">PLEASE REFER TO THE
    REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
        <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <center>
      </center></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 6 7 9 1</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JS2A</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock Municipal Income Trust II</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available
24 hours a day 7 days a week!</FONT></B><BR>
<FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose
one of the two voting methods outlined below to vote your proxy.</FONT><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
          U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
          vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
            in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
            touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
            CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
            by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
            <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on
            your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
            instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<P>&nbsp;</P>
<P><B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet,
      please DO NOT mail back this proxy card.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet
  must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>

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

<P>
<B><FONT face="sans-serif">BlackRock Municipal Income Trust II</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <center>
      </center></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 6 7 9 2</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JS3A</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock Municipal Income Trust II</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">PREFERRED SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<HR noshade  width="100%" size=4>

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


<P>
<B><FONT face="sans-serif">BlackRock California<br>
Municipal Income Trust II</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap><B><FONT size=2 face="sans-serif">PLEASE REFER TO THE
    REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
        <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <center>
      </center></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 6 8 1 1</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JS8A</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock California
Municipal Income Trust II</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available
24 hours a day 7 days a week!</FONT></B><BR>
<FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose
one of the two voting methods outlined below to vote your proxy.</FONT><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
          U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
          vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
            in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
            touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
            CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
            by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
            <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on
            your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
            instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<P>&nbsp;</P>
<P><B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet,
      please DO NOT mail back this proxy card.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet
  must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>

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

<P>
<B><FONT face="sans-serif">BlackRock California<br>
Municipal Income Trust II</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&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>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 6 8 1 2</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JS9A</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock California
Municipal Income Trust II</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">PREFERRED SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<HR noshade  width="100%" size=4>

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


<P>
<B><FONT face="sans-serif">BlackRock New York<br>
Municipal Income Trust II</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap><B><FONT size=2 face="sans-serif">PLEASE REFER TO THE
    REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
        <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <center>
      </center></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 6 8 0 1</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JS5A</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock New York
Municipal Income Trust II</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available
24 hours a day 7 days a week!</FONT></B><BR>
<FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose
one of the two voting methods outlined below to vote your proxy.</FONT><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
          U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
          vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
            in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
            touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
            CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
            by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
            <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on
            your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
            instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<P>&nbsp;</P>
<P><B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet,
      please DO NOT mail back this proxy card.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet
  must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>

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


<P>
<B><FONT face="sans-serif">BlackRock New York<br>
Municipal Income Trust II</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <center>
      </center></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 6 8 0 2</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JS6A</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock New York
Municipal Income Trust II</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">PREFERRED SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<HR noshade  width="100%" size=4>

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


<P>
<B><FONT face="sans-serif">BlackRock Insured Municipal Income Trust</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap><B><FONT size=2 face="sans-serif">PLEASE REFER TO THE
    REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
        <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <center>
      </center></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 6 7 4 1</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JRTA</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock Insured Municipal Income Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available
24 hours a day 7 days a week!</FONT></B><BR>
<FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose
one of the two voting methods outlined below to vote your proxy.</FONT><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
          U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
          vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
            in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
            touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
            CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
            by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
            <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on
            your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
            instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<P>&nbsp;</P>
<P><B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet,
      please DO NOT mail back this proxy card.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet
  must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>

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


<P>
<B><FONT face="sans-serif">BlackRock Insured Municipal Income Trust</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap><B><FONT size=2 face="sans-serif"></FONT></B>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <center>
      </center></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 6 7 4 1</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JRTA</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock Insured Municipal Income Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">PREFERRED SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<HR noshade  width="100%" size=4>

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

<P>
<B><FONT face="sans-serif">BlackRock California<br>
Insured Municipal Income Trust</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap><B><FONT size=2 face="sans-serif">PLEASE REFER TO THE
    REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
        <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <center>
      </center></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 6 7 5 1</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JRTA</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock California
Insured Municipal Income Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available
24 hours a day 7 days a week!</FONT></B><BR>
<FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose
one of the two voting methods outlined below to vote your proxy.</FONT><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
          U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
          vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
            in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
            touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
            CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
            by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
            <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on
            your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
            instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<P>&nbsp;</P>
<P><B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet,
      please DO NOT mail back this proxy card.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet
  must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>

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

<P>
<B><FONT face="sans-serif">BlackRock California<br>
Insured Municipal Income Trust</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <center>
      </center></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 6 7 5 2</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JRUA</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock California
Insured Municipal Income Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">PREFERRED SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<HR noshade  width="100%" size=4>

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


<P>
<B><FONT face="sans-serif">BlackRock Florida<br>
Insured Municipal Income Trust</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap><B><FONT size=2 face="sans-serif">PLEASE REFER TO THE
    REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
        <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <center>
      </center></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 6 7 6 1</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JRWA</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock Florida
Insured Municipal Income Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available
24 hours a day 7 days a week!</FONT></B><BR>
<FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose
one of the two voting methods outlined below to vote your proxy.</FONT><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
          U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
          vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
            in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
            touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
            CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
            by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
            <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on
            your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
            instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<P>&nbsp;</P>
<P><B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet,
      please DO NOT mail back this proxy card.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet
  must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>

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


<P>
<B><FONT face="sans-serif">BlackRock Florida<br>
Insured Municipal Income Trust</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <center>
      </center></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 6 7 6 2</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JRXA</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock Florida
Insured Municipal Income Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">PREFERRED SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<HR noshade  width="100%" size=4>


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

<P>
<B><FONT face="sans-serif">BlackRock New York<br>
Insured Municipal Income Trust</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap><B><FONT size=2 face="sans-serif">PLEASE REFER TO THE
    REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&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>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 6 7 7 1</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JRZA</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock New York Insured Municipal Income Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available
24 hours a day 7 days a week!</FONT></B><BR>
<FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose
one of the two voting methods outlined below to vote your proxy.</FONT><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
          U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
          vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
            in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
            touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
            CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
            by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
            <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on
            your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
            instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<P>&nbsp;</P>
<P><B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet,
      please DO NOT mail back this proxy card.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet
  must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>

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


<P>
<B><FONT face="sans-serif">BlackRock New York<br>
Insured Municipal Income Trust</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <center>
      </center></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 6 7 7 2</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JS0A</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock New York Insured Municipal Income Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">PREFERRED SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<HR noshade  width="100%" size=4>

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

<P>
<B><FONT face="sans-serif">BlackRock Preferred Opportunity Trust </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap> <B><FONT size=2 face="sans-serif">PLEASE REFER TO THE
    REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>

<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 7 1 1 1</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JOUB</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - </FONT></B><B><FONT face="sans-serif">BlackRock Preferred Opportunity Trust </FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT 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 BlackRock Preferred Opportunity Trust  (the "Trust") held of record by the undersigned on June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available
24 hours a day 7 days a week!</FONT></B><BR>
<FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose
one of the two voting methods outlined below to vote your proxy.</FONT><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
          U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
          vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
            in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
            touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
            CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
            by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
            <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on
            your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
            instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<BR>
<P><BR>
    <B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet,
    please DO NOT mail back this proxy card.</FONT></B><BR>
    <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet
    must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
    <B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>


<p><B><FONT face="sans-serif">BlackRock Preferred Opportunity Trust</FONT></B></p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p><BR>
</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="21%" align=left>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%" align=left>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
    <TD width="37%" align=left> <FONT size=1 face="sans-serif">Mark this box
        with an X if you have made</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="sans-serif">changes to your
        name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<hr noshade size=3>
<B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Shares</FONT></B>
<hr noshade size=3>

<P>
<FONT face="sans-serif">A&nbsp;&nbsp; </FONT><B><FONT face="sans-serif">Proposals&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT size=2 face="sans-serif">
</FONT></B>&nbsp; </P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="5" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>
      <B></B></TD>
    <TD width=7% align=center>&nbsp;</TD>
    <TD width=9% align=center>&nbsp;</TD>
    <TD width=13% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD width="23%" 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; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<p><BR>
</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=33% align=center>
      <div align="left"><FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
      </div></TD>
    <TD width=7% align=center> <b>[&nbsp;&nbsp;]</b> </TD>
    <TD width=8% align=center>&nbsp;</TD>
    <TD width=8% align=center>&nbsp;</TD>
    <TD width=44% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <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>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=center><hr size="1" noshade>    </TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=center><hr size="1" noshade>    </TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=center><hr size="1" noshade>    </TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B <B>Authorized Signatures - Sign Here - This section
must be completed for your instructions to be executed.</B></FONT></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep
          signature within the box</FONT>&nbsp; </div></TD>
    <TD width=10% nowrap>&nbsp; </TD>
    <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep
          signature within the box</FONT>&nbsp; </div></TD>
    <TD width=12% nowrap>&nbsp; </TD>
    <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade>
    </TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=center><hr noshade></TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=29% align=center> <FONT face="sans-serif">0 0 8 7 1 1 2 </FONT>&nbsp; </TD>
     <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp; </div></TD>
     <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=15% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=85%>
<FONT size=1 face="sans-serif">00JLSB</FONT>&nbsp;
        </TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock Preferred Opportunity Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">PREFERRED SHARES</FONT></B></P>
<P><B><FONT 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 June 5, 2006 at the Special Meeting
    of Shareholders of the Trust to be held on August 23, 2006 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. 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>
  <B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>


<P>
<B><FONT face="sans-serif">BlackRock Limited Duration Income Trust</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap><B><FONT size=2 face="sans-serif">PLEASE REFER TO THE
    REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <center>
      </center></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 7 1 4 1</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JQOB</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock Limited Duration Income Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT 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 Limited Duration Income Trust (the "Trust") held of record by the undersigned on June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available
24 hours a day 7 days a week!</FONT></B><BR>
<FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose
one of the two voting methods outlined below to vote your proxy.</FONT><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
          U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
          vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
            in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
            touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
            CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
            by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
            <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on
            your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
            instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<P>&nbsp;</P>
<P><B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet,
      please DO NOT mail back this proxy card.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet
  must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>

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


<P>
<B><FONT face="sans-serif">BlackRock Municipal 2020 Term Trust</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap><B><FONT size=2 face="sans-serif">PLEASE REFER TO THE
    REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <center>
      </center></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 7 1 2 1</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JQZA</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock Municipal 2020 Term Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available
24 hours a day 7 days a week!</FONT></B><BR>
<FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose
one of the two voting methods outlined below to vote your proxy.</FONT><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
          U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
          vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
            in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
            touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
            CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
            by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
            <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on
            your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
            instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<P>&nbsp;</P>
<P><B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet,
      please DO NOT mail back this proxy card.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet
  must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>

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


<P>
<B><FONT face="sans-serif">BlackRock Municipal 2020 Term Trust</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <center>
      </center></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 7 1 2 2</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JR0A</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock Municipal 2020 Term Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">PREFERRED SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<HR noshade  width="100%" size=4>

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


<P>
<B><FONT face="sans-serif">BlackRock Florida<br>
Municipal 2020 Term Trust</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap><B><FONT size=2 face="sans-serif">PLEASE REFER TO THE
    REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <center>
      </center></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 7 1 3 1</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JR2A</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock Florida Municipal 2020 Term Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available
24 hours a day 7 days a week!</FONT></B><BR>
<FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose
one of the two voting methods outlined below to vote your proxy.</FONT><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
          U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
          vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
            in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
            touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
            CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
            by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
            <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on
            your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
            instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<P>&nbsp;</P>
<P><B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet,
      please DO NOT mail back this proxy card.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet
  must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>

