Company: BLE
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198164
Chunk: 64

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 64
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 surrendered in exchange therefor. |

| ● |     | A shareholder of BLE, BYM, BFK and MUE that receives cash in lieu of a fractional Acquiring Fund Common Share                                                                                                                                         
 in connection with the Reorganizations will be treated as having received cash in exchange for such fractional Acquiring Fund Common Share. A BLE, BYM, BFK or MUE shareholder that receives cash in lieu of a fractional Acquiring Fund Common Share 
 will recognize capital gain or loss equal to the difference between the amount of cash deemed received for the fractional Acquiring Fund Common Share and BLE, BYM, BFK or MUE shareholder’s tax basis in BLE, BYM, BFK or MUE common shares          
 allocable to the fractional Acquiring Fund Common Share. The capital gain or loss will be a long-term capital gain or loss if BLE, BYM, BFK or MUE shareholder’s holding period for BLE, BYM, BFK or MUE common shares is more than one year as of    
 the date the Reorganizations are consummated.                                                                                                                                                                                                         |

| ● |     | The Acquiring Fund’s tax basis in BLE’s, BYM’s, BFK’s and MUE’s assets received                                                  
 by the Acquiring Fund pursuant to the Reorganizations will, in each instance, equal the tax basis of such assets in the hands of |

25

| BLE, BYM, BFK and MUE immediately prior to the Closing Date, and the Acquiring Fund’s holding period for such assets will, in each instance, include the period during which the assets were 
 held by BLE, BYM, BFK or MUE.                                                                                                                                                                |

The Acquiring Fund intends to continue to be taxed under the rules applicable to regulated investment companies as defined in Section 851 of the Code, which are the same rules currently applicable to each Fund and its shareholders. None of the Funds intend to sell any assets in connection with the Reorganizations other than in the ordinary course of business. If, however, assets of BLE, BYM, BFK and MUE were to be sold in connection with the Reorganizations, or if such assets were required to be marked to market as a result of the termination of BLE’s, BYM’s, BFK’s and MUE’s taxable year or as a result of the transfer of certain assets in the Reorganizations, the tax impact of any such sales (or deemed sales) would depend on the difference between the price at which such portfolio assets are sold and BLE’s,