DEF 14A 1 c31561_def14a.txt SCHEDULE 14A (Rule 14a-101) INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant [X] Filed by a Party other than the Registrant [_] Check the appropriate box: [ ] Preliminary Proxy Statement [_] Soliciting Material Under Rule [_] Confidential, For Use of the 14a-12 Commission Only (as permitted by Rule 14a-6(e)(2)) [X] Definitive Proxy Statement [_] Definitive Additional Materials THE BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC. ("BKN") THE BLACKROCK INSURED MUNICIPAL 2008 TERM TRUST INC. ("BRM") THE BLACKROCK CALIFORNIA INSURED MUNICIPAL 2008 TERM TRUST INC. ("BFC") THE BLACKROCK FLORIDA INSURED MUNICIPAL 2008 TERM TRUST ("BRF") THE BLACKROCK NEW YORK INSURED MUNICIPAL 2008 TERM TRUST INC. ("BLN") THE BLACKROCK BROAD INVESTMENT GRADE 2009 TERM TRUST INC. ("BCT") THE BLACKROCK INCOME TRUST INC. ("BKT") THE BLACKROCK HIGH YIELD TRUST ("BHY") THE BLACKROCK INVESTMENT QUALITY TERM TRUST INC. ("BQT") THE BLACKROCK ADVANTAGE TERM TRUST INC. ("BAT") THE BLACKROCK MUNICIPAL TARGET TERM TRUST INC. ("BMN") THE BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC. ("RAA") THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST ("RFA") THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC. ("RNJ") THE BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC. ("RNY") THE BLACKROCK INCOME OPPORTUNITY TRUST INC. ("BNA") THE BLACKROCK INSURED MUNICIPAL TERM TRUST INC. ("BMT") THE BLACKROCK PENNSYLVANIA STRATEGIC MUNICIPAL TRUST ("BPS") THE BLACKROCK STRATEGIC MUNICIPAL TRUST ("BSD") BLACKROCK FLORIDA MUNICIPAL INCOME TRUST ("BBF") BLACKROCK MUNICIPAL INCOME TRUST ("BFK") BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST ("BFZ") BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST ("BNJ") BLACKROCK NEW YORK MUNICIPAL INCOME TRUST ("BNY") BLACKROCK CALIFORNIA MUNICIPAL 2018 TERM TRUST ("BJZ") BLACKROCK MUNICIPAL 2018 TERM TRUST ("BPK") BLACKROCK NEW YORK MUNICIPAL 2018 TERM TRUST ("BLH") BLACKROCK CORE BOND TRUST ("BHK") BLACKROCK STRATEGIC BOND TRUST ("BHD") BLACKROCK MUNICIPAL BOND TRUST ("BBK") BLACKROCK CALIFORNIA MUNICIPAL BOND TRUST ("BZA") BLACKROCK FLORIDA MUNICIPAL BOND TRUST ("BIE") BLACKROCK MARYLAND MUNICIPAL BOND TRUST ("BZM") BLACKROCK NEW JERSEY MUNICIPAL BOND TRUST ("BLJ") BLACKROCK NEW YORK MUNICIPAL BOND TRUST ("BQH") BLACKROCK VIRGINIA MUNICIPAL BOND TRUST ("BHV") BLACKROCK MUNICIPAL INCOME TRUST II ("BLE") BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST II ("BCL") BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II ("BFY") BLACKROCK INSURED MUNICIPAL INCOME TRUST ("BYM") BLACKROCK CALIFORNIA INSURED MUNICIPAL INCOME TRUST ("BCK") BLACKROCK FLORIDA INSURED MUNICIPAL INCOME TRUST ("BAF") BLACKROCK NEW YORK INSURED MUNICIPAL INCOME TRUST ("BSE") BLACKROCK PREFERRED OPPORTUNITY TRUST ("BPP") BLACKROCK LIMITED DURATION INCOME TRUST ("BLW") BLACKROCK MUNICIPAL 2020 TERM TRUST ("BKK") BLACKROCK FLORIDA MUNICIPAL 2020 TERM TRUST ("BFO") BLACKROCK DIVIDEND ACHIEVERS(TM) TRUST ("BVD") -------------------------------------------------------------------------------- (Name of Registrant as Specified In Its Charter) -------------------------------------------------------------------------------- (Name of Person(s) Filing Proxy Statement, if Other Than the Registrant) Payment of Filing Fee (Check the appropriate box): [X] No fee required. [_] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11. 1) Title of each class of securities to which transaction applies: N/A ________________________________________________________________________________ 2) Aggregate number of securities to which transaction applies: N/A ________________________________________________________________________________ 3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): N/A ________________________________________________________________________________ 4) Proposed maximum aggregate value of transaction: N/A ________________________________________________________________________________ 5) Total fee paid: N/A ________________________________________________________________________________ [_] Fee paid previously with preliminary materials: ________________________________________________________________________________ [_] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing. 1) Amount previously paid: N/A ________________________________________________________________________________ 2) Form, Schedule or Registration Statement No.: N/A ________________________________________________________________________________ 3) Filing Party: N/A ________________________________________________________________________________ 4) Date Filed: N/A ________________________________________________________________________________ [BLACKROCK LOGO] BLACKROCK CLOSED-END FUNDS 100 BELLEVUE PARKWAY WILMINGTON, DELAWARE 19809 ---------------- NOTICE OF JOINT ANNUAL MEETING OF STOCKHOLDERS/SHAREHOLDERS TO BE HELD ON MAY 26, 2004 ---------------- Notice is hereby given to the Stockholders/Shareholders of each of the BlackRock Closed-End Funds listed on Appendix A to the Proxy Statement accompanying this notice (collectively, the "Trusts") that: The Joint Annual Meeting of Stockholders/Shareholders of the Trusts (the "Annual Meeting") will be held at the New York East Side Marriott, 525 Lexington Avenue, New York, New York, on Wednesday, May 26, 2004, at 10:00 a.m. (New York City time). For the sake of convenience and clarity, individual Trusts are identified throughout this notice and the attached Proxy Statement by their trading symbols. A list of the Trusts setting forth each Trust's full name and trading symbol is attached to the Proxy Statement accompanying this notice as Appendix A. The Annual Meeting is being held for the following purposes: 1. A. For each of the following Trusts to elect two Directors (or, where applicable, Trustees), each to hold office for the term indicated in the attached Proxy Statement until their successors shall have been elected and qualified: RNY RNJ RFA RAA BSD BPS BAT BPP BLW BKK BFO BCT BDV 1. B. For each of the following Trusts to elect three Directors (or, where applicable, Trustees), each to hold office for the term indicated in the attached Proxy Statement until their successors shall have been elected and qualified: BKN BRM BFC BRF BLN BHY BBK BQH BZA BZM BLJ BHV BIE BLE BCL BFY BYM BCK BAF BSE BKT BNA BQT BMN BMT BBF BFK BFZ BNJ BNY BJZ BPK BLH BHK BHD 2. For each of the following Trusts to amend its respective Articles Supplementary in order to require an annual, instead of a quarterly, valuation date in connection with certain asset coverage tests: BMN BMT RNJ RNY BRM BLN BFC BKN RAA 3. To transact such other business as may properly come before the Annual Meeting or any adjournments or postponements thereof. THE BOARD OF DIRECTORS OR TRUSTEES (THE "BOARD") OF EACH TRUST, INCLUDING THE INDEPENDENT DIRECTORS, UNANIMOUSLY RECOMMENDS THAT YOU VOTE "FOR" THE PROPOSALS. We encourage you to contact BlackRock toll free at (800) 227-7BFM (7236) from 9:00 a.m. to 6:00 p.m. EST if you have any questions. The Board of each Trust has fixed the close of business on February 27, 2004 as the record date for the determination of Stockholders/Shareholders entitled to notice of, and to vote at, the Annual Meeting. We urge you to mark, sign, date, and mail the enclosed proxy in the postage-paid envelope provided or record your voting instructions via telephone or the internet (for those Trusts that permit voting by telephone or internet) so you will be represented at the Annual Meeting. By order of the Board of each Trust Vincent B. Tritto, Secretary of each Trust New York, New York April 21, 2004 -------------------------------------------------------------------------------- IT IS IMPORTANT THAT YOUR SHARES BE REPRESENTED AT THE ANNUAL MEETING IN PERSON OR BY PROXY. WHETHER OR NOT YOU PLAN TO ATTEND THE ANNUAL MEETING, PLEASE VOTE BY TELEPHONE, INTERNET OR MAIL (NOT EVERY TRUST PERMITS VOTING BY INTERNET AND TELEPHONE. PLEASE CHECK YOUR PROXY CARD). IF VOTING BY MAIL PLEASE SIGN, DATE AND RETURN THE ENCLOSED PROXY CARD IN THE ACCOMPANYING POSTAGE-PAID ENVELOPE. IF YOU ATTEND THE ANNUAL MEETING AND WISH TO VOTE IN PERSON, YOU WILL BE ABLE TO DO SO AND YOUR VOTE AT THE ANNUAL MEETING WILL REVOKE ANY PROXY YOU MAY HAVE SUBMITTED. YOUR VOTE IS EXTREMELY IMPORTANT. NO MATTER HOW MANY OR HOW FEW SHARES YOU OWN, PLEASE SEND IN YOUR PROXY CARD TODAY. -------------------------------------------------------------------------------- BLACKROCK CLOSED-END FUNDS PROXY STATEMENT FOR JOINT ANNUAL MEETING OF STOCKHOLDERS/SHAREHOLDERS TO BE HELD ON MAY 26, 2004 This document will give you the information you need to vote on the matters listed on the accompanying Notice of Joint Annual Meeting of Stockholders/Shareholders ("Notice of Annual Meeting"). Much of the information in this joint proxy statement ("Proxy Statement") is required under rules of the Securities and Exchange Commission ("SEC"); some of it is technical. If there is anything you don't understand, please contact us at our toll-free number, (800) 227-7BFM (7236). This Proxy Statement is furnished in connection with the solicitation by the respective Board of Directors or Trustees, as the case may be (the "Board"), of each of the Trusts of proxies to be voted at the Joint Annual Meeting of Stockholders/Shareholders of the Trusts to be held on Wednesday, May 26, 2004, and any adjournment or postponement thereof (the "Annual Meeting"). The Annual Meeting will be held at the New York East Side Marriott, 525 Lexington Avenue, New York, New York, on May 26, 2004, at 10:00 a.m. (New York City time). As used in the Notice of Annual Meeting and as used herein, the term "Directors" shall include Trustees, the term "shareholders" shall include stockholders and the term "share" shall include stock where the use of the terms "Trustees" or "stockholders" or "stock" would otherwise be appropriate. This Proxy Statement and the enclosed proxy card are first being sent to the Trusts' shareholders on or about April 21, 2004. * WHY IS A SHAREHOLDER MEETING BEING HELD? Because the common shares of each Trust are listed on a nationally recognized stock exchange that requires each Trust to hold an annual meeting of shareholders. * WHAT PROPOSALS WILL BE VOTED ON? In the first proposal, shareholders of all Trusts are being asked to elect nominees for the Board of each Trust in which they own shares (the "First Proposal"). In the second proposal, shareholders of each of BMN, BMT, BRM, BLN, BFC, BKN, RAA, RNJ and RNY are being asked to approve an amendment to those Trusts' Articles Supplementary (the "Second Proposal").

PROPOSAL TRUST -------- ----- #1 To elect Directors All Trusts #2 To amend the Trusts' Articles Supplementary BMN, BMT, BRM, BLN, BFC, BKN, RAA, RNJ, RNY

* WILL MY VOTE MAKE A DIFFERENCE? YES! Your vote is important and will make a difference in the governance of the Trust(s), no matter how many shares you own. * WHO IS ASKING FOR YOUR VOTE? The enclosed proxy is solicited by the Board of each Trust for use at the Annual Meeting to be held on Wednesday, May 26, 2004, and, if the Annual Meeting is adjourned or postponed, at any later meetings, for the purposes stated in the Notice of Annual Meeting (see previous pages). The Notice of Annual Meeting, the proxy and this Proxy Statement are being mailed on or about April 21, 2004. * HOW DO THE TRUSTS' BOARDS RECOMMEND THAT SHAREHOLDERS VOTE ON THE PROPOSALS? Each Board unanimously recommends that you vote "FOR" the respective Proposal. * WHO IS ELIGIBLE TO VOTE? Shareholders of record of each Trust at the close of business on February 27, 2004 are entitled to be present and to vote at the Annual Meeting or any adjourned or postponed meeting. Each share is entitled to one vote. Shares represented by duly executed proxies will be voted in accordance with your instructions. If you sign the proxy, but don't fill in a vote, your shares will be voted in accordance with your Board's recommendation. If any other business is brought before your Trust's Annual Meeting, your shares will be voted at your Board's discretion. * HOW MANY SHARES OF EACH TRUST WERE OUTSTANDING AS OF THE RECORD DATE? Appendix B sets forth the number of outstanding shares for each Trust at the close of business on February 27, 2004. * WHY DOES THIS PROXY STATEMENT LIST SEVERAL CLOSED-END FUNDS? The Trusts have similar proposals and it is cost-efficient to have a joint proxy statement and one annual meeting. In the event that any shareholder present at the Annual Meeting objects to the holding of a joint meeting and moves for an adjournment of his or her Trust's meeting to a time immediately after the Annual Meeting so that such Trust's meeting may be held separately, the persons named as proxies will vote in favor of such adjournment. Shareholders of each Trust will vote separately on the respective Proposals relating to their Trust. In any event, an unfavorable vote on any Proposal by the shareholders of one Trust will not affect the implementation of such Proposal by another Trust if the Proposal is approved by the shareholders of that Trust. The Proposals * FIRST PROPOSAL: TO ELECT DIRECTORS -------------- WHO ARE THE NOMINEES FOR DIRECTORS? The Directors of the Trusts are classified into three classes of Directors: Class I, Class II and Class III. Each class has a term of three years. There are two or three nominees with respect to each Trust because each year the term of office of one class expires and only Directors of the respective Trust whose current terms are expiring are being nominated for election at the Annual Meeting. The following table sets forth the class and nominees to be voted on by each Trust:

CLASS OF DIRECTORS FUND STANDING FOR ELECTION NOMINEES FOR DIRECTORS ==================================================================================================================================== RNY BSD BPP BDV CLASS I Richard E. Cavanagh(1) RNJ BPS BLW James Clayburn La Force, Jr. RFA BCT BKK RAA BAT BFO ==================================================================================================================================== BKN BHY BLJ BFY CLASS II Frank J. Fabozzi(1) BRM BBK BHV BYM Walter F. Mondale BFC BQH BIE BCK Ralph L. Schlosstein BRF BZA BLE BAF BLN BZM BCL BSE ==================================================================================================================================== BKT BMT BNJ BLH CLASS III Andrew F. Brimmer BNA BBF BNY BHK Kent Dixon BQT BFK BJZ BHD Robert S. Kapito BMN BFZ BPK ====================================================================================================================================

(1) To be elected by holders of preferred shares only, except that, for BHY, BCT, BAT, BLW and BDV which do not have preferred shares, to be elected by holders of common shares. Each Director is also a Director of each of the other BlackRock closed-end Trusts. Each nominee's background is described below. 2 The holders of any Trust's preferred shares will have equal voting rights with the holders of that Trust's common shares (i.e., one vote per share), and will vote together with the holders of common shares as a single class on the proposal to elect Directors, except that the holders of preferred shares of each Trust which is electing Class I or II Directors at this Annual Meeting, voting separately as a class, will elect the preferred shares Director from each of such classes. The two Directors that have been designated as representing the holders of each respective Trust's preferred shares are Messrs. Richard E. Cavanagh and Frank J. Fabozzi. Each Director elected will hold office for three years and until their successors shall have been elected and qualified. The other Directors of the Trusts will continue to serve under their current terms. The other classes will be elected at subsequent annual meetings of shareholders. BAT, BCT and BQT each hold substantially all of their assets in their respective wholly owned subsidiaries, BAT Subsidiary Inc. ("BATS"), BCT Subsidiary Inc. ("BCTS") and BQT Subsidiary Inc. ("BQTS"). The Board of each wholly owned subsidiary is identical to the Board of its respective parent company. Accordingly, nominees elected as Directors of BAT, BCT, and BQT, respectively, will be appointed by BAT, BCT and BQT, respectively, to serve as Directors of BATS, BCTS and BQTS, respectively, each of which has investment objectives and policies identical to BAT, BCT, and BQT, respectively. Certain information concerning the nominees for each of the Trusts is set forth in the table below. All of the nominees are currently Directors of each of the Trusts, including BATS, BCTS, and BQTS, and have served in such capacity since each of the Trusts commenced their respective operations, except for the following exceptions. Mr. Richard E. Cavanagh has served as Director since his appointment by the Boards of BKN, BRM, BFC, BRF, BLN, BCT, BKT, BQT, BAT, BMN, RAA, RFA, RNJ, RNY, BNA and BMT on August 11, 1994 to fill a vacancy. With respect to BKT, BQT, BAT, BMN, BNA and BMT, Mr. James Clayburn La Force, Jr. has served as Director since his election at the Trusts' annual meeting of shareholders on June 19, 1992. Mr. Walter F. Mondale, who was previously a Director of BKN, BRM, BFC, BLN, BCT, BKT, BQT, BAT, BMN, BMT, RFA, RAA, RNJ, RNY, BNA and BRF from inception to August 12, 1993, has served as Director since his election at the Trusts' annual meeting of shareholders on April 15, 1997, except that he resigned on October 31, 2002 to run for the U.S. Senate and was subsequently reappointed by the Boards on November 12, 2002. Mr. Robert S. Kapito was appointed by the Boards on August 22, 2002 to fill a vacancy. Pursuant to the requirements of Maryland law, Messrs. Mondale and Kapito were elected as Directors of BKN, BRM, BFC, BLN, BCT, BKT, BQT, BAT, BMN, BMT, RAA, RNJ, RNY and BNA at the Trusts' annual meeting of shareholders on May 22, 2003. Mr. Ralph L. Schlosstein also serves as Chairman and President of the BlackRock Liquidity Funds and Director of Anthracite Capital, Inc. and several of BlackRock's alternative investment vehicles. Each Director holds his position as to each of the 49 active closed-end funds1 advised by BlackRock Advisors, Inc. (the "Fund Complex"). As of February 27, 2004, the Fund Complex consisted of 49 active closed-end funds, each with one investment portfolio. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. The "interested" Directors (as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act")) are indicated by an asterisk(*). Independent directors are those who are not interested persons of the Trusts or BlackRock Advisors, Inc. and comply with the definition of "independent" (as defined in Rule 10A-3 of the Securities Exchange Act of 1934) (the "Independent Directors"). Unless specified otherwise below, the business address of the Directors and officers of each of the Trusts is 40 East 52nd Street, New York, New York 10022, and the address of BlackRock Advisors, Inc. (the "Advisor") is 100 Bellevue Parkway, Wilmington, Delaware 19809. -------------------------------------- 1 The 49 active closed-end funds consist of 48 funds listed on a nationally recognized stock exchange included in this Proxy Statement and one interval fund, Partners Balanced Trust, which is not required to be included in this Proxy Statement. 3

OTHER DIRECTORSHIPS HELD BY NAME, ADDRESS PRINCIPAL OCCUPATION(S) DIRECTOR OR NOMINEE FOR AND AGE DURING PAST 5 YEARS DIRECTOR ------------------------------------------------------------------------------------------------------------------------------------ INTERESTED DIRECTORS: Ralph L. Schlosstein* Director since 1999 and President of Chairman and President of the BlackRock Age 53 BlackRock, Inc. since its formation in 1998 Liquidity Funds (10 portfolios). Director Class II and of BlackRock, Inc.'s predecessor entities of Anthracite Capital, Inc. and Director since 1988. Member of the Management Committee of several of BlackRock's alternative and Investment Strategy Group of BlackRock, investment vehicles. Currently, a Member Inc. Formerly, Managing Director of Lehman of the Visiting Board of Overseers of the Brothers, Inc. and Co-head of its Mortgage and John F. Kennedy School of Government at Savings Institutions Group. Currently, Harvard University, the Financial Chairman and Trustee of each of the closed-end Institutions Center Board of the Wharton Trusts in which the Advisor acts as investment School of the University of Pennsylvania, advisor. a Trustee of the American Museum of Natural History, a Trustee of Trinity School in New York City and a Trustee of New Visions for Public Education in New York City. Formerly, a Director of Pulte Corporation and a Member of Fannie Mae's Advisory Council. Robert S. Kapito* Vice Chairman of BlackRock, Inc., Head of the Chairman of the Hope & Heroes Children's Age: 47 Portfolio Management Group, a member of the Cancer Fund. President of the Board of Class III Management Committee, the Investment Strategy Directors of Periwinkle National Theatre Group, the Fixed Income and Global Operating for Young Audiences. Director of Committees and the Equity Investment Strategy icruise.com, Corp. Group of BlackRock, Inc. Responsible for the portfolio management of the Fixed Income, Domestic Equity, Liquidity and Alternative Investment Groups of BlackRock. Currently, President and Trustee for each of the closed-end Trusts in which the Advisor acts as investment advisor. INDEPENDENT DIRECTORS: Andrew F. Brimmer President of Brimmer & Company, Inc., a Director of CarrAmerica Realty Corporation P.O. Box 4546 Washington D.C.-based economic and financial and Borg-Warner Automotive. Former New York, NY 10163 consulting firm. Also, Wilmer D. Barrett Director of AirBorne Express, BankAmerica Age: 77 Professor of Economics, University of Corporation (Bank of America), BellSouth Class III Massachusetts - Amherst. Former member of the Corporation, College Retirement Equities Board of Governors of the Federal Reserve Fund (Trustee), Commodity Exchange, Inc. System. Former Chairman, District of Columbia (Public Governor), Connecticut Mutual Life Financial Control Board. Lead Trustee and Insurance Company, E.I. du Pont de Nemours Chairman of the Audit Committee of each of & Company, Equitable Life Assurance the closed-end Trusts in which the Society of the United States, Gannett Advisor acts as investment advisor. Company, Mercedes-Benz of North America, MNC Financial Corporation (American Security Bank), NCM Capital Management, Navistar International Corporation, PHH Corp. and UAL Corporation (United Airlines). Richard E. Cavanagh President and Chief Executive Officer of The Trustee Emeritus, Wesleyan University, P.O. Box 4546 Conference Board, Inc., a leading global Trustee, Airplanes Group, Aircraft Finance New York, NY 10163 business membership organization, from Trust (AFT) and Educational Testing Age: 57 1995-present. Former Executive Dean of the Service (ETS). Director, Arch Chemicals, Class I John F. Kennedy School of Government at Fremont Group and The Guardian Life Harvard University from 1988-1995. Acting Insurance Company of America. Director, Harvard Center for Business and Government (1991-1993). Former Partner (principal) of McKinsey & Company, Inc. (1980-1988). Former Executive Director of Federal Cash Management, White House Office of Management and Budget (1977-1979). Co-author, THE WINNING PERFORMANCE (best selling management book published in 13 national editions). Kent Dixon Consultant/Investor. Former President and Former Director of ISFA (the owner of P.O. Box 4546 Chief Executive Officer of Empire Federal INVEST, a national securities brokerage New York, NY 10163 Savings Bank of America and Banc PLUS Savings service designed for banks and thrift Age: 66 Association. Former Chairman of the Board, institutions). Class III President and Chief Executive Officer of Northeast Savings.