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


<P>
<B><FONT face="sans-serif">BlackRock Florida <br>
Municipal 2020 Term Trust</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <center>
      </center></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 7 1 3 2</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JR3A</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock Florida Municipal 2020 Term Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">PREFERRED SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<HR noshade  width="100%" size=4>

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

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><img src="c42927_bdvx1x1.jpg" border=0></td>
    <td> <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>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center>&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>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<B><U><FONT size=2 face="sans-serif">INTERNET</FONT></U></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><U><FONT size=2 face="sans-serif">TELEPHONE</FONT></U></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><U><FONT size=2 face="sans-serif">MAIL</FONT></U></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=2 face="sans-serif">https://www.proxyvotenow.com/bdv</FONT></B>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=2 face="sans-serif">1-866-205-9017</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">&#149; Go to the website
          address listed</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="sans-serif">&#149; Use any touch-tone telephone.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;
        </TD>
        <TD><FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">Mark, sign and date your proxy card.</FONT>&nbsp;
          </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;above.</FONT>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <center>
        <B><I><FONT size=4 face="sans-serif">OR</FONT></I></B>&nbsp;
          </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> <FONT size=2 face="sans-serif">&#149; </FONT><B><FONT size=2 face="sans-serif">Have
              your proxy card ready.</FONT></B>&nbsp; </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><I><FONT size=4 face="sans-serif">OR</FONT></I></B>&nbsp;
        </TD>
        <TD align=right>
      <div align="left"><FONT size=2 face="sans-serif">&#149;</FONT>&nbsp; </div></TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">Detach your proxy card.</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left>
    <div align="left"><FONT size=2 face="sans-serif">&#149; </FONT><B><FONT size=2 face="sans-serif">Have
          your proxy card ready.</FONT></B>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center> <div align="left"><FONT size=2 face="sans-serif">&#149; Follow
    the simple recorded</FONT>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <div align="left"><FONT size=2 face="sans-serif">&#149;</FONT>&nbsp; </div></TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">Return your proxy card
          in the</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center>
    <div align="left"><FONT size=2 face="sans-serif">&#149; Follow the simple
        instructions that</FONT>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center> <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;instructions.</FONT>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp; </TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">postage-paid envelope
          provided.</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center>
    <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;appear on your computer
        screen.</FONT>&nbsp; </div></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>
        <TD>&nbsp; </TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">(must be received by the
          Trust on or</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>&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>
      <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before August 22, 2006)</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
        <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=center>&nbsp;</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="73%">&nbsp;</td>
    <td width="27%"><hr noshade>    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td bgcolor="#DDDDDD">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td bgcolor="#DDDDDD">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td bgcolor="#DDDDDD">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td bgcolor="#DDDDDD">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr noshade>    </td>
  </tr>
</table>
<p align="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 August 22, 2006.</FONT></B><BR>
  <FONT size=1 face="sans-serif">\/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>DETACH
PROXY CARD HERE IF YOU ARE NOT VOTING BY TELEPHONE OR INTERNET </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\/</FONT></p>
<hr size="1" noshade>

<p align="center"><BR>
</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width="10%" align=left>&nbsp;

        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="5%" align=left>&nbsp;

        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD colspan=3 align=right>
      <div align="left"><B><FONT size=1 face="sans-serif">Please Sign, Date and Return</FONT></B>&nbsp;
          </div></TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="11%" align=center>&nbsp;
        </TD>
        <TD width="12%">&nbsp;
        </TD>
        <TD width="31%" align=left>&nbsp;

        </TD>
        <TD width="3%" align=left>&nbsp;

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

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

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan=3 align=left>
<B><FONT size=1 face="sans-serif">the Proxy Card Promptly</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left><B><FONT size=4 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x</FONT></B>

        </TD>
        <TD>&nbsp;
        </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>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan=3 align=right>
      <div align="left"><B><FONT size=1 face="sans-serif">Using the Enclosed Envelope.</FONT></B>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=right>
      <div align="left"><B><FONT size=1 face="sans-serif">Votes must be indicated</FONT></B>&nbsp;
          </div>      </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>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD width="13%" align=left>&nbsp;

        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="7%" align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=right>
      <div align="left"><B><FONT size=1 face="sans-serif">(x) in Black or Blue ink.</FONT></B>&nbsp;
          </div>      </TD>
        <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>&nbsp;

        </TD>
        <TD>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=12>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=10>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan=10 align=right>
      <div align="left"></div>        </TD>
        <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR>
        <TD colspan=10><FONT size="2" face="sans-serif">A</FONT><font size="2">&nbsp; <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp; </font>

        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="10" align=center><div align="left"><FONT size=1 face="sans-serif">The Board of Directors recommends a vote <B>FOR </B>the following
              proposals.</FONT>&nbsp; </div></TD>
        <TD align=center><hr noshade>    </TD>
        <TD align=left><hr noshade>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
        <TD>&nbsp;</TD>
        <TD width=11% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
        <TD width=12% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
        <TD colspan="2" align=center> <B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B>&nbsp;      </TD>
  </TR>
<TR valign="bottom">
        <TD colspan="5" align=center nowrap>
          <div align="left">&nbsp; &nbsp;<FONT size=1 face="sans-serif">1.
        To approve a new investment management agreement. </FONT></div></TD>
        <TD>&nbsp;</TD>
        <TD><center>
            <b>[&nbsp;&nbsp;]</b>
        </center></TD>
        <TD>&nbsp;</TD>
        <TD><center>
            <b>[&nbsp;&nbsp;]</b>
        </center></TD>
        <TD><center>
            <b>[&nbsp;&nbsp;]</b>
        </center></TD>
        <TD colspan="2" align=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;        </TD>
  </TR>
<TR>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD valign="bottom">&nbsp;</TD>
        <TD></TD>
        <TD valign="bottom">&nbsp;</TD>
        <TD valign="bottom">&nbsp;</TD>
        <TD>
      <hr noshade>
        </TD>
        <TD>
      <hr noshade>
        </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>&nbsp;
        </TD>
        <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
        <TD>&nbsp;
        </TD>
        <TD width=11% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
        <TD width=12% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>&nbsp;
        </TD>
  </TR>
<TR valign="bottom">
        <TD colspan="5" align=left nowrap> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2.
        To approve a new investment sub-advisory agreement. </FONT> </TD>
        <TD>&nbsp;
        </TD>
        <TD><center>
            <b>[&nbsp;&nbsp;]</b>
        </center></TD>
        <TD>&nbsp;
        </TD>
        <TD><center>
            <b>[&nbsp;&nbsp;]</b>
        </center></TD>
        <TD><center>
            <b>[&nbsp;&nbsp;]</b>
        </center></TD>
        <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD colspan="4">&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 align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD colspan="4">&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 align=left>&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>&nbsp;

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

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

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">To change your address, please mark this box.</FONT>&nbsp;
          </div></TD>
        <TD align=right>
      <div align="right"><FONT size=2 face="sans-serif">[ &nbsp;&nbsp;]</FONT>
          </div></TD>
</TR>
<TR valign="bottom">
        <TD colspan=9 align=right>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=9 align=left>&nbsp;</TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>

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

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

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

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <div align="right"><FONT size=1 face="sans-serif">To include any comments, please mark this box.</FONT>&nbsp;
          </div></TD>
        <TD align=right> <FONT size=2 face="sans-serif">[ &nbsp;&nbsp;]</FONT> </TD>
</TR>
<TR valign="bottom">
  <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>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>    </TD>
  <TD align=right><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <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>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right> <div align="left"><B><FONT size=2 face="sans-serif">S C A N &nbsp;&nbsp;L I N E</FONT></B></div></TD>
  <TD align=right>&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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=right><hr size="1" noshade>    </TD>
  </TR>
<TR valign="bottom">
  <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>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=right> <div align="justify"><FONT size=1 face="sans-serif">(Please sign exactly
          as name or names appear hereon. Full title of one signing in representative
          capacity should be clearly designated after signature. Names of all joint
    holders should be written even if signed by only one.)</FONT></div></TD>
</TR>
</TABLE>
<BR>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=49% align=center>&nbsp;</TD>
  <TD colspan="3" align=center><hr size="1" noshade>    </TD>
  <TD width=3%>&nbsp;</TD>
  <TD width=25% align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
        <TD width=3% align=center>
      <div align="left"><FONT size=1 face="sans-serif">Date</FONT>&nbsp;
          </div></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=18% align=center>
      <div align="left"><FONT size=1 face="sans-serif">Share Owner sign here</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">Co-Owner sign here</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">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<hr size="1" noshade>
<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 align="center">
<B><FONT size=2 face="sans-serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
<P align="justify">
&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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 or at any adjournments or postponements thereof.</FONT></P>
<P align="justify">
&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" cellspacing="0" cellpadding="0">
  <tr>
    <td width="25%"><center>
      <FONT size=1 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>
    </center></td>
    <td width="20%">&nbsp;</td>
    <td width="55%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td rowspan="4" valign="top"><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><BR>
      <FONT size=1 face="sans-serif">P.O. BOX 11325</FONT><BR>
      <FONT size=1 face="sans-serif">NEW YORK, N.Y. 10203-0325</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td> <center>
      <FONT size=1 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>
    </center></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<P><BR>
</P>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><img src="c42927_bdvx1x1.jpg" border=0></td>
    <td> <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>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center>&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>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<B><U><FONT size=2 face="sans-serif">INTERNET</FONT></U></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><U><FONT size=2 face="sans-serif">TELEPHONE</FONT></U></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><U><FONT size=2 face="sans-serif">MAIL</FONT></U></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=2 face="sans-serif">https://www.proxyvotenow.com/bdt</FONT></B>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=2 face="sans-serif">1-866-265-2402</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">&#149; Go to the website
          address listed</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="sans-serif">&#149; Use any touch-tone telephone.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;
        </TD>
        <TD><FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">Mark, sign and date your proxy card.</FONT>&nbsp;
          </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;above.</FONT>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <center>
        <B><I><FONT size=4 face="sans-serif">OR</FONT></I></B>&nbsp;
          </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> <FONT size=2 face="sans-serif">&#149; </FONT><B><FONT size=2 face="sans-serif">Have
              your proxy card ready.</FONT></B>&nbsp; </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><I><FONT size=4 face="sans-serif">OR</FONT></I></B>&nbsp;
        </TD>
        <TD align=right>
      <div align="left"><FONT size=2 face="sans-serif">&#149;</FONT>&nbsp; </div></TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">Detach your proxy card.</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left>
    <div align="left"><FONT size=2 face="sans-serif">&#149; </FONT><B><FONT size=2 face="sans-serif">Have
          your proxy card ready.</FONT></B>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center> <div align="left"><FONT size=2 face="sans-serif">&#149; Follow
    the simple recorded</FONT>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <div align="left"><FONT size=2 face="sans-serif">&#149;</FONT>&nbsp; </div></TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">Return your proxy card
          in the</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center>
    <div align="left"><FONT size=2 face="sans-serif">&#149; Follow the simple
        instructions that</FONT>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center> <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;instructions.</FONT>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp; </TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">postage-paid envelope
          provided.</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center>
    <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;appear on your computer
        screen.</FONT>&nbsp; </div></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>
        <TD>&nbsp; </TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">(must be received by the
          Trust on or</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>&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>
      <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before August 22, 2006)</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
        <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=center>&nbsp;</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="73%">&nbsp;</td>
    <td width="27%"><hr noshade>    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td bgcolor="#DDDDDD">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td bgcolor="#DDDDDD">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td bgcolor="#DDDDDD">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td bgcolor="#DDDDDD">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr noshade>    </td>
  </tr>
</table>
<p align="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 August 22, 2006.</FONT></B><BR>
  <FONT size=1 face="sans-serif">\/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>DETACH
PROXY CARD HERE IF YOU ARE NOT VOTING BY TELEPHONE OR INTERNET </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\/</FONT></p>
<hr size="1" noshade>

