Company: BLE
Filing Date: 2025-08-07
Form Type: PRE 14A
Source: 0001193125-25-175555
Chunk: 53

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-08-07
Form: PRE 14A
Chunk 53
---
 year (the “Discount Management
Program”). Even if a tender offer is triggered under the Discount Management Program, there is no guarantee that Combined Fund shareholders will be able to sell all of the shares that they desire to sell in any particular tender offer and there
can be no assurances as to the effect that the Discount Management Program will have on the market for the Combined Fund’s shares or the discount at which the Combined Fund’s shares may trade relative to its NAV.

[Potential Effects of the Reorganizations on the Preferred Shares. The Board noted that each Fund has preferred shares
outstanding. As of July 31, 2025, BLE had 1,741 Series W-7 VMTP Shares outstanding, BYM had 976 Series W-7 VMTP Shares outstanding, BFK had 1,541 Series W-7 VMTP Shares outstanding, MUE had 780 Series W-7 VMTP Shares outstanding and the Acquiring Fund had 2,140 Series W-7 VMTP Shares
outstanding. In connection with the Reorganizations, the Acquiring Fund expects to issue had [●]Series W-7 VMTP Shares outstanding additional VMTP Shares to BLE VMTP
Holders, and had [●]Series W-7 VMTP Shares outstanding additional VMTP Shares to BYM VMTP Holders and [●]Series W-7 VMTP Shares outstanding additional VMTP Shares to BFK VMTP Holders. Following the completion of the Reorganizations, the Combined Fund is expected to have [●] VMTP Shares
outstanding.

The Board noted that, assuming all of the Reorganizations are approved by the requisite shareholders, upon the Closing Date
of the Reorganizations, BLE, BYM, BFK and MUE will each receive one newly issued Acquiring Fund VMTP Shares. No fractional Acquiring Fund VMTP Shares will be issued. The terms of the Acquiring Fund VMTP Shares to be issued in connection with the
Reorganizations will be substantially identical to the terms of the Acquiring Fund’s outstanding VMTP Shares and will rank on parity with the Acquiring Fund’s outstanding VMTP Shares as to the payment of dividends and the distribution of
assets upon dissolution, liquidation or winding up of the affairs of the Acquiring Fund. The newly issued Acquiring Fund VMTP Shares will have the same term redemption date applicable to the outstanding Acquiring Fund VMTP Shares as of the Closing
Date of the Reorganization. Such term redemption

17

date is [●], unless