Certain BlackRock Closed-End Funds Announce Adoption of Discount Management Program - Seite 2

The Programs will be comprised of four Measurement Periods, expiring with the Measurement Period ending March 31, 2025, unless continued by a Fund’s Board of Directors/Trustees (each a “Board”). The Measurement Period start and end dates are currently expected to be as indicated below.

Measurement Period Start

Measurement Period End

April 1, 2024

June 30, 2024

July 1, 2024

September 30, 2024

October 1, 2024

December 31, 2024

January 1, 2025

March 31, 2025

The Programs are intended to enhance long-term shareholder value. However, even if a tender offer is triggered under a Program, there is no guarantee that shareholders will be able to sell all of the shares that they desire to sell in any particular tender offer and there can be no assurances as to the effect that a Program will have on the market for a Fund’s shares or the discount at which a Fund’s shares may trade relative to its NAV.

The adoption of the Programs is pursuant to an agreement (the “Agreement”) among each Fund, BlackRock Advisors, LLC and Karpus Investment Management (“Karpus”). During the effective period of the Agreement, for each Fund, Karpus has agreed to (1) be bound by the terms of the Agreement, including certain customary standstill covenants and (2) vote Fund shares on proposals submitted to shareholders in accordance with the recommendation of each Fund’s Board.

IMPORTANT NOTICE

This press release is for informational purposes only and shall not constitute an offer or a solicitation to buy any common shares. Any offer to purchase Fund common shares will be made pursuant to an offer on Schedule TO. IF A TENDER OFFER IS APPROVED, COMMON SHAREHOLDERS ARE URGED TO READ THE TENDER OFFER MATERIALS, INCLUDING THE OFFER TO PURCHASE AND ANY SOLICITATION/RECOMMENDATION STATEMENT REGARDING THE TENDER OFFER, AS THEY MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, WHEN THEY ARE FILED AND BECOME AVAILABLE, BECAUSE THEY CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF COMMON SHARES SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES. Common shareholders may obtain a free copy of any of these statements and other documents filed with the U.S. Securities and Exchange Commission ("SEC") at the website maintained by the SEC at www.sec.gov or by directing such requests to the applicable Fund.