The BlackRock closed-end funds (the “Funds”) announced the adoption of discount management programs (the “Programs”). Under the terms of the Programs, each of the Funds listed below intends to offer to repurchase a portion of its common shares via tender offer if certain conditions are met during specified time periods. If a Fund’s common shares trade at an average daily discount to net asset value (“NAV”) of more than 7.50% during a 3-month measurement period (each, a “Measurement Period”), the Fund intends to offer to repurchase 2.5% of its outstanding common shares at a price equal to 98% of the Fund’s NAV, as determined on the trading day after the tender offer expires, as soon as practicable following the Measurement Period end date. 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.