BlackRock Announces Special Distributions Related to Reorganization of Certain BlackRock Taxable Fixed Income Closed-End Funds

  BlackRock Announces Special Distributions Related to Reorganization of
  Certain BlackRock Taxable Fixed Income Closed-End Funds

Business Wire

NEW YORK -- November 06, 2012

BlackRock Advisors, LLC today announced special distributions for BlackRock
Credit Allocation Income Trust I, Inc. (NYSE:PSW), BlackRock Credit Allocation
Income Trust II, Inc. (NYSE:PSY), BlackRock Credit Allocation Income Trust III
(NYSE:BPP) and BlackRock Credit Allocation Income Trust IV (NYSE:BTZ)
(collectively, the “Funds”), in connection with the reorganization of each of
PSW, PSY and BPP with and into BTZ (the “Reorganizations”).

With respect to PSW, PSY and BPP, the declaration announced today represents
the respective Fund’s final distribution, inclusive of undistributed net
investment income earned through the effective date of the Reorganizations. In
order to maintain their status as regulated investment companies and to avoid
the imposition of a corporate level income tax, PSW, PSY and BPP are required
to distribute all of their respective net investment income prior to the
consummation of the Reorganizations.

It is currently expected that the Reorganizations will be completed with the
open for business of the New York Stock Exchange on December 10, 2012, subject
to all regulatory requirements and customary closing conditions being
satisfied. The Reorganizations, if completed, would occur based on the
relative net asset values of (i) PSW and BTZ, (ii) PSY and BTZ and (iii) BPP
and BTZ, respectively.

Distribution details are as follows:


Declaration - 11/6/2012 Ex-Date - 11/14/2012 Record - 11/16/2012 Payable -
11/23/2012
Fund Name                                  Ticker   Special Distribution
BlackRock Credit Allocation Income         PSW      $0.086000
Trust I, Inc.
BlackRock Credit Allocation Income         PSY      $0.138000
Trust II, Inc.
BlackRock Credit Allocation Income         BPP      $0.085000
Trust III
BlackRock Credit Allocation Income         BTZ      $0.037000
Trust IV
                                                   

This communication is not intended to, and shall not, constitute an offer to
purchase or sell shares of any of the BlackRock funds, including BTZ, the
surviving fund in the Reorganizations. Investors should consider the
investment objectives, risks, charges and expenses of their fund(s) carefully
and consider in its entirety the Joint Proxy Statement/Prospectus relating to
the Reorganizations which contains important information regarding the
investment objectives and policies, risks, charges, expenses and other
important information about BTZ.

About BlackRock

BlackRock is a leader in investment management, risk management and advisory
services for institutional and retail clients worldwide. At September 30,
2012, BlackRock’s AUM was $3.673 trillion. BlackRock offers products that span
the risk spectrum to meet clients’ needs, including active, enhanced and index
strategies across markets and asset classes. Products are offered in a variety
of structures including separate accounts, mutual funds, iShares^®  (exchange
traded funds), and other pooled investment vehicles. BlackRock also offers
risk management, advisory and enterprise investment system services to a broad
base of institutional investors through BlackRock Solutions^®. Headquartered
in New York City, as of September 30, 2012, the firm has approximately 10,400
employees in 29 countries and a major presence in key global markets,
including North and South America, Europe, Asia, Australia and the Middle East
and Africa. For additional information, please visit BlackRock’s website at
www.blackrock.com.

Forward-Looking Statements

This press release, and other statements that BlackRock or the Funds may make,
may contain forward-looking statements within the meaning of the Private
Securities Litigation Reform Act, with respect to the Funds or 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.

With respect to the Funds, the following factors, among others, could cause
actual events to differ materially from forward-looking statements or
historical performance: (1) changes and volatility in political, economic or
industry conditions, the interest rate environment, foreign exchange rates or
financial and capital markets, which could result in changes in demand for the
Funds or in a Fund’s net asset value; (2) the relative and absolute investment
performance of a Fund and its investments; (3) the impact of increased
competition; (4) the unfavorable resolution of any legal proceedings; (5) the
extent and timing of any distributions or share repurchases; (6) the impact,
extent and timing of technological changes; (7) the impact of legislative and
regulatory actions and reforms, including the Dodd-Frank Wall Street Reform
and Consumer Protection Act, and regulatory, supervisory or enforcement
actions of government agencies relating to a Fund or BlackRock, as applicable;
(8) terrorist activities, international hostilities and natural disasters,
which may adversely affect the general economy, domestic and local financial
and capital markets, specific industries or BlackRock; (9) BlackRock’s ability
to attract and retain highly talented professionals; (10) the impact of
BlackRock electing to provide support to its products from time to time; and
(11) the impact of problems at other financial institutions or the failure or
negative performance of products at other financial institutions.

Annual and Semi-Annual Reports and other regulatory filings of a Fund with the
SEC are accessible on the SEC's website at www.sec.gov  and on BlackRock’s
website at www.blackrock.com, and may discuss these or other factors that
affect the Funds. The information contained on BlackRock’s website is not a
part of this press release.

Contact:

BlackRock Closed-End Funds
1-800-882-0052