Company: BLE
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198164
Chunk: 233

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 233
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. The Target Fund may pay any accumulated
and unpaid dividends with respect to any outstanding Target Fund VMTP Shares prior to the Closing Date, up to and including the day immediately preceding the Closing Date.

(c) The net asset value of the Acquiring Fund and the Target Fund, the values of their assets, the amounts of
their liabilities, and the liquidation preference (including accumulated and unpaid dividends) of the Target Fund VMTP Shares and the Acquiring Fund VMTP Shares shall be determined as of the Valuation Time in accordance with the regular procedures
of the Acquiring Fund or such other valuation procedures as shall be mutually agreed by the parties, and no adjustment will be made to the net asset value or liquidation preference so determined of any Fund to take into account differences in
realized and unrealized gains and losses.

Such valuation and determination shall be made by the Acquiring Fund in
cooperation with the Target Fund and shall be confirmed by the Acquiring Fund to the Target Fund. The net asset value per share of the Acquiring Fund Common Shares and the liquidation preference (including accumulated and unpaid dividends) per share
of the Acquiring Fund VMTP Shares shall be determined in accordance with such procedures.

For purposes of
determining the net asset value per share of Target Fund Common Shares and the Acquiring Fund Common Shares, the value of the securities held by the applicable Fund plus any cash or other assets (including interest accrued but not yet received)
minus all liabilities (including accrued expenses) and the aggregate liquidation value of the outstanding Target Fund VMTP Shares or Acquiring Fund VMTP Shares, as the case may be, shall be divided by the total number of Target Fund Common Shares or
Acquiring Fund Common Shares, as the case may be, outstanding at such time.

(d) The Acquiring Fund shall
issue to each Target Fund Common Shareholder book-entry interests for the Acquiring Fund Common Shares registered in the name of such Target Fund Common Shareholder on the basis of each such holder’s proportionate interest in the aggregate net
asset value of the Target Fund Common Shares.

Applies to BLE, BYM, BFK.

Applies to MUE.

A-9

(e) The Acquiring Fund shall issue to each Target Fund VMTP
Holder book-entry interests for the Acquiring Fund VMTP Shares registered in the name of such Target Fund VMTP Holder on a one-for-one basis for each holder’s
holdings of the Target Fund VMTP Shares. The Target Fund VMTP Hold