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Certain BlackRock Closed-End Funds Announce Estimated Sources of Distributions

BGR, CII, BDJ, BME, BGY, BCX
Certain BlackRock Closed-End Funds Announce Estimated Sources of Distributions

Today, BlackRock Real Asset Equity Trust (NYSE: BCF), BlackRock Resources & Commodities Strategy Trust (NYSE: BCX), BlackRock Enhanced Equity Dividend Trust (NYSE: BDJ), BlackRock Energy and Resources Trust (NYSE: BGR), BlackRock International Growth and Income Trust (NYSE: BGY), BlackRock Health Sciences Trust (NYSE: BME), BlackRock EcoSolutions Investment Trust (NYSE: BQR) and BlackRock Enhanced Capital and Income Fund, Inc. (NYSE: CII) (collectively, the “Funds”) paid the following dividends per share:

                         
Fund           Pay Date           Per Share
BCF           December 31, 2012           $0.221500
BCX           December 31, 2012           $0.290000
BDJ           December 31, 2012           $0.140000
BGR           December 31, 2012           $0.405000
BGY           December 31, 2012           $0.167850
BME           December 31, 2012           $1.234375
BQR           December 31, 2012           $0.179250
CII           December 31, 2012           $0.300000
                   

Each of the Funds has adopted a level distribution plan (the “Plan”) and employs either a managed distribution or an option over-write policy to support a level distribution of income, capital gains and/or return of capital. The fixed amounts distributed per share are subject to change at the discretion of each Fund’s Board. Under its Plan, each Fund will distribute all available investment income to its shareholders, consistent with its primary investment objectives and as required by the Internal Revenue Code of 1986, as amended. If sufficient investment income is not available on a quarterly/monthly basis, the Funds will distribute long-term capital gains and/or return capital to their shareholders in order to maintain a level distribution.

The Funds’ estimated sources of the distributions paid this month and for their current fiscal years are as follows:

Estimated Allocations as of December 31, 2012                
           
            Net Investment       Net Realized Short- Net Realized
Fund       Distribution       Income       Term Gains       Long-Term Gains       Return of Capital
BCF1       $0.221500       $0.018732 (8%)       $0 (0%)       $0 (0%)       $0.202768 (92%)
BCX1       $0.290000       $0.047028 (16%)       $0 (0%)       $0 (0%)       $0.242972 (84%)
BDJ1       $0.140000       $0.056982 (41%)       $0 (0%)       $0 (0%)       $0.083018 (59%)
BGR1       $0.405000       $0.028666 (7%)       $0 (0%)       $0 (0%)       $0.376334 (93%)
BGY1       $0.167850       $0.006239 (4%)       $0 (0%)       $0 (0%)       $0.161611 (96%)
BME       $1.234375       $0.034818 (3%)       $0.349557 (28%)       $0.850000 (69%)       $0 (0%)
BQR1       $0.179250       $0.037782 (21%)       $0 (0%)       $0 (0%)       $0.141468 (79%)
CII1       $0.300000       $0.101319 (34%)       $0 (0%)       $0 (0%)       $0.198681 (66%)
 
Estimated Allocations for the fiscal year through December 31, 2012
 
            Net Investment      

Net Realized

      Net Realized      
Fund       Distribution       Income      

Short-Term Gains

      Long-Term Gains       Return of Capital
BCF1       $0.221500       $0.018732 (8%)       $0 (0%)       $0 (0%)       $0.202768 (92%)
BCX1       $0.290000       $0.047028 (16%)       $0 (0%)       $0 (0%)       $0.242972 (84%)
BDJ1       $0.140000       $0.056982 (41%)       $0 (0%)       $0 (0%)       $0.083018 (59%)
BGR1       $0.405000       $0.028666 (7%)       $0 (0%)       $0 (0%)       $0.376334 (93%)
BGY1       $0.167850       $0.006239 (4%)       $0 (0%)       $0 (0%)       $0.161611 (96%)
BME       $1.234375       $0.034818 (3%)       $0.349557 (28%)       $0.850000 (69%)       $0 (0%)
BQR1       $0.179250       $0.037782 (21%)       $0 (0%)       $0 (0%)       $0.141468 (79%)
CII1       $0.300000       $0.101319 (34%)       $0 (0%)       $0 (0%)       $0.198681 (66%)
 

1The Fund estimates that it has distributed more than its income and capital gains in the current fiscal year; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment is paid back to the shareholder. A return of capital distribution does not necessarily reflect a Fund's investment performance and should not be confused with ‘yield’ or ‘income’. When distributions exceed total return performance, the difference will reduce the Fund’s net asset value per share.

The amounts and sources of distributions reported are only estimates and are not provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon each Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Fund Performance and Distribution Rate Information:                
      Average annual            

 

     
total return (in

 

Cumulative total

Cumulative fiscal

relation to NAV) for

Annualized current

return (in relation

year distributions as

the 5-year period

distribution rate expressed

to NAV) for the

a percentage of

ending on

as a percentage of NAV

fiscal year through

NAV as of
Fund       11/30/2012      

as of 11/30/2012

      11/30/2012       11/30/2012
BCF       (2.36)%       8.14%       (1.36)%       2.04%
BCX *       (6.10)%       7.77%       (3.24)%       1.94%
BDJ       1.70%       6.72%       0.36%       1.68%
BGR       1.39%       6.28%       (0.62)%       1.57%
BGY       (2.00)%       7.95%       2.05%       1.99%
BME       6.91%       5.33%       1.76%       4.28%
BQR       (3.71)%       7.79%       0.66%       1.95%
CII       4.18%       8.40%       0.35%       2.10%

* Portfolio launched within the past 5 years; this represents the average annual total return (in relation to NAV) from inception to 11/30/2012.

Shareholders should not draw any conclusions about a Fund’s investment performance from the amount of the Fund’s current distributions or from the terms of the Fund’s Plan.

About BlackRock

BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At September 30, 2012, BlackRock’s AUM was $3.673 trillion. BlackRock offers products that span the risk spectrum to meet clients’ needs, including active, enhanced and index strategies across markets and asset classes. Products are offered in a variety of structures including 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, 2012, the firm has approximately 10,400 employees in 29 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 Funds may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the Funds 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 Funds, 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 Funds or in a Fund’s net asset value; (2) the relative and absolute investment performance of a Fund 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 Fund 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 Fund 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 Funds. The information contained on BlackRock’s website is not a part of this press release.

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