Company: BLE
Filing Date: 2025-08-07
Form Type: PRE 14A
Source: 0001193125-25-175555
Chunk: 160

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-08-07
Form: PRE 14A
Chunk 160
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58 |     | 10.57 |     | (9.37)%                   |
| Acquiring Fund (MHD) |     |        11.20 |     | 12.38 |     | (9.53)%                   |

To the extent BLE’s, BYM’s, BFK’s or MUE’s common shares are trading at a wider discount (or a narrower premium) than the Acquiring Fund at the time of its Reorganization, BLE’s, BYM’s, BFK’s or MUE’s common shareholders would have the potential for an economic benefit by the narrowing of the discount or widening of the premium. To the extent BLE’s, BYM’s, BFK’s or MUE’s common shares are trading at a narrower discount (or wider premium) than the Acquiring Fund at the time of its Reorganization, BLE’s, BYM’s, BFK’s or MUE’s common shareholders may be negatively impacted if its Reorganization is consummated. Acquiring Fund common shareholders would only benefit from a premium/discount perspective to the extent the post-Reorganization discount (or premium) of the Acquiring Fund common shares improves. There can be no assurance that, after the Reorganizations, common shares of the Combined Fund will trade at, above or below NAV. Upon consummation of the Reorganizations, the Combined Fund common shares may trade at a price 86

that is less than the current market price of Acquiring Fund common shares. In the Reorganizations, common shareholders of BLE, BYM, BFK and MUE will receive Acquiring Fund common shares based on the relative NAVs (not the market values) of the respective Fund’s common shares. The market value of the common shares of the Combined Fund may be less than the market value of the common shares of a Fund prior to the Reorganizations. Common Share Dividend History During the two most recent fiscal years, each Fund has made monthly cash distributions to holders of the Fund’s common shares and the aggregate amount of distributions declared during this period by the Acquiring Fund, BLE, BYM, BFK and MUE was $[●], $[●], $[●], $[●] and $[●] per common share, respectively. Whenever preferred shares, including VMTP Shares, are outstanding, a Fund may not declare a dividend or distribution to common shareholders (other than a distribution in common shares of the Fund) or purchase its common shares unless all accumulated dividends on preferred shares have been paid,