Company: BLE
Filing Date: 2025-08-07
Form Type: PRE 14A
Source: 0001193125-25-175555
Chunk: 75

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-08-07
Form: PRE 14A
Chunk 75
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’s sub-classification as a closed-end investment
company or change its fundamental investment restrictions or (c) change its business so as to cease to be an investment company.

[Description of the VMTP Shares of BLE, BYM, BFK and MUE]

Each Fund’s VMTP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. The redemption price per VMTP Share
is equal to the liquidation preference per share plus any outstanding unpaid dividends. Each Fund is required to redeem its VMTP Shares on the term redemption date of the VMTP Shares, unless earlier redeemed or repurchased or unless extended. There
is no assurance that the term of each Fund’s VMTP Shares will be extended further or that each Fund’s VMTP Shares will be replaced with any other preferred shares or other form of leverage upon the redemption or repurchase of the VMTP
Shares. Six months prior to the term redemption date of the VMTP Shares, each Fund is required to begin to segregate liquid assets with its respective custodian to fund the redemption. In addition, each Fund is required to redeem certain of its
outstanding VMTP Shares if it fails to comply with certain asset coverage, basic maintenance amount or leverage requirements.

Dividends
on each Fund’s VMTP Shares are declared daily and payable monthly at a variable rate set weekly at a fixed rate spread to the SIFMA Municipal Swap Index. The fixed spread is determined based on the long-term preferred share rating assigned to
each Fund’s VMTP Shares by the ratings agencies then rating its respective VMTP Shares. At the date of issuance, the VMTP Shares of BLE, BYM, BFK and MUE were each assigned a long-term rating of Aa1 from Moody’s and AA from Fitch.
Subsequent to the issuance of Fund’s VMTP Shares, Moody’s completed a review of its methodology for rating securities issued by registered closed-end funds. As of June 30, 2025, each
Fund’s VMTP Shares were assigned a long-term rating of Aa1 from Moody’s and AA from Fitch. The dividend rate on each Fund’s VMTP Shares is subject to a step-up spread if each Fund
fails to comply with certain provisions, including, among other things, the timely payment of dividends, redemptions or gross-up payments, and complying with certain asset coverage and leverage
requirements.

Each Fund’s VMTP Shares are subject to certain restrictions on transfer, and each Fund may also