Negotiations Concluded Without Agreement

Ocean Capital LLC (collectively with its affiliates, “Ocean Capital” or “we”), a significant shareholder of various Puerto Rico closed-end bond funds that are or were managed or co-managed by UBS Asset Managers of Puerto Rico, today announced that it has terminated its nondisclosure agreement (the “NDA”) with Tax-Free Fixed Income Fund IV for Puerto Rico Residents, Inc. (the “Fund”) effective November 6, 2025.

The NDA had been executed to facilitate discussions of potential cooperation between Ocean Capital and the Fund. In the course of those discussions, representatives of the Fund made clear to Ocean Capital that the Fund’s board of directors believes that it is in the best interest of the Fund’s shareholders to provide liquidity and eliminate the discount to net asset value at which its shares are currently trading. Further, such representatives acknowledged that the conversion of the Fund to an open-end structure could be a potential option to achieve these objectives.

CERTAIN INFORMATION CONCERNING THE PARTICIPANTS

To the Shareholders of Tax-Free Fixed Income Fund for Puerto Rico Residents, Inc., Tax-Free Fixed Income Fund II for Puerto Rico Residents, Inc. (with respect to both its 2022 Annual Meeting and its 2024 Annual Meeting), Tax-Free Fixed Income Fund III for Puerto Rico Residents, Inc., Tax-Free Fixed Income Fund IV for Puerto Rico Residents, Inc., Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc. (with respect to its 2024 Annual Meeting):

Ocean Capital and the other participants in each solicitation (collectively, the “Participants”) have filed with the Securities and Exchange Commission (the “SEC”) a definitive proxy statement and accompanying form of BLUE proxy card to be used in connection with the solicitation of proxies from the shareholders of each listed Fund for its respective upcoming annual meeting(s) of shareholders. All shareholders of each respective Fund are advised to read the definitive proxy statement, any amendments or supplements thereto and other documents related to the applicable solicitation of proxies by the Participants, as they contain important information, including additional information relating to the Participants and their direct or indirect interests, by security holdings or otherwise. Shareholders can obtain the applicable definitive proxy statement and accompanying BLUE proxy card, any amendments or supplements to the definitive proxy statement and other relevant documents filed by the Participants with the SEC at no charge on the SEC’s website at http://www.sec.gov.

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