Company: BLE
Filing Date: 2025-08-07
Form Type: PRE 14A
Source: 0001193125-25-175555
Chunk: 44

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-08-07
Form: PRE 14A
Chunk 44
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 value $0.10 per share and with a liquidation preference of $100,000 per share (plus an amount equal to any accumulated and unpaid dividends that have accrued on the VMTP Shares of the
applicable Target Fund up to and including the day immediately preceding the Closing Date of the Reorganizations if such dividends have not been paid prior to the Closing Date), in an amount equal to the number of issued and outstanding Target Fund
VMTP Shares, and then each Target Fund will distribute such newly issued Acquiring Fund VMTP Shares, pro rata, to such Target Fund VMTP Holder immediately prior to the Closing Date. The newly issued Acquiring Fund VMTP Shares may be of the same

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series as the Acquiring Fund’s outstanding VMTP Shares or a substantially identical series. 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 date is [●], unless extended.] The Reorganizations will not result in any changes to the terms of the Acquiring
Fund’s VMTP Shares currently outstanding.

The newly issued Acquiring Fund VMTP Shares will have terms that are substantially
identical to the terms of the currently outstanding BLE, BYM, BFK and MUE VMTP Shares, including the same term redemption date. Since the Acquiring Fund VMTP Shares would be issued at a liquidation preference and value per share equal to the
liquidation preference and value per share of the VMTP Shares of BLE, BYM, BFK and MUE, the interests of BLE, BYM, BFK and MUE VMTP Holders will not be diluted as a result of the Reorganizations. As a result of the Reorganizations, a common or
preferred shareholder of any of the Funds may hold a reduced percentage of ownership in the Combined Fund than they did in BLE, BYM, BFK, MUE and the Acquiring Fund. No sales charge or fee of any kind will be charged