Company: BLE
Filing Date: 2025-08-07
Form Type: PRE 14A
Source: 0001193125-25-175555
Chunk: 63

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-08-07
Form: PRE 14A
Chunk 63
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 $432,000, $321,000, $339,000, $223,000 and $239,000, respectively, of which the Investment Advisor will bear
approximately $86,000, $0, $0, $0 and $0, respectively. The actual costs associated with the Reorganizations may be more or less than the estimated costs discussed herein. Each Board also noted that the VMTP Holders are not expected to bear any of
the costs of the Reorganizations, while the common shareholders of the Funds will indirectly bear the costs of the Reorganizations.

Neither the Funds nor the Investment Advisor will pay any direct expenses of shareholders arising out of or in connection with the
Reorganizations (e.g., expenses incurred by the shareholder as a result of attending the Special Meeting, voting on the Reorganizations or other action taken by the shareholder in connection with the Reorganizations). The actual costs
associated with the Reorganizations may be more or less than the estimated costs discussed herein.

APPRAISAL RIGHTS

Under Delaware law, shareholders are not entitled to preference, preemptive, appraisal, conversion or exchange rights. Under Maryland law, a
shareholder does not have any preemptive rights to subscribe to any additional issue of stock unless expressly provided for in the corporation’s charter (which the charter of the Acquiring Fund, a Maryland corporation, does not provide). Under
Maryland law, stockholders are entitled to demand the fair value of their shares from the successor entity in connection with a reorganization except where any exceptions apply, which exceptions

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include if any shares of the class or series are listed on a national securities exchange, such as the common shares of MUE, on the Record Date. No exception exists for the VMTP Shares and
therefore the VMTP Holders of MUE are entitled to demand the fair value of their VMTP Shares from the Acquiring Fund.

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U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE REORGANIZATIONS The following is a general summary of the U.S. federal income tax consequences of the Reorganizations to the U.S. holders of BLE, BYM, BFK or MUE common shares. The discussion is based upon the Code, Treasury regulations, court decisions, published positions of the IRS and other applicable authorities, all as in effect on the date hereof and all of which are subject to change or differing interpretations (possibly with retroactive effect). The discussion is limited to U.S. persons who hold common shares of BLE,