4

OTHER DIRECTORSHIPS HELD BY NAME, ADDRESS PRINCIPAL OCCUPATION(S) DIRECTOR OR NOMINEE FOR AND AGE DURING PAST 5 YEARS DIRECTOR ------------------------------------------------------------------------------------------------------------------------------------ Frank J. Fabozzi Consultant. Editor of THE JOURNAL OF PORTFOLIO Director, Guardian Mutual Funds Group (18 P.O. Box 4546 MANAGEMENT and Adjunct Professor of Finance at portfolios). New York, NY 10163 the School of Management at Yale University. Age: 55 Author and editor of several books on fixed Class II income portfolio management. Visiting Professor of Finance and Accounting at the Sloan School of Management, Massachusetts Institute of Technology from 1986 to August 1992. James Clayburn Dean Emeritus of The John E. Anderson Graduate Director, Payden & Rygel Investment Trust, La Force, Jr. School of Management, University of California Metzler-Payden Investment Trust, Advisors P.O. Box 4546 since July 1, 1993. Acting Dean of The School Series Trust, Arena Pharmaceuticals, Inc. New York, NY 10163 of Business, Hong Kong University of Science and CancerVax Corporation. Age: 75 and Technology 1990-1993. From 1978 to Class I September 1993, Dean of The John E. Anderson Graduate School of Management, University of California. Walter F. Mondale Senior Counsel, Dorsey & Whitney LLP, a law Director of United Health Foundation and P.O. Box 4546 firm (January 2004 - present); Partner, Dorsey the Japan Society. Member of the Hubert H. New York, NY 10163 & Whitney LLP, (December 1996 - December 2003, Humphrey Institute of Public Affairs Age: 76 September 1987 - August 1993). Former U.S. Advisory Board, The Mike and Maureen Class II Ambassador to Japan (1993 - 1996). Formerly Mansfield Foundation, Dean's Board of Vice President of the United States, U.S. Visitors of the Medical School at the Senator and Attorney General of the State of University of Minnesota, and the Mayo Minnesota. 1984 Democratic Nominee for Foundation Advisory Council to the President of the United States. Formerly President. Director of Northwest Airlines Corp., UnitedHealth Group and RBC Dain Rauscher, Inc.

* DO THE TRUSTS HAVE ANY COMMITTEES? Yes. The Trusts' Directors have determined that the efficient conduct of the Trusts' affairs makes it desirable to delegate responsibility for certain specific matters to committees of the Boards. The committees meet as often as necessary, either in conjunction with regular meetings of the Directors or otherwise. The Governance Committee appoints the members and chairperson of the Audit Committee and the chairperson of the Governance Committee. EXECUTIVE COMMITTEE Each Trust has an Executive Committee composed of Messrs. Schlosstein and Kapito, which acts on behalf of the full Board on certain matters in the interval between meetings of the Board. AUDIT COMMITTEE Each of the Trusts has an Audit Committee, composed of three of the Independent Directors, which is charged with selecting a firm of independent accountants for its respective Trust and reviewing accounting matters with the accountants. The Audit Committee of each Trust presents the following report: The Audit Committee of each Trust has performed the following functions: (i) the Audit Committee reviewed and discussed the audited financial statements of each Trust with management of each respective Trust, (ii) the Audit Committee discussed with the independent auditors the matters required to be discussed by the Statement on Auditing Standards No. 61, (iii) the Audit Committee received the written disclosures and the letter from the independent auditors required by ISB Standard No. 1 and has discussed with the auditors the auditors' independence and (iv) the Audit Committee recommended to the Board of Directors of each Trust that the financial statements be included in each Trust's Annual Report for the past fiscal year. The members of the Audit Committee of each Trust are Messrs. Brimmer (Chairman of the Audit Committee), Cavanagh and Dixon, all of whom are Independent Directors. The Board of each Trust has determined that each Trust has two audit committee financial experts serving on its audit committee, Dr. Brimmer and Mr. Dixon, both of whom are independent for the purpose of the definition of audit committee financial expert as applicable to the Trusts. The Audit Committee is governed by a written charter, which was revised on February 19, 2004 and is attached hereto as Appendix C. 5 GOVERNANCE COMMITTEE Each of the Trusts has a Governance Committee, which also performs the functions normally performed by a nominating committee. The Governance Committee is composed of all of the Independent Directors. The 1940 Act requires that the Trusts have a minimum proportion of directors who are not affiliated in any way with the investment manager, principal underwriter or any broker-dealer of the Trusts. These Independent Directors must vote separately to approve all financial arrangements and other agreements with the Trusts' investment manager and other affiliated parties. Each Trust's Independent Directors meet regularly as a group in executive session as the Governance Committee. As part of its duties, the Governance Committee makes recommendations to the full Board of each Trust with respect to candidates for the Board and with respect to the compensation of Directors. The Governance Committee will consider director candidates recommended by shareholders. In considering candidates submitted by shareholders, the Governance Committee will take into consideration the needs of the Board and the qualifications of the candidate. The Governance Committee may also take into consideration the number of shares held by the recommending shareholder and the length of time that such shares have been held. To have a candidate considered by the Governance Committee, a shareholder must submit the recommendation in writing and must include: o The name of the shareholder and evidence of the person's ownership of shares of the applicable Trust(s), including the number of shares owned and the length of time of ownership; and o The name of the candidate, the candidate's resume or a listing of his or her qualifications to be a Director of the Trust(s) and the person's consent to be named as a Director if selected by the Governance Committee and nominated by the Board. The shareholder recommendation and information described above must be sent to the Corporate Secretary, c/o BlackRock, P.O. Box 4546, New York, New York 10163 and must be received by the Corporate Secretary not less than 120 days prior to the anniversary date of the Trust's most recent annual meeting of shareholders (which will be no later than February 6, 2005, for next year's Annual Meeting). The Governance Committee believes that the minimum qualifications for serving as a Director of the Trust(s) are that a candidate demonstrate, by significant accomplishment in his or her field, an ability to make a meaningful contribution to the Board's oversight of the business and affairs of the Trust(s) and have an impeccable record and reputation for honest and ethical conduct in both his or her professional and personal activities. In addition, the Governance Committee examines a candidate's specific experiences and skills, time availability in light of other commitments, potential conflicts of interest and independence from management and the Trust(s). The Governance Committee also seeks to have the Board represent a diversity of backgrounds and experience. The Trusts do not pay any third party a fee to assist in the process of identifying and evaluating candidates. The Joint Governance Committee Charter of the Trusts is available at BlackRock's web site at http://www.blackrock.com/funds/cefunds/index.html under the heading "Corporate Governance/Committee Charters." * DO THE TRUSTS HAVE A POLICY WITH RESPECT TO THE ATTENDANCE OF DIRECTORS AT THE ANNUAL MEETING? It is the Trusts' policy to encourage Directors to attend the Annual Meeting. At the Annual Meeting on May 22, 2003, all of the Trusts' Directors were present. * HOW CAN THE TRUSTS' SHAREHOLDERS SEND COMMUNICATIONS TO THE DIRECTORS? Shareholders and other interested parties may contact the Boards or any member of the Boards by mail or electronically. To communicate with the Boards or any member of the Boards, correspondence should be addressed to the Board or the Board members with whom you wish to communicate by either name or title. All such correspondence should be sent c/o Secretary of the applicable Trust or Trusts at P.O. Box 4546, New York, New York 10163. Shareholders may communicate with the Boards electronically by sending an email to closedendfundsbod@blackrock.com. * HOW MANY SHARES OF THE TRUSTS DO THE DIRECTORS OWN? The chart attached hereto as Appendix D lists the number of shares beneficially owned by the Directors and the number of share equivalents owned by the Directors pursuant to the Directors' deferred compensation plan. * HOW OFTEN DO THE DIRECTORS MEET? Eight meetings of the Boards of each of BZA, BIE, BZM, BBK, BLJ, BQH, BHV, BLE, BCL and BFY and nine meetings of the Boards of each of BYM, BCK, BAF and BSE were held during their last fiscal year between September 1, 2002 and August 6 31, 2003. Five meetings of the Boards of each of BNA, BHD, BCT, BHY, BKN, BKT, RAA, RNJ, RNY and BHK and six meetings of the Boards of each of RFA, BBF, BFK, BFZ, BNJ and BNY were held during their last fiscal year between November 1, 2002 and October 31, 2003. Six meetings of the Boards of each of BMN, BFC, BLN, BMT, BRM, BQT and BAT and seven meetings of the Boards of each of BPS, BRF, BSD, BJZ, BLH and BPK were held during their last fiscal year between January 1, 2003 and December 31, 2003. Six meetings of the Audit Committees of each of BZA, BIE, BZM, BBK, BLJ, BQH, BHV, BLE, BCL, BFY, BYM, BCK, BAF and BSE were held during their last fiscal year between September 1, 2002 and August 31, 2003. Six meetings of the Audit Committees of each of BNA, BHD, BCT, BHY, BKN, BKT, RAA, RFA, RNJ, RNY, BFK, BFZ, BBF, BNJ, BNY and BHK were held during their last fiscal year between November 1, 2002 and October 31, 2003. Seven meetings of the Audit Committees of each of BPK, BJZ, BLH, BMN, BFC, BLN, BMT, BRF, BRM, BPS, BQT, BAT and BSD were held during their last fiscal year between January 1, 2003 and December 31, 2003. Four meetings of the Governance Committees of each of BZA, BIE, BZM, BBK, BLJ, BQH, BHV, BLE, BCL, BFY, BYM, BCK, BAF and BSE were held during their last fiscal year between September 1, 2002 and August 31, 2003. Three meetings of the Governance Committees of each of BNA, BHD, BCT, BHY, BKN, BKT, RAA, RFA, RNJ, RNY, BFK, BFZ, BBF, BNJ, BNY and BHK were held during their last fiscal year between November 1, 2002 and October 31, 2003. Four meetings of the Governance Committees of each of BPK, BJZ, BLH, BMN, BFC, BLN, BMT, BRF, BRM, BPS, BQT, BAT and BSD were held between their last fiscal year from January 1, 2003 and December 31, 2003. During each Trust's last full fiscal year, each Director attended at least 75% of the aggregate of: (i) all regular meetings of the Board of each Trust (held during the period for which he has been a Director); and (ii) all meetings of all committees of the Board of each Trust on which he served (during the periods that he served). Annual meeting information and Directors' attendance for BLW, BPP, BKK, BFO and BDV have not been provided because such Trusts have not been in operation for a full fiscal year. * WHAT ARE THE DIRECTORS PAID FOR THEIR SERVICES? The following table sets forth certain information regarding the compensation of the Trusts' Directors (other than the "interested" Directors (as defined in Section 2(a)(19) of the 1940 Act) who do not receive a salary from the Trusts): TOTAL COMPENSATION FROM THE FUND COMPLEX NAME OF DIRECTOR PAID TO DIRECTORS (1) ---------------------------------- --------------------------- Andrew F. Brimmer $250,000(2)(3)(4) Richard E. Cavanagh $210,000(2)(4) Kent Dixon $210,000(2)(4) Frank J. Fabozzi $190,000(2) James Clayburn La Force, Jr. $190,000(2) Walter F. Mondale $190,000(2) ---------------- (1) Represents the total compensation earned by such persons during the calendar year ended December 31, 2003, from the Fund Complex. (2) Represents the aggregate compensation earned by such persons during the calendar year ended December 31, 2003. Of this amount, Messrs. Brimmer, Cavanagh, Dixon, Fabozzi, La Force and Mondale deferred $50,000, $50,000, $50,000, $30,000, $189,750 and $30,000, respectively, pursuant to the Fund Complex's deferred compensation plan (described below). (3) Dr. Brimmer serves as "lead independent director" for each Board in the Fund Complex. For his services as lead independent director, Dr. Brimmer is compensated in the amount of $40,000 per annum by the Fund Complex allocated among the Trusts in the Fund Complex based on each Trust's relative net assets. (4) Messrs. Brimmer, Cavanagh and Dixon serve on the Audit Committee of the Fund Complex and for their service receive an additional $20,000 per annum, allocated among the Trusts in the Fund Complex based on their relative net assets. During the last fiscal year, each Independent Director received an annual fee calculated as follows: (i) $6,000 from each Trust in the Fund Complex and (ii) $1,500 for each meeting of each Board in the Fund Complex attended by such Independent Director. The total annual aggregate compensation for each Independent Director was capped at $190,000 per annum, except that 7 Dr. Brimmer received an additional $40,000 per annum from the Fund Complex for acting as the lead director for each Board in the Fund Complex and Messrs. Brimmer, Cavanagh and Dixon received an additional $20,000 per annum from the Fund Complex for their service on the Audit Committee of the Fund Complex. This additional compensation to Messrs. Brimmer, Cavanagh and Dixon was allocated among the Trusts in the Fund Complex based on their relative net assets. In the event that the $190,000 cap was met with respect to an Independent Director, the amount of the Independent Director's fee borne by each Trust in the Fund Complex was reduced by reference to the net assets of the Trust relative to the other Trusts in the Fund Complex. In addition, the attendance fees of each Independent Director of the Trusts were reduced proportionately, based on each respective Trust's net assets, so that the aggregate per meeting fee for all meetings of the Boards of the Trusts (excluding the per annum Audit Committee fee) held on a single day did not exceed $23,750 for any Independent Director. The following fees were accrued by the following Trusts during their last fiscal year from January 1, 2003 to December 31, 2003: BAT $16,100 BMN $72,000 BJZ $14,000 BRM $78,400 BQT $44,000 BPK $34,400 BLN $31,200 BPS $12,400 BLH $12,800 BFC $28,900 BSD $15,900 BPP(1) $50,500 BRF $23,100 BMT $41,900 BKK(1) $10,200 BFO(1) $ 3,300 ---------------- (1) BPP, BKK and BFO accruals do not represent a full fiscal year. The following fees were accrued by the following Trusts during their last fiscal year from November 1, 2002 to October 31, 2003: BHY $12,000 RNY $12,000 BHK $52,800 BCT $14,400 BKN $41,200 BHD $13,200 RAA $12,000 BNA $57,600 BFK $79,600 RFA $12,000 BBF $14,500 BNJ $15,700 BFZ $30,900 BNY $26,700 BLW(2) $20,400 RNJ $12,000 BKT $74,700 ---------------- (2) BLW accrual does not represent a full fiscal year. BDV was not yet formed during this time period. The following fees were accrued by the following Trusts during their last fiscal year from September 1, 2002 to August 31, 2003: BBK $20,400 BHV $12,200 BYM $43,100 BZA $12,600 BLE $45,500 BCK $10,800 BIE $12,600 BCL $17,500 BAF $14,200 BZM $12,400 BLJ $12,400 BSE $11,000 BQH $12,500 BFY $12,800 None of the Directors received any pension or retirement benefits. None of the officers of the Trusts received any compensation, including pension or retirement benefits, from the Trusts for such period. Messrs. Schlosstein, Kapito, Gabbay, Klingert, Kong, Gary, Shea, Tritto, Kindelan and Ms. Ackerley, officers of the Trusts, are also affiliated with the Advisor or its affiliates. They receive compensation from the Advisor or one of its affiliates, although under the terms of the investment advisory agreements some portion of their compensation could be reimbursable by a particular Trust to the extent such person's working time (other than time related to providing investment advisory services) is devoted to certain of that particular Trust's operations. Under the deferred compensation plan (the "Plan") approved by each Trust's Board, Independent Directors may elect to defer receipt of all or a portion of their annual compensation. As of January 1, 2003, the Board elected to require its Independent Directors to defer a portion of their annual compensation pursuant to the Plan. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain BlackRock closed-end Trusts selected by the Directors. This has the same economic effect for the Directors as if the Directors had invested the deferred amounts in such Trusts. The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of the Trust. Each Trust may, however, elect to invest in common shares of those Trusts selected by the Directors in order to match its deferred compensation obligations. The Independent Directors have voluntarily agreed that at least $30,000 of their $190,000 base fee will be mandatorily deferred pursuant to the Plan. Also, members of the Audit Committee of the Fund Complex are required to defer all of the $20,000 per annum fee they will receive for their services on the Audit Committee pursuant to the Plan. 8 * HOW LARGE A STAKE DO THE DIRECTORS HAVE IN THE TRUSTS? The Directors believe each Director should have a beneficial investment in the BlackRock closed-end Trusts. The Directors allocate their investments among the 49 active BlackRock closed-end Trusts based on their own investment needs. The table attached at Appendix E to this Proxy Statement sets forth the dollar range of equity securities beneficially owned and share equivalents held by each Director in all of the BlackRock closed-end Trusts represented in this Proxy statement as of February 27, 2004. The affirmative vote of a plurality of the shares present for each Trust at the Annual Meeting at which a quorum is present is necessary to approve Proposal 1 for each respective Trust. THE BOARD OF EACH TRUST, INCLUDING THE INDEPENDENT DIRECTORS, UNANIMOUSLY RECOMMENDS THAT YOU VOTE "FOR" THE PROPOSAL. SECOND PROPOSAL: TO AMEND THE TRUSTS' ARTICLES SUPPLEMENTARY --------------- * HOW WILL THE ARTICLES SUPPLEMENTARY OF CERTAIN TRUSTS BE AMENDED? The Board of Directors of each of BMN, BMT, BRM, BLN, BFC, BKN, RAA, RNJ and RNY (the "Affected Trusts") are recommending that the Affected Trusts' Articles Supplementary be amended to remove a requirement that the Trusts' independent accountants confirm that the Trusts satisfy certain preferred share asset coverage tests once per quarter. If the proposal is approved, the Affected Trusts' independent accountants will be required to provide such accountants' confirmation once per year. Currently, the Affected Trusts' Articles Supplementary require that an accountants' confirmation be provided on each "Quarterly Valuation Date." A Quarterly Valuation Date is defined as follows: "'Quarterly Valuation Date' means the last Business Day of each fiscal quarter of the Corporation in each fiscal year of the Corporation... " If the proposal is approved, the Articles Supplementary will be amended to remove all references to "Quarterly Valuation Date" and replace such references with "Annual Valuation Date." "Annual Valuation Date" will be defined as follows: "'Annual Valuation Date' means the last Business Day of each fiscal year of the Corporation." * WHY AM I BEING ASKED TO APPROVE THIS AMENDMENT? The Articles Supplementary for the Affected Trusts contain the quarterly confirmation requirement due to restrictions previously imposed by the rating agencies rating each Affected Trust's preferred shares. Recently, these rating agencies removed the quarterly confirmation requirement and will now permit the Affected Trusts to obtain an accountants' confirmation on an annual basis. However, removing the quarterly accountants' confirmation and replacing it with an annual confirmation requires an amendment to each Affected Trust's charter which, under Maryland law, requires shareholder approval. The rating agencies rating the Affected Trusts' preferred shares require each Affected Trust to maintain eligible assets with an aggregate discounted value exceeding the sum of (a) the aggregate liquidation preference of the preferred shares then outstanding and (b) certain accrued and projected payment obligations. This is referred to as asset coverage. The charter of each Affected Trust requires the asset coverage tests to be calculated every 2 weeks. Under the Affected Trusts' current charter provisions, the Affected Trusts' accountants review and confirm these asset coverage test calculations on a quarterly basis, as required by the rating agencies when the Affected Trusts were formed. If this proposal is approved by shareholders, the accountants would only be required to confirm these asset coverage test calculations annually, as the rating agencies now require. This change will not affect the rating of Preferred Shares. The Affected Trusts will continue to calculate the results of the asset coverage tests every 2 weeks. As a result, the Affected Trusts believe that the cost savings realized from the annual asset coverage tests confirmations will outweigh any reduction in protections afforded to preferred shareholders. At the meeting of the Board of Directors of each Affected Trust held on February 19, 2004, the Board evaluated this proposal. Based upon its review, the Board concluded that the proposal is in the best interest of the Affected Trusts and their shareholders because it will reduce costs to the Affected Trusts' common shareholders without meaningfully reducing protections to their respective preferred shareholders. Accordingly, on February 19, 2004, the Board unanimously adopted a resolution setting forth the proposed amendment, declaring it to be advisable, directing that it be submitted for consideration at the Annual Meeting and recommending that all shareholders vote for its approval. 9 Accordingly, each Affected Trust's shareholders are being asked to approve this amendment with respect to the Affected Trust or Trusts in which they own shares. The holders of the preferred shares and the holders of the common shares are entitled to vote on Proposal 2. Approval of Proposal 2 requires the affirmative vote by the holders of a majority of the outstanding Preferred Shares and common shares when voting as a single class. THE BOARD OF EACH AFFECTED TRUST, INCLUDING THE INDEPENDENT DIRECTORS, UNANIMOUSLY RECOMMENDS THAT YOU VOTE "FOR" THE PROPOSAL. FURTHER INFORMATION ABOUT VOTING AND THE ANNUAL MEETING The cost of soliciting proxies will be borne by each Trust in the proportion to the amount of proxies solicited on behalf of a Trust bears to the total proxies solicited on behalf of all of the Trusts. In addition, certain officers, directors and employees of each of the Trusts and the Advisor, located at 100 Bellevue Parkway, Wilmington, Delaware 19809, (none of whom will receive additional compensation therefor) may solicit proxies by telephone or mail. Also, certain of the Trusts may employ Georgeson Shareholder Communications Inc. pursuant to its standard contract as proxy solicitor, the cost of which will be borne proportionately by each of the Trusts and is estimated to be approximately $3,500 (except for BHV, BZM, BLJ, BQH, BKK, BFO, BLW, BPP and BDV, which will be approximately $2,500), per Trust. Abstentions will be counted as shares present at the Annual Meeting and will not affect the result of the vote on Proposal 1. Abstentions on Proposal 2 will have the same effect as a negative vote because approval of this proposal requires the affirmative vote by the holders of a majority of the outstanding preferred shares and common shares when voting as a single class. All properly executed proxies received prior to the Annual Meeting will be voted at the Annual Meeting in accordance with the instructions marked thereon or otherwise as provided therein. Shareholders may revoke their proxies at any time prior to the time they are voted by giving written notice to the Secretary of the Trust by delivering a subsequently dated proxy or by attending and voting at the Annual Meeting. The Board of each Trust has fixed the close of business on February 27, 2004 as the record date for the determination of shareholders of each Trust entitled to notice of, and to vote at, the Annual Meeting. Shareholders of each Trust on that date will be entitled to one vote on each matter to be voted on by that Trust for each share held and a fractional vote with respect to fractional shares with no cumulative voting rights. ADDITIONAL INFORMATION EXECUTIVE OFFICERS In addition to Messrs. Schlosstein and Kapito, all the following executive officers, except Messrs. Gary and Klingert, hold the same position with each of the Trusts. With respect to Mr. Klingert, he is an officer of BRM, BLN, BFC, BRF, BKN, BMN, RAA, RFA, RNJ, RNY, BPS, BSD, BMT, BBF, BFK, BFZ, BNJ, BNY, BJZ, BPK, BLH, BBK, BZA, BIE, BZM, BLJ, BQH, BHV, BLE, BCL, BFY, BYM, BCK, BAF, BSE, BKK and BFO only. With respect to Mr. Gary, he is an officer of BHY, BHK, BHD and BNA only.

