BTZ BlackRock Credit Allocation Income Trust

BlackRock Advisors, LLC today announced that the Boards of Directors/Trustees of BlackRock Preferred and Corporate Income Strategies Fund, Inc. (NYSE:PSW), BlackRock Preferred Income Strategies Fund, Inc. (NYSE:PSY), BlackRock Preferred Opportunity Trust (NYSE:BPP) and BlackRock Preferred and Equity Advantage Trust (NYSE:BTZ) (collectively, the “Funds”) recently approved a name change for each of the Funds. The name changes were made in connection with the changes to certain non-fundamental investment policies of the Funds that were previously announced on September 4, 2009. The name changes are as follows:

          Prior Name   Ticker   New Name BlackRock Preferred and Corporate Income Strategies Fund, Inc.   PSW   BlackRock Credit Allocation Income Trust I, Inc. BlackRock Preferred Income Strategies Fund, Inc.   PSY   BlackRock Credit Allocation Income Trust II, Inc. BlackRock Preferred Opportunity Trust   BPP   BlackRock Credit Allocation Income Trust III BlackRock Preferred and Equity Advantage Trust   BTZ   BlackRock Credit Allocation Income Trust IV

Pursuant to the changes announced on September 4, 2009, the Funds will no longer focus their investments primarily on preferred securities. Instead, each Fund will transition into a portfolio investing in a broader spectrum of securities across the capital structure. With regard to BTZ, the Fund will no longer invest a substantial portion of its assets in equity securities, nor will it utilize an option-writing strategy. Please refer to the September 4 press release for additional details regarding each Fund’s change to its investment strategy.

As disclosed in its prospectus, each Fund was required to provide shareholders 60 days notice of a change to its current non-fundamental policy with respect to investing in preferred securities. This 60 day notice period ends on November 13, 2009, after which BlackRock anticipates that it will gradually reposition the Funds’ portfolios over time, and that during such period, each Fund may continue to hold a substantial portion of its assets in preferred securities. At this time, it is uncertain how long the repositioning may take, and the Funds may continue to be subject to risks associated with investing a substantial portion of their assets in preferred securities until the repositioning is complete. The Funds will continue to trade on the New York Stock Exchange under their current ticker symbols.

About BlackRock

BlackRock is one of the world’s largest publicly traded investment management firms. At September 30, 2009, BlackRock’s assets under management were $1.435 trillion. The firm manages assets on behalf of institutions and individuals worldwide through a variety of equity and balanced, fixed income, cash management, alternative investment and advisory 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 September 30, 2009, the firm has approximately 5,000 full-time employees in 21 countries and a major presence in key global markets, including the United States, Europe, Asia, Australia and the Middle East. For additional information, please visit the firm’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.

With respect to each Fund, 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 Fund’s net asset value; (2) the performance of the Fund’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 Fund 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 Funds with the Securities and Exchange Commission (“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 Funds. The information contained on our website is not a part of this press release.