Dividend Dates and Distribution Amounts Announced for Certain BlackRoc

    Business Editors

    NEW YORK--(BUSINESS WIRE)--Jan. 3, 2005--The Boards of Directors/Trustees of the BlackRock Closed-End Funds listed below announced today dividend dates and monthly distribution rates. Details are as follows:

Dates: Declaration - 01/03/05 Ex-Date - 01/12/05 Record Date - 01/14/05 Payable Date - 1/31/05

Rates: Change Trust Ticker Dividend From Prior Month The BlackRock High Yield Trust BHY $0.068333 - BlackRock Strategic Bond Trust BHD $0.130000 -

Dates: Declaration - 01/03/05 Ex-Date - 01/12/05 Record Date - 01/14/05 Payable Date - 2/01/05 Change Trust Ticker Dividend From Prior Month The BlackRock California Investment Quality Municipal Trust Inc. RAA $0.070600 - The BlackRock Florida Investment Quality Municipal Trust RFA $0.070781 - The BlackRock New Jersey Investment Quality Municipal Trust Inc. RNJ $0.067148 - The BlackRock New York Investment Quality Municipal Trust Inc. RNY $0.073125 - BlackRock New Jersey Municipal Bond Trust BLJ $0.078582 - BlackRock Virginia Municipal Bond Trust BHV $0.072428 - BlackRock Maryland Municipal Bond Trust BZM $0.071350 - The BlackRock Pennsylvania Strategic Municipal Trust BPS $0.073965 - BlackRock Municipal Income Trust II BLE $0.083750 - BlackRock New York Municipal Income Trust II BFY $0.078750 - BlackRock California Municipal Income Trust II BCL $0.081250 - BlackRock Florida Municipal 2008 Income Trust Inc. BRF $0.062500 - BlackRock New York Municipal 2008 Income Trust Inc. BLN $0.062500 - BlackRock Municipal Target Term Trust Inc. BMN $0.040000 - BlackRock Insured Municipal Term Trust Inc. BMT $0.047917 - BlackRock California Insured Municipal 2008 Term Trust Inc. BFC $0.064375 - BlackRock Insured Municipal 2008 Term Trust Inc. BRM $0.066250 - BlackRock Insured Municipal Income Trust BYM $0.078125 - BlackRock California Insured Municipal Income Trust BCK $0.075000 - BlackRock Florida Insured Municipal Income Trust BAF $0.075000 - BlackRock New York Insured Municipal Income Trust BSE $0.075000 - BlackRock California Municipal Bond Trust BZA $0.079656 - BlackRock Florida Municipal Bond Trust BIE $0.077808 - BlackRock New York Municipal Bond Trust BQH $0.077099 - BlackRock Municipal Bond Trust BBK $0.086375 - BlackRock Municipal 2020 Term Trust Inc. BKK $0.078125 - BlackRock Florida Municipal 2020 Term Trust Inc. BFO $0.075000 - BlackRock California Municipal Income Trust BFZ $0.076074 - BlackRock Florida Municipal Income Trust BBF $0.075375 - BlackRock New Jersey Municipal Income Trust BNJ $0.075108 - BlackRock New York Municipal Income Trust BNY $0.075339 - BlackRock Municipal Income Trust BFK $0.081125 - The BlackRock Strategic Municipal Trust BSD $0.079585 - BlackRock California Municipal 2018 Term Trust BJZ $0.061250 - BlackRock New York Municipal 2018 Term Trust BLH $0.061250 - The BlackRock Investment Quality Municipal Trust Inc. BKN $0.076189 - BlackRock Municipal 2018 Term Trust BPK $0.065000 -

    About BlackRock. BlackRock is one of the largest publicly traded investment management firms in the United States with approximately $323.5 billion of assets under management at September 30, 2004. 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, investment system outsourcing and financial advisory services to a growing number of institutional investors. Clients are served from the Company's headquarters in New York City, as well as offices in Boston, Edinburgh, Hong Kong, San Francisco, Singapore, Sydney, Tokyo and Wilmington. BlackRock is majority owned by The PNC Financial Services Group, Inc. (NYSE: PNC) and by BlackRock employees. For additional information, please visit the Company's website at www.blackrock.com.

    Forward-Looking Statements. This press release, and other statements that BlackRock may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to BlackRock's future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as "trend," "potential," "opportunity," "pipeline," "believe," "comfortable," "expect," "anticipate," "current," "intention," "estimate," "position," "assume," "potential," "outlook," "continue," "remain," "maintain," "sustain," "seek," "achieve," and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "may" or similar expressions.
    BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.
    In addition to factors previously disclosed in BlackRock's Securities and Exchange Commission (the "SEC") reports and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: (1) the introduction, withdrawal, success and timing of business initiatives and strategies; (2) changes in political, economic or industry conditions, the interest rate environment or financial and capital markets, which could result in changes in demand for products or services or in the value of assets under management; (3) the relative and absolute investment performance of BlackRock's advised or sponsored investment products and separately managed accounts; (4) the impact of increased competition; (5) the impact of capital improvement projects; (6) the impact of future acquisitions and divestitures; (7) the unfavorable resolution of legal proceedings; (8) the extent and timing of any share repurchases; (9) the impact, extent and timing of technological changes and the adequacy of intellectual property protection; (10) the impact of legislative and regulatory actions and reforms and regulatory, supervisory or enforcement actions of government agencies relating to BlackRock or PNC; (11) terrorist activities and international hostilities, which may adversely affect the general economy, financial and capital markets, specific industries, and BlackRock; (12) the ability to attract and retain highly talented professionals; (13) fluctuations in foreign currency exchange rates, which may adversely affect the value of advisory fees earned by BlackRock; (14) the impact of changes to tax legislation and, generally, the tax position of the Company; (15) changes in circumstances affecting the expense recognition of BlackRock's 2002 Long Term Retention and Incentive Plan; and (16) the closing of the Company's acquisition of SSRM Holdings, Inc.
    BlackRock's Annual Report on Form 10-K for the year ended December 31, 2003 and BlackRock's subsequent reports filed with the SEC, accessible on the SEC's website at http://www.sec.gov and on BlackRock's website at http://www.blackrock.com, discuss these factors in more detail and identify additional factors that can affect forward-looking statements.

--30--TM/ny*

CONTACT: BlackRock Brendan Kyne, 212-754-5336 Brendan.Kyne@blackrock.com

KEYWORD: NEW YORK INDUSTRY KEYWORD: BANKING DIVIDEND SOURCE: BlackRock

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