FILED BY BLACKROCK, INC.
PURSUANT TO RULE 425 UNDER THE SECURITIES ACT OF 1933
AND DEEMED FILED PURSUANT TO RULE 14a-12
UNDER THE SECURITIES EXCHANGE ACT OF 1934
SUBJECT COMPANY: NEW BLACKROCK, INC.
COMMISSION FILE NO. 333-134916
BlackRock & Merrill Lynch Investment Managers
Merger Update
BlackRock Overview
Combined Assets of US$1 Trillion
Fixed Income
Equity / Balanced
Real Estate
Alternatives
$433 Billion
$354 Billion
$27 Billion
$13 Billion
Liquidity
$212 Billion
Combined as of March 31, 2006
Risk Management
Investment Accounting
$3.5 Trillion
$50 Billion
Announced merger of BlackRock and Merrill Lynch Investment
Managers (MLIM) on February 15, 2006
Independent firm in ownership and governance
Public company (NYSE: BLK) with over 4,000 employees
Headquartered in NYC
Laurence Fink continues as Chairman and CEO
All founding partners remain affiliated with BlackRock
No majority owners
Merrill Lynch 49%, PNC 34%, employees and public 17%
Majority of Board of Directors is independent
Achieve scale in multiple products and markets
Combine complementary US retail platforms with mutual funds, managed accounts,
and enhanced client service
Institutional client base to benefit from additional US dollar and non-dollar products
Non-US business to span institutional and retail clients in over 50 countries
Spectrum of products across asset classes to broaden with global and non-US products,
non-US real estate, and alternative investment strategies
Operating in 18 countries and more than 35 cities
Investment centers in Boston, Edinburgh, Eindhoven, Florham Park, London,
Melbourne, Newport Beach, New York City, Philadelphia, Princeton, San Francisco,
Sydney, Tokyo, and Wilmington
Client service presence in local markets
Expected closing date on September 30, 2006
1
BlackRock and MLIM Combined
Diversified product mix
Scale across asset classes
Products tailored to client needs
Selected mergers proposed to rationalize fund families
Competitive performance
82%* of BlackRock composites outperformed their
benchmark as of December 31, 2005
77% of MLIM composites outperformed their benchmark
as of December 31, 2005
84 funds of the combined offerings as of May 31, 2006
have Morningstar ratings of 4 or 5 stars**
Global asset management company
Over one-third of employees based outside the U.S.
Fourteen investment centers in US, UK, Europe, Japan,
and Australia
Marketing and client service offices in 35 cities plus
regional wholesalers
Extensive fund offerings registered in domiciles around
the world
Local resources for operations, administration, and
compliance
433
127
306
Fixed Income
212
126
86
Liquidity
27
10
17
Alternatives
TOTAL
Real Estate
Equity1
13
3
10
AUM by Asset Class
US$ Billions
354
310
44
$1,039
$576
$463
Combined
MLIM
BlackRock
1 Includes Balanced assets
AUM by Client Geography
*Based on annualized 3-year gross of fee returns for products with at least a 3-year track record
**Ratings are based on historical risk-adjusted performance and the overall rating is derived from a weighted average of the funds' 3-, 5-, and 10-year
Morningstar Rating Metrics includes closed/open-end funds
Combined assets as of March 31, 2006
2
Similar business philosophy in equities
Culture of investment excellence
Distinct portfolio teams accountable for investment results in specific products
Structure of regional investment centers with integrated research supplemented by shared global investment perspectives
Process that enhances returns through careful risk and performance analysis
Pay for performance compensation model that aligns portfolio managers with clients
In general, the MLIM and BlackRock equity teams remain unchanged
Broad and deep resources for managing equities
Bob Doll, Global CIO for Equities
Quintin Price, CIO for EMEA Pacific Equities
46 Equity Portfolio Management Teams
Global Equity Trading team
Risk and Quantitative Analysis Group
BlackRock Solutions Technology Platform
Investment decision-making
Decentralized team decision-making
Centralized dialogue resulting in knowledge sharing
