Company: MYI
Filing Date: 2025-08-08
Form Type: PRE 14A
Source: 0001193125-25-176952
Chunk: 253

Company: BLACKROCK MUNIYIELD QUALITY FUND III, INC.
Filing Date: 2025-08-08
Form: PRE 14A
Chunk 253
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●] |     |           $[●] |     |             |     $[●] |     |           |     $[●] |
| VMTP/VRDP Shares                           |     | $[231,900,000] |     | $[356,400,000] |     |             |     $[●] |     |           |     $[●] |
| NAV per Common Share                       |     |           $[●] |     |           $[●] |     |             |     $[●] |     |           |     $[●] |
| Liquidation Preference per VMTP/VRDP Share |     |       $100,000 |     |       $100,000 |     |             | $100,000 |     |           | $100,000 |

131

| (1) | Based on the number of outstanding common shares as of July 31, 2025. |

| (2) | Reflects non-recurring aggregate estimated Reorganization expenses of                                                                                                                                                                 
 $[●], of which $[●] was attributable to MIY, and $[●] was attributable to the Acquiring Fund. The actual costs associated with the Reorganizations may be more or less than the estimated costs discussed herein. These costs will be 
 amortized over the life of the VRDP Shares by the Combined Fund. Reflects undistributed net investment income (previously defined as “UNII”) of $[●], of which $[●] was attributable to MIY and $[●] was attributable to the          
 Acquiring Fund. Reflects Undistributed Long Term Capital Gains of $[●] attributed to MIY.                                                                                                                                             |

| (3) | Reflects adjustments due to differences in per common share NAV. |

Capitalization of MVF and MYI as of July 31, 2025 and pro forma capitalization of the Combined Fund assuming only the MVF Reorganization is consummated (unaudited)

|                                            |     |            MVF |     | Acquiring Fund 
          (MYI) |     | Adjustments |          |     | Pro forma 
 Combined  
 Fund (MVF 
 into MYI) |          |
| Net Assets Attributable to:                |     |                |     |                |     |             |          |     |           |          |
| Common Shares(1)                           |     |           $[●] |     |           $[●