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BlackRock Announces Closing Of Closed-End Fund Reorganizations

BlackRock Advisors, LLC today announced that the reorganization of each of BlackRock Credit Allocation Income Trust I, Inc. (NYSE: PSW), BlackRock Credit Allocation Income Trust II, Inc. (NYSE: PSY) and BlackRock Credit Allocation Income Trust III (NYSE: BPP) with and into BlackRock Credit Allocation Income Trust IV (NYSE: BTZ) is effective as of the opening for business of the New York Stock Exchange on December 10, 2012.

In the Reorganizations, each of PSW, PSY and BPP was reorganized with and into BTZ. Common shareholders of PSW, PSY and BPP, respectively, received an amount of BTZ common shares equal to the aggregate net asset value of their holdings of PSW, PSY and/or BPP common shares, as applicable, as determined at the close of business on December 7, 2012. Fractional BTZ shares were not issued in the Reorganizations and consequently cash will be distributed for any such fractional amounts.

Relevant details pertaining to the Reorganizations are as follows:
Fund   NAV/Share ($)   Conversion Ratio
BlackRock Credit Allocation Income Trust IV (BTZ)   $15.3340   N/A
BlackRock Credit Allocation Income Trust I, Inc. (PSW)   $11.4202   0.74476327
BlackRock Credit Allocation Income Trust II, Inc. (PSY)   $12.2921   0.80162384
BlackRock Credit Allocation Income Trust III (BPP)   $13.1753   0.85922134

This communication is not intended to, and shall not, constitute an offer to purchase or sell shares of any of the BlackRock funds, including BTZ, 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 BTZ.

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