It is currently expected that the reorganizations will be concluded on or about July 24, 2009, subject to all regulatory requirements and customary closing conditions being satisfied. In connection with the reorganizations, BOE will acquire substantially all of the assets and liabilities of BFD and BWC in a tax-free transaction for common shares of BOE. Each reorganization will occur based on the relative net asset values of BOE, BFD and BWC.

This communication is not intended to, and shall not, constitute an offer to purchase or sell shares of any of the BlackRock funds, including BOE, the surviving fund in the reorganizations. Investors should consider the investment objectives, risks, charges and expenses of their fund(s) carefully and consider in its entirety the Joint Proxy Statement/Prospectus relating to the reorganizations which contains important information regarding the investment objectives and policies, risks, charges, expenses and other important information about BOE.

BOE's investment objective is primarily to seek current income and current gains, with a secondary objective of long-term capital appreciation. BOE primarily invests in equity securities and utilizes an option writing strategy to enhance current gains.

About BlackRock

BlackRock is one of the world's largest publicly traded investment management firms. At March 31, 2009, BlackRock's assets under management were $1.283 trillion. The firm manages assets on behalf of institutions and individuals worldwide through a variety of equity, fixed income, cash management and alternative investment products. In addition, a growing number of institutional investors use BlackRock Solutions® investment system, risk management and financial advisory services. The firm is headquartered in New York City and has employees in 21 countries throughout the U.S., Europe and Asia Pacific. 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 BFD, BWC or BOE (the "Funds") may make, may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the future financial or business performance, strategies or expectations of BlackRock or the Funds.