Company: BLE
Filing Date: 2025-08-07
Form Type: PRE 14A
Source: 0001193125-25-175555
Chunk: 51

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-08-07
Form: PRE 14A
Chunk 51
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 means a Fund’s Total Expenses expressed as a percentage of its average net assets attributable to its common shares. Potential Effects of the Reorganizations on Earnings and Distributions. The Boards noted that the Combined Fund’s net earnings yield on NAV for common shareholders following the Reorganizations is expected to be potentially higher than each BLE’s, BYM’s and MUE’s current net earnings yield on NAV and potentially lower than the Acquiring Fund’s and BFK’s current net earnings yield on NAV. The distribution level of any fund is subject to change based upon a number of factors, including the current and projected level of the fund’s earnings, and may fluctuate over time; thus, subject to a number of other factors, including the fund’s distribution policy, a higher earnings profile may potentially have a positive impact on such fund’s distribution level over time. A Fund’s earnings and net investment income are variables which depend on many factors, including its asset mix, portfolio turnover level, the amount of leverage utilized by the Fund, the costs of such leverage, the performance of its investments, the movement of interest rates and general market conditions. In addition, the Combined Fund’s future earnings will vary 16

depending upon the combination of completed Reorganizations. There can be no assurance that the future earnings of a Fund, including the Combined Fund after the Reorganizations, will remain
constant.

Potential Effects of the Reorganizations on Premium/Discount to NAV of Common Shares. Each Board noted that the
common shares of its Fund have historically traded at both a premium and a discount. As of [●], the NAV per common share of BLE was $[●]and the market price per common
share of BLE was $[●], representing a discount to NAV of ([●])%, the NAV per common share of BYM was $[●]and the market price
per common share of BYM was $[●], representing a discount to NAV of ([●])%, the NAV per common share of BFK was $[●]and the
market price per common share of BFK was $[●], representing a discount to NAV of ([●])%, the NAV per common share of MUE was
$[●]and the market price per common share of MUE was $[●], representing a discount to NAV of ([●])%, and the NAV per common
share of the Acquiring Fund was $[●]and the market price per common share of the Acquiring Fund was $[●], representing a discount to NAV