<p align="center"><BR>
</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width="10%" align=left>&nbsp;

        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="5%" align=left>&nbsp;

        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD colspan=3 align=right>
      <div align="left"><B><FONT size=1 face="sans-serif">Please Sign, Date and Return</FONT></B>&nbsp;
          </div></TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="11%" align=center>&nbsp;
        </TD>
        <TD width="12%">&nbsp;
        </TD>
        <TD width="31%" align=left>&nbsp;

        </TD>
        <TD width="3%" align=left>&nbsp;

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

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

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan=3 align=left>
<B><FONT size=1 face="sans-serif">the Proxy Card Promptly</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left><B><FONT size=4 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x</FONT></B>

        </TD>
        <TD>&nbsp;
        </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>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan=3 align=right>
      <div align="left"><B><FONT size=1 face="sans-serif">Using the Enclosed Envelope.</FONT></B>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=right>
      <div align="left"><B><FONT size=1 face="sans-serif">Votes must be indicated</FONT></B>&nbsp;
          </div>      </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>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD width="13%" align=left>&nbsp;

        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%" align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=right>
      <div align="left"><B><FONT size=1 face="sans-serif">(x) in Black or Blue ink.</FONT></B>&nbsp;
          </div>      </TD>
        <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>&nbsp;

        </TD>
        <TD>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=12>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=12>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=right>
      <div align="left"></div></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 align=left>&nbsp;

        </TD>
</TR>
<TR>
  <TD colspan=10><FONT size="2" face="sans-serif">A</FONT><font size="2">&nbsp; <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp; </font> </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=center><div align="left"><FONT size=1 face="sans-serif">
        The Board of Directors recommends a vote <B>FOR </B>the following proposals.</FONT>&nbsp; </div></TD>
        <TD align=center><hr noshade>    </TD>
        <TD align=left><hr noshade>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD>&nbsp;</TD>
  <TD width=11% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=12% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
        <TD colspan="2" align=center> <B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B>&nbsp;      </TD>
  </TR>
<TR valign="bottom">
  <TD colspan="5" align=center nowrap>
    <div align="left">&nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve
        a new investment management agreement. </FONT></div></TD>
  <TD>&nbsp;</TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD>&nbsp;</TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
        <TD colspan="2" align=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;   </TD>
  </TR>
<TR>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD valign="bottom">&nbsp;</TD>
  <TD></TD>
  <TD valign="bottom">&nbsp;</TD>
  <TD valign="bottom">&nbsp;</TD>
        <TD>
      <hr noshade>
        </TD>
        <TD>
      <hr noshade>
        </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>&nbsp; </TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD>&nbsp; </TD>
  <TD width=11% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=12% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>&nbsp;
        </TD>
  </TR>
<TR valign="bottom">
  <TD colspan="5" align=left nowrap> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2.
      To approve a new investment sub-advisory agreement. </FONT> </TD>
  <TD>&nbsp; </TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD>&nbsp; </TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
        <TD align=left>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&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 align=left>&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>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">To change your address, please mark this box.</FONT>&nbsp;
          </div></TD>
        <TD align=right>
      <div align="right"><FONT size=2 face="sans-serif">[ &nbsp;&nbsp;]</FONT>
          </div></TD>
</TR>
<TR valign="bottom">
        <TD colspan=9 align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=9 align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>

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

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

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

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <div align="right"><FONT size=1 face="sans-serif">To include any comments, please mark this box.</FONT>&nbsp;
          </div></TD>
        <TD align=right> <FONT size=2 face="sans-serif">[ &nbsp;&nbsp;]</FONT> </TD>
</TR>
<TR valign="bottom">
  <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>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>    </TD>
  <TD align=right><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <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>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right> <div align="left"><B><FONT size=2 face="sans-serif">S C A N &nbsp;&nbsp;L I N E</FONT></B></div></TD>
  <TD align=right>&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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=right><hr size="1" noshade>    </TD>
  </TR>
<TR valign="bottom">
  <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>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=right> <div align="justify"><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
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></div></TD>
</TR>
</TABLE>
<BR>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=49% align=center>&nbsp;</TD>
  <TD colspan="3" align=center><hr size="1" noshade>    </TD>
  <TD width=3%>&nbsp;</TD>
  <TD width=25% align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
        <TD width=3% align=center>
      <div align="left"><FONT size=1 face="sans-serif">Date</FONT>&nbsp;
          </div></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=18% align=center>
      <div align="left"><FONT size=1 face="sans-serif">Share Owner sign here</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">Co-Owner sign here</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">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<hr size="1" noshade>
<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 align="justify">
&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<sup>TM</sup> Trust
(the &#147;Trust&#148;) held of record by the
undersigned on June 5, 2006 at the Special Meeting of Shareholders of the
Trust to be held on August 23, 2006 or at any adjournments or postponements thereof.</FONT></P>
<P align="justify">
&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" cellspacing="0" cellpadding="0">
  <tr>
    <td width="25%"><center>
      <FONT size=1 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>
    </center></td>
    <td width="20%">&nbsp;</td>
    <td width="55%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td rowspan="4" valign="top"><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><BR>
      <FONT size=1 face="sans-serif">P.O. BOX 11032</FONT><BR>
      <FONT size=1 face="sans-serif">NEW YORK, N.Y. 10203-0032</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td> <center>
      <FONT size=1 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>
    </center></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<P><BR>
</P>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><img src="c42927_bdvx1x1.jpg" border=0></td>
    <td> <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>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center>&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>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<B><U><FONT size=2 face="sans-serif">INTERNET</FONT></U></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><U><FONT size=2 face="sans-serif">TELEPHONE</FONT></U></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><U><FONT size=2 face="sans-serif">MAIL</FONT></U></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=2 face="sans-serif">https://www.proxyvotenow.com/bqy</FONT></B>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=2 face="sans-serif">1-866-265-2371</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">&#149; Go to the website
          address listed</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="sans-serif">&#149; Use any touch-tone telephone.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;
        </TD>
        <TD><FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">Mark, sign and date your proxy card.</FONT>&nbsp;
          </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;above.</FONT>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <center>
        <B><I><FONT size=4 face="sans-serif">OR</FONT></I></B>&nbsp;
          </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> <FONT size=2 face="sans-serif">&#149; </FONT><B><FONT size=2 face="sans-serif">Have
              your proxy card ready.</FONT></B>&nbsp; </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><I><FONT size=4 face="sans-serif">OR</FONT></I></B>&nbsp;
        </TD>
        <TD align=right>
      <div align="left"><FONT size=2 face="sans-serif">&#149;</FONT>&nbsp; </div></TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">Detach your proxy card.</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left>
    <div align="left"><FONT size=2 face="sans-serif">&#149; </FONT><B><FONT size=2 face="sans-serif">Have
          your proxy card ready.</FONT></B>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center> <div align="left"><FONT size=2 face="sans-serif">&#149; Follow
    the simple recorded</FONT>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <div align="left"><FONT size=2 face="sans-serif">&#149;</FONT>&nbsp; </div></TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">Return your proxy card
          in the</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center>
    <div align="left"><FONT size=2 face="sans-serif">&#149; Follow the simple
        instructions that</FONT>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center> <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;instructions.</FONT>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp; </TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">postage-paid envelope
          provided.</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center>
    <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;appear on your computer
        screen.</FONT>&nbsp; </div></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>
        <TD>&nbsp; </TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">(must be received by the
          Trust on or</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>&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>
      <div align="left"><FONT size=2 face="sans-serif">before August 22, 2006)</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
        <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=center>&nbsp;</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="73%">&nbsp;</td>
    <td width="27%"><hr noshade>    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td bgcolor="#DDDDDD">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td bgcolor="#DDDDDD">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td bgcolor="#DDDDDD">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td bgcolor="#DDDDDD">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr noshade>    </td>
  </tr>
</table>
<p align="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 August 22, 2006.</FONT></B><BR>
  <FONT size=1 face="sans-serif">\/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>DETACH
PROXY CARD HERE IF YOU ARE NOT VOTING BY TELEPHONE OR INTERNET </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\/</FONT></p>
<hr size="1" noshade>

<p align="center"><BR>
</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width="10%" align=left>&nbsp;

        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="5%" align=left>&nbsp;

        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD colspan=3 align=right>
      <div align="left"><B><FONT size=1 face="sans-serif">Please Sign, Date and Return</FONT></B>&nbsp;
          </div></TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="11%" align=center>&nbsp;
        </TD>
        <TD width="12%">&nbsp;
        </TD>
        <TD width="31%" align=left>&nbsp;

        </TD>
        <TD width="3%" align=left>&nbsp;

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

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

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan=3 align=left>
<B><FONT size=1 face="sans-serif">the Proxy Card Promptly</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left><B><FONT size=4 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x</FONT></B>

        </TD>
        <TD>&nbsp;
        </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>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan=3 align=right>
      <div align="left"><B><FONT size=1 face="sans-serif">Using the Enclosed Envelope.</FONT></B>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=right>
      <div align="left"><B><FONT size=1 face="sans-serif">Votes must be indicated</FONT></B>&nbsp;
          </div>      </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>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD width="13%" align=left>&nbsp;

        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%" align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=right>
      <div align="left"><B><FONT size=1 face="sans-serif">(x) in Black or Blue ink.</FONT></B>&nbsp;
          </div>      </TD>
        <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>&nbsp;

        </TD>
        <TD>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=12>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=12>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
    <TD colspan=3 align=right>&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 align=left>&nbsp;

        </TD>
</TR>
<TR>
  <TD colspan=10><FONT size="2" face="sans-serif">A</FONT><font size="2">&nbsp; <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp; </font> </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=center><div align="left"><FONT size=1 face="sans-serif">
        The Board of Directors recommends a vote <B>FOR </B>the following proposals.</FONT>&nbsp; </div></TD>
        <TD align=center><hr noshade>    </TD>
        <TD align=left><hr noshade>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD>&nbsp;</TD>
  <TD width=11% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=12% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
        <TD colspan="2" align=center> <B><FONT size=2 face="sans-serif">BLACKROCK S&amp;P QUALITY RANKINGS</FONT></B>&nbsp;     </TD>
  </TR>
<TR valign="bottom">
  <TD colspan="5" align=center nowrap>
    <div align="left">&nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve
        a new investment management agreement. </FONT></div></TD>
  <TD>&nbsp;</TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD>&nbsp;</TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
        <TD colspan="2" align=center> <B><FONT size=2 face="sans-serif">GLOBAL EQUITY MANAGED TRUST</FONT></B>&nbsp;    </TD>
  </TR>
<TR>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD valign="bottom">&nbsp;</TD>
  <TD></TD>
  <TD valign="bottom">&nbsp;</TD>
  <TD valign="bottom">&nbsp;</TD>
        <TD>
      <hr noshade>
        </TD>
        <TD>
      <hr noshade>
        </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>&nbsp; </TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD>&nbsp; </TD>
  <TD width=11% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=12% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>&nbsp;
        </TD>
  </TR>
<TR valign="bottom">
  <TD colspan="5" align=left nowrap> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2.
      To approve a new investment sub-advisory agreement. </FONT> </TD>
  <TD>&nbsp; </TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD>&nbsp; </TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD colspan="4">&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 align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD colspan="4">&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 align=left>&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>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">To change your address, please mark this box.</FONT>&nbsp;
          </div></TD>
        <TD align=right>
      <div align="right"><FONT size=2 face="sans-serif">[ &nbsp;&nbsp;]</FONT>
          </div></TD>
</TR>
<TR valign="bottom">
    <TD colspan=9 align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=9 align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>

