Taconic provides investment advice on a discretionary basis to onshore and offshore private investment funds (each, a “Fund,” and, together, the “Funds”) that are offered to high net worth, financially sophisticated, individual and institutional investors that may include banks or thrift institutions, investment companies, pension and profit sharing plans, government plans, trusts, estates or other business entities. As of December 31, 2023, Taconic managed approximately $8.75 billion in regulatory assets under management (as defined in Form ADV Part 1). Taconic does not manage any client assets on a non-discretionary basis. Taconic focuses on event investing, or investing in securities and instruments of companies undergoing extraordinary events that are expected to affect the value of an investment asset. Taconic manages Hedge Funds (including the Opportunity Funds as defined below). The Opportunity Funds currently invest in mergers and acquisitions, corporate restructurings and spin-offs, credit investments and/or capital structure arbitrage, as well as special situations. In addition, Taconic manages a number of Closed- End Funds (including the ECDF II Funds, ECDF III Funds, MDF III Funds, the TCRED Funds, TCRED II Funds, TCRED III Funds and CDF IV Funds as defined below) designed to capitalize on specific investment opportunities, and expects to continue to offer additional Closed-End Funds in the future. In 1999, Kenneth D. Brody and Frank P. Brosens, along with a financial investor, launched Taconic and formed the first of Taconic’s event-driven funds (the “Event-Driven Funds”) to invest a substantial portion of their assets and to give third-party investors the opportunity to invest alongside them. Effective on or about January 1, 2024, the Event-Driven Funds have consolidated operations with the Opportunity Funds and no longer operate independently. In 2004, Taconic launched the first of Taconic’s opportunity funds (the “Opportunity Funds”). The Opportunity Funds are:
• Taconic Opportunity Fund L.P. (“TOP”), a Delaware limited partnership, which invests using a master-feeder structure through Taconic Opportunity Master Fund L.P. (the “Opportunity Master Fund”), an exempted limited partnership registered under the ELP Law; and
• Taconic Opportunity Offshore Fund Ltd. (“TOPOFF”), a Cayman Islands exempted company, which invests using a modified master-feeder structure through the Opportunity Master Fund indirectly through Taconic Opportunity Offshore Intermediate Fund L.P. (the “Opportunity Intermediate Fund”), an exempted limited partnership registered under the ELP Law. In October 2017, Taconic launched the Taconic European Credit Dislocation II Funds (“the ECDF II Funds”) in an attempt to capitalize on investment opportunities arising primarily in Europe. The investment period for the ECDF II Funds ended in October 2020. The ECDF II Funds are:
• Taconic European Credit Dislocation Fund II L.P., a Delaware limited partnership, and Taconic European Credit Dislocation Offshore II Fund L.P., a Cayman Islands exempted limited partnership registered under the ELP Law, both of which invest using a master- feeder structure through Taconic European Credit Dislocation Master Fund II L.P. (the “ECDF Master Fund”), an exempted limited partnership registered under the ELP Law. In December 2020, Taconic launched the Taconic European Credit Dislocation III Funds (“the ECDF III Funds”) in an attempt to capitalize on investment opportunities arising primarily in Europe. The ECDF III Funds are:
• Taconic European Credit Dislocation Fund III L.P., a Delaware limited partnership, and Taconic European Credit Dislocation Offshore III Fund L.P., a Cayman Islands exempted limited partnership registered under the ELP Law, both of which invest using a master- feeder structure through Taconic European Credit Dislocation Master Fund III L.P. (the “ECDF Master Fund III”), an exempted limited partnership registered under the ELP Law. In March 2016, Taconic launched the Taconic CRE Dislocation Funds (the “TCRED Funds”), in attempt to capitalize on commercial real estate investment opportunities that Taconic has created through its prior acquisition of commercial mortgage-backed securities and other opportunities that arise from Taconic’s involvement in the space. The TCRED Funds are no longer open to new investments, and are currently being wound down following the end of their harvest period in July 2022. The TCRED Funds

are:
