On January 2, 2013, each of BlackRock Municipal 2018 Term Trust (NYSE: BPK), BlackRock California Municipal 2018 Term Trust (NYSE: BJZ), BlackRock New York Municipal 2018 Term Trust (NYSE: BLH), BlackRock Municipal 2020 Term Trust (NYSE: BKK) and BlackRock Florida Municipal 2020 Term Trust (NYSE: BFO), the five BlackRock closed-end term trusts with auction rate preferred shares (“ARPS”) outstanding (the “Term Trusts”), announced partial redemptions of their respective ARPS. On January 8, 2013, BFO, BKK and BLH announced additional partial redemptions of their respective ARPS. Term Trusts are a unique sub-set of closed-end funds which have (i) a defined maturity date at which time the Term Trust will liquidate and distribute proceeds to investors and (ii) an investment objective to seek to (a) provide current income exempt from regular Federal income tax (and state income tax, as applicable) and (b) return the Term Trust’s initial public offering price to common shareholders on or about the Term Trust’s stated maturity date. With respect to BPK, BJZ and BLH, the stated maturity is on or about December 31, 2018; with respect to BKK and BFO, the stated maturity is on or about December 31, 2020. In all cases, the initial public offering price target for each Term Trust is $15.00 per common share. The structure and objectives of a Term Trust involve additional factors that the Boards of Trustees of the Term Trusts (the "Boards") and BlackRock continually consider as they evaluate options to provide liquidity to ARPS holders. These factors include, among others, the current cost, terms and availability of alternative financing for the Term Trusts and the consideration of any potential impact an ARPS-related action may have on a Term Trust’s ability to achieve its investment objectives (including the objective of returning the initial public offering price to common shareholders at maturity).