Transaction Details

Footnotes

In connection with the reorganization of BlackRock MuniHoldings Quality Fund II, Inc. ("MUE"), BlackRock Municipal Income Trust ("BFK"), BlackRock Municipal Income Quality Trust ("BYM"), BlackRock Municipal Income Trust II ("BLE") (collectively, the "Target Funds") into the Issuer, 780 Series W-7 Variable Rate Muni Term Preferred Shares ("VMTP Shares") of MUE, 1,541 VMTP Shares of BFK, 976 VMTP Shares of BYM, and 1,741 VMTP Shares of BLE beneficially owned by DNT Asset Trust ("DNT Trust") were exchanged for an equal number of VMTP Shares of the Issuer in a cashless transaction. The 5,038 VMTP Shares reported as acquired in Table I represent shares beneficially owned by DNT Trust. | This statement is jointly filed by JPMorgan Chase & Co. and DNT Trust. JPMorgan Chase & Co. holds an indirect interest in the securities listed in Table I by virtue of its indirect ownership of its subsidiary DNT Trust. | Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) of the US Securities Exchange Act of 1934 or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Issuer.