• Taconic CRE Dislocation Fund L.P., a Delaware limited partnership, and Taconic CRE Dislocation Onshore Fund L.P., a Delaware limited partnership. In July 2018, Taconic launched the Taconic CRE Dislocation II Funds (the “TCRED II Funds”), in attempt to capitalize on commercial real estate investment opportunities that Taconic has created through its prior acquisition of commercial mortgage-backed securities and other opportunities that arise from Taconic’s involvement in the space. The TCRED II Funds are no longer open to new investments, and the investment period for the TCRED II Funds ended in April 2021. The TCRED II Funds are:
• Taconic CRE Dislocation Fund II L.P., a Delaware limited partnership, and Taconic CRE Dislocation Onshore Fund II L.P., a Delaware limited partnership. In April 2021, Taconic launched the Taconic CRE Dislocation Onshore Fund III L.P., a Delaware limited partnership (the “TCRED III Fund”), in an attempt to capitalize on commercial real estate investment opportunities that are emerging, in Taconic’s belief, due to the impact of the COVID- 19 pandemic. The TCRED III Fund is no longer open to new investments, and the investment period for the TCRED III Fund is scheduled to end in April 2024. Taconic CRE Dislocation III Overflow Fund L.P. (the “Overflow Fund”) was launched in April 2022 in order to co-invest with TCRED III. In July 2020, Taconic launched the Taconic Market Dislocation III Funds (the “TMDF III Funds”), in attempt to capitalize on investment opportunities in less liquid, complex situations created by the ongoing dislocation in markets. The TMDF III Funds are no longer open to new investment, and the investment period for the TMDF III Funds will end in March 2023. The TMDF III Funds are:
• Taconic Market Dislocation Onshore Fund III L.P., a Delaware limited partnership and Taconic Market Dislocation Fund III (Cayman), L.P., a Cayman Islands exempted limited partnership, both of which invest using a master-feeder structure through Taconic Market Dislocation Master Fund III (Cayman) L.P. (the “TMDF Master Fund III”), an exempted limited partnership registered under the ELP Law, and Taconic Market Dislocation Fund III AIV I (Cayman) L.P., an exempted limited partnership registered under the ELP Law. In May 2023, Taconic launched the Taconic Credit Dislocation Funds (the “CDF IV Funds”), in an attempt to capitalize on corporate and structured credit opportunities. The CDF IV Funds are:
• Taconic Credit Dislocation Fund IV L.P., a Delaware limited partnership and Taconic Credit Dislocation Offshore Fund IV L.P., a Cayman Islands exempted limited partnership, both of which invest using a master-feeder structure through Taconic Credit Dislocation Master Fund IV L.P. (the “CDF Master Fund IV”), an exempted limited partnership registered under the ELP Law. Taconic Credit Dislocation Fund IV L.P and Taconic Credit Dislocation Offshore Fund IV L.P also invest through a number of subsidiaries. In December 2020, Taconic launched TP Fund L.P., a Cayman Islands exempted limited partnership (the “TP Fund”) as a single-investor vehicle formed for the purpose of investing in the Opportunity Fund, the ECDF III Funds and the MDF III Funds, as well as future additional Closed- End Funds managed by Taconic (including the CDF IV Funds). Taconic does not earn a management fee or performance fee directly with respect to the TP Fund; however, the TP Fund’s investments in the other Taconic funds do bear the management fees and performance allocations applicable to such investments. Taconic intends to launch the Taconic Merger Arbitrage Funds (the “Merger Funds”) in April 2024 in an attempt to capitalize on merger arbitrage investment opportunities. The Merger Funds will be structured as Hedge Funds and consist of:
• Taconic Merger Arbitrage Fund L.P., a Delaware limited partnership, and Taconic Merger Arbitrage Offshore Fund Ltd., a Cayman Islands exempted limited partnership registered under the ELP Law, both of which invest using a master- feeder structure through Taconic Merger Arbitrage Master Fund L.P., an exempted limited partnership registered under the ELP Law. Taconic manages each Fund in accordance with the Fund’s investment objective. Taconic does not (except as may be required by applicable law) tailor its management to the individual needs of any investor in a Fund. Taconic is structured so that no principal has permanent equity ownership of the firm, but rather its current thirteen (including sunset principals) principals share in the profits of the firm.