[2] Blackrock Target Term Trust Announces Final Dividend Adjustment Ahead of Anticipated Successful Termination.

NEW YORK--(BUSINESS WIRE)--December 1, 1999--

As part of final adjustments to help ensure a successful termination in December 2000, the Board of Directors of The BlackRock Target Term Trust Inc. (NYSE Symbol: BTT) voted to reduce the Trust's monthly dividend from $0.04167 ($0.50 annualized) to $0.03875 ($0.465 annualized) effective with the December 31, 1999 dividend payment. Dividend adjustments in a term trust are expected over time due to continual reinvestment of cash flows into shorter maturity securities as the trust approaches its maturity date.

The Trust is on schedule to achieve its primary investment objective of returning $10 per share to investors on or about December 31, 2000. Further, under current market conditions, BlackRock, the Trust's investment adviser, anticipates that the Trust's new dividend level will remain unchanged through termination.

Additionally, the Trust has adopted a plan of liquidation effective January 1, 2000, which will result in all of the Trust's 2000 dividend payments to be classified as return of capital for tax purposes only.

Important Dates:
Declaration Date:          December 1, 1999
Ex-Date:                   December 8, 1999
Record Date:               December 10, 1999
Payable Date:              December 20, 1999

Please direct any questions concerning the Trust to BlackRock's marketing center at 800-227-7236.

BlackRock (NYSE: BLK) is one of the largest publicly traded investment management firms in the United States with $148.1 billion of assets under management as of September 30, 1999. BlackRock manages assets on behalf of more than 3,000 institutions and 150,000 individuals through a variety of equity, fixed income, liquidity and alternative investment separate accounts and mutual funds, including the Company's flagship fund families, BlackRock Funds and Provident Institutional Funds. In addition, BlackRock provides risk management and advisory services to a growing number of large institutional fixed income investors. BlackRock is majority-owned by PNC Bank Corp. (NYSE: PNC), one of the largest diversified financial services organizations in the United States, and by BlackRock's employees.

This press release contains forward-looking statements with respect to financial performance and other financial and business matters within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words such as "believe" or "expect," or conditional verbs such as "will" or similar expressions. These forward-looking statements are subject to numerous assumptions, risks and uncertainties, all of which change over time, and BlackRock assumes no duty to update forward-looking statements. Assumptions or factors underlying these forward-looking statements include, but are not limited to, the performance of financial markets, the investment performance of BlackRock's sponsored investment products and separately managed accounts, government regulations, including tax law changes, competitive conditions, future acquisitions, the impact, extent and timing of technological changes, the ability of the Company and others to remediate Year 2000 concerns, and the general economic environment. Changes in these assumptions or other factors could cause actual results to differ materially from those contained in these forward-looking statements.