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

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

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

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <div align="right"><FONT size=1 face="sans-serif">To include any comments, please mark this box.</FONT>&nbsp;
          </div></TD>
        <TD align=right> <FONT size=2 face="sans-serif">[ &nbsp;&nbsp;]</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
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  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&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>&nbsp;</TD>
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  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
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  <TD>&nbsp;</TD>
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  <TD>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>    </TD>
  <TD align=right><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
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  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right> <div align="left"><B><FONT size=2 face="sans-serif">S C A N &nbsp;&nbsp;L I N E</FONT></B></div></TD>
  <TD align=right>&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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=right><hr size="1" noshade>    </TD>
  </TR>
<TR valign="bottom">
  <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>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=right> <div align="justify"><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
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></div></TD>
</TR>
</TABLE>
<BR>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=49% align=center>&nbsp;</TD>
  <TD colspan="3" align=center><hr size="1" noshade>    </TD>
  <TD width=3%>&nbsp;</TD>
  <TD width=25% align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
        <TD width=3% align=center>
      <div align="left"><FONT size=1 face="sans-serif">Date</FONT>&nbsp;
          </div></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=18% align=center>
      <div align="left"><FONT size=1 face="sans-serif">Share Owner sign here</FONT>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">Co-Owner sign here</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">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<hr size="1" noshade>
<P align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></P>
<P align="center">
<B><FONT face="sans-serif">BLACKROCK S&amp;P QUALITY RANKINGS<br>
GLOBAL EQUITY MANAGED TRUST </FONT></B><B></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 align="justify">
&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 S&amp;P Quality Rankings Global Equity
Managed Trust (the &#147;Trust&#148;)
held of record by the undersigned on June 5, 2006 at the Special Meeting
of Shareholders of the Trust to be held on August 23, 2006 or at any adjournments
or postponements thereof.</FONT></P>
<P align="justify">
&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" cellspacing="0" cellpadding="0">
  <tr>
    <td width="25%"><center>
      <FONT size=1 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>
    </center></td>
    <td width="20%">&nbsp;</td>
    <td width="55%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td rowspan="4" valign="top"><FONT size=1 face="sans-serif">BLACKROCK S&amp;P QUALITY RANKINGS GLOBAL EQUITY MANAGED TRUST
        <br>
      P.O. BOX 11066
      <br>
    NEW YORK, N.Y. 10203-0066</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td> <center>
      <FONT size=1 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>
    </center></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<P><BR>
</P>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>


<P>
<B><FONT face="sans-serif">BlackRock Global Floating Rate Income Trust</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap><B><FONT size=2 face="sans-serif">PLEASE REFER TO THE
    REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&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>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 7 0 3 1</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JRQA</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock Global Floating Rate Income Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available
24 hours a day 7 days a week!</FONT></B><BR>
<FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose
one of the two voting methods outlined below to vote your proxy.</FONT><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
          U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
          vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
            in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
            touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
            CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
            by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
            <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on
            your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
            instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<P>&nbsp;</P>
<P><B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet,
      please DO NOT mail back this proxy card.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet
  must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>



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


<P>
<B><FONT face="sans-serif">BlackRock Global Floating Rate Income Trust</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Preferred Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <center>
      </center></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 7 0 3 2</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JRRA</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock Global Floating Rate Income Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">PREFERRED SHARES</FONT></B></P>
<P>
<B><FONT 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 June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<HR noshade  width="100%" size=4>



<P align="left" style="page-break-before:always"></P>
<PAGE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><img src="c42927_bdvx1x1.jpg" border=0></td>
    <td> <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>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center>&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>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<B><U><FONT size=2 face="sans-serif">INTERNET</FONT></U></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><U><FONT size=2 face="sans-serif">TELEPHONE</FONT></U></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><U><FONT size=2 face="sans-serif">MAIL</FONT></U></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=2 face="sans-serif">https://www.proxyvotenow.com/bgr</FONT></B>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=2 face="sans-serif">1-866-265-2401</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">&#149; Go to the website
          address listed</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="sans-serif">&#149; Use any touch-tone telephone.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;
        </TD>
        <TD><FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">Mark, sign and date your proxy card.</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;above.</FONT>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <center>
        <B><I><FONT size=4 face="sans-serif">OR</FONT></I></B>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> <FONT size=2 face="sans-serif">&#149; </FONT><B><FONT size=2 face="sans-serif">Have
              your proxy card ready.</FONT></B>&nbsp; </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><I><FONT size=4 face="sans-serif">OR</FONT></I></B>&nbsp;
        </TD>
        <TD align=right>
      <div align="left"><FONT size=2 face="sans-serif">&#149;</FONT>&nbsp; </div></TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">Detach your proxy card.</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left>
    <div align="left"><FONT size=2 face="sans-serif">&#149; </FONT><B><FONT size=2 face="sans-serif">Have
          your proxy card ready.</FONT></B>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center> <div align="left"><FONT size=2 face="sans-serif">&#149; Follow
    the simple recorded</FONT>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <div align="left"><FONT size=2 face="sans-serif">&#149;</FONT>&nbsp; </div></TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">Return your proxy card
          in the</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center>
    <div align="left"><FONT size=2 face="sans-serif">&#149; Follow the simple
        instructions that</FONT>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center> <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;instructions.</FONT>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp; </TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">postage-paid envelope
          provided.</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center>
    <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;appear on your computer
        screen.</FONT>&nbsp; </div></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>
        <TD>&nbsp; </TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">(must be received by the
          Trust on or</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>&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>
      <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before August 22, 2006)</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
        <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=center>&nbsp;</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="73%">&nbsp;</td>
    <td width="27%"><hr noshade>    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td bgcolor="#DDDDDD">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td bgcolor="#DDDDDD">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td bgcolor="#DDDDDD">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td bgcolor="#DDDDDD">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr noshade>    </td>
  </tr>
</table>
<p align="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 August 22, 2006.</FONT></B><BR>
  <FONT size=1 face="sans-serif">\/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>DETACH
PROXY CARD HERE IF YOU ARE NOT VOTING BY TELEPHONE OR INTERNET </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\/</FONT></p>
<hr size="1" noshade>

<p align="center"><BR>
</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width="10%" align=left>&nbsp;

        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="5%" align=left>&nbsp;

        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD colspan=3 align=right>
      <div align="left"><B><FONT size=1 face="sans-serif">Please Sign, Date and Return</FONT></B>&nbsp;
      </div></TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="11%" align=center>&nbsp;
        </TD>
        <TD width="12%">&nbsp;
        </TD>
        <TD width="31%" align=left>&nbsp;

        </TD>
        <TD width="3%" align=left>&nbsp;

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

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

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan=3 align=left>
<B><FONT size=1 face="sans-serif">the Proxy Card Promptly</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left><B><FONT size=4 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x</FONT></B>

        </TD>
        <TD>&nbsp;
        </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>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan=3 align=right>
      <div align="left"><B><FONT size=1 face="sans-serif">Using the Enclosed Envelope.</FONT></B>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=right>
      <div align="left"><B><FONT size=1 face="sans-serif">Votes must be indicated</FONT></B>&nbsp;
      </div>    </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>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD width="13%" align=left>&nbsp;

        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%" align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=right>
      <div align="left"><B><FONT size=1 face="sans-serif">(x) in Black or Blue ink.</FONT></B>&nbsp;
      </div>    </TD>
        <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>&nbsp;

        </TD>
        <TD>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=12>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=12>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=right>
      <div align="left"></div></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 align=left>&nbsp;

        </TD>
</TR>
<TR>
  <TD colspan=10><FONT size="2" face="sans-serif">A</FONT><font size="2">&nbsp; <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp; </font> </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=center><div align="left"><FONT size=1 face="sans-serif">
        The Board of Directors recommends a vote <B>FOR </B>the following proposals.</FONT>&nbsp; </div></TD>
        <TD align=center><hr noshade>    </TD>
        <TD align=left><hr noshade>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD>&nbsp;</TD>
  <TD width=11% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=12% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
        <TD colspan="2" align=center> <B><FONT size=2 face="sans-serif">BLACKROCK</FONT></B>&nbsp;      </TD>
  </TR>
<TR valign="bottom">
  <TD colspan="5" align=center nowrap>
    <div align="left">&nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve
        a new investment management agreement. </FONT></div></TD>
  <TD>&nbsp;</TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD>&nbsp;</TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
        <TD colspan="2" align=center> <B><FONT size=2 face="sans-serif">GLOBAL ENERGY AND RESOURCES TRUST</FONT></B>&nbsp;      </TD>
  </TR>
<TR>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD valign="bottom">&nbsp;</TD>
  <TD></TD>
  <TD valign="bottom">&nbsp;</TD>
  <TD valign="bottom">&nbsp;</TD>
        <TD>
      <hr noshade>
        </TD>
        <TD>
      <hr noshade>
        </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>&nbsp; </TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD>&nbsp; </TD>
  <TD width=11% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=12% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>&nbsp;
        </TD>
  </TR>
<TR valign="bottom">
  <TD colspan="5" align=left nowrap> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2.
      To approve a new investment sub-advisory agreement. </FONT> </TD>
  <TD>&nbsp; </TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD>&nbsp; </TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD colspan="4">&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 align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD colspan="4">&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 align=left>&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>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">To change your address, please mark this box.</FONT>&nbsp;
      </div></TD>
        <TD align=right>
      <div align="right"><FONT size=2 face="sans-serif">[ &nbsp;&nbsp;]</FONT>
      </div></TD>
</TR>
<TR valign="bottom">
    <TD colspan=9 align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=9 align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>

