BLACKROCK VIRGINIA MUNICIPAL BOND TRUST Business Summary

BlackRock Virginia Municipal Bond Trust (BHV) is a closed-end management investment company designed to provide shareholders with high current income exempt from both federal and Virginia state personal income taxes. The Trust generates revenue through the strategic investment of its capital in a diversified portfolio of municipal obligations issued by the Commonwealth of Virginia and its local agencies, earning interest income which is then distributed to shareholders after deducting management fees and operating expenses. Its business model is centered on the fixed-income segment, specifically leveraging BlackRock’s proprietary Aladdin risk management technology to optimize yield and credit quality within the Virginia municipal market. BHV competes directly with other state-specific closed-end funds such as the Nuveen Virginia Quality Municipal Income Fund (NPV), the Invesco Virginia Municipal Income Trust (VVA), and the Eaton Vance Virginia Municipal Bond Fund (EVM). Within this landscape, BHV is positioned as a specialized, high-conviction vehicle that prioritizes investment-grade debt and capital preservation for tax-sensitive investors. The Trust is managed by BlackRock Advisors, LLC, under the global leadership of BlackRock, Inc. Chairman and CEO Laurence D. Fink and President Robert S. Kapito, who co-founded the firm in 1988. The portfolio is overseen by BlackRock’s Municipal Bond Management team, led by veteran portfolio managers Kevin Maloney and Michael Kalinoski, who possess extensive expertise in credit research and structural analysis of tax-exempt securities. Governance is provided by a Board of Trustees that includes prominent figures such as Independent Chair R. Glenn Hubbard, former Dean of Columbia Business School and Chairman of the Council of Economic Advisers, and W. Carl Kester, a distinguished Professor Emeritus at Harvard Business School. This leadership structure combines the institutional scale of the world’s largest asset manager with specialized regional expertise, ensuring rigorous fiduciary oversight and sophisticated duration management.