BlackRock Closed-End Trusts Announce Special Distributions and Change to Payable Dates for Selected Funds

Business Wire, Dec 20, 2002

Business Editors

NEW YORK--(BUSINESS WIRE)--Dec. 20, 2002

The Board of Directors/Trustees of The BlackRock Income Opportunity Trust (NYSE: BNA) and The BlackRock Income Trust, Inc. (NYSE: BKT), unanimously approved special distributions. Additionally, the Board of Directors/Trustees for BlackRock Investment Quality Term Trust, Inc. (NYSE: BQT), The BlackRock Advantage Term Trust, Inc. (NYSE: BAT), BlackRock Broad Investment Grade 2009 Term Trust, Inc. (NYSE: BCT), BlackRock Strategic Bond Trust (NYSE: BHD), The BlackRock Income Opportunity Trust (NYSE: BNA), The BlackRock Income Trust, Inc. (NYSE: BKT), and The BlackRock Strategic Term Trust (NYSE: BGT) unanimously approved a change in dividend payable dates for the aforementioned funds.

The distribution schedule is listed below:

                               Ex-
      Type of    Declaration  Dividend  Record     Payable
Fund  Distribution  Date       Date      Date       Date     Per Share
----------------------------------------------------------------------
BNA   Special    20-Dec-02  26 Dec-02  30-Dec-02  31-Jan-03  $0.242802
      Capital
      Gains
      Distribution
----------------------------------------------------------------------
BKT   Special    20-Dec-02  26 Dec-02  30-Dec-02  31-Jan-03  $0.400000
      Distribution
      Out of
      Ordinary
      Income
----------------------------------------------------------------------

The change to pay dates is listed below:
                                                 Revised
Ticker  Declaration  Ex-Dividend   Record        Payable
          Date          Date        Date          Date       Per Share
----------------------------------------------------------------------
BNA     2-Dec-02     12-Dec-02    16-Dec-02    23-Dec-02(a)  $0.062500
----------------------------------------------------------------------
BKT     2-Dec-02     12-Dec-02    16-Dec-02    23-Dec-02(a)  $0.051042
----------------------------------------------------------------------
BAT     2-Dec-02     12-Dec-02    16-Dec-02    23-Dec-02(a)  $0.058333
----------------------------------------------------------------------
BCT     2-Dec-02     12-Dec-02    16-Dec-02    23-Dec-02(a)  $0.075000
----------------------------------------------------------------------
BHD     2-Dec-02     12-Dec-02    16-Dec-02    23-Dec-02(a)  $0.120000
----------------------------------------------------------------------
BQT     2-Dec-02     12-Dec-02    16-Dec-02    23-Dec-02(a)  $0.033333
----------------------------------------------------------------------
BGT    3-Sept-02     12-Dec-02    16-Dec-02    26-Dec-02(a)  $0.570000
----------------------------------------------------------------------

(a) Original payable date 12/31/02

About BlackRock. BlackRock is one of the largest publicly traded investment management firms in the United States with $246 billion of assets under management as of September 30, 2002. BlackRock manages assets on behalf of institutional and individual investors worldwide through a variety of equity, fixed income, liquidity and alternative investment products. In addition, BlackRock provides risk management and investment system services to a growing number of institutional investors under the BlackRock Solutions name. Clients are served from the Company's headquarters in New York City, as well as offices in Boston, Edinburgh, Hong Kong, San Francisco, Tokyo and Wilmington. BlackRock is majority-owned by The PNC Financial Services Group (NYSE: PNC) and by BlackRock employees. Additional information on the firm and its products is available at www.blackrock.com.

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