OTHER PRINCIPAL OCCUPATIONS NAME AND AGE TITLE IN PAST 5 YEARS -------------------------- -------------------------- ----------------------------------------- Anne Ackerley Vice President Managing Director of BlackRock, Inc. since 2000. Age: 42 Formerly First Vice President and Chief Operating Officer, Mergers and Acquisitions Group at Merrill Lynch & Co. from 1997 to 2000; First Vice President and Chief Operating Officer, Public Finance Group at Merrill Lynch & Co. from 1995 to 1997; First Vice President, Emerging Markets Fixed Income Research at Merrill Lynch & Co. prior thereto. Henry Gabbay Treasurer Managing Director of BlackRock, Inc. and Age: 56 its predecessor entities.

10

OTHER PRINCIPAL OCCUPATIONS NAME AND AGE TITLE IN PAST 5 YEARS -------------------------- -------------------------- ----------------------------------------- Jeff Gary Vice President Managing Director of BlackRock, Inc. since 2003. Age: 41 Formerly, Managing Director and high yield portfolio manager with AIG (American General) Investment Group. Director and Senior Counsel (since January 2001), and Brian P. Kindelan Assistant Secretary Vice President and Senior Counsel (1998-2000), Age: 44 BlackRock, Inc.; Senior Counsel, PNC Bank Corp. from May 1995 to April 1998; Associate, Stradley, Ronon, Stevens & Young, LLP from March 1990 to May 1995. Kevin Klingert Vice President Managing Director of BlackRock, Inc. and Age: 41 its predecessor entities. James Kong Assistant Treasurer Managing Director of BlackRock, Inc. and Age: 43 its predecessor entities. Richard Shea, Esq. Vice President/Tax Managing Director of BlackRock, Inc. since 2000; Chief Age: 44 Operating Officer and Chief Financial Officer of Anthracite Capital, Inc. since 1998. Formerly, Director of BlackRock, Inc. and its predecessor entities. Vincent B. Tritto Secretary Director and Assistant Secretary of BlackRock, Inc. Age: 42 since 2002. Formerly, Executive Director (2000-2002) and Vice President (1998-2000), Morgan Stanley & Co. Incorporated and Morgan Stanley Asset Management Inc. and officer of various Morgan Stanley-sponsored investment vehicles; Counsel (1998) and associate (1988-1997), Rogers & Wells LLP, New York, NY; Foreign Associate (1992-1994), Asahi Law Offices/Masuda & Ejiri, Tokyo, Japan.

