BlackRock International Growth and Income Trust Raises $2 Billion in Initial Public Offering; Begins Trading On NYSE

BlackRock, Inc. (NYSE:BLK) today announced that the BlackRock International Growth and Income Trust (NYSE:BGY), a closed-end equity fund, has completed its common share initial public offering, raising a total of $1.97 billion (exclusive of the underwriters' over-allotment). The combined amount raised could be increased to approximately $2.3 billion assuming full exercise of the underwriters’ over-allotment, which may not occur.

The Trust began trading on the New York Stock Exchange on Friday, May 25, 2007.

The underwriting syndicate was led by Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated. BlackRock Advisors, LLC. is the investment advisor to the Trust.

The Trust’s investment objective is to seek current income and current gains, with a secondary objective of long-term capital appreciation. The Trust will invest primarily in equity securities issued by companies of any market capitalization located in countries throughout the world and utilizing an option writing (selling) strategy to enhance current gains.

“The successful initial public offering of the International Growth and Income Trust is yet another example of the strength of the new BlackRock,” said Frank Porcelli, Managing Director and head of BlackRock’s Private Client Group. “This is the largest single fund offering in BlackRock’s history and further positions the firm as a leading closed-end fund provider with over 100 funds and $45 billion of assets under management.”

In the second quarter of 2007, BlackRock will recognize a structuring fee expense of approximately $19.8 million in connection with the offering, in addition to distribution-related compensation expenses.

Like any investment, the price of the Trust’s shares will fluctuate with market conditions and, at the time of sale, may be worth more or less than the original investment. For more complete information, including risk considerations, charges and expenses, please contact your securities representative or BlackRock, 40 East 52nd Street, New York, NY 10022, for a prospectus. Investors should read the prospectus carefully before they invest.

About BlackRock

BlackRock is one of the world’s largest publicly traded investment management firms. As of March 31, 2007, assets under management were $1.154 trillion. The firm manages assets on behalf of institutions and individuals worldwide through a variety of equity, fixed income, cash management and alternative investment products. In addition, a growing number of institutional investors use BlackRock Solutions® investment system, risk management and financial advisory services. Headquartered in New York City, the firm has approximately 5,000 employees in 18 countries and a major presence in key global markets, including the U.S., Europe, Asia, Australia and the Middle East. For additional information, please visit the Company's website at www.blackrock.com.

Forward-Looking Statements

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

In addition to factors previously disclosed in BlackRock's SEC reports and those identified elsewhere in this communication, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: (1) the introduction, withdrawal, success and timing of business initiatives and strategies; (2) changes in political, economic or industry conditions, the interest rate environment or financial and capital markets, which could result in changes in demand for products or services or in the value of assets under management; (3) the relative and absolute investment performance of BlackRock's investment products, including its separately managed accounts and the former MLIM business; (4) the impact of increased competition; (5) the impact of capital improvement projects; (6) the impact of future acquisitions or divestitures; (7) the unfavorable resolution of legal proceedings; (8) the extent and timing of any share repurchases; (9) the impact, extent and timing of technological changes and the adequacy of intellectual property protection; (10) the impact of legislative and regulatory actions and reforms and regulatory, supervisory or enforcement actions of government agencies relating to BlackRock, Merrill Lynch or PNC; (11) terrorist activities and international hostilities, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries, and BlackRock; (12) the ability to attract and retain highly talented professionals; (13) fluctuations in foreign currency exchange rates, which may adversely affect the value of advisory fees earned by BlackRock; (14) the impact of changes to tax legislation and, generally, the tax position of the Company; (15) BlackRock's ability to successfully integrate the MLIM business with its existing business; (16) the ability of BlackRock to effectively manage the former MLIM assets along with its historical assets under management; and (17) BlackRock's success in maintaining the distribution of its products.

BlackRock's Annual Reports on Form 10-K and BlackRock's subsequent filings with the SEC, accessible on the SEC's website at http://www.sec.gov and on BlackRock’s website at http://www.blackrock.com, discuss these factors in more detail and identify additional factors that can affect forward-looking statements. The information contained on our website is not a part of this press release.