Differentiated and diverse product line tailored to investor's needs
Equity and balanced products
Institutional and retail products
Global and local market products
Combining BlackRock and MLIM Equity Capabilities
Equity Investment Centers
As of March 31, 2006
$3.4
Philadelphia
$165.2
Princeton
$17.2
Boston
$2.9
Australia
$313.5
TOTAL
$91.4
London
$10.1
Edinburgh
$11.1
Tokyo
$12.2
New York
Combined Equity AUM
Excluding Balanced Assets
(US$ billions)
Office Location
3
BlackRock Equity Platform
BlackRock Equity Investment Philosophy
Integrated research and fund management teams, where performance is the primary focus
Shared investment ideas, common view of risk management and portfolio attribution
Risk and Quantitative Analysis Group
Leaders: Golub, Fishwick, Patti, Damm
Locations: NY, Princeton, Philadelphia,
London, Edinburgh, Tokyo, Melbourne
Bob Doll, Global CIO, Equities
Global Equity Trading
Leaders: Mahoney, Gitlin, Walker-Duncalf
Locations: Princeton, NY, Philadelphia,
Boston, London, Edinburgh, Tokyo,
Singapore, Melbourne
BlackRock Solutions
Technology Platform
Aladdin®
Straight-through processing
Galileo™
Shared Research Database
Green Package®
Risk Management Tools
Princeton Teams
Boston Teams
Philadelphia Team
Global Opportunities: Callan, Carey, Rosenbaum
London Teams
Edinburgh Teams
Tokyo Teams
Melbourne Teams
Quintin Price, CIO
EMEA Pacific Equities
Japan Large Cap: Desmidt
Japan Small Cap: Tateda
Australian Equities: Himpoo
Quantitative Teams
New York: Byrket, Herrmann
Tokyo: Hosaka
Melbourne: Liow
Princeton: Bertani, Clark, Jelilian, Roisenberg,
Russo
Portable Alpha: Green, Struthers
Large Cap Series: Doll
Basic/Focus Value: Rendino, Martorelli
US Active Large Cap Value: Gaskin
Balanced Capital: Schansinger
Equity Dividend: Shearer
Fundamental Growth: Burke
Global Allocation: Stattman, Chamby
Global Value: Bell, Kassem, Berman
Global Small Cap: Coyle, Balaraman
Value Opportunities: Baum
Latin America: Landers
Pacific: Moyer
Healthcare: Schreiber, Hodgson
Natural Resources: Shearer
Utilities: Anderson
Global Technology: Vignola, Zidar
Financials: Kassem
Private Investors: Willoughby
UK Equity: Macpherson
UK Specialist: Chappell
European Style Diversified: Macmillan
European Specialist: Lee
Emerging Europe: Bourrier , Monovski
Natural Resources: Birch
Large Cap Global: Turnill
Asia Pacific: Moakes
Strategic Investment Group: Cameron-Watt
EAFE: Anderson, Low
European Large Cap GARP: Morillo
Pacific Basin: Barry
Small to Mid Value: Archambo, Forcione
Small to Mid Growth: Wagner, Leary
Small Cap Core: O’Connor
Fundamental Large Growth: Lindsey, Dowd
Energy: Rice, Walsh
Health Sciences: Xie
Asset Allocation: Zhang
Edinburgh Teams
4
Combining BlackRock and MLIM Fixed Income and Liquidity Teams
“One BlackRock” approach will incorporate MLIM’s strengths
Keith Anderson, Global CIO for Fixed Income, and Scott Amero continue to lead the
fixed income effort
Expect to combine teams in several disciplines
Jeff Gary and Mark Williams will continue to lead the High Yield and Bank Loan
team
Kevin Booth will join the team as a portfolio manager
Additional analysts will augment our existing efforts in bank loans and distressed debt
John Loffredo and Bob DiMella of MLIM will lead the tax-exempt team
Team members will be located in Princeton and New York
BlackRock Solutions’ Aladdin platform being installed at MLIM to facilitate global
information sharing
BlackRock/MLIM combination accelerates global bond expansion
Large, experienced MLIM team in London facilitates our European expansion
Significant local presences in Sydney and Tokyo enhance our capabilities
MLIM’s non-US cash management complements BlackRock’s product line
Differentiated and diverse product line
Products provide range of risk/reward characteristics
Global and local market products
Institutional and retail products
Dedicated “on-balance sheet” capabilities for Financial Institutions and Corporate
Cash
Strong Liability-Driven Investing products for Europe and the U.S.
