On September 19, 2014, Brigade Capital Management, LP announced that PIMCO Income Strategy Fund has entered into an agreement with it pursuant to which the Fund Parties agreed to conduct a tender offer for some or all of the outstanding Shares and for some or all of the outstanding preferred shares of PIMCO Income Strategy Fund II (“PFN”) at the offer price set forth in such Agreement and it agreed to tender 100% of their Shares and the PFN Shares and take or refrain from taking certain other actions relating to its holdings of the Shares and the PFN Shares.