For the Year Ended 31 December 2025

Balyasny Asset Management L.P., is an investment firm headquartered in the United States of America, and the parent company of UK based entities (“Balyasny UK”). This document sets out Balyasny UK’s tax strategy (for full list, see ‘Entities Covered’ below) for the year ended 31 December 2025. The publication of this strategy is in accordance with the requirements of Schedule 19 of the Finance Act 2016 and applies to all UK taxes and duties applicable to Balyasny UK, including but not limited to corporation tax, value added tax (VAT), pay as you earn (PAYE), national insurance contributions (NIC), and stamp duties.

Risk Management and Governance

Balyasny UK is committed to complying fully with all statutory obligations and to making full and accurate disclosures. The Head of Tax, who reports to the Chief Operating Officer, oversees the management of tax risks and ensures that appropriate policies and procedures are in place, with the support of the Tax team in the UK and US. Management will be kept informed of any significant tax risks or developments.

Balyasny UK maintains robust internal controls and procedures to manage tax risks. Where appropriate, Balyasny UK engages external advisors to review its tax affairs and to provide assurance that its tax risks are being managed effectively.

Approach to Tax Planning

Balyasny UK has a low appetite for tax risk and its approach to tax planning is to ensure that all arrangements are aligned with its commercial and economic activities. To the extent that tax incentives and reliefs are available and intended by law, Balyasny UK will seek to apply them in the manner intended, having first sought appropriate advice from external advisors.

Relationship with Tax Authorities

Balyasny UK is committed to maintaining an open, transparent, and cooperative relationship with HMRC. It seeks to make accurate and timely disclosures in all tax filings and correspondence, and to respond promptly to any queries or requests for information from HMRC.

Balyasny UK will seek advance clearance from HMRC on material transactions or areas of uncertainty, in order to provide certainty and to manage tax risk effectively.

Entities Covered

Balyasny Asset Management (UK) LLP;

Balyasny International Asset Management Limited;

Balyasny International Asset Management (II) Ltd;

Balyasny International (Holdings) Ltd;

Balyasny International Ltd;

Balyasny International II Ltd.