BlackRock currently has five closed-end funds with auction rate preferred shares ("ARPS") outstanding, BlackRock Municipal 2018 Term Trust (NYSE: BPK), BlackRock California Municipal 2018 Term Trust (NYSE: BJZ), BlackRock New York Municipal 2018 Term Trust (NYSE: BLH), BlackRock Municipal 2020 Term Trust (NYSE: BKK) and BlackRock Florida Municipal 2020 Term Trust (NYSE: BFO) (the "Term Trusts").

The Term Trusts are closed-end funds that have (i) a defined maturity date that sets forth when the Term Trust will liquidate and distribute net assets to investors and (ii) investment objectives to seek to (a) provide current income exempt from regular Federal income tax (and state income tax, as applicable) and (b) return the Term Trust's initial public offering price per common share to common shareholders on or about the Term Trust's stated maturity date. With respect to BPK, BJZ and BLH, the stated maturity is on or about December 31, 2018; with respect to BKK and BFO, the stated maturity is on or about December 31, 2020. The initial public offering price target for each Term Trust is $15.00 per common share.

Since February 2008, each of the Term Trusts has announced partial redemptions of their respective outstanding ARPS. The partial ARPS redemptions by the Term Trusts, which total $225.8 million in aggregate (including redemptions announced today for BFO, BKK and BPK), were conducted following a comprehensive review by each Term Trust's Board of Trustees (the "Boards") of factors including, but not limited to, the current cost, terms and availability of alternative financing for the Term Trusts and the consideration of any potential impact an ARPS-related action may have on a Term Trust's ability to achieve its investment objectives (including the investment objective of returning the initial public offering price per common share to common shareholders on or about the Term Trust's stated maturity date).

As announced on February 12, 2013, with consideration of these unique factors in the context of each Term Trust's portfolio and current and projected market conditions, BlackRock and the Boards currently intend to provide liquidity to ARPS holders from time-to-time over the remaining term of each Term Trust consistent with the best interest of each Term Trust and its shareholders. The amount and timing of any such liquidity will likely differ for each Term Trust and are expected to be influenced by, among other factors, the amount and timing of securities held by the Term Trusts that mature at par or are called by their issuers prior to their maturity dates. BlackRock and the Boards continue to actively evaluate options to provide liquidity to ARPS holders and may in the future continue to determine to provide liquidity in advance of a Term Trust's scheduled maturity date, although there is no guarantee that liquidity will be provided for all or a portion of a particular Term Trust's ARPS before such time. If liquidity for ARPS is not provided sooner, each Term Trust will provide liquidity for all ARPS then outstanding at its respective maturity date.

In order to provide additional flexibility for each Term Trust to potentially continue to conduct partial redemptions of ARPS in the future, the Boards today announced an amendment to each Term Trust's ARPS Statement of Preferences. The amendment eliminates a requirement that precluded partial redemptions of ARPS once the number of ARPS outstanding for a particular series fell below 300 shares. The Boards believe the removal of this requirement is in the best interest of each of the Term Trusts and their shareholders as it seeks to provide additional flexibility to conduct partial redemptions of ARPS in advance of the Term Trust's maturity, if such redemption is otherwise determined to be consistent with the best interest of each Term Trust and its shareholders.

Since February 2008 and inclusive of the ARPS redemptions announced today, BlackRock and the Boards of Directors/Trustees of the BlackRock closed-end funds have been able to provide liquidity of ARPS totaling approximately $9.60 billion across taxable and tax-exempt closed-end funds (approximately 97.7% of the total ARPS then-outstanding). BlackRock will continue to keep market participants and shareholders informed of each Term Trust's progress to provide liquidity for ARPS via press releases and on BlackRock's website at www.blackrock.com.

About BlackRock

BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At September 30, 2013, BlackRock's assets under management were $4.096 trillion. BlackRock helps clients meet their goals and overcome challenges with a range of products that include separate accounts, mutual funds, iShares® (exchange-traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions®. Headquartered in New York City, as of September 30, 2013, the firm had approximately 11,200 employees in 30 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa. For additional information, please visit BlackRock's website at www.blackrock.com.

Forward-Looking Statements

This press release, and other statements that BlackRock or the Term Trusts may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the Term Trusts or BlackRock's future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as "trend," "potential," "opportunity," "pipeline," "believe," "comfortable," "expect," "anticipate," "current," "intention," "estimate," "position," "assume," "outlook," "continue," "remain," "maintain," "sustain," "seek," "achieve," and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "may" or similar expressions.

BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

With respect to the Term Trusts, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the Term Trusts or in a Term Trust's net asset value; (2) the relative and absolute investment performance of a Term Trust and its investments; (3) the impact of increased competition; (4) the unfavorable resolution of any legal proceedings; (5) the extent and timing of any distributions or share repurchases; (6) the impact, extent and timing of technological changes; (7) the impact of legislative and regulatory actions and reforms, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory, supervisory or enforcement actions of government agencies relating to a Term Trust or BlackRock, as applicable; (8) terrorist activities, international hostilities and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (9) BlackRock's ability to attract and retain highly talented professionals; (10) the impact of BlackRock electing to provide support to its products from time to time; and (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions.

Annual and Semi-Annual Reports and other regulatory filings of a Term Trust with the Securities and Exchange Commission ("SEC") are accessible on the SEC's website at www.sec.gov and on BlackRock's website at www.blackrock.com, and may discuss these or other factors that affect the Term Trusts. The information contained on BlackRock's website is not a part of this press release.

BlackRock Closed-End Funds
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