Assets as of March 31, 2006
$433 Billion Combined Fixed Income AUM
$212 Billion Combined Liquidity AUM
1 Excludes balanced mandates
1
5
Combined U.S. Private Client Group
Private Client Industry Leader
4th largest broker-sold open-end fund family
2nd largest closed-end fund sponsor
3rd largest SMA provider
Over 10 million private client investors
Resulting business has significant scale and breadth of product
Combined business is responsible for $268 billion
Strong, broad product line
Strength in equity, fixed income and cash management
Investment management provided through multiple wrappers
Anticipate ongoing reinvestment and product development
Competitive performance
84 funds of the combined offerings as of May 31, 2006 have Morningstar
ratings of 4 or 5 stars**
Extensive resources focused on serving individual investors
Over 400 professionals focused on product, sales, servicing, and
marketing
Dalbar award winning call center and shareholder statements
Data as of 3/31/06, except where noted
**Ratings are based on historical risk-adjusted performance and the overall rating is derived from a weighted average of the funds'
3-, 5-, and 10-year Morningstar Rating Metrics – includes open and closed-end funds
Products Managed
$268 bil Combined AUM
As of 3/31/06
6
A World-Class Mutual Fund Family with Scale |
Fixed income product breadth - $20 bil in AUM | ||
| ||
| • | Top performing municipal funds |
|
|
|
| • | Multiple core taxable funds |
|
|
|
| • | Strong performing sector funds, including High Yield and GNMA |
| SHORT | INTERMEDIATE/ | GOVERNMENT |
Fixed Income | Enhanced Income | Intermediate Bond | Intermediate Govt |
| TIPS | HIGH YIELD | GLOBAL |
Other | Inflation Protected | High Yield | International Bond |
| SHORT | NATIONAL | STATE SPECIFIC |
Municipals | Short Term Muni | Muni Int Term | California Muni |
Equity product breadth – $70.6 bil in AUM | ||
| ||
| • | Top performing large cap equity funds |
|
|
|
| • | Selected global funds & strong sector fund line-up, including Energy |
Domestic Equity | VALUE | CORE | GROWTH |
Large | Large Cap Value | Large Cap Core | Large Cap Growth |
Mid | Mid-Cap Value | US Opportunities | Mid-Cap Growth |
SMID | Aurora |
| SMID Growth |
Small | Value Opportunities | Small Cap Index | Small Cap Growth |
Global & | VALUE | CORE | GROWTH |
Large | Global Value | International | Global Growth |
Small | Developing Capital Mkts |
| Global Small Cap |
| SPECIALTY | ||
Other | Global Technology | Natural Resources | Global Financial Svcs. |
BLENDED | |||
Global Allocation | Balanced Capital | Asset Allocation | |
REGIONAL | |||
EuroFund | Latin America | Pacific | |
| 1 Fund closed to new investors |
|
|
|
|
|
|
| Bold denotes 4 and 5 star funds |
|
|
/7/ | > |
|
Consolidating BlackRock and MLIM Fund Families
Currently, BlackRock has 43 funds and MLIM has 59 funds (excluding money market funds)
As we considered different fund mergers, we did so with several goals:
Provide shareholders with strongest products
Reduce number of funds that overlap
Generally, shareholders would maintain or improve expense ratios
Considered a variety of administrative impacts
We are proposing the following fund mergers:
8
1 Surviving fund track record
Portfolio Name
Merge into
1
PM Team
Portfolio Name
Merge into
1
PM Team
Portfolio Name
Merge into
1
PM Team
ML U.S. High Yield
BR High Yield
Gary/Amero
BR UltraShort
Municipal
ML Short Term
Municipal
Hayes
ML Intermediate
Term
ML Core Bond
Anderson/Amero/
Marra/Phillips
ML Inflation
Protected
BR Inflation
Protected
Spodek/
Weinstein
BR New Jersey
Tax-Free
ML New Jersey
Municipal
Jaeckel
ML Strategy All
Equity
ML Large Cap
Core
Doll
ML Short Term U.S.
Government
BR Low Duration
Anderson/
Amero/Kopstein
BR Pennsylvania
Tax-Free
ML Pennsylvania
Municipal
Bock
ML Disciplined
Equity
ML Large Cap
Core
Doll
BR Dividend
Achievers
TM
ML Equity Dividend
Shearer
ML Strategy
Growth & Income
ML Global
Allocation
Stattman/
Chamby
BR Large Cap
Growth
ML Large Cap
Growth
Doll
BR Large Cap
Value
ML Large Cap Value
Doll
MLIM To BlackRock
BlackRock to MLIM
MLIM to MLIM
ML Strategy Long-
Term Growth
ML Global
Allocation
Stattman/
Chamby
ML U.S.
