Certain BlackRock Closed-End Funds Announce Estimated Sources of Distributions

Today BlackRock S&P Quality Rankings Global Equity Managed Trust (NYSE Amex: BQY), BlackRock Global Opportunities Equity Trust (NYSE: BOE), BlackRock Global Equity Income Trust (NYSE: BFD), BlackRock Preferred and Equity Advantage Trust (NYSE: BTZ) and BlackRock Enhanced Government Fund, Inc. (NYSE: EGF) (collectively, the “Trusts”) paid the following dividends per share:

    
      
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
      
      
        
          Ticker
        
        
           
        
        
          Pay Date
        
        
           
        
        
          Per Share
        
      
      
        
          BQY
        
        
           
        
        
          May 29, 2009
        
        
           
        
        
          $ 0.187500
        
      
      
        
          BOE
        
        
           
        
        
          May 29, 2009
        
        
           
        
        
          $ 0.568750
        
      
      
        
          BFD
        
        
           
        
        
          May 29, 2009
        
        
           
        
        
          $ 0.475000
        
      
      
        
          BTZ
        
        
           
        
        
          May 29, 2009
        
        
           
        
        
          $ 0.130000
        
      
      
        
          EGF
        
        
           
        
        
          May 29, 2009
        
        
           
        
        
          $ 0.105000
        
      
    
    

Each of the Trusts has adopted a level distribution plan (the “Plan”) and employs either a managed distribution or an option over-write policy to support a level distribution of income, capital gains and/or return of capital. The fixed amounts distributed per share are subject to change at the discretion of each Trust’s Board. Under its Plan, each Trust will distribute all available investment income to its shareholders, consistent with its primary investment objectives and as required by the Internal Revenue Code of 1986, as amended (the “Code”). If sufficient investment income is not available on a quarterly/monthly basis, the Trusts will distribute long-term capital gains and or return of capital to their shareholders in order to maintain a level distribution.

The Trusts’ estimated sources of the distributions paid this month and for their current fiscal years are as follows:

Estimated Source of Distributions:

    
      
        
          Estimated Allocations
        
      
      
        
          Trust
        
        
           
        
        
          Period
        
        
           
        
        
          Distribution
        
        
           
        
        
          

Net Investment

Income

Net Realized

Short-Term

Gains

Net Realized

Long-Term Gains

Return of

Capital

        
      
      
        
          BQY1
        
        
           
        
        
          Current
        
        
           
        
        
          $ 0.187500
        
        
           
        
        
          $0.150000 (80%)
        
        
           
        
        
          $0.000000 (0%)
        
        
           
        
        
          $0.000000 (0%)
        
        
           
        
        
          $0.037500 (20%)
        
      
      
        
          BOE1
        
        
           
        
        
          Current
        
        
           
        
        
          $ 0.568750
        
        
           
        
        
          $0.120000 (21%)
        
        
           
        
        
          $0.000000 (0%)
        
        
           
        
        
          $0.000000 (0%)
        
        
           
        
        
          $0.448750 (79%)
        
      
      
        
          BFD1
        
        
           
        
        
          Current
        
        
           
        
        
          $ 0.475000
        
        
           
        
        
          $0.090000 (19%)
        
        
           
        
        
          $0.000000 (0%)
        
        
           
        
        
          $0.000000 (0%)
        
        
           
        
        
          $0.385000 (81%)
        
      
      
        
          BTZ1
        
        
           
        
        
          Current
        
        
           
        
        
          $ 0.130000
        
        
           
        
        
          $0.085798 (66%)
        
        
           
        
        
          $0.000000 (0%)
        
        
           
        
        
          $0.000000 (0%)
        
        
           
        
        
          $0.044202 (34%)
        
      
      
        
          EGF
        
        
           
        
        
          Current
        
        
           
        
        
          $ 0.105000
        
        
           
        
        
          $0.105000 (100%)
        
        
           
        
        
          $0.000000 (0%)
        
        
           
        
        
          $0.000000 (0%)
        
        
           
        
        
          $0.000000 (0%)
        
      
      
        
        
        
           
        
        
        
        
           
        
        
        
        
           
        
        
        
        
           
        
        
        
        
           
        
        
        
        
           
        
        
        
      
      
        
          Estimated Allocations
        
      
      
        
          Trust
        
        
           
        
        
          Period
        
        
           
        
        
          Distribution
        
        
           
        
        
          

Net Investment

Income

Net Realized

Short-Term

Gains

Net Realized

Long-Term Gains

Return of

Capital

        
      
      
        
          BQY1
        
        
           
        
        
          YTD
        
        
           
        
        
          $ 0.600000
        
        
           