INVESTMENT ADVISOR The Advisor, located at 100 Bellevue Parkway, Wilmington, Delaware 19809, is a wholly owned subsidiary of BlackRock, Inc. ("BlackRock"), which is one of the largest publicly traded investment management firms in the United States, with approximately $309 billion of assets under management as of December 31, 2003. BlackRock manages assets on behalf of institutions and individual investors worldwide, through a variety of equity, fixed income, liquidity and alternative investment separate accounts and mutual funds, including the BlackRock Funds and BlackRock Liquidity Funds. In addition, BlackRock provides risk management and investment system services to a growing number of institutional investors under the BlackRock Solutions(R) name. Clients are served from BlackRock's headquarters in New York City, as well as offices in Wilmington, San Francisco, Boston, Edinburgh, Tokyo and Hong Kong. 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. The executive officers of the Advisor are: NAME POSITION ---- -------- Laurence D. Fink Chief Executive Officer Ralph L. Schlosstein President Robert S. Kapito Vice Chairman Robert P. Connolly General Counsel and Secretary Mr. Schlosstein is a Director of the Trusts and Mr. Kapito is an officer and Director of the Trusts. BlackRock Financial Management, Inc., an affiliate of the Advisor and a wholly owned subsidiary of BlackRock, currently serves as Sub-Advisor to BBF, BFK, BFZ, BNJ, BNY, BJZ, BPK, BLH, BHK, BHD, BYM, BCK, BAF, BSE, BLE, BFY, BCL, BZA, BBK, BIE, BLJ, BQH, BZM, BHV, BPP, BLW, BKK, BFO and BDV. 11 INDEPENDENT AUDITORS Deloitte & Touche LLP ("D&T") has been selected as the independent auditor by the Audit Committee of each Trust and ratified by a majority of each Trust's Board, including a majority of the Independent Directors by vote cast in person, to audit the accounts of each Trust for and during each Trust's fiscal year ending in 2004. None of the Trusts knows of any direct or indirect financial interest of D&T in the Trusts. Representatives of D&T will attend the Annual Meeting, will have the opportunity to make a statement if they desire to do so and will be available to answer questions. AUDIT FEES The aggregate fees billed to each Trust by D&T for professional services rendered for the audit of each Trust's annual financial statements for the most recent fiscal year (or period) were in the following amounts: BKN $34,000 BLN $24,700 BZM $30,100 BRM $36,000 BCT $18,100 BLJ $30,100 BFC $24,600 BHY $23,500 BQH $30,300 BKT $61,300 BAT $27,700 BHV $12,300 BQT $55,300 RAA $ 9,100 BLE $34,100 BMN $45,400 RNJ $ 9,100 BCL $31,200 RFA $ 9,100 BMT $35,800 BFY $30,600 RNY $ 9,100 BSD $26,900 BYM $39,700 BPS $13,200 BBF $30,300 BCK $35,600 BNA $79,100 BFZ $31,100 BAF $36,300 BFK $34,000 BNY $30,900 BSE $35,800 BNJ $30,400 BPK $31,700 BPP(1) $32,800 BJZ $30,500 BHK $38,000 BLW(1) $37,300 BLH $30,200 BBK $31,800 BKK(1) $31,400 BHD $30,400 BZA $30,400 BFO(1) $29,700 BRF $24,300 BIE $30,400 BDV(1) $ 0 ---------------- (1) BPP, BLW, BKK, BFO and BDV have not completed a full fiscal year. However, BPP, BLW, BKK and BFO have nonetheless paid to D&T fees for professional services rendered for the audit of their annual financial statements. The aggregate fees billed to each Trust(1) by D&T for professional services rendered for the audit of each Trust's annual financial statements for the fiscal year preceding the most recent one were in the following amounts: BKN $29,300 BLN $22,000 BZM $29,500 BRM $34,100 BCT $15,000 BLJ $29,600 BFC $21,800 BHY $19,200 BQH $29,700 BKT $53,200 BAT $23,500 BHV $13,900 BQT $48,300 RAA $ 7,500 BLE $34,500 BMN $41,900 RNJ $ 7,500 BCL $30,900 RFA $ 7,500 BMT $31,900 BFY $30,200 RNY $ 7,600 BSD $22,800 BPS $10,900 BBF $30,300 BNA $74,000 BFZ $31,800 BFK $36,800 BNY $31,400 BNJ $30,400 BPK $27,900 BJZ $25,600 BHK $38,000 BLH $24,900 BBK $31,600 BHD $30,200 BZA $29,900 BRF $21,100 BIE $29,900 (1) BYM, BCK, BAF, BSE, BLW, BPP, BKK, BFO and BDV are not included in the above chart because such Trusts either had not completed their initial fiscal year (or period) or had not been formed in the fiscal year preceding the most recent one. 12 Audit-Related Fees The aggregate fees billed in the most recent fiscal year (or period) to each Trust by D&T for assurance and related services reasonably related to the performance of the audit of each Trust's annual financial statements were as listed below. The nature of these services was attest services not required by statute or regulation, overhead and out-of-pocket expenses. The fees for each Trust were in the following amounts: BKN $ 8,000 BLN $ 8,000 BZM $ 5,900 BRM $ 8,000 BCT $ 0 BLJ $ 5,900 BFC $ 8,000 BHY $ 4,600 BQH $ 6,000 BKT $ 0 BAT $ 0 BHV $ 5,900 BQT $ 0 RAA $ 0 BLE $10,500 BMN $ 8,000 RNJ $ 0 BCL $ 9,300 RFA $ 0 BMT $ 8,000 BFY $ 9,100 RNY $ 0 BSD $ 4,000 BYM $10,800 BPS $ 4,000 BBF $ 6,000 BCK $ 9,100 BNA $ 0 BFZ $ 6,300 BAF $ 9,400 BFK $ 7,300 BNY $ 6,200 BSE $ 9,200 BNJ $ 6,000 BPK $ 4,000 BPP(1) $ 3,000 BJZ $ 4,000 BHK $ 0 BLW(1) $ 0 BLH $ 4,000 BBK $ 6,600 BKK(1) $ 3,000 BHD $ 0 BZA $ 6,000 BFO(1) $ 3,000 BRF $ 4,000 BIE $ 6,000 BDV(1) $ 0 ---------------- (1) BPP, BLW, BKK, BFO and BDV have not completed a full fiscal year. However, BPP, BKK and BFO have nonetheless paid to D&T fees for assurance and related services reasonably related to the performance of the audit of their annual financial statements. The aggregate fees billed in the fiscal year preceding the most recent to each Trust(1) by D&T for assurance and related services reasonably related to the performance of the audit of each Trust's annual financial statements were in the amounts listed below. The nature of these services was attest services not required by statute or regulation, overhead and out-of-pocket expenses. The fees for each Trust were in the following amounts: BKN $10,000 BLN $ 8,000 BZM $ 7,000 BRM $ 8,000 BCT $ 0 BLJ $ 7,000 BFC $ 8,000 BHY $ 4,500 BQH $ 7,000 BKT $ 0 BAT $ 0 BHV $ 7,000 BQT $ 0 RAA $ 0 BLE $ 0 BMN $ 8,000 RNJ $ 0 BCL $ 0 RFA $ 0 BMT $ 8,000 BFY $ 0 RNY $ 0 BSD $ 8,000 BPS $ 8,000 BBF $11,000 BNA $ 0 BFZ $11,000 BFK $11,000 BNY $11,000 BNJ $11,000 BPK $ 8,000 BJZ $ 8,000 BHK $ 0 BLH $ 8,000 BBK $ 7,000 BHD $ 0 BZA $ 7,000 BRF $ 8,000 BIE $ 7,000 (1) BYM, BCK, BAF, BSE, BLW, BPP, BKK, BFO and BDV are not included in the above chart because such Trusts either had not completed their initial fiscal year (or period) or had not yet been formed in the fiscal year preceding the most recent one. 13 TAX FEES The aggregate fees billed in the most recent fiscal year (or period) to each Trust by D&T for professional services rendered for tax compliance, tax advice, and tax planning were as listed below. The nature of these services was federal, state and local income and excise tax return preparation and related advice and planning, determination of taxable income for CMO's, and miscellaneous tax advice. The fees for each Trust were in the following amounts: BKN $ 1,400 BLN $ 9,200 BZM $ 8,400 BRM $ 9,200 BCT $26,600 BLJ $ 8,400 BFC $ 9,200 BHY $ 1,400 BQH $ 8,400 BKT $31,500 BAT $14,200 BHV $ 8,400 BQT $18,000 RAA $ 1,400 BLE $ 2,400 BMN $ 3,200 RNJ $ 1,400 BCL $ 2,400 RFA $ 1,400 BMT $ 9,200 BFY $ 2,400 RNY $ 2,400 BSD $10,800 BYM $ 0 BPS $10,800 BBF $ 7,700 BCK $ 0 BNA $16,600 BFZ $ 7,700 BAF $ 0 BFK $ 7,700 BNY $10,700 BSE $ 0 BNJ $ 7,700 BPK $10,200 BPP(1) $25,000 BJZ $10,200 BHK $10,400 BLW(1) $ 0 BLH $10,200 BBK $ 8,400 BKK(1) $ 1,500 BHD $ 8,400 BZA $ 8,400 BFO(1) $ 1,500 BRF $ 9,200 BIE $ 7,400 BDV(1) $ 0 ---------------- (1) BPP, BLW, BKK, BFO and BDV have not completed their initial fiscal year. However, BPP, BKK and BFO have nonetheless paid to D&T fees for professional services rendered for tax compliance, tax advice, and tax planning. The aggregate fees billed in the fiscal year preceding the most recent one to each Trust(1) by D&T for tax compliance, tax advice, and tax planning were as listed below. The nature of these services was federal, state and local income and excise tax return preparation and related advice and planning, determination of taxable income for CMO's, and miscellaneous tax advice. The fees for each Trust were in the following amounts: BKN $ 6,100 BLN $ 6,100 BZM $ 0 BRM $ 6,900 BCT $33,700 BLJ $ 0 BFC $ 6,900 BHY $ 1,400 BQH $ 0 BKT $50,200 BAT $21,900 BHV $ 0 BQT $33,400 RAA $ 0 BLE $ 0 BMN $ 1,400 RNJ $ 0 BCL $ 0 RFA $ 0 BMT $ 7,900 BFY $ 0 RNY $ 0 BSD $ 8,200 BPS $ 8,200 BBF $ 6,500 BNA $38,800 BFZ $ 7,900 BFK $ 6,500 BNY $ 8,500 BNJ $ 6,500 BPK $ 7,500 BJZ $ 7,500 BHK $ 6,000 BLH $ 7,500 BBK $ 0 BHD $ 0 BZA $ 0 BRF $ 6,100 BIE $ 0 (1) BYM, BCK, BAF, BSE, BLW, BPP, BKK, BFO and BDV are not included in the above chart because such Trusts either had not completed their initial fiscal year (or period) or had not yet been formed in the fiscal year preceding the most recent one. ALL OTHER FEES No Trust paid D&T for services other than those described above during the most recent fiscal year (or period) or the fiscal year preceding the most recent one. 14 AGGREGATE NON-AUDIT FEES The aggregate non-audit fees billed in the most recent fiscal year (or period) by D&T for services rendered to the Trusts were in the following amounts: BKN $ 9,400 BLN $17,200 BZM $14,300 BRM $17,200 BCT $26,600 BLJ $14,300 BFC $17,200 BHY $ 6,000 BQH $14,400 BKT $31,500 BAT $14,200 BHV $14,300 BQT $18,000 RAA $ 1,400 BLE $12,900 BMN $11,200 RNJ $ 1,400 BCL $11,700 RFA $ 1,400 BMT $17,200 BFY $11,500 RNY $ 2,400 BSD $14,800 BYM $10,800 BPS $14,800 BBF $13,700 BCK $ 9,100 BNA $16,600 BFZ $14,000 BAF $ 9,400 BFK $15,000 BNY $16,900 BSE $ 9,200 BNJ $13,700 BPK $14,200 BPP(1) $28,000 BJZ $14,200 BHK $10,400 BLW(1) $ 0 BLH $14,200 BBK $15,000 BKK(1) $ 4,500 BHD $ 8,400 BZA $14,400 BFO(1) $ 4,500 BRF $13,200 BIE $13,400 BDV(1) $ 0 ---------------- (1) BPP, BLW, BKK, BFO and BDV have not completed their initial fiscal year. The aggregate non-audit fees billed in the fiscal year preceding the most recent one by D&T for services rendered to the Trusts(1) were in the following amounts: BKN $16,100 BLN $14,100 BZM $ 7,000 BRM $14,900 BCT $33,700 BLJ $ 7,000 BFC $14,900 BHY $ 5,900 BQH $ 7,000 BKT $50,200 BAT $21,900 BHV $ 7,000 BQT $33,400 RAA $ 0 BLE $ 0 BMN $ 9,400 RNJ $ 0 BCL $ 0 RFA $ 0 BMT $15,900 BFY $ 0 RNY $ 0 BSD $16,200 BPS $16,200 BBF $17,500 BNA $38,800 BFZ $18,900 BFK $17,500 BNY $19,500 BNJ $17,500 BPK $15,500 BJZ $15,500 BHK $ 6,000 BLH $15,500 BBK $ 7,000 BHD $ 0 BZA $ 7,000 BRF $14,100 BIE $ 7,000 ---------------- (1) BYM, BCK, BAF, BSE, BLW, BPP, BKK, BFO and BDV are not included in the above chart because such Trusts either had not completed their initial fiscal year (or period) or had not yet been formed in the fiscal year preceding the most recent one. In addition, the aggregate non-audit fees billed by D&T for services rendered to the Advisor, or any entity controlling, controlled by, or under common control with the Advisor that provides ongoing services to the Trusts were $0 for the most recent fiscal year of the Trusts and $0 for the fiscal year preceding the most recent one of the Trusts. AUDIT COMMITTEE'S PRE-APPROVAL POLICIES AND PROCEDURES On May 22, 2003, the Audit Committee of each Trust adopted Pre-Approval Policies and Procedures. Since the adoption of such policies and procedures, the Audit Committee of each Trust has pre-approved all audit and non-audit services provided by D&T for the Trusts, and all non-audit services provided by D&T for the Advisor, or any entity controlling, controlled by, or under common control with the Advisor that provides ongoing services to the Trusts, which are related to the operations of the Trusts. 15 The Advisor and affiliates of the Advisor performing services for one or more Trusts paid no fees to D&T in any Trust's most recent fiscal year for services other than those described above or for any other services, including for information systems design and implementation. PRINCIPAL EXECUTIVE OFFICES The principal executive office of each Trust is located at 100 Bellevue Parkway, Wilmington, Delaware 19809. PRINCIPAL SHAREHOLDERS As of February 27, 2004, to the knowledge of each Trust, no person beneficially owned more than 5% of any Trust, except as set forth in the following table: AMOUNT OF NAME & ADDRESS OF BENEFICIAL TRUST BENEFICIAL OWNER OWNERSHIP PERCENT OF CLASS ----- ---------------- ----------- ---------------- BRM Karpus Management, Inc. 2,504,548 9.2% 14 Tobey Village Office Park Pittsford, New York 14534 BNA Wachovia Corporation 7,217,003 21.0% One Wachovia Center Charlotte, North Carolina 28288-0137 BCT Karpus Management, Inc. 149,225 5.1% 14 Tobey Village Office Park Pittsford, New York 14534 BAT Karpus Management, Inc. 1,244,815 13.1% 14 Tobey Village Office Park Pittsford, New York 14534 BAT SIT Investment Associates, Inc. 948,800 10.0% 4600 Norwest Center 90 South Seventh Street Minneapolis, MN 55402 RAA M.H. Whittier Corporation, James E. 242,400 24.1% Greene, Arlo G. Sorensen, Michael J. Casey & Whittier Trust Company, 1600 Huntington Drive, South Pasadena, California 91030 BLN Karpus Management, Inc. 1,556,730 13.8% 14 Tobey Village Office Park Pittsford, New York 14534 With respect to the above chart, all shares are common shares. FINANCIAL STATEMENTS AND OTHER INFORMATION EACH TRUST WILL FURNISH, WITHOUT CHARGE, A COPY OF SUCH TRUST'S MOST RECENT ANNUAL REPORT AND THE MOST RECENT SEMI-ANNUAL REPORT SUCCEEDING THE ANNUAL REPORT, IF ANY, TO ANY SHAREHOLDER UPON REQUEST. REQUESTS SHOULD BE DIRECTED TO BLACKROCK ADVISORS, INC., 100 BELLEVUE PARKWAY, WILMINGTON, DELAWARE 19809 (TELEPHONE NUMBER (800) 227-7BFM (7236)). Monthly performance and other information regarding the Trusts may be found on BlackRock's website, which can be accessed at http://www.blackrock.com/funds/cefunds/index.html. This reference to BlackRock's website is intended to allow investors to access information regarding the Trusts and does not, and is not intended to, incorporate BlackRock's website into this Proxy Statement. 16 SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE Section 16(a) of the Securities Exchange Act of 1934 and Section 30(h) of the 1940 Act require each Trust's officers and Directors, officers and directors of the Trusts' investment advisor, affiliated persons of the investment advisor, and persons who beneficially own more than 10% of the Trusts' shares to file certain reports of ownership ("Section 16 filings") with the SEC and the New York Stock Exchange or the American Stock Exchange (as applicable) and each of the Trusts. Based upon each Trust's review of the copies of such forms effecting the Section 16 filings received by it, each Trust believes that for its fiscal year ended in 2003, all filings applicable to such persons were completed and filed, except that, due to an administrative oversight, Form 3s with respect to BDV for the Trust's two portfolio managers were filed late in January of 2004. PRIVACY PRINCIPLES OF THE TRUSTS 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. 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). 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. DEADLINE FOR SHAREHOLDER PROPOSALS Shareholder proposals intended for inclusion in the Trusts' proxy statement in connection with the Trusts' 2005 annual meeting of shareholders pursuant to Rule 14a-8 under the Securities Exchange Act of 1934 must be received by a Trust at such Trust's principal executive offices by December 16, 2004. 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 February 28, 2005. OTHER MATTERS The management of the Trusts knows of no other matters which are to be brought before the Annual Meeting. However, if any other matters not now known properly come before the Annual Meeting, it is the intention of the persons named in the enclosed form of proxy to vote such proxy in accordance with their judgment on such matters. Very truly yours, RALPH L. SCHLOSSTEIN Chairman ROBERT S. KAPITO President April 21, 2004 17 APPENDIX A A list of the Trusts setting forth each Trust's full name and trading symbol is set forth below: NAME TRADING ---- SYMBOL ------- THE BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC. BKN THE BLACKROCK INSURED MUNICIPAL 2008 TERM TRUST INC. BRM THE BLACKROCK CALIFORNIA INSURED MUNICIPAL 2008 TERM TRUST INC. BFC THE BLACKROCK FLORIDA INSURED MUNICIPAL 2008 TERM TRUST BRF THE BLACKROCK NEW YORK INSURED MUNICIPAL 2008 TERM TRUST INC. BLN THE BLACKROCK BROAD INVESTMENT GRADE 2009 TERM TRUST INC. BCT THE BLACKROCK INCOME TRUST INC. BKT THE BLACKROCK HIGH YIELD TRUST BHY THE BLACKROCK INVESTMENT QUALITY TERM TRUST INC. BQT THE BLACKROCK ADVANTAGE TERM TRUST INC. BAT THE BLACKROCK MUNICIPAL TARGET TERM TRUST INC. BMN THE BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC. RAA THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST RFA THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC RNJ THE BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC. RNY THE BLACKROCK INCOME OPPORTUNITY TRUST INC. BNA THE BLACKROCK INSURED MUNICIPAL TERM TRUST INC. BMT THE BLACKROCK PENNSYLVANIA STRATEGIC MUNICIPAL TRUST BPS THE BLACKROCK STRATEGIC MUNICIPAL TRUST BSD BLACKROCK FLORIDA MUNICIPAL INCOME TRUST BBF BLACKROCK MUNICIPAL INCOME TRUST BFK BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST BFZ BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST BNJ BLACKROCK NEW YORK MUNICIPAL INCOME TRUST BNY BLACKROCK CALIFORNIA MUNICIPAL 2018 TERM TRUST BJZ BLACKROCK MUNICIPAL 2018 TERM TRUST BPK BLACKROCK NEW YORK MUNICIPAL 2018 TERM TRUST BLH BLACKROCK CORE BOND TRUST BHK BLACKROCK STRATEGIC BOND TRUST BHD BLACKROCK MUNICIPAL BOND TRUST BBK BLACKROCK CALIFORNIA MUNICIPAL BOND TRUST BZA BLACKROCK FLORIDA MUNICIPAL BOND TRUST BIE BLACKROCK MARYLAND MUNICIPAL BOND TRUST BZM BLACKROCK NEW JERSEY MUNICIPAL BOND TRUST BLJ BLACKROCK NEW YORK MUNICIPAL BOND TRUST BQH BLACKROCK VIRGINIA MUNICIPAL BOND TRUST BHV BLACKROCK MUNICIPAL INCOME TRUST II BLE BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST II BCL BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II BFY BLACKROCK INSURED MUNICIPAL INCOME TRUST BYM BLACKROCK CALIFORNIA INSURED MUNICIPAL INCOME TRUST BCK BLACKROCK FLORIDA INSURED MUNICIPAL INCOME TRUST BAF BLACKROCK NEW YORK INSURED MUNICIPAL INCOME TRUST BSE BLACKROCK PREFERRED OPPORTUNITY TRUST BPP BLACKROCK LIMITED DURATION INCOME TRUST BLW BLACKROCK MUNICIPAL 2020 TERM TRUST BKK BLACKROCK FLORIDA MUNICIPAL 2020 TERM TRUST BFO BLACKROCK DIVIDEND ACHIEVERS(TM) TRUST BDV A-1 APPENDIX B OUTSTANDING SHARES The following table sets forth the number of outstanding shares for each Trust at the close of business on February 27, 2004: OUTSTANDING SHARES OF OUTSTANDING SHARES OF TRUST COMMON STOCK PREFERRED STOCK ----- --------------------- ---------------------- BKN 16,707,093 5,862 BRM 27,207,093 10,840 BFC 10,407,093 4,182 BRF 8,707,093 3,366 BLN 11,257,093 4,382 BCT 2,957,093 -- BKT 63,480,331 -- BHY 6,388,428 -- BQT 36,810,639 -- BAT 9,510,667 -- BMN 45,410,639 11,964 RAA 1,007,093 300 RFA 1,127,093 340 RNJ 1,007,093 300 RNY 1,307,093 392 BNA 34,449,693 -- BMT 25,885,639 6,816 BPS 2,015,492 700 BSD 7,242,261 2,480 BBF 6,646,343 2,302 BFK 43,571,065 15,005 BFZ 14,985,501 5,278 BNJ 7,414,793 2,552 BNY 12,521,494 4,390 BJZ 6,433,028 2,221 BPK 15,908,028 5,504 BLH 3,633,028 1,256 BHK 27,018,774 -- BHD 7,041,375 -- BBK 10,123,055 3,620 BZA 3,351,150 1,199 BIE 3,309,483 1,191 BZM 2,014,422 720 BLJ 2,269,366 809 BQH 2,700,991 968 BHV 1,519,917 541 BLE 22,781,072 8,222 BCL 7,981,621 2,878 BFY 4,935,268 1,786 BYM 26,149,334 9,159 BCK 5,267,067 1,860 BAF 8,718,824 3,040 BSE 6,436,539 2,240 BPP 18,305,777 8,832 BLW 36,706,021 -- BKK 20,236,628 7,104 BFO 5,562,128 1,956 BDV 54,008,028 -- For each Trust in the above table, the class or classes of shares listed above are the only authorized class or classes of shares B-1 APPENDIX C JOINT AUDIT COMMITTEE CHARTER OF THE BLACKROCK CLOSED-END FUNDS AS APPROVED BY THE GOVERNANCE COMMITTEE FEBRUARY 2004(2) -------------------------------------------------------------------------------- I. PURPOSE OF THE AUDIT COMMITTEE The purpose of the Audit Committee (the "Audit Committee") of the Board of Trustees/Directors (the "Board") of each BlackRock Closed-End Fund and BlackRock Bond Allocation Target Shares (each a "Trust")3 is to provide assistance to the Board in fulfilling its legal and fiduciary obligations with respect to matters involving the accounting, auditing, financial reporting and internal control functions of the Trust, including, without limitation, (a) assisting the Board's oversight of (i) the integrity of the Trust's financial statements, (ii) the Trust's compliance with legal and regulatory requirements, and (iii) the qualifications and independence of the Trust's independent auditor (the "Independent Auditor"), and (b) preparing the report required to be prepared by the Audit Committee pursuant to the rules of the Securities and Exchange Commission (the "SEC") for inclusion in the Trust's annual proxy statement, if any. II. COMPOSITION OF THE AUDIT COMMITTEE The Audit Committee shall be comprised of three or more trustees/directors as determined from time to time by resolution of the Trust's Governance Committee. Each member of the Audit Committee shall be qualified to serve on the Audit Committee pursuant to the requirements of the Sarbanes - Oxley Act of 2002 (the "Act") and the rules and regulations promulgated by the SEC pursuant to the Act and by the New York Stock Exchange (the "NYSE") or the American Stock Exchange (the "AMEX"), as applicable. Each member of the Audit Committee shall be "independent" as defined by the rules promulgated by the SEC pursuant to the Act and the NYSE or AMEX listing standards depending on the securities exchange on which the respective Trust's common shares are listed for trading. If a Trust's common shares are not listed for trading on a securities exchange, the members of that Trust's Audit Committee shall be "independent" as defined by the NYSE listing standards. According to the rules and regulations promulgated by the SEC pursuant to the Act and by the NYSE, a member is independent if he or she, other than in his or her capacity as a member of the Board, the Audit Committee or any other board committee, (a) does not accept directly or indirectly any consulting, advisory or other compensatory fee from the Trust, other than receipt of pension or other forms of deferred compensation from the Trust for prior service, so long as such compensation is not contingent in any way on continued service, and (b) is not an "interested person" of the Trust (an "Independent Trustee") as defined in Section 2(a)(19) of the Investment Company Act of 1940 (the "1940 Act"). According to the AMEX listing standards, a member is independent if he or she is not an officer or employee of the Trust or a person having a relationship which, in the opinion of the Board, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director and (a) is not employed by the Trust or BlackRock during the current year or any of the --------------------------- (2) This Joint Audit Committee Charter, if adopted, supercedes and replaces all prior versions that may have been adopted from time to time. (3) Solely for the sake of clarity and simplicity, this Joint Audit Committee Charter has been drafted as if there is a single Trust, a single Audit Committee, a single Governance Committee and a single Board. The terms "Audit Committee," "Governance Committee," "Independent Trustees" and "Board" mean the Audit Committee, the Governance Committee, Independent Trustees and the Board of each Trust, respectively, unless the context otherwise requires. The Audit Committee, the Governance Committee and the Board of each Trust, however, shall act separately and in the best interests of its respective Trust. C-1 past three years, (b) did not receive compensation from the Trust or BlackRock in excess of $60,000 during the previous year, other than as compensation for board service, benefits under a tax-qualified retirement plan or non-discretionary compensation, (c) does not have an immediate family member who is, or has been in any of the past three years, employed by the Trust or BlackRock, (d) is not a partner in, or controlling shareholder or executive officer of, any for-profit business organization which received payments from or made payments to the Trust in excess of the greater of 5% of such organization's gross revenue or $200,000 in any of the past three years, and (e) is not employed as an executive of another entity for which any of the Trust's or BlackRock's executives serve on that entity's compensation committee. No member of the Board may serve as a member of the Audit Committee if the member serves on the audit committee of more than two other public companies, unless the Board determines that such simultaneous service would not impair the ability of the member to effectively serve on the Audit Committee. Each member of the Audit Committee must be "financially literate" (as such term is defined from time-to-time by the NYSE/AMEX rules) as such qualification is interpreted by the Board in its business judgment, or must become financially literate within a reasonable period of time after his or her appointment to the Audit Committee. In addition, at least one member of the Audit Committee must have "accounting or related financial management expertise" (as such term is defined by the NYSE rules) as the Board interprets such qualification in its business judgment. Further, either (a) at least one member of the Audit Committee must be determined to be an "audit committee financial expert" (as such term is defined in the rules and regulations promulgated by the SEC pursuant to the Act) by the Board, or (b) if no member of the Audit Committee is an "audit committee financial expert," such fact must be disclosed in the Trust's annual report filed with the SEC. The Audit Committee shall recommend to the Board whether one or more of its members should be deemed to be an "audit committee financial expert" or, if not, why not, and the Board shall make the final determinations in this regard. The chairperson of the Audit Committee shall be designated by the Trust's Governance Committee, PROVIDED THAT if the Governance Committee does not designate a chairperson, the members of the Audit Committee, by a majority vote, may designate a chairperson. Any vacancy on the Audit Committee shall be filled by the affirmative vote of a majority of the members of the Governance Committee at the next meeting of the Governance Committee following the occurrence of the vacancy. No member of the Audit Committee shall be removed except by the affirmative vote of a majority of the members of the Governance Committee. III. MEETINGS OF THE AUDIT COMMITTEE The Audit Committee shall fix its own rules of procedure, which shall be consistent with the Declaration of Trust of the Trust (or other charter document of the Trust), the By-Laws of the Trust and this Audit Committee Charter. The Audit Committee shall meet on a regular basis and special meetings shall be called as circumstances require. The Audit Committee, in its discretion, may ask members of management or others to attend its meetings (or portions thereof) and to provide pertinent information as necessary. The Audit Committee shall meet separately on a periodic basis with (a) the chief financial officer of the Trust, (b) management of BlackRock responsible for assisting with the preparation of the Trust's financial statements and (c) the Independent Auditor, in each case to discuss any matters that the Audit Committee or any of the above persons or firms believe should be discussed privately. The Audit Committee shall fix its own rules of procedure, which shall be consistent with the Declaration of Trust of the Trust, the By-Laws of the Trust and this Audit Committee Charter. A majority of the members of the Audit Committee present in person or by means of a conference telephone or other communication equipment by means of which all persons participating in the meeting can communicate with each other shall constitute a quorum, PROVIDED THAT, once annually, at the meeting for selecting the Independent Auditor, a majority of the members of the Audit Committee present in person shall constitute a quorum. The Audit Committee may also take action by the written consent of a majority of its members, except to the extent an in-person meeting is required by the preceding sentence or required by applicable law. For the sake of increased efficiency and for the dissemination of knowledge throughout the closed-end fund complex, each Audit Committee may meet jointly with any other Audit Committee in the closed-end fund complex. The Audit Committee shall cause to be maintained minutes of all meetings and records relating to those meetings and provide copies of such minutes to the Board and the Trust. C-2 IV. AUTHORITY The Audit Committee shall have the authority to carry out its duties and responsibilities as set forth in this Joint Audit Committee Charter, to institute investigations of suspected improprieties and to retain independent counsel or seek assistance from experts. V. DUTIES AND RESPONSIBILITIES OF THE AUDIT COMMITTEE In carrying out its duties and responsibilities, the Audit Committee's policies and procedures will remain flexible, so that it may be in a position to best react or respond to changing circumstances or conditions. The following are the duties and responsibilities of the Audit Committee: (a) Oversight of the Auditor's Engagement/Independence (i) Approve the selection and retention (subject to ratification by a majority of the Independent Trustees), termination and compensation of the Independent Auditor to audit the books and accounts of the Trust and its subsidiaries, if any, for each fiscal year; (ii) Review and, in its sole discretion, approve in advance the Independent Auditor's annual engagement letter, including the proposed fees contained therein; (iii) Pre-approve (A) all engagements for audit and non-audit services to be provided by the Independent Auditor to the Trust and (B) all engagements for non-audit services to be provided by the Independent Auditor (1) to BAI or (2) to any entity controlling, controlled by or under common control with BAI that provides ongoing services to the Trust; but in the case of the services described in subsection (B)(1) or (2), only if the engagement relates directly to the operations and financial reporting of the Trust (clauses (A) and (B), collectively, the "Covered Services" and the entities referred to in clause (B), collectively, the "Covered Entities"); provided that pre-approval by the Audit Committee of Covered Services may be effected pursuant to the procedures described below in Section VI captioned "PRE-APPROVAL PROCEDURES"; provided that this Audit Committee Charter shall not be violated if pre-approval of any non-audit Covered Service is not obtained in circumstances in which the pre-approval requirement is waived under rules promulgated by the SEC under the Act or the NYSE or Amex listing standards; (iv) Obtain at least annually from the Independent Auditor and review a report describing: (A) the Independent Auditor's internal quality-control procedures; and (B) any material issues raised by the most recent internal quality-control review of the Independent Auditor, or by any inquiry or investigation by any governmental or professional authority, within the preceding five years, respecting one or more independent audits carried out by the Independent Auditor, and any steps taken to deal with any such issues; (v) Obtain quarterly "notice reports" for the Trust (and, if the quarterly communication is not within 90 days prior to the filing of an audit report with the SEC for the Trust, provide an update with any changes to the previously reported information) from the Independent Auditor and review a report notifying the Audit Committee of all audit and non-audit services that were not pre-approved by the Trust's Audit Committee provided (A) to BAI, (B) to any entity controlling, controlled by or under common control with BAI, and (C) to any registered or unregistered investment company advised by an investment advisor included in subsection (A) or (B) of this paragraph. In the interval between scheduled meetings of the Audit Committee, the Independent Auditor shall provide such "notice reports" or updates to the Chairman of the Audit Committee. Such disclosure shall include the fees associated with any services described in this paragraph; (vi) Review at least annually the qualifications, performance and independence of the Independent Auditor, including the performance of the lead partner of the Independent Auditor, and, in its discretion, make decisions regarding the replacement or termination of the Independent Auditor when circumstances warrant; (vii) Oversee the independence of the Independent Auditor by, among other things: (A) actively engaging in a dialogue with the Independent Auditor with respect to any disclosed relationships or services that may impact the objectivity and independence of the Independent Auditor, and taking appropriate action to satisfy itself of the auditor's independence; (B) monitoring compliance by the Independent Auditor with the audit partner rotation requirements contained in the Act and the rules and regulations promulgated by the SEC thereunder; C-3 (C) monitoring compliance by the Trust, BlackRock and the Independent Auditor with the employee conflict of interest requirements contained in the Act and the rules and regulations promulgated by the SEC thereunder; and (D) considering whether there should be a regular rotation of the Independent Auditor; and (viii) Instruct the Independent Auditor that it is ultimately accountable to the Audit Committee, and that the Audit Committee is responsible for the appointment (subject to ratification by the Independent Trustees), retention, compensation, evaluation and termination of the Independent Auditor. (b) Oversight of the Audit (i) Review the annual audit plan of the Independent Auditor, including the scope of audit activities, monitor such plan's progress, changes thereto and results periodically during the year and review the results of the year-end audit of the Trust, including any comments or recommendations of the Independent Auditor; (ii) Obtain at least annually for the Trust from the Independent Auditor and review a report describing: (A) all critical accounting policies and practices used; (B) all alternative treatments within United States Generally Accepted Accounting Principles for policies and practices related to material items that have been discussed with management of the Trust, including (1) ramifications of the use of such alternative disclosures and treatments, and (2) the treatment preferred by the Independent Auditor; and (C) other material written communications between the Independent Auditor and management of the Trust, such as any management letter or schedule of unadjusted differences; (iii) Review with the chief financial officer of the Trust and management of BlackRock responsible for assisting with the preparation of the Trust's financial statements and the Independent Auditor, the following: (A) the Trust's annual audited financial statements and interim financial statements, and any major issues related thereto; (B) critical accounting policies and such other accounting policies of the Trust as are deemed appropriate for review by the Audit Committee prior to any interim or year-end filings with the SEC or other regulatory body, including any financial reporting issues which could have a material impact on the Trust's financial statements; and (C) the effect of regulatory, accounting and financial reporting initiatives on the financial statements of the Trust; (iv) Review on a regular basis with the Independent Auditor any problems or difficulties encountered by the Independent Auditor in the course of any audit work, including management's response with respect thereto, any restrictions on the scope of the Independent Auditor's activities or on access to requested information, and any significant disagreements with management. In connection therewith, the Audit Committee will review with the Independent Auditor the following: (A) any accounting adjustments that were noted or proposed by the Independent Auditor but were rejected by management (as immaterial or otherwise); (B) any communications between the audit team and the Independent Auditor's national office respecting auditing or accounting issues presented by the engagement; and (C) any "management" or "internal control" letter issued, or proposed to be issued, by the Independent Auditor to the Trust; (v) Attempt to resolve all disagreements between the Independent Auditor and management regarding financial reporting; and (vi) Review information obtained from the Independent Auditor pursuant to Section 10A of the Securities Exchange Act of 1934. (c) Oversight of Controls and Procedures C-4 (i) Review periodically a report from the Trust's chief executive officer, chief financial officer and Independent Auditor, at least annually, regarding the following: (A) all significant deficiencies in the design or operation of internal controls of the Trust, any entity in the investment company complex (as such term is defined in Regulation S-X promulgated by the SEC) that is responsible for the financial reporting or operations of the Trust (the "Related Entities"), or, to the knowledge of such persons, other service providers, which could adversely affect the Trust's ability to record, process, summarize, and report financial data, including any material weaknesses in internal controls identified by the Independent Auditor; (B) any fraud, whether or not material, that involves management or other employees of the Trust, the Related Entities, or, to the knowledge of such persons, other service providers to the Trust who have a significant role in the Trust's internal controls; and (C) any significant changes in internal controls or in other factors that could significantly affect internal controls, including any corrective actions with regard to significant deficiencies and material weaknesses related to the Trust, the Related Entities, or, to the knowledge of such persons, other service providers to the Trust. (d) Compliance (i) Establish and maintain free and open means of communication between and among the Board, the Audit Committee, the Independent Auditor, the Trust's management, including the chief financial officer, management of BlackRock and management of those service providers of the Trust deemed appropriate by the Audit Committee, including providing such parties with appropriate opportunities to meet separately and privately with the Audit Committee on a periodic basis as the Audit Committee may deem necessary or appropriate; (ii) Establish procedures for (A) the receipt, retention and treatment of complaints received by the Trust regarding accounting, internal accounting controls or auditing matters, and (B) the confidential, anonymous submission by employees of the Related Entities, other service providers responsible for such services, including the custodian and transfer agent, or other persons of concern regarding questionable accounting or auditing matters; and (iii) Secure independent expert advice to the extent the Audit Committee determines it to be appropriate, including retaining, with or without approval of the Board, independent counsel, accountants, consultants or others, to assist the Audit Committee in fulfilling its duties and responsibilities, the cost of such independent expert advisors to be borne by the Trust. (e) Miscellaneous (i) Prepare an annual performance evaluation of the Audit Committee, which evaluation must compare the performance of the Audit Committee with the requirements of this Joint Audit Committee Charter, and set forth the goals and objectives of the Audit Committee for the upcoming year. The evaluation will include a review and assessment of the adequacy of this Audit Committee Joint Charter. The performance evaluation by the Audit Committee shall be conducted in such manner as the Audit Committee deems appropriate; (ii) Report regularly to the Board on its activities, as appropriate; and (iii) Perform such additional activities, and consider such other matters, within the scope of its duties and responsibilities, as the Audit Committee, the Governance Committee or the Board deems necessary or appropriate. VI. PRE-APPROVAL PROCEDURES The Audit Committee shall prepare written pre-approval procedures pursuant to which it may pre-approve Covered Services. The Audit Committee, in its discretion, may elect to delegate to one or more of its members authority to pre-approve Covered Services between regularly scheduled meetings of the Audit Committee. The Audit Committee shall review and approve its pre-approval procedures at least annually. VII. REPORTING The Audit Committee shall report its activities to the Board on a regular basis, so that the Board is kept informed of its activities on a current basis. In connection therewith, the Audit Committee will review with the Board any issues that arise with respect to the quality or integrity of the Trust's financial statements, the Trust's compliance with legal or regulatory requirements, the performance and independence of the Independent Auditors. In particular, the Audit Committee will also report to the Board its conclusions with respect to matters the Audit Committee considers to be of interest or the Governance Committee or the Board C-5 requests. Reports to the Board may take the form of an oral report by the chairperson of the Audit Committee or any other member of the Audit Committee designated by the Audit Committee to make this report. The Audit Committee shall prepare the report required by the rules of the SEC to be included in the Trust's annual proxy statement and determine to its satisfaction that the Audit Committee has: (a) reviewed and discussed the audited financial statements with management of the Trust; (b) discussed with the Independent Auditor the matters required to be discussed by the Statements on Auditing Standards No. 61, as amended; (c) received the written disclosures and the letter from the Independent Auditor required by ISB Standard No. 1 and have discussed with the Independent Auditor the auditor's independence; and (d) made a recommendation to the Board as to whether the financial statements be included in the Trust's annual report for the past fiscal year, as filed with the SEC. VIII. RESOURCES The Board shall ensure that the Audit Committee has adequate resources, as determined by the Audit Committee, with which to discharge its responsibilities, including for the payment of (a) compensation (i) to any firm of independent auditors engaged for the purpose of preparing or issuing an audit report or performing other audit, review or attest services for the Trust, and (ii) to any advisors employed by the Audit Committee, including independent counsel, consultants or other advisors, as the Audit Committee determines necessary to carry out its duties, and (b) ordinary administrative expenses of the Audit Committee that are necessary or appropriate in carrying out its duties. IX. LIMITS ON ROLE OF AUDIT COMMITTEE While the Audit Committee has the duties and responsibilities set forth in this Joint Audit Committee Charter, the Audit Committee is not responsible for: o planning or conducting the audit or for determining whether the Trust's financial statements are complete and accurate and are in accordance with Generally Accepted Accounting Principles; o determining whether the Form N-CSR filed by the Trust with the SEC contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by the report; o determining whether the Trust's financial statements and other financial information included in the Form N-CSR fairly present in all material respects the financial condition, results of operations, changes in net assets and cash flows of the Trust as of, and for, the periods presented in the Form N-CSR; or o establishing, designing or maintaining disclosure controls and procedures for the Trust. In fulfilling its responsibilities hereunder, it is recognized that members of the Audit Committee are not full-time employees of the Trust or BlackRock. The Audit Committee and its members do not have a duty or responsibility to conduct "field work" or other types of auditing or accounting reviews or procedures or to set auditor independence standards, and each member of the Audit Committee shall be entitled to rely on (a) the integrity of those persons and organizations within and outside the Trust, BlackRock and service providers to the Trust from which it receives information, (b) the accuracy of the financial and other information provided to the Audit Committee absent actual knowledge to the contrary (which shall be promptly reported to the Board) and (c) statements made by management or third parties as to any information technology, internal audit and other non-audit services provided by the Independent Auditor to the Trust. C-6 APPENDIX D DIRECTORS' SHARE HOLDINGS The following chart lists the number of shares beneficially owned and the number of share equivalents owned by the Directors pursuant to the Directors' deferred compensation plan as of February 27, 2004. If a Trust is not listed, the Director does not own any shares or share equivalents of the Trust.