Government
BR Government
Income
Phillips/
Pellicciaro
Enhancements to Fund Family
Proposed mergers are shareholder friendly
Generally, shareholders invested at same or lower fees in each
product
Conformed redemption fees for combined fund family
Fee is 2% for redemptions or exchanges made in 30 days
Fee assessed on small, SMID, International, global and certain
fixed income and sector funds
Closing B shares to new investors in all fixed income
funds (still available for exchanges)
Aligned A share sales loads and breakpoints to be more
competitive with the industry
R shares will be added to selected BlackRock funds:
Fixed Income: High Yield, Government Income, Core Bond Total
Return (Total Return II), and Core PLUS Total Return (Total
Return)
Equity: Small/Mid-Cap Growth, Aurora, and Mid-Cap Growth
9
*Expenses as of 2/28/06
1 2% redemption fee is assessed on redemptions or exchanges made within 30 days
Sector/Fixed Income
Global/International
Small/SMID
All Cap Global Rscs
Global Resources
Global Science & Tech
Global Technology
Health Sciences
High Income
High Yield
International Bond
Real Investment
World Income
Developing Captl Mkts
EuroFund
Global Value
Global Allocation
Global Dynamic Equity
Global Financial Services
Global Growth
Global Opportunities
Global Small Cap
International
International Index
Intl Opportunities
International Value
Latin America
Pacific
Aurora
Small Cap Core
Small Cap Growth
Small Cap Growth II
Small Cap Index
Small Cap Value
SMID Growth
U.S. Opportunities
Value Opportunities
Redemption Fees1 For Combined Fund Family
Acquired Fund
Surviving Fund
Institutional
Class A
Institutional
Class A
ML U.S. High Yield
High Yield
0.87%
1.12%
0.62%
0.96%
ML Inflation Protected
Inflation Protected
0.98%
1.23%
0.38%
0.66%
ML Short-Term U.S. Govt
Low Duration
0.69%
0.94%
0.45%
0.81%
ML US Government
Govt Income
0.83%
1.08%
0.70%
0.95%
BR UltraShort Muni
Short Term Muni
0.38%
0.80%
0.35%
0.60%
BR NJ Tax-Free
NJ Muni
0.60%
0.90%
0.60%
0.85%
BR PA Tax-Free
PA Muni
0.60%
0.90%
0.60%
0.85%
BR Lg Cap Value
Lg Cap Value
0.77%
1.24%
0.95%
1.20%
BR Lg Cap Growth
Lg Cap Growth
0.82%
1.29%
1.02%
1.27%
BR Dividend Achievers
TM
Equity Dividend Fund
0.90%
1.30%
0.82%
1.07%
Pre-Merger of
Acquired Fund
Post-Merger of
Acquired Fund
Merged Funds' Net Expenses*
Summary of Fund Mergers
10
PORTFOLIO IMPACTED
MERGED INTO
RESULTING
FUND NAME
PORTFOLIO MANAGEMENT TEAM
Equity Funds
ML Strategy All Equity
ML Large Cap Core
BR Large Cap Core
Doll
ML Strategy Growth & Income
ML Global Allocation
BR Global Allocation
Stattman/Chamby
ML Strategy
Long
-
Term Growth
ML Global Allocation
BR Global Allocation
Stattman/Chamby
ML Disciplined Equity
ML Large Cap Core
BR Large Cap Core
Doll
BR Dividend Achievers
TM
ML Equity Dividend
BR Equity Dividend
Shearer
BR Large Cap Growth
ML Large Cap Growth
BR La
rge Cap Growth
Doll
BR Large Cap Value
ML Large Cap Value
BR Large Cap Value
Doll
Taxable Fixed Income Funds
Ml Inflation Protected
BR Inflation Protected
BR Inflation Protected
Spodek/Weinstein
ML Intermediate Term
ML Core Bond Fund
BR Bond Fund
Ander
son/Amero/Marra/Phillips
ML Short Term U.S. Government
BR Low Duration
BR Low Duration
Anderson/Amero/Kopstein
ML U.S. Government
BR Government Income
BR Government Income
Phillips/Pellicciaro
ML U.S. High Yield
BR High Yield
BR High Yield
Gary/Amero
M
unicipal Funds
BR New Jersey
Tax
-
Free
ML New Jersey Municipal
BR New Jersey Municipal
Jaeckel
BR Pennsylvania
Tax
-
Free
ML Pennsylvania Municipal
BR Pennsylvania Municipal
Bock
BR UltraShort Municipal
ML Short Term Municipal
BR Short Term
M
unicipal
Hayes
Additional Name, Portfolio Manager and/or Investment Changes
As a result of the announced combination of BLK and MLIM, we evaluated the names of funds
All MLIM funds will be rebranded as BlackRock
We are recommending a number of name changes to assist in competitive positioning
Certain funds’ portfolio management teams will change or have additional members named
Selected municipal funds will expand their guidelines to have greater latitude to purchase AMT bonds and/or below
investment grade municipal bonds
11
1 Portfolio guidelines will be expanded to allow greater latitude to purchase AMT bonds (shareholder vote required) and bonds rated below investment grade.