        
        
          $0.270000 (45%)
        
        
           
        
        
          $0.000000 (0%)
        
        
           
        
        
          $0.000000 (0%)
        
        
           
        
        
          $0.330000 (55%)
        
      
      
        
          BOE1
        
        
           
        
        
          YTD
        
        
           
        
        
          $ 1.706250
        
        
           
        
        
          $0.230000 (13%)
        
        
           
        
        
          $0.000000 (0%)
        
        
           
        
        
          $0.000000 (0%)
        
        
           
        
        
          $1.476250 (87%)
        
      
      
        
          BFD1
        
        
           
        
        
          YTD
        
        
           
        
        
          $ 1.425000
        
        
           
        
        
          $0.150000 (11%)
        
        
           
        
        
          $0.000000 (0%)
        
        
           
        
        
          $0.000000 (0%)
        
        
           
        
        
          $1.275000 (89%)
        
      
      
        
          BTZ1
        
        
           
        
        
          YTD
        
        
           
        
        
          $ 0.910000
        
        
           
        
        
          $0.610000 (23%)
        
        
           
        
        
          $0.000000 (0%)
        
        
           
        
        
          $0.000000 (0%)
        
        
           
        
        
          $0.300000 (77%)
        
      
      
        
          EGF
        
        
           
        
        
          YTD
        
        
           
        
        
          $ 0.420000
        
        
           
        
        
          $0.420000 (100%)
        
        
           
        
        
          $0.000000 (0%)
        
        
           
        
        
          $0.000000 (0%)
        
        
           
        
        
          $0.000000 (0%)
        
      
    
    

1The Trusts estimate that they have distributed more than their income and capital gains in the current fiscal year; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment is paid back to the shareholder. A return of capital distribution does not necessarily reflect a Trust's investment performance and should not be confused with ‘yield’ or ‘income’.

The amounts and sources of distributions reported are only estimates and are not provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon each Trust’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Trusts will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Trust Performance and Distribution Rate Information:

        
      
      
        
          Trust
        
        
           
        
        
          Average annual total return (in relation to NAV) from inception to 
          April 30, 2009
        
        
           
        
        
          Current fiscal period's annualized distribution rate as a percentage 
          of NAV as of April 30, 2009
        
        
           
        
        
          Cumulative total return (in relation to NAV) for the fiscal year 
          through April 30, 2009
        
        
           
        
        
          Cumulative fiscal year distribution rate expressed as a percentage 
          of NAV as of April 30, 2009
        
      
      
        
          BQY
        
        
           
        
        
          0.89%
        
        
           
        
        
          6.71%
        
        
           
        
        
          (5.13)%
        
        
           
        
        
          3.69%
        
      
      
        
          BOE
        
        
           
        
        
          1.09%
        
        
           
        
        
          13.74%
        
        
           
        
        
          0.48%
        
        
           
        
        
          6.87%
        
      
      
        
          BFD
        
        
           
        
        
          (18.22)%
        
        
           
        
        
          20.50%
        
        
           
        
        
          (1.00)%
        
        
           
        
        
          10.25%
        
      
      
        
          BTZ
        
        
           
        
        
          (26.50)%
        
        
           
        
        
          17.98%
        
        
           
        
        
          (8.73)%
        
        
           
        
        
          8.99%
        
      
      
        
          EGF
        
        
           
        
        
          3.21%
        
        
           
        
        
          7.67%
        
        
           
        
        
          4.48%
        
        
           
        
        
          1.92%
        
      
    
    

Shareholders should not draw any conclusions about a Trust’s investment performance from the amount of the Trust’s current distributions or from the terms of the Trust’s Plan.

About BlackRock

BlackRock is one of the world’s largest publicly traded investment management firms. At March 31, 2009, BlackRock’s assets under management were $1.283 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, as of March 31, 2009, the firm has approximately 5,200 employees in 21 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 firm’s web site 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.

With respect to each Trust, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes in political, economic or industry conditions, the interest rate environment or financial and capital markets, which could result in changes in the Trust’s net asset value; (2) the performance of the Trust’s investments; (3) the impact of increased competition; (4) the extent and timing of any distributions or share repurchases; (5) the impact of legislative and regulatory actions and reforms and regulatory, supervisory or enforcement actions of government agencies relating to the Trust or BlackRock, as applicable; and (6) BlackRock’s ability to attract and retain highly talented professionals.

The Annual and Semi-Annual Reports and other regulatory filings of the Trusts with the SEC are accessible on the SEC's website at www.sec.gov and on BlackRock’s website at www.blackrock.com, and may discuss these or other factors that affect the Trusts. The information contained on our website is not a part of this press release.