In the United Kingdom, info is released by PGIM Limited with registered office: Grand Buildings, 1-3 Strand, Trafalgar Square, London, WC2N5HR. PGIM Limited is authorised and regulated by the Financial Conduct Authority ("FCA") of the United Kingdom (Firm Reference Number 193418). In the European Economic Area ("EEA"), information is released by PGIM Netherlands B.V. with authorized workplace: Eduard van Beinumstraat 6 1077CZ, Amsterdam, The Netherlands. PGIM Netherlands B.V. is, authorised by the Autoriteit Financiële Markten ("AFM") in the Netherlands (Registration number 15003620) and operating on the basis of a European passport. In specific EEA nations, information is, where allowed, provided by PGIM Limited in reliance of arrangements, exemptions or licenses available to PGIM Limited under short-lived permission plans following the exit of the UK from the European Union. These products are provided by PGIM Limited and/or PGIM Netherlands B.V. to persons who are professional clients as specified under the guidelines of the FCA and/or to persons who are expert clients as specified in the appropriate local application of Directive 2014/65/EU (MiFID II). In Italy, details is provided by PGIM Limited licensed to operate in Italy by Commissione Nazionale per le Società e la Borsa (CONSOB). In Japan, details is provided by PGIM Japan Co., Ltd. ("PGIM Japan") and/or PGIM Real Estate (Japan) Ltd. ("PGIMREJ"). PGIM Japan, a signed up Financial Instruments Business Operator with the Financial Services Agency of Japan uses different financial investment management services in Japan. PGIMREJ is a Japanese property possession supervisor that is signed up with the Kanto Local Finance Bureau of Japan. In Hong Kong, info is offered by PGIM (Hong Kong) Limited, a regulated entity with the Securities & & Futures Commission in Hong Kong to professional investors as defined in Section 1 of Part 1 of Schedule 1 of the Securities and Futures Ordinance (Cap. 571). In Singapore, information is released by PGIM (Singapore) Pte. Ltd. ("PGIM Singapore"), a managed entity with the Monetary Authority of Singapore under a Capital Markets Services License to conduct fund management and an exempt monetary advisor. This product is released by PGIM Singapore for the general information of "institutional financiers" pursuant to Section 304 of the Securities and Futures Act 2001 of Singapore (the "SFA") and "accredited investors" and other appropriate persons in accordance with the conditions defined in Section 305 of the SFA. In South Korea, information is provided by PGIM, Inc., which is accredited to offer discretionary investment management services straight to South Korean qualified institutional investors on a cross-border basis. In Australia, details is provided by PGIM (Australia) Pty Ltd ("PGIM Australia") for the general info of its wholesale clients (as specified in the Corporations Act 2001). PGIM Australia is an Australian monetary services ("AFS") licence holder (AFS licence number 544946). The details is provided to wholesale investors in accordance with Schedule 1, Clause 3 of the Financial Markets Conduct Act 2013 in New Zealand. To invest as a wholesale financier in New Zealand, investors need to fit the criteria as set out in the Financial Markets Conduct Act 2013. In China, the information is supplied at your demand and is not intended as financial investment guidance or a suggestion about managing or investing properties.

In Canada, pursuant to the international adviser registration exemption in National Instrument 31-103, PGIM, Inc. is notifying you that: (1) PGIM, Inc. is not registered in Canada and is advising you in reliance upon an exemption from the consultant registration requirement under National Instrument 31-103; (2) PGIM, Inc.'s jurisdiction of residence is New Jersey, U.S.A.; (3) there may be trouble enforcing legal rights against PGIM, Inc. due to the fact that it is resident outside of Canada and all or significantly all of its assets might be located outside of Canada; and (4) the name and address of the representative for service of procedure of PGIM, Inc. in the appropriate Provinces of Canada are as follows: in Québec: Borden Ladner Gervais LLP, 1000 de La Gauchetière Street West, Suite 900 Montréal, QC H3B 5H4; in British Columbia: Borden Ladner Gervais LLP, 1200 Waterfront Centre, 200 Burrard Street, Vancouver, BC V7X 1T2; in Ontario: Borden Ladner Gervais LLP, 22 Adelaide Street West, Suite 3400, Toronto, ON M5H 4E3; in Nova Scotia: Cox & & Palmer, Q.C., 1100 Purdy's Wharf Tower One, 1959 Upper Water Street, P.O. Box 2380 - Stn Central RPO, Halifax, NS B3J 3E5; in Alberta: Borden Ladner Gervais LLP, 530 Third Avenue S.W., Calgary, AB T2P R3.

Prudential Financial, Inc. of the United States is not connected in any way with Prudential plc, integrated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, included in the UK.

© 2025 PFI and its related entities, signed up in lots of jurisdictions worldwide.

These products are for informative or educational purposes only.

All financial investments involve dangers, consisting of possible loss of principal. Past performance is not a sign of future results.

The info included herein is offered by PGIM, the primary asset management business of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its international subsidiaries. PGIM, Inc. is an investment advisor signed up with the U.S. Securities and Exchange Commission (SEC). Registration with the SEC does not imply a certain level of ability or training.