2 It is anticipated that following the closing of the MLIM and BlackRock transaction, Matthew Marra and Andrew J. Phillips will join Keith Anderson and Scott Amero in the day-to-
day management of the Portfolios.
3 Portfolio guidelines will be expanded to include bonds rated below investment grade.
PORTFOLIO IMPACTED
NAME CHANGE
PORTFOLIO MANAGEMENT TEAM
Equity Funds
ML Global Equity Opportunities
BR Global Dynamic Equity
No Change
ML Small Cap Growth
BR Small Cap Growth II
Wagner/Leary/Thut
BR Health Sciences
BR Health Sciences Opportunities
No
Change
Taxable Fixed Income Funds
ML High Income
BR
High Income
Gary/Amero
ML Real Investment
BR
Real Investment
Spodek/Weinstein
ML Low Duration
BR Short Term Bond
Anderson/Amero/Kopstein
ML World Income
BR
World Income
Gordon/Hussain/Gary
ML Core
Bond Fund
BR Bond Fund
Anderson/Amero/Marra/Phillips
BR Intermediate Bond
BR Intermediate Bond II
No Change
2
BR Intermediate PLUS Bond
BR Intermediate Bond
No Change
2
BR Core Bond Total Return
BR Total Return II
No Change
2
BR Core PLUS Total Return
BR
Total Return
No Change
2
Municipal Funds
BR Delaware Tax
-
Free
1
BR Delaware Municipal
O’Connor
BR Kentucky Tax
-
Free
1
BR Kentucky Municipal
O’Connor
BR Ohio Tax
-
Free
1
BR Ohio Municipal
O’Connor
BR Tax
-
Free Income
3
BR AMT
–
Free Municipal
O’Connor
Proxy & Mutual Fund Changes Timeline
What will BlackRock Funds’ shareholders receive?
All BlackRock Funds’ shareholders will receive a proxy to:
Approve a new investment advisory agreement
Approve a new sub-advisory agreement, if applicable
Approve a change in the fundamental policy of the New Jersey Tax-Free Income, Delaware Tax-Free Income, Ohio Tax-Free
Income, Pennsylvania Tax-Free Income and Kentucky Tax-Free Income Portfolios
Additionally, all shareholders in the BlackRock: Large Cap Value Equity, Large Cap Growth Equity, Dividend Achievers TM,
New Jersey Tax-Free Income, Pennsylvania Tax-Free Income and Ultra Short Municipal Portfolios will receive a
prospectus/proxy statement (N-14) for the reorganizations of these funds
Shareholders will receive a proxy card with instructions how to vote their shares
Shareholders may vote by mail, phone or internet, or in person
BlackRock has hired a proxy solicitor to assist in obtaining shareholder votes
Timing of Communication & Changes
Fund mergers to be completed over the weekend
October 13
Implementation of name, cusip, and shareholder feature
changes (sales loads, redemption fees, etc.)
October 2
Shareholder meetings for approval of: new advisory and
sub-advisory agreements, fundamental investment
policies, and fund mergers
Late July through Late August
Distribute back office communication
Week of July 3
Commence distribution of proxies to shareholders
Week of June 19
Action
Date
12
Combined Closed-End Fund Complex
Combined closed-end fund complex with over $44 billion in
assets
2nd largest closed-end fund sponsor
Resulting business has significant scale and breadth of product
13 equity funds
24 taxable fixed income funds
67 municipal funds
Committed to continuing leadership and innovation
Continued focus on supporting the funds in the secondary
market
Dedicated team of closed-end fund professionals
Focused on building relationships with closed-end fund research analysts
Maintain strong relationships with financial advisors, institutions, and
broker-dealer home offices
Data as of 3/31/06
Products Managed
$44 Billion Combined AUM
As of 3/31/06
13
Closed-End Fund Line-Up*
* Names reflect BlackRock branding post transaction, 1 Shareholders are being asked to approve a merger into the open-end EuroFund
14
BlackRock Apex Municipal Fund, Inc.
APX
BlackRock Florida Municipal Income Trust
BBF
BlackRock Muni New York Intermediate Duration Fund, Inc.
