BlackRock Municipal Closed-End Trust Boards Approve Fund Mergers.

NEW YORK--(BUSINESS WIRE)--July 13, 1999--

The Boards of Directors of ten BlackRock municipal closed-end trusts approved four separate tax-free transactions, each involving the combination of one or more BlackRock municipal term trusts with and into a corresponding BlackRock perpetual closed-end trust.

The Boards believe these mergers will benefit shareholders of both the term trusts and the perpetual trusts. Among other benefits, shareholders of each of the individual term trusts and perpetual closed-end trusts are expected to receive an increase in monthly dividends. Additionally, term trust shareholders are expected to benefit from a one-time non-taxable special distribution and a reduction of call and reinvestment risk.

The transactions are:

-- The BlackRock Municipal Target Trust Inc. (NYSE:BMN), The

BlackRock Insured Municipal 2008 Term Trust Inc. (NYSE:BRM) and

The BlackRock Insured Municipal Term Trust Inc. (NYSE:BMT)

merging into The BlackRock Investment Quality Municipal Trust

Inc. (NYSE:BKN).

-- The BlackRock California Insured Municipal 2008 Term Trust Inc.

(NYSE:BFC) merging into The BlackRock California Investment

Quality Municipal Trust Inc. (AMEX:RAA).

-- The BlackRock New York Insured Municipal 2008 Term Trust Inc.

(NYSE:BLN) merging into The BlackRock New York Investment Quality

Municipal Trust Inc. (AMEX:RNY).

-- The BlackRock Florida Insured Municipal 2008 Term Trust

(NYSE:BRF) selling all of its assets to The BlackRock Florida

Investment Quality Municipal Trust (AMEX:RFA) for shares of RFA

and then distributing the RFA shares to its shareholders.

Each transaction will occur at net asset value. Accordingly, each common share of a term trust will be exchanged for the number of common shares of the related perpetual trust that have the same net asset value as of the close of business on the business day prior to the consummation of the transaction. Each preferred share of a term trust will be exchanged for one preferred share of the respective perpetual trust and will have substantially similar terms, including the same dividend periods and liquidation preferences.

Each transaction is subject to shareholder approval and other customary terms and conditions. Each of the transactions will be described in detail in a proxy statement/prospectus to be filed with the Securities Exchange Commission and sent to shareholders. The Boards of Directors have not yet established a record date for the special shareholder meetings to consider the transactions; however, the Boards anticipate the meetings will be held and the transactions will close by year-end.

Each term trust and its related perpetual trust invest substantially all of their assets in municipal securities rated investment grade or higher.

BlackRock, Inc. is a majority owned subsidiary of PNC Bank Corp. BlackRock manages more than $140 billion of equity, fixed-income and money market assets for institutions and individuals around the world. The firm has offices in New York, NY, Philadelphia, PA, Wilmington, DE, and Edinburgh, Scotland.