TRUST SHARE SHARES EQUIVA- % OF SHARES DIRECTOR TRUST OWNED LENTS(1) OUTSTANDING ----------------------- ---------- --------- --------- -------------- INTERESTED DIRECTORS: Ralph L. Schlosstein BKT 6,000 ---- (2) BAT 100 ---- BMN 100 ---- BMT 100 ---- BRM 100 ---- BKN 100 ---- BCT 100 ---- BQT 100 ---- BSD 100 ---- BHY 1,000 ---- BNA 1,500 ---- BFK 100 ---- BPK 100 ---- BHK 100 ---- RNJ 100 ---- BLN 100 ---- BNY 100 ---- BLH 100 ---- BHD 100 ---- BBK 100 ---- BLE 100 ---- BYM 100 ---- BQH 100 ---- BFY 100 ---- BSE 100 ---- BPP 100 ---- BLW 100 ---- BKK 100 ---- BDV 100 ---- Robert S. Kapito BKT 1,880 ---- (2) BAT 10 ---- BMN 10 ---- BMT 10 ---- BRM 10 ---- BKN 10 ---- BCT 10 ---- BQT 10 ---- BSD 10 ---- BHY 10 ---- BNA 10 ---- BFK 10,010 ---- BPK 10 ---- BHK 10 ---- RNJ 1,000 ---- BNJ 45,000 ---- BHD 1,000 ---- BBK 1,000 ---- BLE 21,000 ---- BYM 100 ---- BLJ 1,000 ---- BPP 1,000 ---- BLW 1,000 ---- BKK 1,000 ---- BDV 1,000 ----

D-1

TRUST SHARE SHARES EQUIVA- % OF SHARES DIRECTOR TRUST OWNED LENTS(1) OUTSTANDING ----------------------- ---------- --------- --------- -------------- INDEPENDENT DIRECTORS: Andrew F. Brimmer BKT 110 2,466 (2) BAT 10 1,633 BMN 10 ---- BMT 10 ---- BRM 10 ---- BKN 10 ---- BCT 20 1,263 BQT 10 1,955 BSD 25 ---- BHY 200 1,602 BNA 10 1,659 BFK 100 ---- BPK 25 ---- BHK 25 439 BHD 25 402 BBK 25 ---- BLE 25 ---- BYM 25 ---- BPP 10 ---- BLW 10 ---- BKK 10 ---- BDV 30 ---- Richard E. Cavanagh BKT 500 6,261 (2) BAT 100 560 BMN 100 ---- BMT 100 ---- BRM 100 ---- BKN 500 ---- BCT 100 390 BQT 100 672 BSD 500 ---- BHY 200 4,278 BNA 100 624 BFK 300 ---- BPK 300 ---- BHK 500 439 BLN 100 ---- RNY 100 ---- BNY 300 ---- BLH 100 ---- BHD 300 399 BBK 100 ---- BLE 100 ---- BYM 200 ---- BQH 100 ---- BFY 100 ---- BSE 200 ---- BPP 100 ---- BLW 100 ---- BKK 100 ---- BDV 100 ---- Kent Dixon BKT 100 824 (2) BAT 100 543 BMN 100 ---- BMT 100 ---- BRM 100 ---- BKN 100 ---- BCT 100 371 BQT 100 651 BSD 100 ---- BHY 5,000 603 BNA 100 548 BFK 5,100 ----

D-2

TRUST SHARE SHARES EQUIVA- % OF SHARES DIRECTOR TRUST OWNED LENTS(1) OUTSTANDING ----------------------- ---------- --------- --------- -------------- Kent Dixon BPK 100 ---- (continued) BHK 100 439 BRF 100 ---- RFA 100 ---- BBF 2,100 ---- BHD 100 399 BBK 5,000 ---- BLE 100 ---- BYM 5,100 ---- BIE 100 ---- BAF 100 ---- BPP 100 ---- BLW 1,000 ---- BKK 100 ---- BFO 100 ---- BDV 2,000 ---- Frank J. Fabozzi BKT 10 490 (2) BAT 10 323 BMN 10 ---- BMT 10 ---- BRM 10 ---- BKN 10 ---- BCT 10 231 BQT 10 391 BSD 100 ---- BHY 10 363 BNA 10 331 BFK 20 ---- BPK 20 ---- BHK 20 265 BPS 100 ---- BHD 100 235 BBK 20 ---- BLE 10 ---- BYM 10 ---- BPP 100 ---- BLW 100 ---- BKK 100 ---- BDV 300 ---- James Clayburn BKT 10 14,373 (2) La Force, Jr. BAT 10 8,793 BMN 10 ---- BMT 10 ---- BRM 10 ---- BKN 10 ---- BCT 10 6,659 BQT 10 10,342 BSD 750 ---- BHY 1,000 10,135 BNA 10 9,519 BFK 100 ---- BPK 100 ---- BHK 100 1,933 BFC 3,410 ---- RAA 10 ---- BFZ 100 ---- BJZ 100 ---- BHD 50 1,837 BBK 50 ---- BLE 50 ---- BYM 1,000 ---- BZA 6,665 ---- BCL 50 ---- BCK 1,000 ---- BPP 100 ---- BLW 300 ---- BKK 300 ---- BDV 200 ----

D-3

TRUST SHARE SHARES EQUIVA- % OF SHARES DIRECTOR TRUST OWNED LENTS(1) OUTSTANDING ----------------------- ---------- --------- --------- -------------- Walter F. Mondale BKT 20 5,614 (2) BAT 20 3,461 BMN 1,020 ---- BMT 1,020 ---- BRM 20 ---- BKN 20 ---- BCT 20 2,574 BQT 20 3,920 BSD 20 ---- BHY 300 ---- BNA 20 3,669 BFK 20 ---- BPK 1,000 ---- BHK 1,000 587 BHD 20 587 BBK 20 ---- BLE 20 ---- BYM 50 ---- BPP 50 ---- BLW 30 ---- BKK 30 ---- BDV 50 ----

---------------- (1) Represents, as of February 27, 2004, the approximate number of share equivalents owned under the deferred compensation plan in each Trust by the Independent Directors of the Trusts who have participated in the deferred compensation plan. Share equivalents are held in cash accounts by each Trust on behalf of the Independent Directors in connection with the deferred compensation plan. Under the deferred compensation plan, BAT, BCT, BHY, BKT, BNA, BQT, BHD and BHK are eligible investments. Messrs. Schlosstein and Kapito are not eligible to participate in the deferred compensation plan. (2) Less than 1% of each Trust listed. D-4 APPENDIX E The following table sets forth the dollar range of equity securities beneficially owned and share equivalents held by each Director as of February 27, 2004. If a Trust is not listed, the Director does not own any shares of the Trust.

AGGREGATE DOLLAR DOLLAR RANGE OF EQUITY AGGREGATE DOLLAR DOLLAR RANGE OF SHARE RANGE OF EQUITY SECURITIES IN EACH TRUST(1) RANGE OF EQUITY EQUIVALENTS IN EACH TRUST SECURITIES AND ------------------------ SECURITIES OF ------------------------- SHARE EQUIVALENTS NAME TRUST DOLLAR RANGE ALL TRUSTS(1) TRUST DOLLAR RANGE OF ALL THE TRUSTS ---- ----- ------------ ---------- ----- ------------ ----------------- INTERESTED DIRECTORS: Ralph L. Schlosstein BKT $10,001-$50,000 Over $100,000 BKT ---- Over $100,000(1) BAT $1-$10,000 BAT ---- BMN $1-$10,000 BMN ---- BMT $1-$10,000 BMT ---- BRM $1-$10,000 BRM ---- BKN $1-$10,000 BKN ---- BCT $1-$10,000 BCT ---- BQT $1-$10,000 BQT ---- BSD $1-$10,000 BSD ---- BHY $10,001-$50,000 BHY ---- BNA $10,001-$50,000 BNA ---- BFK $1-$10,000 BFK ---- BPK $1-$10,000 BPK ---- BHK $1-$10,000 BHK ---- RNJ $1-$10,000 RNJ ---- BLN $1-$10,000 BLN ---- BNY $1-$10,000 BNY ---- BLH $1-$10,000 BLH ---- BHD $1-$10,000 BHD ---- BBK $1-$10,000 BBK ---- BLE $1-$10,000 BLE ---- BYM $1-$10,000 BYM ---- BQH $1-$10,000 BQH ---- BFY $1-$10,000 BFY ---- BSE $1-$10,000 BSE ---- BPP $1-$10,000 BPP ---- BLW $1-$10,000 BLW ---- BKK $1-$10,000 BKK ---- BDV $1-$10,000 BDV ---- Robert S. Kapito BKT $10,001-$50,000 Over $100,000 BKT ---- Over $100,000(1) BAT $1-$10,000 BAT ---- BMN $1-$10,000 BMN ---- BMT $1-$10,000 BMT ---- BRM $1-$10,000 BRM ---- BKN $1-$10,000 BKN ---- BCT $1-$10,000 BCT ---- BQT $1-$10,000 BQT ---- BSD $1-$10,000 BSD ---- BHY $1-$10,000 BHY ---- BNA $1-$10,000 BNA ---- BFK Over $100,000 BFK ---- BPK $1-$10,000 BPK ---- BHK $1-$10,000 BHK ---- RNJ $10,001-$50,000 RNJ ---- BNJ Over $100,000 BNJ ---- BHD $10,001-$50,000 BHD ---- BBK $10,001-$50,000 BBK ---- BLE Over $100,000 BLE ---- BYM $1-$10,000 BYM ---- BLJ $10,001-$50,000 BLJ ---- BPP $10,001-$50,000 BPP ---- BLW $10,001-$50,000 BLW ---- BKK $10,001-$50,000 BKK ---- BDV ---- BDV $10,001-$50,000

E-1

INDEPENDENT DIRECTORS: Andrew F. Brimmer BKT $1-$10,000 $1-$10,000 BKT $10,001-$50,000 Over $100,000 BAT $1-$10,000 BAT $10,001-$50,000 BMN $1-$10,000 BMN ---- BMT $1-$10,000 BMT ---- BRM $1-$10,000 BRM ---- BKN $1-$10,000 BKN ---- BCT $1-$10,000 BCT $10,001-$50,000 BQT $1-$10,000 BQT $10,001-$50,000 BSD $1-$10,000 BSD ---- BHY $1-$10,000 BHY $10,001-$50,000 BNA $1-$10,000 BNA $10,001-$50,000 BFK $1-$10,000 BFK ---- BPK $1-$10,000 BPK ---- BHK $1-$10,000 BHK $1-$10,000 BHD $1-$10,000 BHD $1-$10,000 BBK $1-$10,000 BBK ---- BLE $1-$10,000 BLE ---- BYM $1-$10,000 BYM ---- BPP $1-$10,000 BPP ---- BLW $1-$10,000 BLW ---- BKK $1-$10,000 BKK ---- BDV $1-$10,000 BDV ---- Richard E. Cavanagh BKT $1-$10,000 $50,001-$100,000 BKT $10,001-$50,000 Over $100,000 BAT $1-$10,000 BAT $1-$10,000 BMN $1-$10,000 BMN ---- BMT $1-$10,000 BMT ---- BRM $1-$10,000 BRM ---- BKN $1-$10,000 BKN ---- BCT $1-$10,000 BCT $1-$10,000 BQT $1-$10,000 BQT $1-$10,000 BSD $1-$10,000 BSD ---- BHY $1-$10,000 BHY $10,001-$50,000 BNA $1-$10,000 BNA $1-$10,000 BFK $1-$10,000 BFK ---- BPK $1-$10,000 BPK ---- BHK $1-$10,000 BHK $1-$10,000 BLN $1-$10,000 BLN ---- RNY $1-$10,000 RNY ---- BNY $1-$10,000 BNY ---- BLH $1-$10,000 BLH ---- BHD $1-$10,000 BHD $1-$10,000 BBK $1-$10,000 BBK ---- BLE $1-$10,000 BLE ---- BYM $1-$10,000 BYM ---- BQH $1-$10,000 BQH ---- BFY $1-$10,000 BFY ---- BSE $1-$10,000 BSE ---- BPP $1-$10,000 BPP ---- BLW $1-$10,000 BLW ---- BKK $1-$10,000 BKK ---- BDV $1-$10,000 BDV ---- Kent Dixon BKT $1- $10,000 Over $100,000 BKT $1- $10,000 Over $100,000 BAT $1-$10,000 BAT $1- $10,000 BMN $1-$10,000 BMN ---- BMT $1-$10,000 BMT ---- BRM $1-$10,000 BRM ---- BKN $1-$10,000 BKN ---- BCT $1-$10,000 BCT $1- $10,000 BQT $1-$10,000 BQT $1- $10,000 BSD $1-$10,000 BSD ---- BHY $50,001-$100,000 BHY $1- $10,000 BNA $1-$10,000 BNA $1- $10,000 BFK $50,001-$100,000 BFK ---- BPK $1-$10,000 BPK ---- BHK $1-$10,000 BHK $1- $10,000 BRF $1-$10,000 BRF ---- RFA $1-$10,000 RFA ---- BBF $10,001-$50,000 BBF ---- BHD $1-$10,000 BHD $1- $10,000 BBK $50,001-$100,000 BBK ----

E-2

Kent Dixon BLE $1-$10,000 BLE ---- (continued) BYM $50,001-$100,000 BYM ---- BIE $1-$10,000 BIE ---- BAF $1-$10,000 BAF ---- BPP BPP ---- BLW $1-$10,000 BLW ---- BKK $10,001-$50,000 BKK ---- BFO $1-$10,000 BFO ---- BDV $1-$10,000 BDV ---- $10,001-$50,000 Frank J. Fabozzi BKT $1-$10,000 $10,001-$50,000 BKT $1-$10,000 $10,001-$50,000 BAT $1-$10,000 BAT $1-$10,000 BMN $1-$10,000 BMN ---- BMT $1-$10,000 BMT ---- BRM $1-$10,000 BRM ---- BKN $1-$10,000 BKN ---- BCT $1-$10,000 BCT $1-$10,000 BQT $1-$10,000 BQT $1-$10,000 BSD $1-$10,000 BSD ---- BHY $1-$10,000 BHY $1-$10,000 BNA $1-$10,000 BNA $1-$10,000 BFK $1-$10,000 BFK ---- BPK $1-$10,000 BPK ---- BHK $1-$10,000 BHK $1-$10,000 BPS $1-$10,000 BPS ---- BHD $1-$10,000 BHD $1-$10,000 BBK $1-$10,000 BBK ---- BLE $1-$10,000 BLE ---- BYM $1-$10,000 BYM ---- BPP $1-$10,000 BPP ---- BLW $1-$10,000 BLW ---- BKK $1-$10,000 BKK ---- BDV $1-$10,000 BDV ---- James Clayburn La Force, Jr. BKT $1-$10,000 Over $100,000 BKT Over $100,000 Over $100,000 BAT $1-$10,000 BAT Over $100,000 BMN $1-$10,000 BMN ---- BMT $1-$10,000 BMT ---- BRM $1-$10,000 BRM ---- BKN $1-$10,000 BKN ---- BCT $1-$10,000 BCT Over $100,000 BQT $1-$10,000 BQT Over $100,000 BSD $10,001-$50,000 BSD ---- BHY $10,001-$50,000 BHY Over $100,000 BNA $1-$10,000 BNA Over $100,000 BFK $1-$10,000 BFK ---- BPK $1-$10,000 BPK ---- BHK $1-$10,000 BHK $10,001-$50,000 BFC $50,001-$100,000 BFC ---- RAA $1-$10,000 RAA ---- BFZ $1-$10,000 BFZ ---- BJZ $1-$10,000 BJZ ---- BHD $1-$10,000 BHD $10,001-$50,000 BBK $1-$10,000 BBK ---- BLE $1-$10,000 BLE ---- BYM $10,001-$50,000 BYM ---- BZA $50,001-$100,000 BZA ---- BCL $1-$10,000 BCL ---- BCK $10,001-$50,000 BCK ---- BPP $1-$10,000 BPP ---- BLW $1-$10,000 BLW ---- BKK $1-$10,000 BKK ---- BDV $1-$10,000 BDV ---- Walter F. Mondale BKT $1-$10,000 $50,001-$100,000 BKT $10,001-$50,000 Over $100,000 BAT $1-$10,000 BAT $10,001-$50,000 BMN $10,001-$50,000 BMN ---- BMT $10,001-$50,000 BMT ---- BRM $1-$10,000 BRM ---- BKN $1-$10,000 BKN ---- BCT $1-$10,000 BCT $10,001-$50,000 BQT $1-$10,000 BQT $10,001-$50,000 BSD $1-$10,000 BSD ---- BHY $1-$10,000 BHY ---- BNA $1-$10,000 BNA $10,001-$50,000 BFK $1-$10,000 BFK ----

E-3

Walter F. Mondale BPK $10,001-$50,000 BPK ---- (continued) BHK $10,001-$50,000 BHK $1-$10,000 BHD $1-$10,000 BHD $1-$10,000 BBK $1-$10,000 BBK ---- BLE $1-$10,000 BLE ---- BYM $1-$10,000 BYM ---- BPP $1-$10,000 BPP ---- BLW $1-$10,000 BLW ---- BKK $1-$10,000 BKK ---- BDV $1-$10,000 BDV ----