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

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

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

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <div align="right"><FONT size=1 face="sans-serif">To include any comments, please mark this box.</FONT>&nbsp;
      </div></TD>
        <TD align=right> <FONT size=2 face="sans-serif">[ &nbsp;&nbsp;]</FONT> </TD>
</TR>
<TR valign="bottom">
  <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>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>    </TD>
  <TD align=right><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <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>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right> <div align="left"><B><FONT size=2 face="sans-serif">S C A N &nbsp;&nbsp;L I N E</FONT></B></div></TD>
  <TD align=right>&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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=right><hr size="1" noshade>    </TD>
  </TR>
<TR valign="bottom">
  <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>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=right> <div align="justify"><FONT size=1 face="sans-serif">(Please sign exactly as name or names appear hereon. Full title of one signing in representative capacity
should be clearly designated after signature. Names of all joint holders should be written even if signed by only
one.)</FONT></div></TD>
</TR>
</TABLE>
<BR>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=49% align=center>&nbsp;</TD>
  <TD colspan="3" align=center><hr size="1" noshade>    </TD>
  <TD width=3%>&nbsp;</TD>
  <TD width=25% align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
        <TD width=3% align=center>
      <div align="left"><FONT size=1 face="sans-serif">Date</FONT>&nbsp;
      </div></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=18% align=center>
      <div align="left"><FONT size=1 face="sans-serif">Share Owner sign here</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">Co-Owner sign here</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">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<hr size="1" noshade>
<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 align="justify">
&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 June 5, 2006 at the Special Meeting of Shareholders of the
Trust to be held on August 23, 2006 or at any adjournments or postponements thereof.</FONT></P>
<P align="justify">
&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" cellspacing="0" cellpadding="0">
  <tr>
    <td width="25%"><center>
      <FONT size=1 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>
    </center></td>
    <td width="20%">&nbsp;</td>
    <td width="55%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td rowspan="4" valign="top"><FONT size=1 face="sans-serif">BLACKROCK GLOBAL ENERGY AND RESOURCES TRUST
        <br>
      P.O. BOX 11070
      <br>
    NEW YORK, N.Y. 10203-0070</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td> <center>
      <FONT size=1 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>
    </center></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<P><BR>
</P>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P>
<PAGE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><img src="c42927_bdvx1x1.jpg" border=0></td>
    <td> <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>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center>&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>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<B><U><FONT size=2 face="sans-serif">INTERNET</FONT></U></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><U><FONT size=2 face="sans-serif">TELEPHONE</FONT></U></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><U><FONT size=2 face="sans-serif">MAIL</FONT></U></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=2 face="sans-serif">https://www.proxyvotenow.com/bme</FONT></B>&nbsp;
          </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=2 face="sans-serif">1-866-809-5294</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">&#149; Go to the website
          address listed</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="sans-serif">&#149; Use any touch-tone telephone.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;
        </TD>
        <TD><FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">Mark, sign and date your proxy card.</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;above.</FONT>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <center>
        <B><I><FONT size=4 face="sans-serif">OR</FONT></I></B>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> <FONT size=2 face="sans-serif">&#149; </FONT><B><FONT size=2 face="sans-serif">Have
              your proxy card ready.</FONT></B>&nbsp; </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><I><FONT size=4 face="sans-serif">OR</FONT></I></B>&nbsp;
        </TD>
        <TD align=right>
      <div align="left"><FONT size=2 face="sans-serif">&#149;</FONT>&nbsp; </div></TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">Detach your proxy card.</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left>
    <div align="left"><FONT size=2 face="sans-serif">&#149; </FONT><B><FONT size=2 face="sans-serif">Have
          your proxy card ready.</FONT></B>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center> <div align="left"><FONT size=2 face="sans-serif">&#149; Follow
    the simple recorded</FONT>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <div align="left"><FONT size=2 face="sans-serif">&#149;</FONT>&nbsp; </div></TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">Return your proxy card
          in the</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center>
    <div align="left"><FONT size=2 face="sans-serif">&#149; Follow the simple
        instructions that</FONT>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center> <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;instructions.</FONT>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp; </TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">postage-paid envelope
          provided.</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center>
    <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;appear on your computer
        screen.</FONT>&nbsp; </div></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>
        <TD>&nbsp; </TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">(must be received by the
          Trust on or</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>&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>
      <div align="left"><FONT size=2 face="sans-serif">before August 22, 2006)</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
        <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=center>&nbsp;</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="73%">&nbsp;</td>
    <td width="27%"><hr noshade>    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td bgcolor="#DDDDDD">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td bgcolor="#DDDDDD">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td bgcolor="#DDDDDD">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td bgcolor="#DDDDDD">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr noshade>    </td>
  </tr>
</table>
<p align="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 August 22, 2006.</FONT></B><BR>
  <FONT size=1 face="sans-serif">\/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>DETACH
PROXY CARD HERE IF YOU ARE NOT VOTING BY TELEPHONE OR INTERNET </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\/</FONT></p>
<hr size="1" noshade>

<p align="center"><BR>
</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width="10%" align=left>&nbsp;

        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="5%" align=left>&nbsp;

        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD colspan=3 align=right>
      <div align="left"><B><FONT size=1 face="sans-serif">Please Sign, Date and Return</FONT></B>&nbsp;
      </div></TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="11%" align=center>&nbsp;
        </TD>
        <TD width="12%">&nbsp;
        </TD>
        <TD width="31%" align=left>&nbsp;

        </TD>
        <TD width="3%" align=left>&nbsp;

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

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

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan=3 align=left>
<B><FONT size=1 face="sans-serif">the Proxy Card Promptly</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left><B><FONT size=4 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x</FONT></B>

        </TD>
        <TD>&nbsp;
        </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>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan=3 align=right>
      <div align="left"><B><FONT size=1 face="sans-serif">Using the Enclosed Envelope.</FONT></B>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=right>
      <div align="left"><B><FONT size=1 face="sans-serif">Votes must be indicated</FONT></B>&nbsp;
      </div>    </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>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD width="13%" align=left>&nbsp;

        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%" align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=right>
      <div align="left"><B><FONT size=1 face="sans-serif">(x) in Black or Blue ink.</FONT></B>&nbsp;
      </div>    </TD>
        <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>&nbsp;

        </TD>
        <TD>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=12>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=12>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan=10><FONT size="2" face="sans-serif">A</FONT><font size="2">&nbsp; <B><FONT face="sans-serif">Proposal</FONT></B>&nbsp; </font> </TD>
    <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR>
  <TD colspan="10" align=center valign="bottom"><div align="left"><FONT size=1 face="sans-serif">
        The Board of Directors recommends a vote <B>FOR </B>the following proposal.</FONT>&nbsp; </div></TD>
    <TD colspan=2><hr noshade></TD>
  </TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD>&nbsp;</TD>
  <TD width=11% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=12% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
        <TD colspan="2" align=center>&nbsp;     </TD>
  </TR>
<TR valign="bottom">
  <TD colspan="5" align=center nowrap>
    <div align="left">&nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve
        a new investment management agreement. </FONT></div></TD>
  <TD>&nbsp;</TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD>&nbsp;</TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
        <TD colspan="2" align=center> <B><FONT size=2 face="sans-serif">BLACKROCK HEALTH
    SCIENCES TRUST</FONT></B>&nbsp; </TD>
  </TR>
<TR valign="bottom">
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD>&nbsp;</TD>
  <TD></TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
        <TD colspan="2" align=center>&nbsp;</TD>
  </TR>
<TR>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD valign="bottom">&nbsp;</TD>
  <TD width=7% align=center valign="bottom">&nbsp;</TD>
  <TD valign="bottom">&nbsp;</TD>
  <TD width=11% align=center valign="bottom">&nbsp;</TD>
  <TD width=12% align=center valign="bottom">&nbsp;</TD>
        <TD>
      <hr noshade>
        </TD>
        <TD>
      <hr noshade>
        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=center>
<B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>&nbsp;
    </TD>
  </TR>
<TR valign="bottom">
    <TD align=center>&nbsp;</TD>
        <TD colspan=4 align=center>&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 align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD colspan="4">&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 align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD colspan="4">&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 align=left>&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>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">To change your address, please mark this box.</FONT>&nbsp;
      </div></TD>
        <TD align=right>
      <div align="right"><FONT size=2 face="sans-serif">[ &nbsp;&nbsp;]</FONT>
      </div></TD>
</TR>
<TR valign="bottom">
    <TD colspan=9 align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=9 align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>

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

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

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

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <div align="right"><FONT size=1 face="sans-serif">To include any comments, please mark this box.</FONT>&nbsp;
      </div></TD>
        <TD align=right> <FONT size=2 face="sans-serif">[ &nbsp;&nbsp;]</FONT> </TD>
</TR>
<TR valign="bottom">
  <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>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>    </TD>
  <TD align=right><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <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>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right> <div align="left"><B><FONT size=2 face="sans-serif">S C A N &nbsp;&nbsp;L I N E</FONT></B></div></TD>
  <TD align=right>&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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=right><hr size="1" noshade>    </TD>
  </TR>
<TR valign="bottom">
  <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>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=right> <div align="justify"><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
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></div></TD>
</TR>
</TABLE>
<BR>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=49% align=center>&nbsp;</TD>
  <TD colspan="3" align=center><hr size="1" noshade>    </TD>
  <TD width=3%>&nbsp;</TD>
  <TD width=25% align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
        <TD width=3% align=center>
      <div align="left"><FONT size=1 face="sans-serif">Date</FONT>&nbsp;
      </div></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=18% align=center>
      <div align="left"><FONT size=1 face="sans-serif">Share Owner sign here</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">Co-Owner sign here</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">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<hr size="1" noshade>
<P align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></P>
<P align="center">
<B><FONT face="sans-serif">BLACKROCK HEALTH SCIENCES 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 align="justify">
&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 Health Sciences Trust (the &#147;Trust&#148;)
held of record by the undersigned on June 5, 2006 at the Special Meeting
of Shareholders of the Trust to be held on August 23, 2006 or at any adjournments
or postponements thereof.</FONT></P>
<P align="justify">
&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 PROPOSAL.
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" cellspacing="0" cellpadding="0">
  <tr>
    <td width="25%"><center>
      <FONT size=1 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>
    </center></td>
    <td width="20%">&nbsp;</td>
    <td width="55%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td rowspan="4" valign="top"><FONT size=1 face="sans-serif">BLACKROCK HEALTH SCIENCES TRUST
        <br>
      P.O. BOX 11337
      <br>
    NEW YORK, N.Y. 10203-0337</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td> <center>
      <FONT size=1 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>
    </center></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<P><BR>
</P>
<HR noshade  width="100%" size=4>

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


<P>
<B><FONT face="sans-serif">BlackRock High Income Shares</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <center>
      </center></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 7 0 7 1</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JQXA</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock High Income Shares</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT 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 Income Shares (the "Trust") held of record by the undersigned on June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<HR noshade  width="100%" size=4>



<P align="left" style="page-break-before:always"></P>
<PAGE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><img src="c42927_bdvx1x1.jpg" border=0></td>
    <td> <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>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center>&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>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<B><U><FONT size=2 face="sans-serif">INTERNET</FONT></U></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><U><FONT size=2 face="sans-serif">TELEPHONE</FONT></U></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><U><FONT size=2 face="sans-serif">MAIL</FONT></U></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=2 face="sans-serif">https://www.proxyvotenow.com/boe</FONT></B>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=2 face="sans-serif">1-866-809-5291</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">&#149; Go to the website
          address listed</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="sans-serif">&#149; Use any touch-tone telephone.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;
        </TD>
        <TD><FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">Mark, sign and date your proxy card.</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;above.</FONT>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <center>
        <B><I><FONT size=4 face="sans-serif">OR</FONT></I></B>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> <FONT size=2 face="sans-serif">&#149; </FONT><B><FONT size=2 face="sans-serif">Have
              your proxy card ready.</FONT></B>&nbsp; </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><I><FONT size=4 face="sans-serif">OR</FONT></I></B>&nbsp;
        </TD>
        <TD align=right>
      <div align="left"><FONT size=2 face="sans-serif">&#149;</FONT>&nbsp; </div></TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">Detach your proxy card.</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left>
    <div align="left"><FONT size=2 face="sans-serif">&#149; </FONT><B><FONT size=2 face="sans-serif">Have
          your proxy card ready.</FONT></B>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center> <div align="left"><FONT size=2 face="sans-serif">&#149; Follow
    the simple recorded</FONT>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <div align="left"><FONT size=2 face="sans-serif">&#149;</FONT>&nbsp; </div></TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">Return your proxy card
          in the</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center>
    <div align="left"><FONT size=2 face="sans-serif">&#149; Follow the simple
        instructions that</FONT>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center> <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;instructions.</FONT>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp; </TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">postage-paid envelope
          provided.</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center>
    <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;appear on your computer
        screen.</FONT>&nbsp; </div></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>
        <TD>&nbsp; </TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">(must be received by the
          Trust on or</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>&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>
      <div align="left"><FONT size=2 face="sans-serif">before August 22, 2006)</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
        <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=center>&nbsp;</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="73%">&nbsp;</td>
    <td width="27%"><hr noshade>    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td bgcolor="#DDDDDD">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td bgcolor="#DDDDDD">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td bgcolor="#DDDDDD">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td bgcolor="#DDDDDD">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr noshade>    </td>
  </tr>
</table>
<p align="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 August 22, 2006.</FONT></B><BR>
  <FONT size=1 face="sans-serif">\/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>DETACH
PROXY CARD HERE IF YOU ARE NOT VOTING BY TELEPHONE OR INTERNET </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\/</FONT></p>
<hr size="1" noshade>

<p align="center"><BR>
</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width="10%" align=left>&nbsp;

        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="5%" align=left>&nbsp;

        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD colspan=3 align=right>
      <div align="left"><B><FONT size=1 face="sans-serif">Please Sign, Date and Return</FONT></B>&nbsp;
      </div></TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="11%" align=center>&nbsp;
        </TD>
        <TD width="12%">&nbsp;
        </TD>
        <TD width="31%" align=left>&nbsp;

