BlackRock Announces Portfolio Manager Changes and Addition of Sub-Advisor to Certain BlackRock Closed-End Funds

BlackRock Advisors, LLC today announced changes to the portfolio management teams of BlackRock Real Asset Equity Trust (NYSE:BCF), BlackRock Resources & Commodities Strategy Trust (NYSE:BCX), BlackRock Energy and Resources Trust (NYSE:BGR) and BlackRock Utility and Infrastructure Trust (NYSE:BUI) (collectively the “Funds”). In connection with these changes, BlackRock Advisors, LLC also announced the appointment of BlackRock International Limited as an investment sub-advisor for BCX, BGR and BUI.

Each Fund’s portfolio management team, including biographies for each of the portfolio managers, is set forth below. The changes announced today will take effect March 11, 2013.

Christopher M. Accettella, Director, is a member of the Fundamental Equity platform. He is a trader responsible for executing equity derivatives and options trades.

Prior to joining BlackRock in 2005, Mr. Accettella was an institutional sales trader with American Technology Research. From 2001 to 2003, he was with Deutsche Asset Management where he was responsible for derivatives and program trading. Prior to that, he was a senior associate in the Pacific Basin Equity Group at Scudder Investments Singapore Limited. Mr. Accettella began his investment career in 1997 as a portfolio analyst in the European Equity group of Scudder Kemper Investments, Inc.

Mr. Accettella earned a BA degree in economics and Asian studies from Colgate University in 1997.

Poppy Allonby, CFA, Managing Director and portfolio manager, is a member of the Natural Resources Team within the Fundamental Equity division of BlackRock's Alpha Strategies Group.

Ms. Allonby's service with the firm dates back to 2000, including her years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. She is responsible for co-managing the BGF World Energy and BGF New Energy Funds, and BlackRock New Energy Technology plc. Prior to working on the Natural Resources team, Ms. Allonby was an analyst on the US Equity team, responsible for the Basic Materials, Utilities and Energy sectors.

Ms. Allonby earned a BSc degree in physics, with honors, from the Imperial College of Science and Technology in 2000.

Kathleen Anderson, Managing Director, is a member of the Fundamental Equity division of BlackRock's Alpha Strategies Group. She is the lead portfolio manager for BlackRock Utilities and Telecommunications Fund and a portfolio manager for the BlackRock Equity Dividend Fund.

Ms. Anderson's service with the firm dates back to 1993, including her years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Prior to joining MLIM, Ms. Anderson served as a research associate at Chancellor Capital Management (formerly Citigroup Investment Management) from 1983 until 1993. At Chancellor Capital Management, Ms. Anderson was a research associate for entertainment and media and an analyst on a real estate fund. Previously, she assumed coverage as the analyst for the utilities and telecommunications sectors.

Ms. Anderson earned a BA degree in economics and finance from Baruch College in 1980.

Robin Batchelor, Managing Director and portfolio manager, is a member of the Natural Resources team within the Fundamental Equity division of BlackRock's Alpha Strategies Group. He is responsible for the management of the BGF World Energy and BGF New Energy Funds, and BlackRock New Energy Investment Trust plc. He is also co-manager of BlackRock's Natural Resources Hedge Fund.

Mr. Batchelor joined the Natural Resources team in London in 1996 and worked on the Gold and Mining Funds through 1998. Mr. Batchelor subsequently developed the energy capability within the Natural Resources team and began managing dedicated energy funds in January 1999. The London based Energy team is responsible for both traditional oil and gas investment funds as well as alternative energy portfolios.

Mr. Batchelor earned BSc degrees, with honours, in applied geology from Colorado State University and Glasgow University in 1995 and an MSc degree in investment analysis from Stirling University in 1996.

Richard Davis, Managing Director and portfolio manager, is a member of the Natural Resources Equity team within BlackRock's EMEA Fundamental Equity division of BlackRock's Alpha Strategies Group. He is co-manager of the BGF World Agriculture Fund and the BlackRock Agriculture Fund. He is also responsible for managing the gold and mining funds, including the BlackRock Gold Metal Open Fund, co-manager on the BlackRock Natural Resources Hedge Fund and is responsible for the team's income products.

Mr. Davis' service with the firm dates back to 1994, including his years with Mercury Asset Management and Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, he was a member of the Natural Resources team. Prior to joining MLIM, he worked as a geologist for three years in Ireland and worked on mineral exploration and resource evaluation projects in base metals, gold and diamonds.

Mr. Davis earned a BA degree in geology from Trinity College in 1989, and an MSc degree in mineral exploration from Imperial College in 1990.

Joshua Freedman, Vice President and portfolio manager, is a member of the Natural Resources team within the Fundamental Equity division of BlackRock's Alpha Strategies Group. He is responsible for covering the energy and new energy sectors.

Mr. Freedman's service with the firm dates back to 2006, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Prior to joining the team, he worked on MLIM's Emerging Europe team. Mr. Freedman began his career with MLIM.

Mr. Freedman earned a BA degree, with honours, in engineering from Downing College, Cambridge in 2006.

Thomas Holl, Vice President and portfolio manager, is a member of the Natural Resources team within the Fundamental Equity division of BlackRock's Alpha Strategies Group. He is responsible for covering the mining and gold sectors.

Mr. Holl moved to his current role in 2008. His service with the firm dates back to 2006, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, Mr. Holl was a member of the Global Equity team and the Real Estate team as a member of the graduate training program.

Mr. Holl earned a BA degree, with honors, in Land Economy from Cambridge University in 2006.

Kyle G. McClements, CFA, Managing Director, is a member of the Fundamental Equity platform. He is a senior trader responsible for executing equity derivatives and options trades.

Mr. McClements' service with the firm dates back to 2004, including his years with State Street Research & Management (SSRM), which merged with BlackRock in 2005. At SSRM, Mr. McClements was a Vice President and senior derivatives strategist responsible for equity derivative strategy and trading in the Quantitative Equity Group at State Street Research. Prior to joining State Street Research in 2004, Mr. McClements was a senior trader/analyst at Deutsche Asset Management, responsible for derivatives, equity program, technology and energy sector, and foreign exchange trading. Mr. McClements began his career in 1994 as a derivatives analyst with Donaldson Lufkin & Jenrette responsible for pricing and performance analytics for the derivatives trading desk.

Mr. McClements earned a BA degree in economics and political science from the University of Pennsylvania in 1993 and an MBA degree in finance and corporate accounting from the University of Rochester in 1998.

Robert Shearer, CFA, Managing Director, is a member of the Fundamental Equity division of BlackRock's Alpha Strategies Group. He is the lead portfolio manager for the Equity Dividend Fund and the BlackRock Natural Resources Fund.

Mr. Shearer's service with the firm dates back to 1997, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, he managed the Merrill Lynch World Natural Resources Portfolio. Prior to joining MLIM, Mr. Shearer was a vice president with David L. Babson & Company, Inc., at Concert Capital Management, Inc. as a Vice President and Sector Manager and at Fiduciary Trust Company International as a Vice President.

Mr. Shearer earned a BS degree in economics at the University of Wisconsin in 1978, an MA degree in international management at Thunderbird, School of Global Management in 1982, and an MBA degree from the University of Wisconsin in 1985.

About BlackRock

BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At December 31, 2012, BlackRock’s AUM was $3.792 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 December 31, 2012, the firm has approximately 10,500 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.

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