MJI
BlackRock Investment Quality Municipal Trust
BKN
BlackRock Florida Municipal Bond Trust
BIE
BlackRock New York Investment Quality Municipal Trust
RNY
BlackRock Muni Intermediate Duration Fund, Inc.
MUI
BlackRock Florida Investment Quality Municipal Trust
RFA
BlackRock New York Municipal Bond Trust
BQH
BlackRock MuniAssets Fund, Inc.
MUA
BlackRock MuniYield Florida Fund, Inc.
MYF
BlackRock New York Municipal Income Trust
BNY
BlackRock Municipal Bond Trust
BBK
BlackRock New York Municipal Income Trust II
BFY
BlackRock Municipal Income Trust
BFK
BlackRock Florida Insured Municipal Income Trust
BAF
BlackRock Municipal Income Trust II
BLE
BlackRock MuniHoldings Florida Insured Fund, Inc.
MFL
BlackRock MuniHoldings New York Insured Fund, Inc.
MUJ
BlackRock MuniEnhanced Fund, Inc.
MEN
BlackRock MuniYield Florida Insured Fund, Inc.
MFT
BlackRock MuniYield New York Insured Fund, Inc.
MYJ
BlackRock MuniHoldings Fund II, Inc.
MUH
BlackRock New York Insured Municipal Income Trust
BSE
BlackRock MuniHoldings Fund, Inc.
MHD
BlackRock Florida Municipal 2020 Term Trust
BFO
BlackRock MuniVest Fund II, Inc.
MVT
BlackRock Florida Insured Municipal 2008 Term Trust
BRF
BlackRock New York Insured Municipal 2008 Term Trust
BLN
BlackRock MuniVest Fund, Inc.
MVF
BlackRock New York Municipal 2018 Term Trust
BLH
BlackRock MuniYield Fund, Inc.
MYD
BlackRock California Municipal Income Trust II
BCL
BlackRock MuniYield Quality Fund II, Inc.
MQT
BlackRock California Municipal Income Trust
BFZ
BlackRock MuniYield New Jersey Fund, Inc.
MYN
BlackRock MuniYield Quality Fund, Inc.
MQY
BlackRock California Municipal Bond Trust
BZA
BlackRock New Jersey Investment Quality Municipal Trust
RNJ
BlackRock Strategic Municipal Trust
BSD
BlackRock California Investment Quality Municipal Trust
RAA
BlackRock New Jersey Municipal Bond Trust
BLJ
BlackRock Long-Term Municipal Advantage Trust
BTA
BlackRock MuniHoldings California Insured Fund, Inc.
MUC
BlackRock New Jersey Municipal Income Trust
BNJ
BlackRock MuniYield California Fund, Inc.
MYC
BlackRock MuniHoldings Insured Fund II, Inc.
MUE
BlackRock MuniHoldings New Jersey Insured Fund, Inc.
MHN
BlackRock MuniHoldings Insured Fund, Inc.
MUS
BlackRock California Insured Municipal Income Trust
BCK
BlackRock MuniYield New Jersey Insured Fund, Inc.
MNE
BlackRock Insured Municipal Income Trust
BYM
BlackRock MuniYield California Insured Fund, Inc.
MCA
BlackRock MuniYield Insured Fund, Inc.
MYI
BlackRock Maryland Municipal Bond Trust
BZM
BlackRock California Municipal 2018 Term Trust
BJZ
BlackRock MuniYield Arizona Fund, Inc.
MZA
BlackRock Insured Municipal Term Trust
BMT
BlackRock California insured Municipal 2008 Term Trust
BFC
BlackRock MuniYield Michigan Insured Fund II, Inc.
MYM
BlackRock Insured Municipal 2008 Term Trust
BRM
BlackRock MuniYield Michigan Insured Fund, Inc.
MIY
BlackRock Municipal 2018 Term Trust
BPK
BlackRock Pennsylvania Strategic Municipal Trust
BPS
BlackRock Municipal 2020 Term Trust
BKK
BlackRock Massachussetts Health and Education
MHE
BlackRock Municipal Target Term Trust
BMN
BlackRock Virginia Municipal Bond Trust
BHV
BlackRock Core Bond Trust
BHK
BlackRock Senior High Income Fund, Inc.
ARK
BlackRock Global Resources Trust
BGR
BlackRock Income Opportunity Trust Inc.
BNA
BlackRock Floating Rate Income Strategies Fund, Inc.