        </TD>
        <TD width="3%" align=left>&nbsp;

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

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

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan=3 align=left>
<B><FONT size=1 face="sans-serif">the Proxy Card Promptly</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left><B><FONT size=4 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x</FONT></B>

        </TD>
        <TD>&nbsp;
        </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>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan=3 align=right>
      <div align="left"><B><FONT size=1 face="sans-serif">Using the Enclosed Envelope.</FONT></B>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=right>
      <div align="left"><B><FONT size=1 face="sans-serif">Votes must be indicated</FONT></B>&nbsp;
      </div>    </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>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD width="13%" align=left>&nbsp;

        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%" align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=right>
      <div align="left"><B><FONT size=1 face="sans-serif">(x) in Black or Blue ink.</FONT></B>&nbsp;
      </div>    </TD>
        <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>&nbsp;

        </TD>
        <TD>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=12>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=12>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
    <TD colspan=3 align=right>&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 align=left>&nbsp;

        </TD>
</TR>
<TR>
  <TD colspan=10 valign="bottom"><FONT size="2" face="sans-serif">A</FONT><font size="2">&nbsp; <B><FONT face="sans-serif">Proposal</FONT></B>&nbsp; </font> </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=center><div align="left"><FONT size=1 face="sans-serif">
        The Board of Directors recommends a vote <B>FOR </B>the following proposal.</FONT>&nbsp; </div></TD>
        <TD align=center><hr noshade>    </TD>
        <TD align=left><hr noshade>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD>&nbsp;</TD>
  <TD width=11% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=12% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
        <TD colspan="2" align=center> <B><FONT size=2 face="sans-serif">BLACKROCK GLOBAL</FONT></B>&nbsp;       </TD>
  </TR>
<TR valign="bottom">
  <TD colspan="5" align=center nowrap>
    <div align="left">&nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve
        a new investment management agreement. </FONT></div></TD>
  <TD>&nbsp;</TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD>&nbsp;</TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
        <TD colspan="2" align=center> <B><FONT size=2 face="sans-serif">OPPORTUNITIES EQUITY TRUST</FONT></B>&nbsp;     </TD>
  </TR>
<TR>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD>
      <hr noshade>
        </TD>
        <TD>
      <hr noshade>
        </TD>
</TR>
<TR valign="bottom">
        <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>
        <TD>&nbsp;</TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>&nbsp;
        </TD>
  </TR>
<TR valign="bottom">
    <TD align=center>&nbsp;</TD>
        <TD colspan=4 align=center>&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 align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD colspan="4">&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 align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD colspan="4">&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 align=left>&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>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">To change your address, please mark this box.</FONT>&nbsp;
      </div></TD>
        <TD align=right>
      <div align="right"><FONT size=2 face="sans-serif">[ &nbsp;&nbsp;]</FONT>
      </div></TD>
</TR>
<TR valign="bottom">
    <TD colspan=9 align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=9 align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>

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

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

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

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <div align="right"><FONT size=1 face="sans-serif">To include any comments, please mark this box.</FONT>&nbsp;
      </div></TD>
        <TD align=right> <FONT size=2 face="sans-serif">[ &nbsp;&nbsp;]</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
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</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
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  <TD align=right>&nbsp;</TD>
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</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
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  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>    </TD>
  <TD align=right><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
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  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
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</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
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  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right> <div align="left"><B><FONT size=2 face="sans-serif">S C A N &nbsp;&nbsp;L I N E</FONT></B></div></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
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  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
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  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=right><hr size="1" noshade>    </TD>
  </TR>
<TR valign="bottom">
  <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>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=right> <div align="justify"><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
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></div></TD>
</TR>
</TABLE>
<BR>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=49% align=center>&nbsp;</TD>
  <TD colspan="3" align=center><hr size="1" noshade>    </TD>
  <TD width=3%>&nbsp;</TD>
  <TD width=25% align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
        <TD width=3% align=center>
      <div align="left"><FONT size=1 face="sans-serif">Date</FONT>&nbsp;
      </div></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=18% align=center>
      <div align="left"><FONT size=1 face="sans-serif">Share Owner sign here</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">Co-Owner sign here</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">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<hr size="1" noshade>
<P align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></P>
<P align="center">
<B><FONT face="sans-serif">BLACKROCK GLOBAL<br>
OPPORTUNITIES EQUITY TRUST </FONT></B><B></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 align="justify">
&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 Opportunities Equity Trust (the
&#147;Trust&#148;) held of record by the
undersigned on June 5, 2006 at the Special Meeting of Shareholders of the
Trust to be held on August 23, 2006 or at any adjournments or postponements thereof.</FONT></P>
<P align="justify">
&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 PROPOSAL.
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" cellspacing="0" cellpadding="0">
  <tr>
    <td width="25%"><center>
      <FONT size=1 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>
    </center></td>
    <td width="20%">&nbsp;</td>
    <td width="55%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td rowspan="4" valign="top"><FONT size=1 face="sans-serif">BLACKROCK GLOBAL OPPORTUNITIES EQUITY TRUST
        <br>
      P.O. BOX 11330<br>
NEW YORK, N.Y. 10203-0330</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td> <center>
      <FONT size=1 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>
    </center></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
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    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<P><BR>
</P>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P>
<PAGE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><img src="c42927_bdvx1x1.jpg" border=0></td>
    <td> <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>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center>&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>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<B><U><FONT size=2 face="sans-serif">INTERNET</FONT></U></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><U><FONT size=2 face="sans-serif">TELEPHONE</FONT></U></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><U><FONT size=2 face="sans-serif">MAIL</FONT></U></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=2 face="sans-serif">https://www.proxyvotenow.com/bdj</FONT></B>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=2 face="sans-serif">1-866-809-5292</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">&#149; Go to the website
          address listed</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="sans-serif">&#149; Use any touch-tone telephone.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;
        </TD>
        <TD><FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">Mark, sign and date your proxy card.</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;above.</FONT>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <center>
        <B><I><FONT size=4 face="sans-serif">OR</FONT></I></B>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> <FONT size=2 face="sans-serif">&#149; </FONT><B><FONT size=2 face="sans-serif">Have
              your proxy card ready.</FONT></B>&nbsp; </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><I><FONT size=4 face="sans-serif">OR</FONT></I></B>&nbsp;
        </TD>
        <TD align=right>
      <div align="left"><FONT size=2 face="sans-serif">&#149;</FONT>&nbsp; </div></TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">Detach your proxy card.</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left>
    <div align="left"><FONT size=2 face="sans-serif">&#149; </FONT><B><FONT size=2 face="sans-serif">Have
          your proxy card ready.</FONT></B>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center> <div align="left"><FONT size=2 face="sans-serif">&#149; Follow
    the simple recorded</FONT>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <div align="left"><FONT size=2 face="sans-serif">&#149;</FONT>&nbsp; </div></TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">Return your proxy card
          in the</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center>
    <div align="left"><FONT size=2 face="sans-serif">&#149; Follow the simple
        instructions that</FONT>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center> <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;instructions.</FONT>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp; </TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">postage-paid envelope
          provided.</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center>
    <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;appear on your computer
        screen.</FONT>&nbsp; </div></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>
        <TD>&nbsp; </TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">(must be received by the
          Trust on or</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>&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>
      <div align="left"><FONT size=2 face="sans-serif">before August 22, 2006)</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
        <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=center>&nbsp;</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="73%">&nbsp;</td>
    <td width="27%"><hr noshade>    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td bgcolor="#DDDDDD">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td bgcolor="#DDDDDD">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td bgcolor="#DDDDDD">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td bgcolor="#DDDDDD">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr noshade>    </td>
  </tr>
</table>
<p align="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 August 22, 2006.</FONT></B><BR>
  <FONT size=1 face="sans-serif">\/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>DETACH
PROXY CARD HERE IF YOU ARE NOT VOTING BY TELEPHONE OR INTERNET </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\/</FONT></p>
<hr size="1" noshade>

<p align="center"><BR>
</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width="10%" align=left>&nbsp;

        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="5%" align=left>&nbsp;

        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD colspan=3 align=right>
      <div align="left"><B><FONT size=1 face="sans-serif">Please Sign, Date and Return</FONT></B>&nbsp;
      </div></TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="11%" align=center>&nbsp;
        </TD>
        <TD width="12%">&nbsp;
        </TD>
        <TD width="31%" align=left>&nbsp;

        </TD>
        <TD width="3%" align=left>&nbsp;

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

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

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan=3 align=left>
<B><FONT size=1 face="sans-serif">the Proxy Card Promptly</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left><B><FONT size=4 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x</FONT></B>

        </TD>
        <TD>&nbsp;
        </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>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan=3 align=right>
      <div align="left"><B><FONT size=1 face="sans-serif">Using the Enclosed Envelope.</FONT></B>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=right>
      <div align="left"><B><FONT size=1 face="sans-serif">Votes must be indicated</FONT></B>&nbsp;
      </div>    </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>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD width="13%" align=left>&nbsp;

        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%" align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=right>
      <div align="left"><B><FONT size=1 face="sans-serif">(x) in Black or Blue ink.</FONT></B>&nbsp;
      </div>    </TD>
        <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>&nbsp;

        </TD>
        <TD>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=12>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=12>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
    <TD colspan=3 align=right>&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 align=left>&nbsp;

        </TD>
</TR>
<TR>
  <TD colspan=10><FONT size="2" face="sans-serif">A</FONT><font size="2">&nbsp; <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp; </font> </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="10" align=center><div align="left"><FONT size=1 face="sans-serif">
        The Board of Directors recommends a vote <B>FOR </B>the following proposals.</FONT>&nbsp; </div></TD>
        <TD align=center><hr noshade>    </TD>
        <TD align=left><hr noshade>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD>&nbsp;</TD>
  <TD width=11% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=12% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
        <TD colspan="2" align=center> <B><FONT size=2 face="sans-serif">BLACKROCK ENHANCED</FONT></B>&nbsp;     </TD>
  </TR>
<TR valign="bottom">
  <TD colspan="5" align=center nowrap>
    <div align="left">&nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve
        a new investment management agreement. </FONT></div></TD>
  <TD>&nbsp;</TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD>&nbsp;</TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
        <TD colspan="2" align=center> <B><FONT size=2 face="sans-serif">DIVIDEND ACHIEVERS<sup>TM</sup> TRUST</FONT></B>&nbsp;  </TD>
  </TR>
<TR>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD valign="bottom">&nbsp;</TD>
  <TD></TD>
  <TD valign="bottom">&nbsp;</TD>
  <TD valign="bottom">&nbsp;</TD>
        <TD>
      <hr noshade>
        </TD>
        <TD>
      <hr noshade>
        </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>&nbsp; </TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD>&nbsp; </TD>
  <TD width=11% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=12% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>&nbsp;
        </TD>
  </TR>
<TR valign="bottom">
  <TD colspan="5" align=left nowrap> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2.
      To approve a new investment sub-advisory agreement. </FONT> </TD>
  <TD>&nbsp; </TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD>&nbsp; </TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD colspan="4">&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 align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD colspan="4">&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 align=left>&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>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">To change your address, please mark this box.</FONT>&nbsp;
      </div></TD>
        <TD align=right>
      <div align="right"><FONT size=2 face="sans-serif">[ &nbsp;&nbsp;]</FONT>
      </div></TD>
</TR>
<TR valign="bottom">
    <TD colspan=9 align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=9 align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>

