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BlackRock Announces Board Approval of Two Closed-End Fund Mergers

BlackRock announced today that the Board of Trustees of the BlackRock Closed-End Funds approved the reorganization of each of BlackRock Global Equity Income Trust (NYSE:BFD) and BlackRock World Investment Trust (NYSE:BWC) into BlackRock Global Opportunities Equity Trust (NYSE:BOE), with BOE being the surviving fund.

BOE’s investment objective is primarily to seek current income and current gains, with a secondary objective of long-term capital appreciation. BOE primarily invests in equity securities and utilizes an option writing strategy to enhance current gains. In approving the transactions, the Trustees considered, among other things, each fund’s investment objective, net asset value and stock price performance, pattern of trading discounts, distribution yield and earnings, income-generating strategy and expenses.

It is currently expected that the reorganizations will be concluded in the third quarter of 2009, subject to BFD, BWC and BOE shareholder approvals and all regulatory requirements and customary closing conditions being satisfied. If the fund reorganizations occur, BOE would acquire substantially all of the assets and liabilities of BFD and BWC in a tax free transaction for shares of BOE. Each transaction would occur based on the relative net asset values of BFD, BWC and BOE.

BlackRock also announced today the Board’s approval of a change to certain investment policies of BFD. In connection with the policy change, BlackRock announced changes to the Trust’s portfolio management team. Please see the press release entitled “BlackRock Announces Investment Policy and Portfolio Manager Changes to BlackRock Global Equity Income Trust” dated February 6, 2009, for additional details.

About BlackRock

BlackRock is one of the world’s largest publicly traded investment management firms. At December 31, 2008, BlackRock’s assets under management were $1.307 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. The firm is headquartered in New York City and has employees in 22 countries throughout the U.S., Europe and Asia Pacific. 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 the funds’ 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 a 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 (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 funds. The information contained on BlackRock’s website is not a part of this press release.

Contacts:

BlackRock Closed-End Funds
1-800-882-0052

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