BlackRock Capital Allocation Trust

Cusip: 09260U109

Ticker: BCAT

Record Date		December 15, 2020
Pay Date		December 31, 2020
Distribution Amount per share	$	0.104100

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital. All amounts are expressed per common share.

	Current Distribution		% Breakdown of the Current Distribution		Total Cumulative Distributions for the Fiscal Year to Date		% Breakdown of the Total Cumulative Distributions for the Fiscal Year to Date
Net Investment Income	$	0.026945		26%	$	0.026945		26%
Net Realized Short-Term Capital Gains	$	0.031350		30%	$	0.031350		30%
Net Realized Long-Term Capital Gains	$	-		0%	$	-		0%
Return of Capital	$	0.045805		44%	$	0.045805		44%
Total (per common share)	$	0.104100		100%	$	0.104100		100%
Average annual total return (in relation to NAV) for the 5-year period ending on November 30, 2020								3.80%
Annualized current distribution rate expressed as a percentage of NAV as of November 30, 2020								6.02%
Cumulative total return (in relation to NAV) for the fiscal year through November 30, 2020								3.80%
Cumulative fiscal year distributions as a percentage of NAV as of November 30, 2020								0.50%

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Managed Distribution Plan.

The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income’. When distributions exceed total return performance, the difference will reduce the Fund’s net asset value per share.

The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Contact Number: 800-882-0052