BFZ BlackRock California Muni Income Trust

YOUR vote matters BlackRock California Municipal Income Trust (NYSE: BFZ) Defend YOUR Fund, Save YOUR Income BlackRock is fighting for YOU. Help YOUR Fund by voting on the WHITE card. 35+ Years Why am I receiving this letter? BlackRock has been a closed- This year’s Annual Meeting on June 17th will be different. Activist hedge fund Saba Capital Management, L.P. (“Saba”) is trying to install its own Board end fund leader since 1988 members and fire BlackRock as investment advisor to YOUR fund. YOUR experienced board and BlackRock ensure the stability and consistency of YOUR income. Saba’s self-serving agenda will harm shareholders and put YOUR income and YOUR investment at risk. #1 Fund We believe that Saba’s motives conflict with YOUR best interests as a YOUR experienced Board and shareholder. They pretend to be on YOUR side, but we have seen Saba take investment managers have self-serving actions time and again to make a quick profit for their wealthy led BFZ to be the top investors, which may result in harmful outcomes for shareholders. performing municipal closed- × Loss of income that YOU rely on end fund in 20231 × Higher fees × Riskier investments and increased volatility × Poor performance as a closed-end fund manager × Liquidation, which means forced selling at fire sale prices and tax consequences for YOU Protect YOUR financial future and help us prevent a hedge fund Share from lining its pockets with YOUR savings. Repurchases BFZ bought back over $21 million How does your independent, qualified Board recommend that you of shares, adding over $3.3 vote? million in value since inception2 Using the WHITE proxy card, your Board unanimously recommends voting “FOR” the Board’s Nominees, who have created value for all shareholders. Using the WHITE proxy card, your Board unanimously recommends voting “AGAINST” Saba’s proposal to terminate the investment Increased management agreement with BlackRock. Distributions IMPORTANT: Please do NOT send back any proxy card you may receive from Saba as this will cancel your prior vote for your Board’s Nominees. BFZ increased monthly Only your latest dated proxy will count at the meeting. distributions by 50% since 1. Morningstar data as of April 30, 2024 January 20233 2. BlackRock data as of April 30, 2024 3. Morningstar data as of April 30, 2024

We ask that all shareholders vote on the enclosed WHITE proxy card today to preserve YOUR Fund: “FOR” BlackRock Board nominees “AGAINST” Saba’s proposal to terminate the investment management agreement with BlackRock How do I vote? Vote online Vote by phone Vote by mail Using the website provided By calling the toll-free By completing and on your enclosed white number on your enclosed returning your enclosed proxy card and following white proxy card and white proxy card in the the simple instructions following the simple postage paid envelope instructions provided. Please do NOT send back any proxy card you may receive from Saba If you have already sent back the proxy card you received from Saba, you can still change your vote by promptly voting on the WHITE proxy card, which will replace the proxy card you previously completed. If you have any questions about the proposals to be voted, please feel free to contact Georgeson LLC (“Georgeson”), toll free at 1-866-529-0071. 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. © 2024 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. May 2024 | BlackRock California Municipal Income Trust (BFZ) Not FDIC Insured • May Lose Value • No Bank Guarantee BFZ_2024_FL2