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BlackRock Municipal Bond Trust BlackRock Municipal Bond Trust is a newly organized, diversified, closed-end management investment company. The Trust’s investment objective is to provide current income exempt from regular Federal income tax. The Trust will invest at least 80% of its Managed Assets in municipal bonds that at the time of investment are investment grade quality. The Trust may invest up to 20% of its Managed Assets in municipal bonds that at the time of investment are rated Ba/BB or B by Moody’s, S&P or Fitch or bonds that are unrated but judged to be of comparable quality by the Trust’s investment advisor and sub-advisor. Offering Type Mutual Fund Size of Offering 4,000,000 shares Security Common Stock Expected Price $15.00 Expected Timing 4/25/02 Expected Ticker BBK Lead Manager Salomon Smith Barney Min Purchase 100 shares Expected Yield 6.70% - 6.90% Exchange Listing NYSE (New York Stock Exchange) Final Price $15.00 Final Date 4/25/2002 Inv Adviser BlackRock Advisors   Dividends: The Fund will make monthly distributions, declaring the first dividend approximately 45 days, and paid approximately 60 to 90 days after the offering   See Important Information below.

Important Information Review the complete preliminary offering prospectus by clicking on the "prospectus" button or you may contact Wedbush for a copy by calling 1 (877) 4EIBANK. Offers and sales can be made only pursuant to a prospectus. A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such jurisdiction. No offer to buy the securities can be accepted and no part of the purchase price can be received until the registration statement becomes effective, and any such offer or indication of interest may be withdrawn and revoked without obligation or commitment of any kind, at any time prior to notice of its acceptance given after the effective date. An indication of interest in response to this advertisement will involve no obligation or commitment of any kind. Please read the prospectus carefully before you invest. It contains important information about the fund including fees, charges and expenses. If you would like a paper copy of the prospectus, please call 1-877-434-2265.