BlackRock Equity Option Closed-End Funds Approve Change to Distribution Frequency

BlackRock Advisors, LLC today announced that the Boards of Directors/ Trustees of eleven BlackRock equity option closed-end funds (the “Funds”) have approved a change to the frequency of regular Fund distributions from quarterly to monthly. A list of the Funds is provided below.

As a result of the change, beginning in August 2014 (with respect to BOE, BQY, and BUI) or September 2014 (with respect to BCF, BCX, BDJ, BGR, BGY, BME, BQR and CII) shareholders of each Fund will begin receiving distributions on a monthly basis. Distribution rates and relevant dates for the Funds’ initial monthly distributions will be announced, subject to the Fund’s declaration of such distributions at the discretion of the Fund’s Board of Directors/Trustees, in August and September, as applicable. BlackRock believes changing the frequency of regular Fund distributions from quarterly to monthly will benefit investors seeking more frequent regular cash distributions.

Each Fund has adopted a plan, consistent with its investment objectives and policies, to support a level distribution of income, capital gains and/or return of capital (a “Plan”) and employs an option over-write strategy to enhance dividend yield. Under its Plan, each Fund will distribute all available investment income to its shareholders as required by the Internal Revenue Code of 1986, as amended. If sufficient investment income is not available, each Fund will distribute long-term capital gains and/or return capital to its shareholders in order to maintain a level distribution. A return of capital may occur, for example, when all or some of a shareholder’s investment is paid back to the investor. 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.

With each distribution, a Fund issues a notice and a press release containing information about the amount and sources of the distribution and other related information. A Fund’s distribution rate is subject to change at the discretion of each Fund’s Board of Directors/Trustees. Investors should not draw any conclusions about a Fund’s investment performance from the amount of its distribution or from the terms of its Plan. A Fund’s distribution rate may be affected by numerous factors, including changes in current and anticipated equity market returns, market volatility, option premiums and other factors. There can be no assurance whether a change in market conditions or other factors will result in a change in a Fund's distribution rate. Additional information about the Funds, including performance and portfolio characteristic information, is available 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 March 31, 2014, BlackRock’s assets under management were $4.401 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 March 31, 2014, the firm had approximately 11,500 employees in more than 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 the firm’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.