Company: BLE
Filing Date: 2025-08-07
Form Type: PRE 14A
Source: 0001193125-25-175555
Chunk: 10

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-08-07
Form: PRE 14A
Chunk 10
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 Reorganization(s) was not consummated and its product line, recommend alternative proposals to the Board of that Fund.

| Q: | How will holders of preferred shares be affected by the Reorganizations? |

A: As of the date of the enclosed Proxy Statement, BLE, BYM, BFK, MUE and the Acquiring Fund have VMTP Shares outstanding. As of July 31, 2025, BLE had 1,741 Series W-7VMTP Shares outstanding, BYM had 976 Series W-7VMTP Shares outstanding, BFK had 1,541 Series W-7VMTP Shares outstanding, MUE had 780 Series W-7VMTP Shares outstanding and the Acquiring Fund had 2,140 Series W-7VMTP Shares outstanding. See “Information About the Preferred Shares of the Funds” in the Proxy Statement for additional information about the preferred shares of each Fund. In connection with the Reorganizations, the Acquiring Fund expects to issue [●] additional VMTP Shares to BLE (for distribution to BLE’s VMTP Holders), [●] additional VMTP Shares to BYM (for distribution to BYM’s VMTP Holders), [●] additional VMTP Shares to BFK (for distribution to BFK’s VMTP Holders), and [●] additional VMTP Shares to MUE (for distribution to MUE’s VMTP Holders). Following the completion of the Reorganizations, the Combined Fund is expected to have [●] VMTP Shares outstanding. The Board of each Fund has authorized the redemption of up to 67% of each Fund’s currently outstanding VMTP Shares on one or more occasions between April 1, 2025 and October 1, 2025. Any such redemption is not related to the Reorganizations or contingent on shareholder approval of each Reorganization. The timing and amount of any redemption of a Fund’s currently outstanding VMTP Shares would depend on a number of factors, including, among others, the desired mix of leverage from preferred shares versus TOBs, yield levels and borrowing costs. Assuming all of the Reorganizations are approved by the requisite shareholders, upon the Closing Date of the Reorganizations, BLE, BYM, BFK and MUE each will receive newly issued Acquiring Fund VMTP Share, par value $0.10 per share and with a liquidation preference of $100,000 per share (plus an amount equal to any accumulated and unpaid dividends that have accrued on the BLE, BYM, B