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

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

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

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <div align="right"><FONT size=1 face="sans-serif">To include any comments, please mark this box.</FONT>&nbsp;
      </div></TD>
        <TD align=right> <FONT size=2 face="sans-serif">[ &nbsp;&nbsp;]</FONT> </TD>
</TR>
<TR valign="bottom">
  <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>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>    </TD>
  <TD align=right><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <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>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right> <div align="left"><B><FONT size=2 face="sans-serif">S C A N &nbsp;&nbsp;L I N E</FONT></B></div></TD>
  <TD align=right>&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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=right><hr size="1" noshade>    </TD>
  </TR>
<TR valign="bottom">
  <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>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=right> <div align="justify"><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
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></div></TD>
</TR>
</TABLE>
<BR>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=49% align=center>&nbsp;</TD>
  <TD colspan="3" align=center><hr size="1" noshade>    </TD>
  <TD width=3%>&nbsp;</TD>
  <TD width=25% align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
        <TD width=3% align=center>
      <div align="left"><FONT size=1 face="sans-serif">Date</FONT>&nbsp;
      </div></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=18% align=center>
      <div align="left"><FONT size=1 face="sans-serif">Share Owner sign here</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">Co-Owner sign here</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">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<hr size="1" noshade>
<P align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></P>
<P align="center">
<B><FONT face="sans-serif">BLACKROCK ENHANCED<br>
DIVIDEND ACHIEVERS<sup>TM</sup> TRUST </FONT></B><B></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 align="justify">
&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 Enhanced Dividend Achievers<sup>TM</sup> Trust
(the &#147;Trust&#148;) held of record by the
undersigned on June 5, 2006 at the Special Meeting of Shareholders of the
Trust to be held on August 23, 2006 or at any adjournments or postponements thereof.</FONT></P>
<P align="justify">
&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" cellspacing="0" cellpadding="0">
  <tr>
    <td width="25%"><center>
      <FONT size=1 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>
    </center></td>
    <td width="20%">&nbsp;</td>
    <td width="55%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td rowspan="4" valign="top"><FONT size=1 face="sans-serif">BLACKROCK ENHANCED DIVIDEND ACHIEVERS<sup>TM</sup> TRUST
        <br>
      P.O. BOX 11327
      <br>
    NEW YORK, N.Y. 10203-0327</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td> <center>
      <FONT size=1 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>
    </center></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<P><BR>
</P>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><img src="c42927_bdvx1x1.jpg" border=0></td>
    <td> <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>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center>&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>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>
<B><U><FONT size=2 face="sans-serif">INTERNET</FONT></U></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><U><FONT size=2 face="sans-serif">TELEPHONE</FONT></U></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><U><FONT size=2 face="sans-serif">MAIL</FONT></U></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=9>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=2 face="sans-serif">https://www.proxyvotenow.com/bwc</FONT></B>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><FONT size=2 face="sans-serif">1-866-809-5296</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">&#149; Go to the website
          address listed</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="sans-serif">&#149; Use any touch-tone telephone.</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;
        </TD>
        <TD><FONT size=2 face="sans-serif">&#149;</FONT>
        </TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">Mark, sign and date your proxy card.</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD align=left>

          <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;above.</FONT>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <center>
        <B><I><FONT size=4 face="sans-serif">OR</FONT></I></B>&nbsp;
      </center></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left> <FONT size=2 face="sans-serif">&#149; </FONT><B><FONT size=2 face="sans-serif">Have
              your proxy card ready.</FONT></B>&nbsp; </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
<B><I><FONT size=4 face="sans-serif">OR</FONT></I></B>&nbsp;
        </TD>
        <TD align=right>
      <div align="left"><FONT size=2 face="sans-serif">&#149;</FONT>&nbsp; </div></TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">Detach your proxy card.</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left>
    <div align="left"><FONT size=2 face="sans-serif">&#149; </FONT><B><FONT size=2 face="sans-serif">Have
          your proxy card ready.</FONT></B>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center> <div align="left"><FONT size=2 face="sans-serif">&#149; Follow
    the simple recorded</FONT>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <div align="left"><FONT size=2 face="sans-serif">&#149;</FONT>&nbsp; </div></TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">Return your proxy card
          in the</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center>
    <div align="left"><FONT size=2 face="sans-serif">&#149; Follow the simple
        instructions that</FONT>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=center> <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;instructions.</FONT>&nbsp; </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>&nbsp;</TD>
        <TD>&nbsp; </TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">postage-paid envelope
          provided.</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center>
    <div align="left"><FONT size=2 face="sans-serif">&nbsp;&nbsp;appear on your computer
        screen.</FONT>&nbsp; </div></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>
        <TD>&nbsp; </TD>
        <TD align=center>
      <div align="left"><FONT size=2 face="sans-serif">(must be received by the
          Trust on or</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
        <TD align=center>&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>
      <div align="left"><FONT size=2 face="sans-serif">before August 22, 2006)</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
        <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=center>&nbsp;</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="73%">&nbsp;</td>
    <td width="27%"><hr noshade>    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td bgcolor="#DDDDDD">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td bgcolor="#DDDDDD">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td bgcolor="#DDDDDD">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td bgcolor="#DDDDDD">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr noshade>    </td>
  </tr>
</table>
<p align="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 August 22, 2006.</FONT></B><BR>
  <FONT size=1 face="sans-serif">\/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>DETACH
PROXY CARD HERE IF YOU ARE NOT VOTING BY TELEPHONE OR INTERNET </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\/</FONT></p>
<hr size="1" noshade>

<p align="center"><BR>
</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width="10%" align=left>&nbsp;

        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="5%" align=left>&nbsp;

        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD colspan=3 align=right>
      <div align="left"><B><FONT size=1 face="sans-serif">Please Sign, Date and Return</FONT></B>&nbsp;
      </div></TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="11%" align=center>&nbsp;
        </TD>
        <TD width="12%">&nbsp;
        </TD>
        <TD width="31%" align=left>&nbsp;

        </TD>
        <TD width="3%" align=left>&nbsp;

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

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

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan=3 align=left>
<B><FONT size=1 face="sans-serif">the Proxy Card Promptly</FONT></B>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left><B><FONT size=4 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x</FONT></B>

        </TD>
        <TD>&nbsp;
        </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>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan=3 align=right>
      <div align="left"><B><FONT size=1 face="sans-serif">Using the Enclosed Envelope.</FONT></B>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=right>
      <div align="left"><B><FONT size=1 face="sans-serif">Votes must be indicated</FONT></B>&nbsp;
      </div>    </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>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD width="13%" align=left>&nbsp;

        </TD>
        <TD width="2%">&nbsp;
        </TD>
        <TD width="6%" align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD colspan="2" align=right>
      <div align="left"><B><FONT size=1 face="sans-serif">(x) in Black or Blue ink.</FONT></B>&nbsp;
      </div>    </TD>
        <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>&nbsp;

        </TD>
        <TD>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=12>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=12>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan=10><FONT size="2" face="sans-serif">A</FONT><font size="2">&nbsp; <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp; </font> </TD>
    <TD align=left>&nbsp;

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

        </TD>
</TR>
<TR>
  <TD colspan="10" align=center valign="bottom"><div align="left"><FONT size=1 face="sans-serif">
        The Board of Directors recommends a vote <B>FOR </B>the following proposals.</FONT>&nbsp; </div></TD>
    <TD><hr noshade></TD>
    <TD><hr noshade></TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD>&nbsp;</TD>
  <TD width=11% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=12% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
        <TD align=center>&nbsp;    </TD>
        <TD align=left>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=center nowrap>
    <div align="left">&nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve
        a new investment management agreement. </FONT></div></TD>
  <TD>&nbsp;</TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD>&nbsp;</TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
        <TD colspan="2" align=center> <B><FONT size=2 face="sans-serif">BLACKROCK WORLD INVESTMENT TRUST</FONT></B>&nbsp;       </TD>
  </TR>
<TR valign="bottom">
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD>&nbsp;</TD>
  <TD></TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
        <TD colspan="2" align=center>&nbsp;</TD>
  </TR>
<TR>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD valign="bottom">&nbsp; </TD>
  <TD width=7% align=center valign="bottom"><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD valign="bottom">&nbsp; </TD>
  <TD width=11% align=center valign="bottom"><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=12% align=center valign="bottom"><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
        <TD>
      <hr noshade>
        </TD>
        <TD>
      <hr noshade>
        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left nowrap> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2.
      To approve a new investment sub-advisory agreement. </FONT> </TD>
  <TD>&nbsp; </TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD>&nbsp; </TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
        <TD colspan="2" align=center>
<B><FONT size=2 face="sans-serif">COMMON SHARES</FONT></B>&nbsp;
        </TD>
  </TR>
<TR valign="bottom">
    <TD align=center>&nbsp;</TD>
        <TD colspan=4 align=center>&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 align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD colspan="4">&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 align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD colspan="4">&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 align=left>&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>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=center>
      <div align="right"><FONT size=1 face="sans-serif">To change your address, please mark this box.</FONT>&nbsp;
      </div></TD>
        <TD align=right>
      <div align="right"><FONT size=2 face="sans-serif">[ &nbsp;&nbsp;]</FONT>
      </div></TD>
</TR>
<TR valign="bottom">
    <TD colspan=9 align=right>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>

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

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=9 align=left>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=left>