In the United Kingdom, details is released by PGIM Limited with registered office: Grand Buildings, 1-3 Strand, Trafalgar Square, London, WC2N5HR. PGIM Limited is authorised and managed by the Financial Conduct Authority ("FCA") of the United Kingdom (Firm Reference Number 193418). In the European Economic Area ("EEA"), details is provided by PGIM Netherlands B.V. with registered office: Eduard van Beinumstraat 6 1077CZ, Amsterdam, The Netherlands. PGIM Netherlands B.V. is, authorised by the Autoriteit Financiële Markten ("AFM") in the Netherlands (Registration number 15003620) and operating on the basis of a European passport. In certain EEA nations, details is, where allowed, presented by PGIM Limited in dependence of arrangements, exemptions or licenses available to PGIM Limited under short-term authorization arrangements following the exit of the United Kingdom from the European Union. These products are provided by PGIM Limited and/or PGIM Netherlands B.V. to individuals who are professional customers as defined under the guidelines of the FCA and/or to persons who are professional customers as defined in the appropriate regional implementation of Directive 2014/65/EU (MiFID II). In Italy, details is offered by PGIM Limited licensed to run in Italy by Commissione Nazionale per le Società e la Borsa (CONSOB). In Japan, information is supplied by PGIM Japan Co., Ltd. ("PGIM Japan") and/or PGIM Real Estate (Japan) Ltd. ("PGIMREJ"). PGIM Japan, a signed up Financial Instruments Business Operator with the Financial Services Agency of Japan provides different investment management services in Japan. PGIMREJ is a Japanese realty asset manager that is signed up with the Kanto Local Finance Bureau of Japan. In Hong Kong, details is provided by PGIM (Hong Kong) Limited, a managed entity with the Securities & Futures Commission in Hong Kong to expert financiers as defined in Section 1 of Part 1 of Schedule 1 of the Securities and Futures Ordinance (Cap. 571). In Singapore, info is issued by PGIM (Singapore) Pte. Ltd. ("PGIM Singapore"), a managed entity with the Monetary Authority of Singapore under a Capital Markets Services License to carry out fund management and an exempt financial consultant. This product is issued by PGIM Singapore for the general information of "institutional investors" pursuant to Section 304 of the Securities and Futures Act 2001 of Singapore (the "SFA") and "certified financiers" and other pertinent persons in accordance with the conditions defined in Section 305 of the SFA. In South Korea, information is issued by PGIM, Inc., which is accredited to provide discretionary investment management services directly to South Korean certified institutional financiers on a cross-border basis. In Australia, details is issued by PGIM (Australia) Pty Ltd ("PGIM Australia") for the basic details of its wholesale clients (as defined in the Corporations Act 2001). PGIM Australia is an Australian financial services ("AFS") licence holder (AFS licence number 544946). The info is provided to wholesale investors in accordance with Schedule 1, Clause 3 of the Financial Markets Conduct Act 2013 in New Zealand. To invest as a wholesale financier in New Zealand, financiers need to fit the requirements as set out in the Financial Markets Conduct Act 2013. In China, the information is offered at your request and is not planned as investment recommendations or a suggestion about managing or investing possessions.

In Canada, pursuant to the worldwide consultant registration exemption in National Instrument 31-103, PGIM, Inc. is informing you that: (1) PGIM, Inc. is not signed up in Canada and is advising you in dependence upon an exemption from the consultant registration requirement under National Instrument 31-103; (2) PGIM, Inc.'s jurisdiction of house is New Jersey, U.S.A.; (3) there may be trouble enforcing legal rights versus PGIM, Inc. since it is resident beyond Canada and all or significantly all of its possessions might be positioned beyond Canada; and (4) the name and address of the agent for service of procedure of PGIM, Inc
. in the appropriate Provinces of Canada are as follows: in Québec: Borden Ladner Gervais LLP, 1000 de La Gauchetière Street West, Suite 900 Montréal, QC H3B 5H4; in British Columbia: Borden Ladner Gervais LLP, 1200 Waterfront Centre, 200 Burrard Street, Vancouver, BC V7X 1T2; in Ontario: Borden Ladner Gervais LLP, 22 Adelaide Street West, Suite 3400, Toronto, ON M5H 4E3; in Nova Scotia: Cox & Palmer, Q.C., 1100 Purdy's Wharf Tower One, 1959 Upper Water Street, P.O. Box 2380 - Stn Central RPO, Halifax, NS B3J 3E5; in Alberta: Borden Ladner Gervais LLP, 530 Third Avenue S.W., Calgary, AB T2P R3.

This information is not intended as financial investment recommendations and is not a recommendation about handling or investing assets or an offer or solicitation in respect of any services or products to anybodies who are prohibited from getting such information under the laws applicable to their location of citizenship, domicile or house. In offering these products, PGIM is not serving as your fiduciary. These products represent the views, viewpoints and recommendations of the author(s) concerning the economic conditions, asset classes, securities, issuers or monetary instruments referenced herein. Certain info has actually been gotten from sources that PGIM thinks to be dependable as of the date presented; nevertheless, PGIM can not ensure the accuracy of such information, assure its completeness, or warrant such information will not be changed. This details, consisting of forecasts and projections, is present since the date of issuance (or an earlier referenced date) and goes through alter without notification. PGIM has no commitment to update such details; nor do we make any express or implied service warranties or representations regarding the efficiency or precision or accept obligation for errors. PGIM and its affiliates might develop and publish research study that is independent of, and different than, the recommendations contained herein. References to particular securities are for illustrative functions just and are not planned and ought to not be interpreted as recommendations to acquire, hold, or sell such securities.