Company: BLE
Filing Date: 2025-08-07
Form Type: PRE 14A
Source: 0001193125-25-175555
Chunk: 43

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-08-07
Form: PRE 14A
Chunk 43
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. No fractional Acquiring Fund common shares will be issued (except for common shares held in a Plan
Account). In the event there are fractional common shares in an account other than a Plan Account, the Acquiring Fund’s transfer agent will aggregate all such fractional BLE, BYM, BFK or MUE common shares and sell the resulting whole common
shares on the NYSE for the account of all holders of such fractional interests, and each such holder will be entitled to the pro rata share of the proceeds from such sale upon being issued book-entry interests for the Acquiring Fund common shares.
See “—Terms of the Reorganization Agreements—Book-Entry Interests” for a description of the procedures to be followed by BLE, BYM, BFK and MUE common shareholders to obtain their Acquiring Fund common shares (and cash in lieu of
fractional common shares, if any). Similarly, each newly-opened account on the books of the Acquiring Fund for BLE, BYM, BFK and MUE VMTP Holders would represent the number of Acquiring Fund VMTP Shares issued on a one-for-one basis for each such VMTP Holder’s holdings of BLE, BYM, BFK or MUE VMTP Shares.

As a result of the Reorganizations, each common shareholder of BLE, BYM, BFK and MUE will own Acquiring Fund common shares that (except for
cash payments received in lieu of fractional common shares) will have an aggregate NAV (not the market value) immediately after the Closing Date equal to the aggregate NAV (not the market value) of that shareholder’s BLE, BYM, BFK and MUE
common shares, respectively, immediately prior to the Closing Date. The aggregate NAV of each Fund immediately prior to the applicable Reorganization will reflect accrued expenses associated with such Reorganization. The NAV of BLE, BYM, BFK
and MUE common shares will not be diluted as a result of the Reorganizations. The value of each Fund’s net assets will be calculated net of the liquidation preference (including accumulated and unpaid dividends) of all outstanding VMTP Shares
of such Fund. The market value per share of the common shares of the Combined Fund may be less than the market value per share of the common shares of each respective Fund prior to the Reorganizations.

Assuming all of the Reorganizations are approved by the requisite shareholders, upon the Closing Date of the Reorganizations, each Target Fund
will receive newly issued Acquiring Fund VMTP Share, par