FRA
BlackRock World Investment Trust
BWC
BlackRock Diversified Income Strategies Fund, Inc.
DVF
BlackRock Floating Rate Income Strategies Fund II, Inc.
FRB
BlackRock S&P Quality Ranking Global Equity
Managed Trust
BQY
BlackRock Enhanced Government Fund, Inc.
EGF
BlackRock High Yield Trust
BHY
BlackRock Global Equity Opportunities Trust
BOE
BlackRock Capital and Income Strategies Fund, Inc.
CII
BlackRock Corporate High Yield Fund, Inc.
COY
BlackRock Dividend Achievers
TM
Trust
BDV
BlackRock Limited Duration Income Trust
BLW
BlackRock Corporate High Yield Fund III, Inc.
CYE
BlackRock Enhanced Dividend Achievers
TM
Trust
BDJ
BlackRock Investment Grade 2009 Term Trust
BCT
BlackRock Corporate High Yield Fund V, Inc.
HYV
BlackRock Strategic Dividend Achievers
TM
Trust
BSD
BlackRock Income Trust
BKT
BlackRock Corporate High Yield Fund VI, Inc.
HYT
BlackRock Enhanced Equity Yield Fund, Inc.
EEF
BlackRock Debt Strategies Fund, Inc.
DSU
BlackRock High Income Shares
HIS
BlackRock Enhanced Equity Yield & Premium Fund, Inc.
ECV
BlackRock Preferred Opportunity Trust
BPP
BlackRock Strategic Bond Trust
BHD
BlackRock S&P 500 Protected Equity Fund, Inc.
PEFX
BlackRock Preferred Income Strategies Fund, Inc.
PSY
BlackRock Global Floating Rate Income Tust
BGT
BlackRock Europe Fund, Inc.
1
EF
BlackRock Preferred & Corporate Income
Strategies Fund, Inc.
PSW
BlackRock Health Sciences Trust
BME
New Jersey Insured Municipal Funds
Other State Municipal Funds
National Municipal Funds
National Insured Municipal Funds
New York Municipal Funds
New York Insured Municipal Funds
New York Municipal Term Trusts
New Jersey Municipal Funds
Florida Municipal Funds
Florida Insured Municipal Funds
Florida Municipal Term Trusts
California Municipal Funds
Taxable Fixed Income Funds
California Insured Municipal Funds
Equity Funds
Taxable Fixed Income Funds
California Municipal Term Trusts
National Municipal Term Trust Funds
Current MLIM Closed-End Funds with Portfolio Manager Changes
15
1 MLIM manager
Fund
Ticker
Portfolio Managers
Debt Strategies Fund, Inc.
DSU
Booth
1
/Williams
Floating Rate Income Strategies Fund, Inc.
FRA
Booth
1
/Williams
Floating Rate Income Strategies Fund II, Inc.
FRB
Booth
1
/Williams
Senior High Income Portfolio, Inc.
ARK
Booth
1
/Williams
Diversified Income Strategies Portfolio, Inc.
DVF
Booth
1
/Williams
Corporate High Yield Fund III, Inc.
CYE
Gary/Amero
Corporate High Yield Fund V, Inc.
HYV
Gary/Amero
Corporate High Yield Fund VI, Inc.
HYT
Gary/Amero
Corporate High Yield Fund, Inc.
COY
Gary/Amero
Capital and Income Strategies Fund, Inc.
CII
Burger
1
/Amero/Chen
Preferred Income Strategies Fund, Inc.
PSY
Burger
1
/Amero/Chen
Preferred and Corporate Income Strategies Fund, Inc.
PSW
Burger
1
/Amero/Chen
Enhanced Government Fund, Inc.
EGF
Phillips/Pellicciaro/Spodek
Current BlackRock Closed-End Funds with Portfolio Manager Changes
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Fund
Ticker
Portfolio Managers
BlackRock Long-Term Municipal Advantage Trust
BTA
O'Connor
BlackRock Municipal Income Trust II
BLE
O'Connor
BlackRock Municipal Bond Trust
BBK
O'Connor
BlackRock Municipal Income Trust
BFK
O'Connor
BlackRock Strategic Municipal Trust
BSD
O'Connor
BlackRock Investment Quality Municipal Trust Inc.
BKN
O'Connor
BlackRock Insured Municipal Income Trust
BYM
DiMella
BlackRock Municipal 2020 Term Trust
BKK
O'Connor
BlackRock Municipal 2018 Term Trust
BPK
O'Connor
BlackRock Insured Municipal 2008 Term Trust Inc.