---------------- (1) Messrs. Kapito and Schlosstein and are not eligible to participate in the deferred compensation plan. Therefore, they own the same amount of equity securities without share equivalents as equity securities including share equivalents. E-4 THE BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC. C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 -------------------------- -------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bkn [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3256 |X| PLEASE MARK VOTES AS IN THIS EXAMPLE. 1.Election of Directors: (01) WALTER F. MONDALE (02) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above 2. Approval of Proposal 2, to amend the Trust's Articles Supplementary: [ ] FOR [ ] AGAINST [ ] ABSTAIN -------------------------------------------------------------------------------- THE BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC. -------------------------------------------------------------------------------- COMMON STOCK Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature: ______________________________ Date: _________________ Co-owner Signature: ______________________________ Date: _________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY THE BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC. COMMON STOCK THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of common stock of the BlackRock Investment Quality Municipal Trust Inc. (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? --------------------------------------- --------------------------------------- --------------------------------------- DO YOU HAVE ANY COMMENTS? --------------------------------------- --------------------------------------- --------------------------------------- THE BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC. C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3256 |X| PLEASE MARK VOTES AS IN THIS EXAMPLE. 1.Election of Directors: (01) FRANK FABOZZI (02) WALTER F. MONDALE (03) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] _______________________________________ For all nominees except as noted above 2. Approval of Proposal 2, to amend the Trust's Articles Supplementary: [ ] FOR [ ] AGAINST [ ] ABSTAIN -------------------------------------------------------------------------------- THE BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC. -------------------------------------------------------------------------------- PREFERRED STOCK Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature:_________________________________ Date: ____________________ Co-owner Signature:_________________________________ Date: ____________________ DETACH HERE PROXY THE BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC. PREFERRED STOCK THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of preferred stock of The BlackRock Investment Quality Municipal Trust Inc. (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? --------------------------------------- --------------------------------------- --------------------------------------- DO YOU HAVE ANY COMMENTS? --------------------------------------- --------------------------------------- --------------------------------------- THE BLACKROCK INSURED MUNICIPAL 2008 TERM TRUST INC. C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 -------------------------- -------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/brm [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3224 |X| PLEASE MARK VOTES AS IN THIS EXAMPLE. 1.Election of Directors: (01) WALTER F. MONDALE (02) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] ______________________________________ For all nominees except as noted above 2. Approval of Proposal 2, to amend the Trust's Articles Supplementary: [ ] FOR [ ] AGAINST [ ] ABSTAIN -------------------------------------------------------------------------------- THE BLACKROCK INSURED MUNICIPAL 2008 TERM TRUST INC. -------------------------------------------------------------------------------- COMMON STOCK Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature:_________________________________ Date: ____________________ Co-owner Signature:_________________________________ Date: ____________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY THE BLACKROCK INSURED MUNICIPAL 2008 TERM TRUST INC. COMMON STOCK THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of common stock of The BlackRock Insured Municipal 2008 Term Trust Inc. (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? --------------------------------------- --------------------------------------- --------------------------------------- DO YOU HAVE ANY COMMENTS? --------------------------------------- --------------------------------------- --------------------------------------- THE BLACKROCK INSURED MUNICIPAL 2008 TERM TRUST INC. C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3224 |X| PLEASE MARK VOTES AS IN THIS EXAMPLE. 1.Election of Directors: (01) FRANK FABOZZI (02) WALTER F. MONDALE (03) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] ______________________________________ For all nominees except as noted above 2. Approval of Proposal 2, to amend the Trust's Articles Supplementary: [ ] FOR [ ] AGAINST [ ] ABSTAIN -------------------------------------------------------------------------------- THE BLACKROCK INSURED MUNICIPAL 2008 TERM TRUST INC. -------------------------------------------------------------------------------- PREFERRED STOCK Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature:_________________________________ Date: ____________________ Co-owner Signature:_________________________________ Date: ____________________ DETACH HERE PROXY THE BLACKROCK INSURED MUNICIPAL 2008 TERM TRUST INC. PREFERRED STOCK THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of preferred stock of The BlackRock Insured Municipal 2008 Term Trust Inc. (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? --------------------------------------- --------------------------------------- --------------------------------------- DO YOU HAVE ANY COMMENTS? --------------------------------------- --------------------------------------- --------------------------------------- THE BLACKROCK CALIFORNIA INSURED MUNICIPAL 2008 TERM TRUST INC. C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 -------------------------- -------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bfc [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3227 |X| PLEASE MARK VOTES AS IN THIS EXAMPLE. 1.Election of Directors: (01) WALTER F. MONDALE (02) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] ______________________________________ For all nominees except as noted above 2. Approval of Proposal 2, to amend the Trust's Articles Supplementary: [ ] FOR [ ] AGAINST [ ] ABSTAIN -------------------------------------------------------------------------------- THE BLACKROCK CALIFORNIA INSURED MUNICIPAL 2008 TERM TRUST INC. -------------------------------------------------------------------------------- COMMON STOCK Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature:_________________________________ Date: ____________________ Co-owner Signature:_________________________________ Date: ____________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY THE BLACKROCK CALIFORNIA INSURED MUNICIPAL 2008 TERM TRUST INC. COMMON STOCK THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of common stock of The BlackRock California Insured Municipal 2008 Term Trust Inc. (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? --------------------------------------- --------------------------------------- --------------------------------------- DO YOU HAVE ANY COMMENTS? --------------------------------------- --------------------------------------- --------------------------------------- THE BLACKROCK CALIFORNIA INSURED MUNICIPAL 2008 TERM TRUST INC. C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3227 |X| PLEASE MARK VOTES AS IN THIS EXAMPLE. 1.Election of Directors: (01) FRANK FABOZZI (02) WALTER F. MONDALE (03) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] ______________________________________ For all nominees except as noted above 2. Approval of Proposal 2, to amend the Trust's Articles Supplementary: [ ] FOR [ ] AGAINST [ ] ABSTAIN -------------------------------------------------------------------------------- THE BLACKROCK CALIFORNIA INSURED MUNICIPAL 2008 TERM TRUST INC. -------------------------------------------------------------------------------- PREFERRED STOCK Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature:_________________________________ Date: ____________________ Co-owner Signature:_________________________________ Date: ____________________ DETACH HERE PROXY THE BLACKROCK CALIFORNIA INSURED MUNICIPAL 2008 TERM TRUST INC. PREFERRED STOCK THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of preferred stock of The BlackRock California Insured Municipal 2008 Term Trust Inc. (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? --------------------------------------- --------------------------------------- --------------------------------------- DO YOU HAVE ANY COMMENTS? --------------------------------------- --------------------------------------- --------------------------------------- THE BLACKROCK FLORIDA INSURED MUNICIPAL 2008 TERM TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3235 |X| PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) WALTER F. MONDALE (02) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] ______________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- THE BLACKROCK FLORIDA INSURED MUNICIPAL 2008 TERM TRUST -------------------------------------------------------------------------------- COMMON SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature:_________________________________ Date: ____________________ Co-owner Signature:_________________________________ Date: ____________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY THE BLACKROCK FLORIDA INSURED MUNICIPAL 2008 TERM TRUST COMMON SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of The BlackRock Florida Insured Municipal 2008 Term Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? --------------------------------------- --------------------------------------- --------------------------------------- DO YOU HAVE ANY COMMENTS? --------------------------------------- --------------------------------------- --------------------------------------- THE BLACKROCK FLORIDA INSURED MUNICIPAL 2008 TERM TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3235 |X| PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) FRANK FABOZZI (02) WALTER F. MONDALE (03) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] ______________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- THE BLACKROCK FLORIDA INSURED MUNICIPAL 2008 TERM TRUST -------------------------------------------------------------------------------- PREFERRED SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature:_________________________________ Date: ____________________ Co-owner Signature:_________________________________ Date: ____________________ DETACH HERE PROXY THE BLACKROCK FLORIDA INSURED MUNICIPAL 2008 TERM TRUST PREFERRED SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of The BlackRock Florida Insured Municipal 2008 Term Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? --------------------------------------- --------------------------------------- --------------------------------------- DO YOU HAVE ANY COMMENTS? --------------------------------------- --------------------------------------- --------------------------------------- THE BLACKROCK NEW YORK INSURED MUNICIPAL 2008 TERM TRUST INC. C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 -------------------------- -------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bln [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3254 |X| PLEASE MARK VOTES AS IN THIS EXAMPLE. 1.Election of Directors: (01) WALTER F. MONDALE (02) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] ______________________________________ For all nominees except as noted above 2. Approval of Proposal 2, to amend the Trust's Articles Supplementary: [ ] FOR [ ] AGAINST [ ] ABSTAIN -------------------------------------------------------------------------------- THE BLACKROCK NEW YORK INSURED MUNICIPAL 2008 TERM TRUST INC. -------------------------------------------------------------------------------- COMMON STOCK Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature:_________________________________ Date: ____________________ Co-owner Signature:_________________________________ Date: ____________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY THE BLACKROCK NEW YORK INSURED MUNICIPAL 2008 TERM TRUST INC. COMMON STOCK THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of common stock of The BlackRock New York Insured Municipal 2008 Term Trust Inc. (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? --------------------------------------- --------------------------------------- --------------------------------------- DO YOU HAVE ANY COMMENTS? --------------------------------------- --------------------------------------- --------------------------------------- THE BLACKROCK NEW YORK INSURED MUNICIPAL 2008 TERM TRUST INC. C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3254 |X| PLEASE MARK VOTES AS IN THIS EXAMPLE. 1.Election of Directors: (01) FRANK FABOZZI (02) WALTER F. MONDALE (03)RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] ______________________________________ For all nominees except as noted above 2. Approval of Proposal 2, to amend the Trust's Articles Supplementary: [ ] FOR [ ] AGAINST [ ] ABSTAIN -------------------------------------------------------------------------------- THE BLACKROCK NEW YORK INSURED MUNICIPAL 2008 TERM TRUST INC. -------------------------------------------------------------------------------- PREFERRED STOCK Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature:_________________________________ Date: ____________________ Co-owner Signature:_________________________________ Date: ____________________ DETACH HERE PROXY THE BLACKROCK NEW YORK INSURED MUNICIPAL 2008 TERM TRUST INC. PREFERRED STOCK THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of preferred stock of The BlackRock New York Insured Municipal 2008 Term Trust Inc. (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? --------------------------------------- --------------------------------------- --------------------------------------- DO YOU HAVE ANY COMMENTS? --------------------------------------- --------------------------------------- --------------------------------------- THE BLACKROCK BROAD INVESTMENT GRADE 2009 TERM TRUST INC. C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 ---------------------------- ---------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bct [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3226 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1.Election of Directors: (01) RICHARD E. CAVANAGH (02) JAMES CLAYBURN LA FORCE, JR. [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- THE BLACKROCK BROAD INVESTMENT GRADE 2009 TERM TRUST INC. -------------------------------------------------------------------------------- COMMON STOCK Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature:_________________________________ Date: ________________ Co-owner Signature:_________________________________ Date: ________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY THE BLACKROCK BROAD INVESTMENT GRADE 2009 TERM TRUST INC. COMMON STOCK THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of common stock of The BlackRock Broad Investment Grade 2009 Term Trust Inc. (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? ------------------------------------- ------------------------------------- ------------------------------------- DO YOU HAVE ANY COMMENTS? ------------------------------------- ------------------------------------- ------------------------------------- THE BLACKROCK INCOME TRUST INC. C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 --------------------------- --------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bkt [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3232 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1.Election of Directors: (01) ANDREW F. BRIMMER (02) KENT DIXON (03) ROBERT S. KAPITO [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] _____________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- THE BLACKROCK INCOME TRUST INC. -------------------------------------------------------------------------------- COMMON STOCK Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature: ______________________________ Date: _________________ Co-owner Signature: ______________________________ Date: _________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY THE BLACKROCK INCOME TRUST INC. COMMON STOCK THIS PROXY IS SOLICITED ON BEHALF OF THE DIRECTORS The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of common stock of The BlackRock Income Trust Inc. (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? ------------------------------------------- ------------------------------------------- ------------------------------------------- DO YOU HAVE ANY COMMENTS? ------------------------------------------- ------------------------------------------- ------------------------------------------- THE BLACKROCK HIGH YIELD TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 ---------------------------- ---------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bhy [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3237 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) FRANK FABOZZI (02) WALTER F. MONDALE (03) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- THE BLACKROCK HIGH YIELD TRUST -------------------------------------------------------------------------------- COMMON SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature:_________________________________ Date: ________________ Co-owner Signature:_________________________________ Date: ________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY THE BLACKROCK HIGH YIELD TRUST COMMON SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of The BlackRock High Yield Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? ------------------------------------- ------------------------------------- ------------------------------------- DO YOU HAVE ANY COMMENTS? ------------------------------------- ------------------------------------- ------------------------------------- THE BLACKROCK INVESTMENT QUALITY TERM TRUST INC. C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 ---------------------------- ---------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bqt [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3241 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1.Election of Directors: (01) ANDREW F. BRIMMER (02) KENT DIXON (03) ROBERT S. KAPITO [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- THE BLACKROCK INVESTMENT QUALITY TERM TRUST INC. -------------------------------------------------------------------------------- COMMON STOCK Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature:_________________________________ Date: ________________ Co-owner Signature:_________________________________ Date: ________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY THE BLACKROCK INVESTMENT QUALITY TERM TRUST INC. COMMON STOCK THIS PROXY IS SOLICITED ON BEHALF OF THE DIRECTORS The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of common stock of the BlackRock Investment Quality Term Trust Inc. (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? ------------------------------------- ------------------------------------- ------------------------------------- DO YOU HAVE ANY COMMENTS? ------------------------------------- ------------------------------------- ------------------------------------- THE BLACKROCK ADVANTAGE TERM TRUST INC. C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bat [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3225 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1.Election of Directors: (01) RICHARD E. CAVANAGH (02) JAMES CLAYBURN LA FORCE, JR. [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- THE BLACKROCK ADVANTAGE TERM TRUST INC. -------------------------------------------------------------------------------- COMMON STOCK Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature:_________________________________ Date: ________________ Co-owner Signature:_________________________________ Date: ________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY THE BLACKROCK ADVANTAGE TERM TRUST INC. COMMON STOCK THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of common stock of The BlackRock Advantage Term Trust Inc. (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? ------------------------------------- ------------------------------------- ------------------------------------- DO YOU HAVE ANY COMMENTS? ------------------------------------- ------------------------------------- ------------------------------------- THE BLACKROCK MUNICIPAL TARGET TERM TRUST INC. C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 --------------------------- --------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bkt [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3247 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1.Election of Directors: (01) ANDREW F. BRIMMER (02) KENT DIXON (03) ROBERT S. KAPITO [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] _____________________________________________ For all nominees except as noted above 2. Approval of Proposal 2, to amend the Trust's Articles Supplementary: [ ] FOR [ ] AGAINST [ ] ABSTAIN -------------------------------------------------------------------------------- THE BLACKROCK MUNICIPAL TARGET TERM TRUST, INC. -------------------------------------------------------------------------------- COMMON STOCK Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature: ______________________________ Date: _________________ Co-owner Signature: ______________________________ Date: _________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY THE BLACKROCK MUNICIPAL TARGET TERM TRUST INC. COMMON STOCK THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of common stock of The BlackRock Municipal Target Term Trust Inc. (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? ------------------------------------------- ------------------------------------------- ------------------------------------------- DO YOU HAVE ANY COMMENTS? ------------------------------------------- ------------------------------------------- ------------------------------------------- THE BLACKROCK MUNICIPAL TARGET TERM TRUST INC. C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3247 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1.Election of Directors: (01) ANDREW F. BRIMMER (02) KENT DIXON (03) ROBERT S. KAPITO [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] _____________________________________________ For all nominees except as noted above 2. Approval of Proposal 2, to amend the Trust's Articles Supplementary: [ ] FOR [ ] AGAINST [ ] ABSTAIN -------------------------------------------------------------------------------- THE BLACKROCK MUNICIPAL TARGET TERM TRUST INC. -------------------------------------------------------------------------------- PREFERRED STOCK Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature: ______________________________ Date: _________________ Co-owner Signature: ______________________________ Date: _________________ DETACH HERE PROXY THE BLACKROCK MUNICIPAL TARGET TERM TRUST INC. PREFERRED STOCK THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of preferred stock of The BlackRock Municipal Target Term Trust Inc. (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? ------------------------------------------- ------------------------------------------- ------------------------------------------- DO YOU HAVE ANY COMMENTS? ------------------------------------------- ------------------------------------------- ------------------------------------------- THE BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC. C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/raa [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3231 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1.Election of Director: (01) JAMES CLAYBURN LA FORCE, JR. [ ] FOR THE [ ] WITHHOLD NOMINEE FROM THE NOMINEE 2. Approval of Proposal 2, to amend the Trust's Articles Supplementary: [ ] FOR [ ] AGAINST [ ] ABSTAIN -------------------------------------------------------------------------------- THE BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC. -------------------------------------------------------------------------------- COMMON STOCK Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature:_________________________________ Date: ________________ Co-owner Signature:_________________________________ Date: ________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY THE BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC. COMMON STOCK THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of common stock of The BlackRock California Investment Quality Municipal Trust Inc. (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? ------------------------------------- ------------------------------------- ------------------------------------- DO YOU HAVE ANY COMMENTS? ------------------------------------- ------------------------------------- ------------------------------------- THE BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC. C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3231 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1.Election of Directors: (01) RICHARD E. CAVANAGH (02) JAMES CLAYBURN LA FORCE, JR. [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] _____________________________________________ For all nominees except as noted above 2. Approval of Proposal 2, to amend the Trust's Articles Supplementary: [ ] FOR [ ] AGAINST [ ] ABSTAIN -------------------------------------------------------------------------------- THE BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC. -------------------------------------------------------------------------------- PREFERRED STOCK Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature: ______________________________ Date: _________________ Co-owner Signature: ______________________________ Date: _________________ PROXY THE BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC. PREFERRED STOCK THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of preferred stock of The BlackRock California Investment Quality Municipal Trust Inc. (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? ------------------------------------------- ------------------------------------------- ------------------------------------------- DO YOU HAVE ANY COMMENTS? ------------------------------------------- ------------------------------------------- ------------------------------------------- THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3236 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustee: (01) JAMES CLAYBURN LA FORCE, JR. [ ] FOR [ ] WITHHOLD THE FROM THE NOMINEE NOMINEE -------------------------------------------------------------------------------- THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST -------------------------------------------------------------------------------- COMMON SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature:___________________________________ Date:__________________________ Co-owner Signature:___________________________________ Date:__________________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST COMMON SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of The BlackRock Florida Investment Quality Municipal Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- DO YOU HAVE ANY COMMENTS? ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3236 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) RICHARD E. CAVANAGH (02) JAMES CLAYBURN LA FORCE, JR. [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] _____________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST -------------------------------------------------------------------------------- PREFERRED SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature:___________________________________ Date:__________________________ Co-owner Signature:___________________________________ Date:__________________________ DETACH HERE PROXY THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST PREFERRED SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of The BlackRock Florida Investment Quality Municipal Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- DO YOU HAVE ANY COMMENTS? ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC. C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 --------------------------- --------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/rnj [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3243 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1.Election of Director: (01) JAMES CLAYBURN LA FORCE, JR. [ ] FOR [ ] WITHHOLD THE FROM THE NOMINEE NOMINEE 2. Approval of Proposal 2, to amend the Trust's Articles Supplementary: [ ] FOR [ ] AGAINST [ ] ABSTAIN -------------------------------------------------------------------------------- THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC. -------------------------------------------------------------------------------- COMMON STOCK Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature:___________________________________ Date:__________________________ Co-owner Signature:___________________________________ Date:__________________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC. COMMON STOCK THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of common stock of The BlackRock New Jersey Investment Quality Municipal Trust Inc. (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- DO YOU HAVE ANY COMMENTS? ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC. C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3243 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1.Election of Directors: (01) RICHARD E. CAVANAGH (02) JAMES CLAYBURN LA FORCE, JR. [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] _____________________________________________ For all nominees except as noted above 2. Approval of Proposal 2, to amend the Trust's Articles Supplementary: [ ] FOR [ ] AGAINST [ ] ABSTAIN -------------------------------------------------------------------------------- THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC. -------------------------------------------------------------------------------- PREFERRED STOCK Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature:___________________________________ Date:__________________________ Co-owner Signature:___________________________________ Date:__________________________ DETACH HERE PROXY THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC. PREFERRED STOCK THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of preferred stock of The BlackRock New Jersey Investment Quality Municipal Trust Inc. (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- DO YOU HAVE ANY COMMENTS? ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- THE BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC. C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 --------------------------- --------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bkt [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3252 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1.Election of Directors: (01) JAMES CLAYBURN LA FORCE, JR. [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] _____________________________________________ For all nominees except as noted above 2. Approval of Proposal 2, to amend the Trust's Articles Supplementary: [ ] FOR [ ] AGAINST [ ] ABSTAIN -------------------------------------------------------------------------------- THE BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC. -------------------------------------------------------------------------------- COMMON STOCK Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature: ______________________________ Date: _________________ Co-owner Signature: ______________________________ Date: _________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY THE BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC. COMMON STOCK THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of common stock of The BlackRock New York Investment Quality Municipal Trust Inc. (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? ------------------------------------------- ------------------------------------------- ------------------------------------------- DO YOU HAVE ANY COMMENTS? ------------------------------------------- ------------------------------------------- ------------------------------------------- THE BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC. C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3252 1.Election of Directors: (01) RICHARD E. CAVANAGH (02) JAMES CLAYBURN LA FORCE, JR. [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] _____________________________________________ For all nominees except as noted above 2. Approval of Proposal 2, to amend the Trust's Articles Supplementary: [ ] FOR [ ] AGAINST [ ] ABSTAIN -------------------------------------------------------------------------------- THE BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC. -------------------------------------------------------------------------------- PREFERRED STOCK Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature:___________________________________ Date:__________________________ Co-owner Signature:___________________________________ Date:__________________________ DETACH HERE PROXY THE BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC. PREFERRED STOCK THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of preferred stock of The BlackRock New York Investment Quality Municipal Trust Inc. (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- DO YOU HAVE ANY COMMENTS? ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- THE BLACKROCK INCOME OPPORTUNITY TRUST INC. C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 --------------------------- --------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bkt [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3249 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1.Election of Directors: (01) ANDREW F. BRIMMER (02) KENT DIXON (03) ROBERT S. KAPITO [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] _____________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- THE BLACKROCK INCOME OPPORTUNITY TRUST INC. -------------------------------------------------------------------------------- COMMON STOCK Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature: ______________________________ Date: _________________ Co-owner Signature: ______________________________ Date: _________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY THE BLACKROCK INCOME OPPORTUNITY TRUST INC. COMMON STOCK THIS PROXY IS SOLICITED ON BEHALF OF THE DIRECTORS The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of common stock of The BlackRock Income Opportunity Trust Inc. (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? ------------------------------------------- ------------------------------------------- ------------------------------------------- DO YOU HAVE ANY COMMENTS? ------------------------------------------- ------------------------------------------- ------------------------------------------- THE BLACKROCK INSURED MUNICIPAL TERM TRUST INC. C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 --------------------------- --------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bkt [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3239 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1.Election of Directors: (01) ANDREW F. BRIMMER (02) KENT DIXON (03) ROBERT S. KAPITO [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] _____________________________________________ For all nominees except as noted above 2. Approval of Proposal 2, to amend the Trust's Articles Supplementary: [ ] FOR [ ] AGAINST [ ] ABSTAIN -------------------------------------------------------------------------------- THE BLACKROCK INSURED MUNICIPAL TERM TRUST INC. -------------------------------------------------------------------------------- COMMON STOCK Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature: ______________________________ Date: _________________ Co-owner Signature: ______________________________ Date: _________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY THE BLACKROCK INSURED MUNICIPAL TERM TRUST INC. COMMON STOCK THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of common stock of The BlackRock Insured Municipal Term Trust Inc. (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? ------------------------------------------- ------------------------------------------- ------------------------------------------- DO YOU HAVE ANY COMMENTS? ------------------------------------------- ------------------------------------------- ------------------------------------------- THE BLACKROCK INSURED MUNICIPAL TERM TRUST INC. C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3239 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1.Election of Directors: (01) ANDREW F. BRIMMER (02) KENT DIXON (03) ROBERT S. KAPITO [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] _____________________________________________ For all nominees except as noted above 2. Approval of Proposal 2, to amend the Trust's Articles Supplementary: [ ] FOR [ ] AGAINST [ ] ABSTAIN -------------------------------------------------------------------------------- THE BLACKROCK INSURED MUNICIPAL TERM TRUST INC. -------------------------------------------------------------------------------- PREFERRED STOCK Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature:___________________________________ Date:__________________________ Co-owner Signature:___________________________________ Date:__________________________ DETACH HERE PROXY THE BLACKROCK INSURED MUNICIPAL TERM TRUST INC. PREFERRED STOCK THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of preferred stock of The BlackRock Insured Municipal Term Trust Inc. (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Stockholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- DO YOU HAVE ANY COMMENTS? ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- THE BLACKROCK PENNSYLVANIA STRATEGIC MUNICIPAL TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bps [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3255 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustee: (01) JAMES CLAYBURN LA FORCE, JR. [ ] FOR [ ] WITHHOLD THE FROM THE NOMINEE NOMINEE -------------------------------------------------------------------------------- THE BLACKROCK PENNSYLVANA STRATEGIC MUNICIPAL TRUST -------------------------------------------------------------------------------- COMMON SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature:___________________________________ Date:__________________________ Co-owner Signature:___________________________________ Date:__________________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY THE BLACKROCK PENNSYLVANIA STRATEGIC MUNICIPAL TRUST COMMON SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES 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 February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- DO YOU HAVE ANY COMMENTS? ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- THE BLACKROCK PENNSYLVANIA STRATEGIC MUNICIPAL TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3255 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1.Election of Directors: (01) RICHARD E. CAVANAGH (02) JAMES CLAYBURN LA FORCE, JR. [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] _____________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- THE BLACKROCK PENNSYLVANIA STRATEGIC MUNICIPAL TRUST -------------------------------------------------------------------------------- PREFERRED SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature: ______________________________ Date: _________________ Co-owner Signature: ______________________________ Date: _________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY THE BLACKROCK PENNSYLVANIA STRATEGIC MUNICIPAL TRUST PREFERRED SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES 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 February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? ------------------------------------------- ------------------------------------------- ------------------------------------------- DO YOU HAVE ANY COMMENTS? ------------------------------------------- ------------------------------------------- ------------------------------------------- THE BLACKROCK STRATEGIC MUNICIPAL TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 --------------------------- --------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bsd [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3261 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustee: (01) JAMES CLAYBURN LA FORCE, JR. [ ] FOR [ ] WITHHOLD THE FROM THE NOMINEE NOMINEE -------------------------------------------------------------------------------- THE BLACKROCK STRATEGIC MUNICIPAL TRUST -------------------------------------------------------------------------------- COMMON SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature:___________________________________ Date:__________________________ Co-owner Signature:___________________________________ Date:__________________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY THE BLACKROCK STRATEGIC MUNICIPAL TRUST COMMON SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES 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 February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- DO YOU HAVE ANY COMMENTS? ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- THE BLACKROCK STRATEGIC MUNICIPAL TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3261 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) RICHARD E. CAVANAGH (02) JAMES CLAYBURN LA FORCE, JR. [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] _____________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- THE BLACKROCK STRATEGIC MUNICIPAL TRUST -------------------------------------------------------------------------------- PREFERRED SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature:___________________________________ Date:__________________________ Co-owner Signature:___________________________________ Date:__________________________ DETACH HERE PROXY THE BLACKROCK STRATEGIC MUNICIPAL TRUST PREFERRED SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES 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 February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- DO YOU HAVE ANY COMMENTS? ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- BLACKROCK FLORIDA MUNICIPAL INCOME TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 --------------------------- --------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bkt [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3234 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1.Election of Directors: (01) ANDREW F. BRIMMER (02) KENT DIXON (03) ROBERT S. KAPITO [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] _____________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK FLORIDA MUNICIPAL INCOME TRUST COMMON -------------------------------------------------------------------------------- COMMON SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature: ______________________________ Date: _________________ Co-owner Signature: ______________________________ Date: _________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY BLACKROCK FLORIDA MUNICIPAL INCOME TRUST COMMON SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock Florida Municipal Income Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? ------------------------------------------- ------------------------------------------- ------------------------------------------- DO YOU HAVE ANY COMMENTS? ------------------------------------------- ------------------------------------------- ------------------------------------------- BLACKROCK FLORIDA MUNICIPAL INCOME TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3234 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) ANDREW F. BRIMMER (02) KENT DIXON (03) ROBERT S. KAPITO [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] _____________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK FLORIDA MUNICIPAL INCOME TRUST -------------------------------------------------------------------------------- PREFERRED SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature:___________________________________ Date:__________________________ Co-owner Signature:___________________________________ Date:__________________________ DETACH HERE PROXY BLACKROCK FLORIDA MUNICIPAL INCOME TRUST PREFERRED SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock Florida Municipal Income Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- DO YOU HAVE ANY COMMENTS? ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- BLACKROCK MUNICIPAL INCOME TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 --------------------------- --------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bfk [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3245 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) ANDREW F. BRIMMER (02) KENT DIXON (03) ROBERT S. KAPITO [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] _____________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK MUNICIPAL INCOME TRUST -------------------------------------------------------------------------------- COMMON SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature:___________________________________ Date:__________________________ Co-owner Signature:___________________________________ Date:__________________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY BLACKROCK MUNICIPAL INCOME TRUST COMMON SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock Municipal Income Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- DO YOU HAVE ANY COMMENTS? ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- BLACKROCK MUNICIPAL INCOME TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3245 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) ANDREW F. BRIMMER (02) KENT DIXON (03) ROBERT S. KAPITO [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] _____________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK MUNICIPAL INCOME TRUST -------------------------------------------------------------------------------- PREFERRED SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature:___________________________________ Date:__________________________ Co-owner Signature:___________________________________ Date:__________________________ DETACH HERE PROXY BLACKROCK MUNICIPAL INCOME TRUST PREFERRED SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock Municipal Income Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- DO YOU HAVE ANY COMMENTS? ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 --------------------------- --------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bfz [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3238 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) ANDREW F. BRIMMER (02) KENT DIXON (03) ROBERT S. KAPITO [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] _____________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST -------------------------------------------------------------------------------- COMMON SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature:___________________________________ Date:__________________________ Co-owner Signature:___________________________________ Date:__________________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST COMMON SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock California Municipal Income Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- DO YOU HAVE ANY COMMENTS? ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3238 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) ANDREW F. BRIMMER (02) KENT DIXON (03) ROBERT S. KAPITO [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] _____________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST -------------------------------------------------------------------------------- PREFERRED SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature:___________________________________ Date:__________________________ Co-owner Signature:___________________________________ Date:__________________________ DETACH HERE PROXY BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST PREFERRED SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock California Municipal Income Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- DO YOU HAVE ANY COMMENTS? ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 --------------------------- --------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bkt [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3248 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1.Election of Directors: (01) ANDREW F. BRIMMER (02) KENT DIXON (03) ROBERT S. KAPITO [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] _____________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST -------------------------------------------------------------------------------- COMMON SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature: ______________________________ Date: _________________ Co-owner Signature: ______________________________ Date: _________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST COMMON SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock New Jersey Municipal Income Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? ------------------------------------------- ------------------------------------------- ------------------------------------------- DO YOU HAVE ANY COMMENTS? ------------------------------------------- ------------------------------------------- ------------------------------------------- BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3248 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) ANDREW F. BRIMMER (02) KENT DIXON (03) ROBERT S. KAPITO [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST -------------------------------------------------------------------------------- PREFERRED SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature: ____________________________________ Date:_____________________ Co-owner Signature: ____________________________________ Date:_____________________ DETACH HERE PROXY BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST PREFERRED SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock New Jersey Municipal Income Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? -------------------------------------- -------------------------------------- -------------------------------------- DO YOU HAVE ANY COMMENTS? ---------------------------------------- ---------------------------------------- ---------------------------------------- BLACKROCK NEW YORK MUNICIPAL INCOME TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 --------------------------- --------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bkt [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3251 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1.Election of Directors: (01) ANDREW F. BRIMMER (02) KENT DIXON (03) ROBERT S. KAPITO [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] _____________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK NEW YORK MUNICIPAL INCOME TRUST COMMON -------------------------------------------------------------------------------- COMMON SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature: ______________________________ Date: _________________ Co-owner Signature: ______________________________ Date: _________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY BLACKROCK NEW YORK MUNICIPAL INCOME TRUST COMMON SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock New York Municipal Income Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? ------------------------------------------- ------------------------------------------- ------------------------------------------- DO YOU HAVE ANY COMMENTS? ------------------------------------------- ------------------------------------------- ------------------------------------------- BLACKROCK NEW YORK MUNICIPAL INCOME TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3251 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) ANDREW F. BRIMMER (02) KENT DIXON (03) ROBERT S. KAPITO [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK NEW YORK MUNICIPAL INCOME TRUST -------------------------------------------------------------------------------- PREFERRED SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. Please be sure to sign and date this Proxy. Signature: ____________________________________ Date:_____________________ Co-owner Signature: ____________________________________ Date:_____________________ DETACH HERE PROXY BLACKROCK NEW YORK MUNICIPAL INCOME TRUST PREFERRED SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock New York Municipal Income Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? -------------------------------------- -------------------------------------- -------------------------------------- DO YOU HAVE ANY COMMENTS? -------------------------------------- -------------------------------------- -------------------------------------- BLACKROCK CALIFORNIA MUNICIPAL 2018 TERM TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 -------------------------- -------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bjz [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3229 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) ANDREW F. BRIMMER (02) KENT DIXON (03) ROBERT S. KAPITO [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK CALIFORNIA MUNICIPAL 2018 TERM TRUST -------------------------------------------------------------------------------- COMMON SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. Please be sure to sign and date this Proxy. Signature: ____________________________________ Date:_____________________ Co-owner Signature: ____________________________________ Date:_____________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY BLACKROCK CALIFORNIA MUNICIPAL 2018 TERM TRUST COMMON SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock California Municipal 2018 Term Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? -------------------------------------- -------------------------------------- -------------------------------------- DO YOU HAVE ANY COMMENTS? -------------------------------------- -------------------------------------- -------------------------------------- BLACKROCK CALIFORNIA MUNICIPAL 2018 TERM TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3229 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1.Election of Directors: (01) ANDREW F. BRIMMER (02) KENT DIXON (03) ROBERT S. KAPITO [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] _____________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK CALIFORNIA MUNICIPAL 2018 TERM TRUST -------------------------------------------------------------------------------- PREFERRED SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature: ______________________________ Date: _________________ Co-owner Signature: ______________________________ Date: _________________ DETACH HERE PROXY BLACKROCK CALIFORNIA MUNICIPAL 2018 TERM TRUST PREFERRED SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock California Municipal 2018 Term Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? ------------------------------------------- ------------------------------------------- ------------------------------------------- DO YOU HAVE ANY COMMENTS? ------------------------------------------- ------------------------------------------- ------------------------------------------- BLACKROCK MUNICIPAL 2018 TERM TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 -------------------------- -------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bpk [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3262 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) ANDREW F. BRIMMER (02) KENT DIXON (03) ROBERT S. KAPITO [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK MUNICIPAL 2018 TERM TRUST -------------------------------------------------------------------------------- COMMON SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. Please be sure to sign and date this Proxy. Signature: ____________________________________ Date:_____________________ Co-owner Signature: ____________________________________ Date:_____________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY BLACKROCK MUNICIPAL 2018 TERM TRUST COMMON SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock Municipal 2018 Term Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? -------------------------------------- -------------------------------------- -------------------------------------- DO YOU HAVE ANY COMMENTS? -------------------------------------- -------------------------------------- -------------------------------------- BLACKROCK MUNICIPAL 2018 TERM TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3262 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) ANDREW F. BRIMMER (02) KENT DIXON (03) ROBERT S. KAPITO [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK MUNICIPAL 2018 TERM TRUST -------------------------------------------------------------------------------- PREFERRED SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. Please be sure to sign and date this Proxy. Signature: ____________________________________ Date:_____________________ Co-owner Signature: ____________________________________ Date:_____________________ DETACH HERE PROXY BLACKROCK MUNICIPAL 2018 TERM TRUST PREFERRED SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock Municipal 2018 Term Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? -------------------------------------- -------------------------------------- -------------------------------------- DO YOU HAVE ANY COMMENTS? -------------------------------------- -------------------------------------- -------------------------------------- BLACKROCK NEW YORK MUNICIPAL 2018 TERM TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 -------------------------- -------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/blh [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3253 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) ANDREW F. BRIMMER (02) KENT DIXON (03) ROBERT S. KAPITO [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK NEW YORK MUNICIPAL 2018 TERM TRUST -------------------------------------------------------------------------------- COMMON SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. Please be sure to sign and date this Proxy. Signature: ____________________________________ Date:_____________________ Co-owner Signature: ____________________________________ Date:_____________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY BLACKROCK NEW YORK MUNICIPAL 2018 TERM TRUST COMMON SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock New York Municipal 2018 Term Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? -------------------------------------- -------------------------------------- -------------------------------------- DO YOU HAVE ANY COMMENTS? -------------------------------------- -------------------------------------- -------------------------------------- BLACKROCK NEW YORK MUNICIPAL 2018 TERM TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3253 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) ANDREW F. BRIMMER (02) KENT DIXON (03) ROBERT S. KAPITO [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK NEW YORK MUNICIPAL 2018 TERM TRUST -------------------------------------------------------------------------------- PREFERRED SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. Please be sure to sign and date this Proxy. Signature: ____________________________________ Date:_____________________ Co-owner Signature: ____________________________________ Date:_____________________ DETACH HERE PROXY BLACKROCK NEW YORK MUNICIPAL 2018 TERM TRUST PREFERRED SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock New York Municipal 2018 Term Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? -------------------------------------- -------------------------------------- -------------------------------------- DO YOU HAVE ANY COMMENTS? -------------------------------------- -------------------------------------- -------------------------------------- BLACKROCK CORE BOND TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 -------------------------- -------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bhk [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3228 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) ANDREW F. BRIMMER (02) KENT DIXON (03) ROBERT S. KAPITO [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK CORE BOND TRUST -------------------------------------------------------------------------------- COMMON SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. Please be sure to sign and date this Proxy. Signature: ____________________________________ Date:_____________________ Co-owner Signature: ____________________________________ Date:_____________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY BLACKROCK CORE BOND TRUST COMMON SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock Core Bond Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? -------------------------------------- -------------------------------------- -------------------------------------- DO YOU HAVE ANY COMMENTS? -------------------------------------- -------------------------------------- -------------------------------------- BLACKROCK STRATEGIC BOND TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 -------------------------- -------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bhd [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3259 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) ANDREW F. BRIMMER (02) KENT DIXON (03) ROBERT S. KAPITO [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK STRATEGIC BOND TRUST -------------------------------------------------------------------------------- COMMON SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. Please be sure to sign and date this Proxy. Signature: ____________________________________ Date:_____________________ Co-owner Signature: ____________________________________ Date:_____________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY BLACKROCK STRATEGIC BOND TRUST COMMON SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock Strategic Bond Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? -------------------------------------- -------------------------------------- -------------------------------------- DO YOU HAVE ANY COMMENTS? -------------------------------------- -------------------------------------- -------------------------------------- BLACKROCK MUNICIPAL BOND TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 -------------------------- -------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bbk [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3244 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) WALTER F. MONDALE (02) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK MUNICIPAL BOND TRUST -------------------------------------------------------------------------------- COMMON SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. Please be sure to sign and date this Proxy. Signature: ____________________________________ Date:_____________________ Co-owner Signature: ____________________________________ Date:_____________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY BLACKROCK MUNICIPAL BOND TRUST COMMON SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock Municipal Bond Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? -------------------------------------- -------------------------------------- -------------------------------------- DO YOU HAVE ANY COMMENTS? -------------------------------------- -------------------------------------- -------------------------------------- BLACKROCK MUNICIPAL BOND TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3244 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) FRANK FABOZZI (02) WALTER F. MONDALE (03) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK MUNICIPAL BOND TRUST -------------------------------------------------------------------------------- PREFERRED SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. Please be sure to sign and date this Proxy. Signature: ____________________________________ Date:_____________________ Co-owner Signature: ____________________________________ Date:_____________________ DETACH HERE PROXY BLACKROCK MUNICIPAL BOND TRUST PREFERRED SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock Municipal Bond Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? -------------------------------------- -------------------------------------- -------------------------------------- DO YOU HAVE ANY COMMENTS? -------------------------------------- -------------------------------------- -------------------------------------- BLACKROCK CALIFORNIA MUNICIPAL BOND TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 -------------------------- -------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bza [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3222 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) WALTER F. MONDALE (02) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK CALIFORNIA MUNICIPAL BOND TRUST -------------------------------------------------------------------------------- COMMON SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. Please be sure to sign and date this Proxy. Signature: ____________________________________ Date:_____________________ Co-owner Signature: ____________________________________ Date:_____________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY BLACKROCK CALIFORNIA MUNICIPAL BOND TRUST COMMON SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock California Municipal Bond Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? -------------------------------------- -------------------------------------- -------------------------------------- DO YOU HAVE ANY COMMENTS? -------------------------------------- -------------------------------------- -------------------------------------- BLACKROCK CALIFORNIA MUNICIPAL BOND TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3222 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) FRANK FABOZZI (02) WALTER F. MONDALE (03) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK CALIFORNIA MUNICIPAL BOND TRUST -------------------------------------------------------------------------------- PREFERRED SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. Please be sure to sign and date this Proxy. Signature: ____________________________________ Date:_____________________ Co-owner Signature: ____________________________________ Date:_____________________ DETACH HERE PROXY BLACKROCK CALIFORNIA MUNICIPAL BOND TRUST PREFERRED SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock California Municipal Bond Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? -------------------------------------- -------------------------------------- -------------------------------------- DO YOU HAVE ANY COMMENTS? -------------------------------------- -------------------------------------- -------------------------------------- BLACKROCK FLORIDA MUNICIPAL BOND TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 -------------------------- -------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bie [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3233 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) WALTER F. MONDALE (02) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK FLORIDA MUNICIPAL BOND TRUST -------------------------------------------------------------------------------- COMMON SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. Please be sure to sign and date this Proxy. Signature: ____________________________________ Date:_____________________ Co-owner Signature: ____________________________________ Date:_____________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY BLACKROCK FLORIDA MUNICIPAL BOND TRUST COMMON SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock Florida Municipal Bond Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? -------------------------------------- -------------------------------------- -------------------------------------- DO YOU HAVE ANY COMMENTS? -------------------------------------- -------------------------------------- -------------------------------------- BLACKROCK FLORIDA MUNICIPAL BOND TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3233 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) FRANK FABOZZI (02) WALTER F. MONDALE (03) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK FLORIDA MUNICIPAL BOND TRUST -------------------------------------------------------------------------------- PREFERRED SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. Please be sure to sign and date this Proxy. Signature: ____________________________________ Date:_____________________ Co-owner Signature: ____________________________________ Date:_____________________ DETACH HERE PROXY BLACKROCK FLORIDA MUNICIPAL BOND TRUST PREFERRED SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock Florida Municipal Bond Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? -------------------------------------- -------------------------------------- -------------------------------------- DO YOU HAVE ANY COMMENTS? -------------------------------------- -------------------------------------- -------------------------------------- BLACKROCK MARYLAND MUNICIPAL BOND TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 -------------------------- -------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bzm [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3246 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) WALTER F. MONDALE (02) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above Mark box at right if an address change or comment has been noted on the reverse side of this card. -------------------------------------------------------------------------------- BLACKROCK MARYLAND MUNICIPAL BOND TRUST -------------------------------------------------------------------------------- COMMON SHARES Please be sure to sign and date this Proxy. Signature: ____________________________________ Date:_____________________ Co-owner Signature: ____________________________________ Date:_____________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY BLACKROCK MARYLAND MUNICIPAL BOND TRUST COMMON SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock Maryland Municipal Bond Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? -------------------------------------- -------------------------------------- -------------------------------------- DO YOU HAVE ANY COMMENTS? -------------------------------------- -------------------------------------- -------------------------------------- BLACKROCK MARYLAND MUNICIPAL BOND TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3246 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) FRANK FABOZZI (02) WALTER F. MONDALE (03) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK MARYLAND MUNICIPAL BOND TRUST -------------------------------------------------------------------------------- PREFERRED SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. Please be sure to sign and date this Proxy. Signature: ____________________________________ Date:_____________________ Co-owner Signature: ____________________________________ Date:_____________________ DETACH HERE PROXY BLACKROCK MARYLAND MUNICIPAL BOND TRUST PREFERRED SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock Maryland