BlackRock Florida Municipal 2020 Term Trust & BlackRock Municipal 2020 Term Trust

Announcement of Adoption of Plan of Termination

BlackRock Advisors, LLC announced today that the Board of each of BlackRock Florida Municipal 2020 Term Trust (NYSE:BFO, CUSIP: 09250M109) and BlackRock Municipal 2020 Term Trust (NYSE:BKK, CUSIP: 09249X109) (each, a “Fund” and together, the “Funds”) approved the adoption of a Plan of Termination. Under each Fund's Plan of Termination, which is effective as of November 19, 2020, the Fund will begin the process of liquidating portfolio assets and unwinding its affairs. Each Fund expects to make a final liquidating distribution or transfer any remaining assets into a liquidation trust, if necessary, on or around December 23, 2020.

Upon the effectiveness of each Fund’s Plan of Termination, the Automatic Dividend Reinvestment Plan of each Fund has been suspended with respect to any dividends or distributions for which the record date is on or after November 19, 2020. All such dividends or distributions will be paid in cash.

An investment objective for each Fund is to return $15.00 per common share (the initial public offering price per common share) to holders of common shares on or about December 31, 2020. As of the close of business on November 18, 2020, BFO’s and BKK’s net asset value ("NAV") per share was $14.81 and $15.08, respectively. BFO will not achieve its investment objective of returning $15.00 per common share on or about December 31, 2020. There is no assurance that BKK will achieve its investment objective of returning $15.00 per common share on or about December 31, 2020. Each Fund's daily NAV can be found at www.blackrock.com.

Each Fund’s common shares will continue to trade the “regular way” on the New York Stock Exchange through December 14, 2020 and will be suspended from trading before the opening on December 15, 2020.

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