BlackRock Core Bond Trust Announces Dividend Adjustment.

Business Editors

NEW YORK--(BUSINESS WIRE)--Oct. 1, 2003

The Board of Trustees of the BlackRock Core Bond Trust (NYSE:BHK) voted to adjust the Trust's monthly dividend to $0.0875 ($1.05 annualized) from $0.10 ($1.20 annualized), effective with the October 2003 dividend payment. This adjustment was made after evaluation of the current and anticipated level of the Trust's net investment income. In the opinion of BlackRock Advisors, Inc., the Trust's advisor, interest rates and spreads relative to Treasuries have generally declined in the fixed income market since the inception of the Trust, making reinvestment opportunities less attractive from an absolute yield standpoint. The Trust continues to pursue its investment objective of current income and capital appreciation, which is evidenced through strong performance on a net asset value (NAV) basis since inception. Past performance is no guarantee of future results.

The dividend adjustment is detailed as follows:

New Monthly Dividend                   $0.0875
New Yield on Stock Price
 ($13.95)(a):                            7.53%
Declaration Date:              October 1, 2003
Ex-Dividend Date:             October 10, 2003

New Annualized Dividend:                 $1.05
New Yield on Current NAV
 ($15.02)(a):                            6.99%
Record Date:                  October 15, 2003
Payable Date:                 October 31, 2003

(a) As of September 30, 2003

About BlackRock. BlackRock is one of the largest publicly traded investment management firms in the United States with $286 billion of assets under management as of June 30, 2003. BlackRock manages assets on behalf of institutional and individual investors worldwide through a variety of equity, fixed income, liquidity and alternative investment products. In addition, BlackRock provides risk management and investment system services to a growing number of institutional investors under the BlackRock Solutions(R) name. Clients are served from the Company's headquarters in New York City, as well as offices in Boston, Edinburgh, Hong Kong, San Francisco, Tokyo and Wilmington. BlackRock is majority-owned by The PNC Financial Services Group, Inc. (NYSE:PNC) and by BlackRock employees.

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," "potential," "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 Securities and Exchange Commission (the "SEC") reports and those identified elsewhere in this press release, 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 advised or sponsored investment products and separately managed accounts; (4) the impact of increased competition; (5) the impact of capital improvement projects; (6) the impact of future acquisitions; (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 or PNC; (11) terrorist activities and international hostilities, which may adversely affect the general economy, financial and capital markets, specific industries, and BlackRock; and (12) the ability to attract and retain highly talented professionals.

BlackRock's Annual Report on Form 10-K for the year ended December 31, 2002 and BlackRock's subsequent reports filed with the Securities and Exchange Commission, accessible on the SEC's Web site at http://www.sec.gov and on BlackRock's Web site at http://www.blackrock.com, discuss these factors in more detail and identify additional factors that can affect forward-looking statements.