Municipal Bond Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? -------------------------------------- -------------------------------------- -------------------------------------- DO YOU HAVE ANY COMMENTS? -------------------------------------- -------------------------------------- -------------------------------------- BLACKROCK NEW JERSEY MUNICIPAL BOND TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 -------------------------- -------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/blj [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3242 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) WALTER F. MONDALE (02) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK NEW JERSEY MUNICIPAL BOND TRUST -------------------------------------------------------------------------------- COMMON SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. Please be sure to sign and date this Proxy. Signature: ____________________________________ Date:_____________________ Co-owner Signature: ____________________________________ Date:_____________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY BLACKROCK NEW JERSEY MUNICIPAL BOND TRUST COMMON SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock New Jersey Municipal Bond Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? -------------------------------------- -------------------------------------- -------------------------------------- DO YOU HAVE ANY COMMENTS? -------------------------------------- -------------------------------------- -------------------------------------- BLACKROCK NEW JERSEY MUNICIPAL BOND TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3242 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1.Election of Directors: (01) FRANK FABOZZI (02) WALTER F. MONDALE (03) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] _____________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK NEW JERSEY MUNICIPAL BOND TRUST -------------------------------------------------------------------------------- PREFERRED SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature: ______________________________ Date: _________________ Co-owner Signature: ______________________________ Date: _________________ DETACH HERE PROXY BLACKROCK NEW JERSEY MUNICIPAL BOND TRUST PREFERRED SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock New Jersey Municipal Bond Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? ------------------------------------------- ------------------------------------------- ------------------------------------------- DO YOU HAVE ANY COMMENTS? ------------------------------------------- ------------------------------------------- ------------------------------------------- BLACKROCK NEW YORK MUNICIPAL BOND TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 -------------------------- -------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bqh [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3223 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) WALTER F. MONDALE (02) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK NEW YORK MUNICIPAL BOND TRUST -------------------------------------------------------------------------------- COMMON SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. Please be sure to sign and date this Proxy. Signature: ____________________________________ Date:_____________________ Co-owner Signature: ____________________________________ Date:_____________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY BLACKROCK NEW YORK MUNICIPAL BOND TRUST COMMON SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock New York Municipal Bond Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? -------------------------------------- -------------------------------------- -------------------------------------- DO YOU HAVE ANY COMMENTS? -------------------------------------- -------------------------------------- -------------------------------------- BLACKROCK NEW YORK MUNICIPAL BOND TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3223 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) FRANK FABOZZI (02) WALTER F. MONDALE (03) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above Mark box at right if an address change or comment has been noted on the reverse side of this card. -------------------------------------------------------------------------------- BLACKROCK NEW YORK MUNICIPAL BOND TRUST -------------------------------------------------------------------------------- PREFERRED SHARES Please be sure to sign and date this Proxy. Signature: ____________________________________ Date:_____________________ Co-owner Signature: ____________________________________ Date:_____________________ DETACH HERE PROXY BLACKROCK NEW YORK MUNICIPAL BOND TRUST PREFERRED SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock New York Municipal Bond Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? -------------------------------------- -------------------------------------- -------------------------------------- DO YOU HAVE ANY COMMENTS? -------------------------------------- -------------------------------------- -------------------------------------- BLACKROCK VIRGINIA MUNICIPAL BOND TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 -------------------------- -------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bhv [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3263 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) WALTER F. MONDALE (02) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK VIRGINIA MUNICIPAL BOND TRUST -------------------------------------------------------------------------------- COMMON SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. Please be sure to sign and date this Proxy. Signature: ____________________________________ Date:_____________________ Co-owner Signature: ____________________________________ Date:_____________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY BLACKROCK VIRGINIA MUNICIPAL BOND TRUST COMMON SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock Virginia Municipal Bond Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? -------------------------------------- -------------------------------------- -------------------------------------- DO YOU HAVE ANY COMMENTS? -------------------------------------- -------------------------------------- -------------------------------------- BLACKROCK VIRGINIA MUNICIPAL BOND TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3263 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) FRANK FABOZZI (02) WALTER F. MONDALE (03) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK VIRGINIA MUNICIPAL BOND TRUST -------------------------------------------------------------------------------- PREFERRED SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. Please be sure to sign and date this Proxy. Signature: ____________________________________ Date:_____________________ Co-owner Signature: ____________________________________ Date:_____________________ DETACH HERE PROXY BLACKROCK VIRGINIA MUNICIPAL BOND TRUST PREFERRED SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock Virginia Municipal Bond Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? -------------------------------------- -------------------------------------- -------------------------------------- DO YOU HAVE ANY COMMENTS? -------------------------------------- -------------------------------------- -------------------------------------- BLACKROCK MUNICIPAL INCOME TRUST II C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 -------------------------- -------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/ble [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3318 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) WALTER F. MONDALE (02) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK MUNICIPAL INCOME TRUST II -------------------------------------------------------------------------------- COMMON SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature: ______________________________ Date: _________________ Co-owner Signature: ______________________________ Date: _________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY BLACKROCK MUNICIPAL INCOME TRUST II COMMON SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock Municipal Income Trust II (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? --------------------------------------- --------------------------------------- --------------------------------------- DO YOU HAVE ANY COMMENTS? --------------------------------------- --------------------------------------- --------------------------------------- BLACKROCK MUNICIPAL INCOME TRUST II C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3318 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) FRANK FABOZZI (02) WALTER F. MONDALE (03) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK MUNICIPAL INCOME TRUST II -------------------------------------------------------------------------------- PREFERRED SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. Please be sure to sign and date this Proxy. Signature: ______________________________ Date: _________________ Co-owner Signature: ______________________________ Date: _________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY BLACKROCK MUNICIPAL INCOME TRUST II PREFERRED SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock Municipal Income Trust II (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? --------------------------------------- --------------------------------------- --------------------------------------- DO YOU HAVE ANY COMMENTS? --------------------------------------- --------------------------------------- --------------------------------------- BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST II C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 --------------------------- --------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bkt [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3258 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1.Election of Directors: (01) WALTER F. MONDALE (02) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] _____________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST II -------------------------------------------------------------------------------- COMMON SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature: ______________________________ Date: _________________ Co-owner Signature: ______________________________ Date: _________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST II COMMON SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock California Municipal Income Trust II (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? ------------------------------------------- ------------------------------------------- ------------------------------------------- DO YOU HAVE ANY COMMENTS? ------------------------------------------- ------------------------------------------- ------------------------------------------- BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST II C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3258 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) FRANK FABOZZI (02) WALTER F. MONDALE (03) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST II -------------------------------------------------------------------------------- PREFERRED SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature: ______________________________ Date: _________________ Co-owner Signature: ______________________________ Date: _________________ DETACH HERE PROXY BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST II PREFERRED SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock California Municipal Income Trust II (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? --------------------------------------- --------------------------------------- --------------------------------------- DO YOU HAVE ANY COMMENTS? --------------------------------------- --------------------------------------- --------------------------------------- BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 -------------------------- -------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bfy [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3321 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) WALTER F. MONDALE (02) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II -------------------------------------------------------------------------------- COMMON SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. Please be sure to sign and date this Proxy. Signature: ______________________________ Date: _________________ Co-owner Signature: ______________________________ Date: _________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II COMMON SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock New York Municipal Income Trust II (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? --------------------------------------- --------------------------------------- --------------------------------------- DO YOU HAVE ANY COMMENTS? --------------------------------------- --------------------------------------- --------------------------------------- BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3321 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) FRANK FABOZZI (02) WALTER F. MONDALE (03) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II -------------------------------------------------------------------------------- PREFERRED SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. Please be sure to sign and date this Proxy. Signature: ______________________________ Date: _________________ Co-owner Signature: ______________________________ Date: _________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II PREFERRED SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock New York Municipal Income Trust II (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? --------------------------------------- --------------------------------------- --------------------------------------- DO YOU HAVE ANY COMMENTS? --------------------------------------- --------------------------------------- --------------------------------------- BLACKROCK INSURED MUNICIPAL INCOME TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 -------------------------- -------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bym [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3317 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) WALTER F. MONDALE (02) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK INSURED MUNICIPAL INCOME TRUST -------------------------------------------------------------------------------- COMMON SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. Please be sure to sign and date this Proxy. Signature: ______________________________ Date: _________________ Co-owner Signature: ______________________________ Date: _________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY -------------------------------------------------------------------------------- BLACKROCK INSURED MUNICIPAL INCOME TRUST -------------------------------------------------------------------------------- COMMON SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock Insured Municipal Income Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? --------------------------------------- --------------------------------------- --------------------------------------- DO YOU HAVE ANY COMMENTS? --------------------------------------- --------------------------------------- --------------------------------------- BLACKROCK INSURED MUNICIPAL INCOME TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3317 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) FRANK FABOZZI (02) WALTER F. MONDALE (03) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK INSURED MUNICIPAL INCOME TRUST -------------------------------------------------------------------------------- PREFERRED SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. Please be sure to sign and date this Proxy. Signature: ______________________________ Date: _________________ Co-owner Signature: ______________________________ Date: _________________ DETACH HERE PROXY BLACKROCK INSURED MUNICIPAL INCOME TRUST PREFERRED SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock Insured Municipal Income Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? --------------------------------------- --------------------------------------- --------------------------------------- DO YOU HAVE ANY COMMENTS? --------------------------------------- --------------------------------------- --------------------------------------- BLACKROCK CALIFORNIA INSURED MUNICIPAL INCOME TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 -------------------------- -------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bck [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3257 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) WALTER F. MONDALE (02) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK CALIFORNIA INSURED MUNICIPAL INCOME TRUST -------------------------------------------------------------------------------- COMMON SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. Please be sure to sign and date this Proxy. Signature: ______________________________ Date: _________________ Co-owner Signature: ______________________________ Date: _________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY BLACKROCK CALIFORNIA INSURED MUNICIPAL INCOME TRUST COMMON SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock California Insured Municipal Income Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? --------------------------------------- --------------------------------------- --------------------------------------- DO YOU HAVE ANY COMMENTS? --------------------------------------- --------------------------------------- --------------------------------------- BLACKROCK CALIFORNIA INSURED MUNICIPAL INCOME TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3257 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1.Election of Directors: (01) FRANK FABOZZI (02) WALTER F. MONDALE (03) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] _____________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK CALIFORNIA INSURED MUNICIPAL INCOME TRUST -------------------------------------------------------------------------------- PREFERRED SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature: ______________________________ Date: _________________ Co-owner Signature: ______________________________ Date: _________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY BLACKROCK CALIFORNIA INSURED MUNICIPAL INCOME TRUST PREFERRED SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock California Insured Municipal Income Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? ------------------------------------------- ------------------------------------------- ------------------------------------------- DO YOU HAVE ANY COMMENTS? ------------------------------------------- ------------------------------------------- ------------------------------------------- BLACKROCK FLORIDA INSURED MUNICIPAL INCOME TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 -------------------------- -------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/baf [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3264 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) WALTER F. MONDALE (02) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK FLORIDA INSURED MUNICIPAL INCOME TRUST -------------------------------------------------------------------------------- COMMON SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. Please be sure to sign and date this Proxy. Signature: ______________________________ Date: _________________ Co-owner Signature: ______________________________ Date: _________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY BLACKROCK FLORIDA INSURED MUNICIPAL INCOME TRUST COMMON SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock Florida Insured Municipal Income Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? --------------------------------------- --------------------------------------- --------------------------------------- DO YOU HAVE ANY COMMENTS? --------------------------------------- --------------------------------------- --------------------------------------- BLACKROCK FLORIDA INSURED MUNICIPAL INCOME TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3264 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) FRANK FABOZZI (02) WALTER F. MONDALE (03) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK FLORIDA INSURED MUNICIPAL INCOME TRUST -------------------------------------------------------------------------------- PREFERRED SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. Please be sure to sign and date this Proxy. Signature: ______________________________ Date: _________________ Co-owner Signature: ______________________________ Date: _________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY BLACKROCK FLORIDA INSURED MUNICIPAL INCOME TRUST PREFERRED SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock Florida Insured Municipal Income Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? --------------------------------------- --------------------------------------- --------------------------------------- DO YOU HAVE ANY COMMENTS? --------------------------------------- --------------------------------------- --------------------------------------- BLACKROCK NEW YORK INSURED MUNICIPAL INCOME TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 -------------------------- -------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bse [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3319 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) WALTER F. MONDALE (02) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK NEW YORK INSURED MUNICIPAL INCOME TRUST -------------------------------------------------------------------------------- COMMON SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. Please be sure to sign and date this Proxy. Signature: ______________________________ Date: _________________ Co-owner Signature: ______________________________ Date: _________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY BLACKROCK NEW YORK INSURED MUNICIPAL INCOME TRUST COMMON SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock New York Insured Municipal Income Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? --------------------------------------- --------------------------------------- --------------------------------------- DO YOU HAVE ANY COMMENTS? --------------------------------------- --------------------------------------- --------------------------------------- BLACKROCK NEW YORK INSURED MUNICIPAL INCOME TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3319 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) FRANK FABOZZI (02) WALTER F. MONDALE (03) RALPH L. SCHLOSSTEIN [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK NEW YORK INSURED MUNICIPAL INCOME TRUST -------------------------------------------------------------------------------- PREFERRED SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. Please be sure to sign and date this Proxy. Signature: ______________________________ Date: _________________ Co-owner Signature: ______________________________ Date: _________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY BLACKROCK NEW YORK INSURED MUNICIPAL INCOME TRUST PREFERRED SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock New York Insured Municipal Income Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? --------------------------------------- --------------------------------------- --------------------------------------- DO YOU HAVE ANY COMMENTS? --------------------------------------- --------------------------------------- --------------------------------------- BLACKROCK PREFERRED OPPORTUNITY TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 -------------------------- -------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bpp [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3322 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1.Election of Trustee: (01) JAMES CLAYBURN LA FORCE, JR. [ ] FOR [ ] WITHHOLD THE FROM THE NOMINEE NOMINEE -------------------------------------------------------------------------------- BLACKROCK PREFERRED OPPORTUNITY TRUST -------------------------------------------------------------------------------- COMMON SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. Please be sure to sign and date this Proxy. Signature: ______________________________ Date: _________________ Co-owner Signature: ______________________________ Date: _________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY BLACKROCK PREFERRED OPPORTUNITY TRUST COMMON SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock Preferred Opportunity Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? --------------------------------------- --------------------------------------- --------------------------------------- DO YOU HAVE ANY COMMENTS? --------------------------------------- --------------------------------------- --------------------------------------- BLACKROCK PREFERRED OPPORTUNITY TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3322 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) RICHARD E. CAVANAGH (02) JAMES CLAYBURN LA FORCE, JR. [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK PREFERRED OPPORTUNITY TRUST -------------------------------------------------------------------------------- PREFERRED SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. Please be sure to sign and date this Proxy. Signature: ______________________________ Date: _________________ Co-owner Signature: ______________________________ Date: _________________ DETACH HERE PROXY BLACKROCK PREFERRED OPPORTUNITY TRUST PREFERRED SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock Preferred Opportunity Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? --------------------------------------- --------------------------------------- --------------------------------------- DO YOU HAVE ANY COMMENTS? --------------------------------------- --------------------------------------- --------------------------------------- BLACKROCK LIMITED DURATION INCOME TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 -------------------------- -------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/blw [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3516 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) RICHARD E. CAVANAGH (02) JAMES CLAYBURN LA FORCE, JR. [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK LIMITED DURATION INCOME TRUST -------------------------------------------------------------------------------- COMMON SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. Please be sure to sign and date this Proxy. Signature: ______________________________ Date: _________________ Co-owner Signature: ______________________________ Date: _________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY BLACKROCK LIMITED DURATION INCOME TRUST COMMON SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of common shares of the BlackRock Limited Duration Income Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? --------------------------------------- --------------------------------------- --------------------------------------- DO YOU HAVE ANY COMMENTS? --------------------------------------- --------------------------------------- --------------------------------------- BLACKROCK MUNICIPAL 2020 TERM TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 -------------------------- -------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bkk [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3646 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1.Election of Trustee: (01) JAMES CLAYBURN LA FORCE, JR. [ ] FOR [ ] WITHHOLD THE FROM THE NOMINEE NOMINEE -------------------------------------------------------------------------------- BLACKROCK MUNICIPAL 2020 TERM TRUST -------------------------------------------------------------------------------- COMMON SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. Please be sure to sign and date this Proxy. Signature: ______________________________ Date: _________________ Co-owner Signature: ______________________________ Date: _________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY BLACKROCK MUNICIPAL 2020 TERM TRUST COMMON SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock Municipal 2020 Term Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? --------------------------------------- --------------------------------------- --------------------------------------- DO YOU HAVE ANY COMMENTS? --------------------------------------- --------------------------------------- --------------------------------------- BLACKROCK MUNICIPAL 2020 TERM TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3646 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustees: (01) RICHARD E. CAVANAGH (02) JAMES CLAYBURN LA FORCE, JR. [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] __________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK MUNICIPAL 2020 TERM TRUST -------------------------------------------------------------------------------- PREFERRED SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. Please be sure to sign and date this Proxy. Signature: ______________________________ Date: _________________ Co-owner Signature: ______________________________ Date: _________________ DETACH HERE PROXY BLACKROCK MUNICIPAL 2020 TERM TRUST PREFERRED SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock Municipal 2020 Term Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? --------------------------------------- --------------------------------------- --------------------------------------- DO YOU HAVE ANY COMMENTS? --------------------------------------- --------------------------------------- --------------------------------------- BLACKROCK FLORIDA MUNICIPAL 2020 TERM TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 -------------------------- -------------------------- YOUR VOTE IS IMPORTANT. PLEASE VOTE IMMEDIATELY. VOTE-BY-INTERNET LOG ON TO THE INTERNET AND GO TO http://www.eproxyvote.com/bfo [COMPUTER LOGO] OR VOTE-BY-TELEPHONE CALL TOLL-FREE 1-877-PRX-VOTE (1-877-779-8683) [TELEPHONE LOGO] IF YOU VOTE OVER THE INTERNET OR BY TELEPHONE, PLEASE DO NOT MAIL YOUR CARD. DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL 3645 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Trustee: (01) JAMES CLAYBURN LA FORCE, JR. [ ] FOR [ ] WITHHOLD THE FROM THE NOMINEE NOMINEE -------------------------------------------------------------------------------- BLACKROCK FLORIDA MUNICIPAL 2020 TERM TRUST -------------------------------------------------------------------------------- COMMON SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. Please be sure to sign and date this Proxy. Signature: ______________________________ Date: _________________ Co-owner Signature: ______________________________ Date: _________________ DETACH HERE IF YOU ARE RETURNING YOUR PROXY CARD BY MAIL PROXY BLACKROCK FLORIDA MUNICIPAL 2020 TERM TRUST COMMON SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common shares of the BlackRock Florida Municipal 2020 Term Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? --------------------------------------- --------------------------------------- --------------------------------------- DO YOU HAVE ANY COMMENTS? --------------------------------------- --------------------------------------- --------------------------------------- BLACKROCK FLORIDA MUNICIPAL 2020 TERM TRUST C/O EQUISERVE TRUST COMPANY N.A. P.O. BOX 8694 EDISON, NJ 08818-8694 DETACH HERE 3645 [X] PLEASE MARK VOTES AS IN THIS EXAMPLE. 1. Election of Directors: (01) RICHARD E. CAVANAGH (02) JAMES CLAYBURN LA FORCE, JR. [ ] FOR [ ] WITHHOLD ALL FROM ALL NOMINEES NOMINEES [ ] _____________________________________________ For all nominees except as noted above -------------------------------------------------------------------------------- BLACKROCK FLORIDA MUNICIPAL 2020 TERM TRUST -------------------------------------------------------------------------------- PREFERRED SHARES Mark box at right if an address change or comment has been noted on the reverse side of this card. [ ] Please be sure to sign and date this Proxy. Signature: ______________________________ Date: _________________ Co-owner Signature: ______________________________ Date: _________________ DETACH HERE PROXY BLACKROCK FLORIDA MUNICIPAL 2020 TERM TRUST PREFERRED SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred shares of the BlackRock Florida Municipal 2020 Term Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. -------------------------------------------------------------------------------- PLEASE MARK BOXES IN BLUE OR BLACK INK. SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE. -------------------------------------------------------------------------------- HAS YOUR ADDRESS CHANGED? ------------------------------------------- ------------------------------------------- ------------------------------------------- DO YOU HAVE ANY COMMENTS? ------------------------------------------- ------------------------------------------- ------------------------------------------- BLACKROCK YOUR VOTE IS IMPORTANT VOTE BY INTERNET / TELEPHONE 24 HOURS A DAY, 7 DAYS A WEEK INTERNET -------- https://www.proxyvotenow.com/bdv o Go to the website address listed above. o HAVE YOUR PROXY CARD READY. o Follow the simple instructions that appear on your computer screen. OR TELEPHONE --------- 1-866-205-9017 o Use any touch-tone telephone. o HAVE YOUR PROXY CARD READY. o Follow the simple recorded instructions. OR MAIL ---- o Mark, sign and date your proxy card. o Detach your proxy card. o Return your proxy card in the postage-paid envelope provided. ------------------ ------------------ PLEASE SUBMIT YOUR INTERNET OR TELEPHONE VOTE BEFORE 4:00 P.M., NEW YORK TIME, ON MAY 25, 2004. \/ DETACH PROXY CARD HERE IF YOU ARE NOT VOTING BY TELEPHONE OR INTERNET \/ -------------------------------------------------------------------------------- PLEASE SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY VOTES MUST BE INDICATED USING THE ENCLOSED ENVELOPE (X) IN BLACK OR BLUE INK 1. Election of Trustees: FOR WITHHOLD EXCEPTION THE [ ] FROM THE [ ] [ ] NOMINEES NOMINEES Nominee: 01 - Richard E. Cavanagh 02 - James Clayburn La Force, Jr. (INSTRUCTIONS: TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE, STRIKE A LINE THROUGH THAT NOMINEE'S NAME AND CHECK THE "EXCEPTIONS" BOX ABOVE.) -------------------------------------------------------------------------------- BLACKROCK DIVIDEND ACHIEVERS(TM) TRUST -------------------------------------------------------------------------------- COMMON SHARES To change your address, please mark this box. [ ] To include any comments, please mark this box. [ ] -------------------------------------------------------------------------------- S C A N L I N E -------------------------------------------------------------------------------- Please be sure to sign and date this Proxy. Date Share Owner sign here Co-Owner sign here ------------------------------------- -------------------------------------- ------------------------------------- -------------------------------------- 449 PROXY BLACKROCK DIVIDEND ACHIEVERS(TM) TRUST COMMON SHARES THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES 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 AchieversTM Trust (the "Trust") held of record by the undersigned on February 27, 2004 at the Annual Meeting of Shareholders of the Trust to be held on May 26, 2004 or at any adjournments or postponements thereof. 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. Continued on the reverse side. Must be signed and dated on the reverse side. HAS YOUR ADDRESS CHANGED? ------------------------------ BLACKROCK DIVIDEND ACHIEVERS(TM) TRUST ------------------------------ P.O. BOX 11325 NEW YORK, N.Y. 10203-0325 ------------------------------ DO YOU HAVE ANY COMMENTS? ------------------------------ ------------------------------ ------------------------------