Company: BLE
Filing Date: 2025-08-07
Form Type: PRE 14A
Source: 0001193125-25-175555
Chunk: 169

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-08-07
Form: PRE 14A
Chunk 169
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       |     | [●]         |     | [●]        |

| (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 [●], 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 VMTP Shares by the Combined Fund. Reflects undistributed net investment income (previously defined as “UNII”) of $[●], of which $[●]was attributable to [●] and $[●] was               
 attributable to the Acquiring Fund. Reflects Undistributed Long Term Capital Gains of $[●] attributed to [●].                                                                                                                 |

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

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FINANCIAL HIGHLIGHTS

The Financial Highlights table is intended to help you understand BLE’s financial performance for the periods shown. Certain information
reflects the financial results for a single common share of BLE. The total returns in the table represent the rate an investor would have earned or lost on an investment in BLE (assuming reinvestment of all dividends and/or distributions, if
applicable). The information for the six month period ended January 31, 2025 is unaudited. The information for the remaining periods has been audited by [●], BLE’s independent registered public accounting firm. Financial statements
for the fiscal year ended July 31, 2024 and the Report of the Independent Registered Public Accounting Firm thereon appear in BLE’s Annual Report for the fiscal year ended July 31, 2024, and financial statements for the six-month period ended January 31, 2025 appear in BLE’s most recent Semi-Annual Report, each of which is available upon request.

Please see next page for Financial Highlights Table

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|                                                                                                          |     | BLE                  
 Six Months Ended     
 01/31/25 (unaudited) |         |            |     | Year Ended 
 07/31/24   |         |    |     | Year Ended 
 07/31/23   |         |    |     | Period from 
 09/01/21    
 to 07/31/22 |