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

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

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

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=right>
      <div align="right"><FONT size=1 face="sans-serif">To include any comments, please mark this box.</FONT>&nbsp;
      </div></TD>
        <TD align=right> <FONT size=2 face="sans-serif">[ &nbsp;&nbsp;]</FONT> </TD>
</TR>
<TR valign="bottom">
  <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>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>    </TD>
  <TD align=right><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <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>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right> <div align="left"><B><FONT size=2 face="sans-serif">S C A N &nbsp;&nbsp;L I N E</FONT></B></div></TD>
  <TD align=right>&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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=right><hr size="1" noshade>    </TD>
  </TR>
<TR valign="bottom">
  <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>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=right> <div align="justify"><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
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></div></TD>
</TR>
</TABLE>
<BR>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=49% align=center>&nbsp;</TD>
  <TD colspan="3" align=center><hr size="1" noshade>    </TD>
  <TD width=3%>&nbsp;</TD>
  <TD width=25% align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
        <TD width=3% align=center>
      <div align="left"><FONT size=1 face="sans-serif">Date</FONT>&nbsp;
      </div></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=18% align=center>
      <div align="left"><FONT size=1 face="sans-serif">Share Owner sign here</FONT>&nbsp;
      </div></TD>
        <TD>&nbsp;
        </TD>
        <TD align=center>
      <div align="left"><FONT size=1 face="sans-serif">Co-Owner sign here</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">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<hr size="1" noshade>
<P align="center"><B><FONT size=2 face="sans-serif">PROXY</FONT></B></P>
<P align="center">
<B><FONT face="sans-serif">BLACKROCK WORLD INVESTMENT TRUST</FONT></B><B></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 align="justify">
&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 World Investment Trust (the &#147;Trust&#148;)
held of record by the undersigned on June 5, 2006 at the Special Meeting
of Shareholders of the Trust to be held on August 23, 2006 or at any adjournments
or postponements thereof.</FONT></P>
<P align="justify">
&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" cellspacing="0" cellpadding="0">
  <tr>
    <td width="25%"><center>
      <FONT size=1 face="sans-serif">HAS YOUR ADDRESS CHANGED?</FONT>
    </center></td>
    <td width="20%">&nbsp;</td>
    <td width="55%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td rowspan="4" valign="top"><FONT size=1 face="sans-serif">BLACKROCK WORLD INVESTMENT TRUST
        <br>
      P.O. BOX 11319
      <br>
    NEW YORK, N.Y. 10203-0319</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td> <center>
      <FONT size=1 face="sans-serif">DO YOU HAVE ANY COMMENTS?</FONT>
    </center></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr size="1" noshade>    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<P><BR>
</P>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>
<P>
<B><FONT face="sans-serif">BlackRock Long-Term<br>
Municipal Advantage Trust</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="21%" align=left>&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="4%" align=right>&nbsp;</TD>
  <TD width="37%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2" align=right valign="middle"><div align="left"><b>[&nbsp;&nbsp;]</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>
  <TD align=left> <FONT size=1 face="sans-serif">Mark this box with
    an X if you have made</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="sans-serif">changes to your
    name or address details above.</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<BR>
<hr noshade size=3>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center>
      <div align="left"><B><FONT size=4 face="sans-serif">Special Meeting Proxy Card - Common Shares</FONT></B>&nbsp;
      </div></TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
        <TD align=center>&nbsp;</TD>
</TR>
<TR>
        <TD>
      <hr noshade size=3>       </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
        <TD>
      <hr noshade size=3>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap>
      <div align="left"><FONT face="sans-serif">A</FONT>&nbsp;
        <B><FONT face="sans-serif">Proposals</FONT></B>&nbsp;
          </div>        </TD>
        <TD align=center nowrap><B><FONT size=2 face="sans-serif">PLEASE REFER TO THE
    REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS.</FONT></B>&nbsp; </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan="4" align=center>
      <div align="left"><FONT size=1 face="sans-serif">The Board of Trustees
          recommends a vote <B>FOR </B>the
          following proposals.</FONT>&nbsp;
      </div>    </TD>
        <TD width=30% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">1. To approve a
      new investment management agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=41% align=center> <B><FONT size=1 face="sans-serif"> </FONT></B></TD>
  <TD width=7% align=center><B><FONT size=1 face="sans-serif">For</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Against</FONT></B></TD>
  <TD width=10% align=center><B><FONT size=1 face="sans-serif">Abstain</FONT></B></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left> &nbsp; &nbsp;<FONT size=1 face="sans-serif">2. To approve a
      new investment sub-advisory agreement. </FONT></TD>
  <TD><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left><center>
      <b>[&nbsp;&nbsp;]</b>
  </center></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&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>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left> <center></center></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Mark this box with an X if you have made comments below</FONT>&nbsp;
        </TD>
        <TD> <center>
    <b>[&nbsp;&nbsp;]</b>         </center></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></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>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>    </TD>
  <TD><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="sans-serif">B </FONT><B><FONT face="sans-serif">Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</FONT></B></P>
<P>
<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></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=28% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 1 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=10% nowrap>&nbsp;
        </TD>
        <TD width=26% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Signature 2 - Please keep signature within the box</FONT>&nbsp;
      </div></TD>
        <TD width=12% nowrap>&nbsp;
        </TD>
        <TD width=24% align=center nowrap>
      <div align="left"><FONT size=1 face="sans-serif">Date (mm/dd/yyyy)</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade>     </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade>     </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=29% align=center>
<FONT face="sans-serif">0 0 8 7 0 6 1</FONT>&nbsp;
        </TD>
        <TD width=9%>&nbsp;
        </TD>
        <TD width=36% align=center>
      <div align="left"><FONT face="sans-serif">1 U P X</FONT>&nbsp;
      </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=22% align=center>
      <div align="left"><FONT face="sans-serif">C O Y</FONT>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=24% align=center>
      <div align="left"><FONT size=1 face="sans-serif">001CD40001</FONT>&nbsp;
      </div></TD>
        <TD width=76%>
      <div align="left"><FONT size=1 face="sans-serif">00JQVA</FONT>&nbsp;
      </div></TD>
  </TR>
</TABLE>
<BR>

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

<P align="left" style="page-break-before:always"></P>
<PAGE>
<hr noshade>
<B><FONT size=4 face="sans-serif">Proxy - BlackRock Long-Term Municipal Advantage Trust</FONT></B>
<hr noshade>

<P>
<B><FONT face="sans-serif">COMMON SHARES</FONT></B></P>
<P>
<B><FONT 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 Long-Term Municipal Advantage Trust (the "Trust") held of record by the undersigned on June 5, 2006 at the Special Meeting of Shareholders of the Trust to be held on August 23, 2006 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. 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><B><FONT size=2 face="sans-serif">PLEASE MARK BOXES IN BLUE OR BLACK INK.</FONT></B></P>
<P>
<B><FONT size=2 face="sans-serif">SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.</FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><B><FONT face="sans-serif">Telephone and Internet Voting Instructions</FONT></B></P>
<B><FONT size=2 face="sans-serif">You can vote by telephone OR Internet! Available
24 hours a day 7 days a week!</FONT></B><BR>
<FONT size=1 face="sans-serif">Instead of mailing your proxy, you may choose
one of the two voting methods outlined below to vote your proxy.</FONT><BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" nowrap><img src="phonex2x1.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="48%"> <B><FONT size=2 face="sans-serif">To vote using the Telephone </FONT></B><B><FONT size=1 face="sans-serif">(within
          U.S. and Canada)</FONT></B></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="5%" nowrap><img src="mousex2x2.jpg" border=0>&nbsp;&nbsp;</td>
    <td width="40%"> <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
          vote using the Internet</FONT></B></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><UL>
        <LI> <FONT size=1 face="sans-serif">Call toll free 1-800-652-VOTE (8683)
            in the United States or Canada any time on</FONT> <FONT size=1 face="sans-serif">a
            touch tone telephone. There is </FONT><B><FONT size=1 face="sans-serif">NO
            CHARGE </FONT></B><FONT
size=1 face="sans-serif">to you for the call.</FONT></LI>
        <LI> <FONT size=1 face="sans-serif">Follow the simple instructions provided
            by the recorded message.</FONT></LI>
    </UL></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><UL>
        <LI><FONT size=1 face="sans-serif">Go to the following web site:</FONT><BR>
            <B><FONT size=1 face="sans-serif">WWW.COMPUTERSHARE.COM/EXPRESSVOTE</FONT></B></LI>
        <LI> <FONT size=1 face="sans-serif">Enter the information requested on
            your computer screen and follow the</FONT> <FONT size=1 face="sans-serif">simple
            instructions.</FONT></LI>
    </UL></td>
  </tr>
</table>
<P>&nbsp;</P>
<P><B><FONT size=1 face="sans-serif">If you vote by telephone or the Internet,
      please DO NOT mail back this proxy card.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">Proxies submitted by telephone or the Internet
  must be received by 1:00 a.m., Central Time, on August 23, 2006.</FONT></B><BR>
  <B><FONT size=1 face="sans-serif">THANK YOU FOR VOTING</FONT></B></P>
<HR noshade  width="100%" size=4>



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</DOCUMENT>
<DOCUMENT>
<TYPE>COVER
<SEQUENCE>5
<FILENAME>filename5.htm
<TEXT>

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

<BODY bgcolor="#ffffff">


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=center>
<FONT size=5 face="sans-serif">S</FONT><FONT size=4 face="sans-serif">KADDEN </FONT><FONT size=5 face="sans-serif">, </FONT><FONT size=5 face="sans-serif">A</FONT><FONT size=4 face="sans-serif">RPS </FONT><FONT size=5 face="sans-serif">,
S</FONT><FONT size=4 face="sans-serif">LATE </FONT><FONT size=5 face="sans-serif">,
M</FONT><FONT size=4 face="sans-serif">EAGHER
</FONT><FONT size=5 face="sans-serif">&amp; F</FONT><FONT size=4 face="sans-serif">LOM
LLP</FONT>&nbsp;
	</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
<FONT size=2 face="sans-serif">FOUR TIMES SQUARE</FONT>
	</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=91% align=center>
<FONT size=2 face="sans-serif">NEW YORK 10036-6522</FONT>
	</TD>
    <TD width=9% rowspan="15" align=center nowrap><FONT size=1 face="sans-serif">FIRM/AFFILIATE </FONT><BR>
      <FONT size=1 face="sans-serif">OFFICES </FONT><BR>
      <FONT size=1 face="sans-serif">----------- </FONT><BR>
      <FONT size=1 face="sans-serif">BOSTON </FONT><BR>
      <FONT size=1 face="sans-serif">CHICAGO </FONT><BR>
      <FONT size=1 face="sans-serif">HOUSTON </FONT><BR>
      <FONT size=1 face="sans-serif">LOS ANGELES </FONT><BR>
      <FONT size=1 face="sans-serif">PALO ALTO </FONT><BR>
      <FONT size=1 face="sans-serif">SAN FRANCISCO </FONT><BR>
      <FONT size=1 face="sans-serif">WASHINGTON, D.C. </FONT><BR>
      <FONT size=1 face="sans-serif">WILMINGTON </FONT><BR>
      <FONT size=1 face="sans-serif">----------- </FONT><BR>
      <FONT size=1 face="sans-serif">BEIJING </FONT><BR>
      <FONT size=1 face="sans-serif">BRUSSELS </FONT><BR>
      <FONT size=1 face="sans-serif">FRANKFURT </FONT><BR>
      <FONT size=1 face="sans-serif">HONG KONG </FONT><BR>
      <FONT size=1 face="sans-serif">LONDON </FONT><BR>
      <FONT size=1 face="sans-serif">MOSCOW </FONT><BR>
      <FONT size=1 face="sans-serif">MUNICH </FONT><BR>
      <FONT size=1 face="sans-serif">PARIS </FONT><BR>
      <FONT size=1 face="sans-serif">SINGAPORE </FONT><BR>
      <FONT size=1 face="sans-serif">SYDNEY </FONT><BR>
      <FONT size=1 face="sans-serif">TOKYO </FONT><BR>
      <FONT size=1 face="sans-serif">TORONTO</FONT></TD>
</TR>
<TR>
	<TD>
<HR width="25" size=1 noshade>
	</TD>
  </TR>
<TR valign="bottom">
	<TD align=center>
<FONT size=2 face="sans-serif">TEL: (212) 735-3000</FONT>
	</TD>
  </TR>
<TR valign="bottom">
	<TD align=center>
<FONT size=2 face="sans-serif">FAX: (212) 735-2000</FONT>
	</TD>
  </TR>
<TR valign="bottom">
	<TD align=center>
<FONT size=1 face="sans-serif">www.skadden.com</FONT>
	</TD>
  </TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=center> <FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May
    26, 2006 </FONT></TD>
  </TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  </TR>
</TABLE>
<FONT face="serif">Securities and Exchange Commission </FONT><BR>
<FONT face="serif">450 Fifth Street, N.W. </FONT><BR>
<FONT face="serif">Washington, D.C. 20549 </FONT><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="26%" align=right>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="31%" align=left>&nbsp;</TD>
  <TD width="41%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT face="serif">RE:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT face="serif">Preliminary Proxy Materials for 56 BlackRock Closed-</FONT>&nbsp;
	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left><div style="border-bottom:1px solid #000000"> <font face="serif">End
    Funds</font>&nbsp; </div></TD>
    <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT face="serif">Dear Sir or Madam: </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">On behalf of 56 BlackRock closed-end funds (the "Trusts"), electronically transmitted herewith, pursuant to Rule 14a-6 under the Securities Exchange Act of 1934, as amended, and the Investment Company
Act of 1940, as amended, and the Rules promulgated thereunder, please find the preliminary joint proxy statement of the Trusts, the form of proxy to be furnished to the Trusts' shareholders, and the Schedule 14A information. Definitive copies
thereof shall be released to security holders on or about June 21, 2006. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Should you have any questions or require additional information with respect to the foregoing, please contact Michael Hoffman at (212) 735-3406 or the undersigned at (212) 735-2186. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=65% align=left>&nbsp;</TD>
	<TD width=35% align=left>
<FONT face="serif">Very truly yours,</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
	<TD>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
	<TD align=left>
<U><FONT face="serif">/s/ Cheri L. Hoff</FONT></U>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
	<TD align=left>
<FONT face="serif">Cheri L. Hoff</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>

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

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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