BRM
DiMella
BlackRock Insured Municipal Term Trust Inc. (2010)
BMT
DiMella
BlackRock Municipal Target Term Trust Inc. (2006)
BMN
DiMella
BlackRock California Insured Municipal Income Trust
BCK
O'Connor
BlackRock California Municipal Income Trust II
BCL
O'Connor
BlackRock California Municipal Bond Trust
BZA
O'Connor
BlackRock California Municipal Income Trust
BFZ
O'Connor
BlackRock California Investment Quality Municipal Trust Inc.
RAA
O'Connor
BlackRock Florida Insured Municipal Income Trust
BAF
Sneeden
BlackRock Florida Municipal Bond Trust
BIE
Sneeden
BlackRock Florida Municipal Income Trust
BBF
Sneeden
BlackRock Florida Investment Quality Municipal Trust
RFA
Sneeden
BlackRock Maryland Municipal Bond Trust
BZM
O'Connor
BlackRock New Jersey Municipal Bond Trust
BLJ
Jaeckel
BlackRock New Jersey Municipal Income Trust
BNJ
Jaeckel
BlackRock New Jersey Investment Quality Municipal Trust
RNJ
Jaeckel
BlackRock New York Insured Municipal Income Trust
BSE
O'Connor/Browse
BlackRock New York Municipal Income Trust II
BFY
O'Connor/Browse
BlackRock New York Municipal Bond Trust
BQH
O'Connor/Browse
BlackRock New York Municipal Income Trust
BNY
O'Connor/Browse
BlackRock New York Investment Quality Municipal Trust Inc.
RNY
O'Connor/Browse
BlackRock Pennsylvania Strategic Municipal Trust
BPS
Bock
BlackRock Virginia Municipal Bond Trust
BHV
O'Connor
BlackRock California Municipal 2018 Term Trust
BJZ
O'Connor
BlackRock California Insured Municipal 2008 Term Trust Inc.
BFC
O'Connor
BlackRock Florida Municipal 2020 Term Trust
BFO
Sneeden
BlackRock Florida Insured Municipal 2008 Term Trust
BRF
Sneeden
BlackRock New York Municipal 2018 Term Trust
BLH
O'Connor
BlackRock New York Insured Municipal 2008 Term Trust Inc.
BLN
O'Connor
Disclosure
FORWARD LOOKING STATEMENTS
This communication, and other statements that BlackRock may make, including statements about the benefits of the transaction with Merrill
Lynch, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to 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. In addition to factors previously disclosed in BlackRock's Securities and Exchange Commission
(SEC) reports and those identified elsewhere in this communication, the following factors, among others, could cause actual results to differ
materially from forward-looking statements or historical performance: (1) the ability of BlackRock to complete the transaction with Merrill
Lynch; (2) BlackRock's ability to successfully integrate the MLIM business with its existing business; (3) the ability of BlackRock to effectively
manage the former MLIM assets along with its historical assets under management; (4) the relative and absolute investment performance of
BlackRock's investment products, including its separately-managed accounts and the former MLIM business; and (5) BlackRock's success in
maintaining distribution of its products.
BlackRock's Annual Reports on Form 10-K and BlackRock's subsequent reports filed with the SEC, accessible on the SEC's website at
http://www.sec.gov and on BlackRock’s website at http://www.blackrock.com, discuss these factors in more detail and identify additional
factors that can affect forward-looking statements. The information contained on our website is not a part of this press release.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
In connection with the proposed transactions, a registration statement of New BlackRock, Inc. (Registration No. 333-134916), which includes a
preliminary proxy statement of BlackRock, and other materials have been filed with the SEC and are publicly available. The proxy
statement/prospectus will be mailed to the stockholders of BlackRock. STOCKHOLDERS OF BLACKROCK ARE ADVISED TO READ THE DEFINITIVE
PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE, BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. Such proxy
statement/prospectus (when available) and other relevant documents may also be obtained, free of charge, on the Securities and Exchange
Commission's website (http://www.sec.gov) or by contacting our Secretary, BlackRock, Inc., 40 East 52nd Street, New York, New York 10022.
PARTICIPANTS IN THE SOLICITATION
BlackRock and certain persons may be deemed to be participants in the solicitation of proxies relating to the proposed transactions. The
participants in such solicitation may include BlackRock's executive officers and directors. Further information regarding persons who may be
deemed participants is available in the proxy statement/prospectus filed with the Securities and Exchange Commission in connection with the
transactions.
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