BlackRock Announces Special Distributions Related to the Reorganization of Three Municipal Closed-End Funds

BlackRock Advisors, LLC today announced the declaration of a special distribution for BlackRock New York Municipal Income Quality Trust (NYSE: BSE), BlackRock New York Municipal Income Trust II (NYSE: BFY), and BlackRock New York Municipal Income Trust (NYSE: BNY and collectively with BSE and BFY, the “Funds,” and each, a “Fund”) in connection with the reorganizations of BSE and BFY into BNY, with BNY continuing (the “Combined Fund”) as the surviving Fund (the “Reorganizations”).

With respect to each of the Funds, the special distribution declared today represents undistributed net investment income earned through the effective date of the Reorganizations. In order to maintain status as a regulated investment company and to avoid the imposition of a corporate level income tax, each of BSE and BFY are required to declare a distribution of all net investment income prior to the consummation of the Reorganizations as described below. Other than the special distribution announced today, BSE and BFY will declare no further distributions prior to or following the Reorganizations. As this special distribution includes all net investment income earned by each Fund in earlier periods and not previously distributed, it is not indicative of the amount of the Combined Fund’s future monthly distributions.

BSE and BFY are declaring a special distribution that will be payable on May 3, 2021. The ex-dividend date for the distribution is April 7, 2021 and the record date is April 8, 2021. Accordingly, persons who are holders of record of BSE or BFY common shares on April 8, 2021 should expect to receive the distribution. The distribution payable to shareholders of BSE or BFY will be paid in cash. Common shares of BSE or BFY acquired after April 6^th, 2021 will not be entitled to the distribution.

BNY is declaring a special distribution that will be payable on May 3, 2021. The ex-dividend date for the distribution is April 7, 2021, and the record date is April 8, 2021. Accordingly, persons who are holders of record of BNY common shares on April 8, 2021 should expect to receive the distribution. Common shares of BNY acquired after April 6^th, 2021 will not be entitled to the distribution.

Common shares of BSE or BFY acquired after April 6^th, 2021 will not be entitled to their respective special distributions and will not be eligible to receive a distribution until an initial distribution is declared on the Combined Fund after the closing of the Reorganizations. We expect that on May 3, 2021 the Combined Fund will declare its first monthly distribution payable on June 1, 2021.