Company: BLE
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198164
Chunk: 57

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 57
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 to the applicable Reorganization will reflect accrued expenses associated with such Reorganization. The NAV of BLE’s,
BYM’s, BFK’s and MUE’s common shares will not be diluted as a result of the Reorganizations. Fractional Acquiring Fund common shares will generally not be issued to BLE, BYM, BFK and MUE common shareholders in connection with the
Reorganizations, and BLE, BYM, BFK and MUE common shareholders should expect to receive cash in lieu of such fractional common shares.

Each Board further noted that holders of BLE, BYM, BFK and MUE VMTP Shares will receive the same number of Acquiring Fund VMTP Shares as the
BLE, BYM, BFK and MUE VMTP Shares held by such VMTP Holders immediately prior to the Closing Date.

Effect on Shareholder Rights.
Each Board noted that BLE, BYM, BFK are each organized as a Delaware statutory trust and each of MUE and the Acquiring Fund is organized as a Maryland corporation. Each Board also noted that the common shareholders of each Fund have substantially
similar voting rights and rights with respect to the payment of dividends and distribution of assets upon liquidation of their respective Fund and have no preemptive, conversion or exchange rights.

Each Board also noted that the terms of the Acquiring Fund VMTP Shares to be issued in connection with the Reorganizations will have terms
that are substantially identical to the terms of the Acquiring Fund’s outstanding VMTP Shares and will rank on parity with the Acquiring Fund’s outstanding VMTP Shares as to the payment of dividends and the distribution of assets upon
dissolution, liquidation or winding up of the affairs of the Acquiring Fund. The newly issued Acquiring Fund VMTP Shares will have the same term redemption date applicable to the

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outstanding Acquiring Fund VMTP Shares as of the Closing Date of the Reorganization. Such term redemption date is July 2, 2026, unless extended. The Reorganizations will not result in any
changes to the terms of the Acquiring Fund’s VMTP Shares currently outstanding.

Alternatives to the Reorganizations. In
reaching its decision to approve the Reorganizations, the Board considered alternatives to the Reorganizations, including continuing to operate each Fund as a separate Fund.

Potential Benefits to the Investment Advisor and its Affiliates. Each Board recognized that the Reorganizations may result in some
benefits and economies of scale for the Investment Advisor and its affiliates. These may include, for example