BFZ BlackRock California Muni Income Trust

BlackRock California Municipal Income Trust (NYSE:BFZ) Vote Today on the WHITE Proxy Card Your Vote is Important, No Matter How Many Shares You Own Why am I receiving this letter? A predatory hedge fund managed by Saba Capital Management, L.P. ("Saba") is attempting to take control of your Fund and replace the Fund's independent, qualified and experienced Board members. How does the Board recommend that I vote? 3 The Board, including the independent Board Members, unanimously recommends a vote "FOR" the Board's Nominees, who have created value for all shareholders, including share repurchases, using the WHITE proxy card. X Please do NOT send back the gold proxy card you may receive from Saba as this will cancel your prior vote for the Board Nominees. Only your latest dated proxy will count at the meeting. Vote for the Board that has created value for ALL shareholders Experienced, Diverse and Qualified Board Your Board Nominees are committed to ensuring that BFZ operates in a responsible manner that protects and advances the interests of all shareholders 10.5% return year-to-date in 2023, the top performing California Municipal fund 4.0% yield exempt from federal and California income taxes $18 million in voluntary share repurchases, creating $3 million of gains for shareholders1 $180 thousand in annual savings for shareholders via a contractual management fee waiver2 Source: Morningstar data as of April 30, 2023. (1) When BFZ repurchases its shares at a discount to NAV, those shares are retired and the Fund keeps the difference between the NAV per share and purchase price per share, resulting in a higher NAV per share for shareholders. (2) Estimated based on managed assets as of April 30, 2023.

Shareholders should not draw any conclusions about the Fund's investment performance from the amount of the Fund's current distributions. All investments involve risk, including the possible loss of the principal amount invested. Important information about the Fund This material is not an advertisement and is intended for existing shareholder use only. This document and the information contained herein relates solely to BlackRock California Municipal Income Trust (BFZ). The information contained herein does not relate to, and is not relevant to, any other fund or product sponsored or distributed by BlackRock or any of its affiliates. This document is not an offer to sell any securities and is not a solicitation of an offer to buy any securities. Common shares for the closed-end fund identified above are only available for purchase and sale at current market price on a stock exchange. A closed-end fund's dividend yield, market price and NAV will fluctuate with market conditions. The information for this Fund is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Performance results reflect past performance and are no guarantee of future results. Current performance may be lower or higher than the performance data quoted. All returns assume reinvestment of all dividends. The market value and net asset value (NAV) of a fund's shares will fluctuate with market conditions. Closed-end funds may trade at a premium to NAV but often trade at a discount. (C) 2023 BlackRock, Inc. or its affiliates. All Rights Reserved. BLACKROCK is a trademark of BlackRock, Inc., or its affiliates. All other trademarks are those of their respective owners. June 2023 | BlackRock California Municipal Income Trust (BFZ) BFZ_LTR4 Not FDIC Insured " May Lose Value " No Bank Guarantee