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In the United Kingdom, info is provided 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 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 specific EEA nations, information is, where permitted, presented by PGIM Limited in reliance of arrangements, exemptions or licenses available to PGIM Limited under temporary authorization arrangements following the exit of the UK from the European Union. These products are provided by PGIM Limited and/or PGIM Netherlands B.V. to individuals who are professional clients as specified under the rules of the FCA and/or to individuals who are expert customers as specified in the relevant 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, info is offered by PGIM Japan Co., Ltd. ("PGIM Japan") and/or PGIM Real Estate (Japan) Ltd. ("PGIMREJ"). PGIM Japan, a registered Financial Instruments Business Operator with the Financial Services Agency of Japan uses different investment management services in Japan. PGIMREJ is a Japanese genuine estate asset manager that is registered with the Kanto Local Finance Bureau of Japan. In Hong Kong, details is provided by PGIM (Hong Kong) Limited, a controlled entity with the Securities & & Futures Commission in Hong Kong to expert financiers as specified 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 controlled entity with the Monetary Authority of Singapore under a Capital Markets Services License to perform fund management and an exempt monetary adviser. This material is provided by PGIM Singapore for the general details of "institutional investors" pursuant to Section 304 of the Securities and Futures Act 2001 of Singapore (the "SFA") and "certified investors" and other pertinent persons in accordance with the conditions specified in Section 305 of the SFA. In South Korea, information is provided by PGIM, Inc., which is accredited to offer discretionary investment management services directly to South Korean qualified institutional financiers on a cross-border basis. In Australia, details is issued by PGIM (Australia) Pty Ltd ("PGIM Australia") for the basic information 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 information is provided to wholesale financiers in accordance with Schedule 1, Clause 3 of the Financial Markets Conduct Act 2013 in New Zealand. To invest as a wholesale investor in New Zealand, investors must fit the criteria as set out in the Financial Markets Conduct Act 2013. In China, the details is supplied at your request and is not meant as investment suggestions or a suggestion about handling or investing possessions.

In Canada, pursuant to the international advisor registration exemption in National Instrument 31-103, PGIM, Inc. is notifying you that: (1) PGIM, Inc. is not signed up in Canada and is recommending you in reliance upon an exemption from the adviser registration requirement under National Instrument 31-103; (2) PGIM, Inc.'s jurisdiction of residence is New Jersey, U.S.A.; (3) there may be difficulty imposing legal rights versus PGIM, Inc. since it is resident outside of Canada and all or considerably all of its assets may be located beyond Canada; and (4) the name and address of the agent for service of procedure of PGIM, Inc. in the suitable 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 manner with Prudential plc, included in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, integrated in the UK.

© 2025 PFI and its associated entities, registered in lots of jurisdictions worldwide.
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These products are for informative or instructional functions only.
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All investments involve threats, consisting of possible loss of principal. Past efficiency is not indicative of future outcomes.

The details consisted of herein is supplied by PGIM, the primary property management service of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its international subsidiaries. PGIM, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Registration with the SEC does not suggest a particular level of ability or training.

In the United Kingdom, info is issued by PGIM Limited with registered workplace: 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 provided by PGIM Netherlands B.V. with authorized 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 countries, info is, where permitted, provided by PGIM Limited in reliance of provisions, exemptions or licenses offered to PGIM Limited under short-lived approval arrangements 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 expert clients as defined under the guidelines of the FCA and/or to who are expert clients as specified in the appropriate local application of Directive 2014/65/EU (MiFID II). In Italy, information is offered by PGIM Limited authorized 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 registered Financial Instruments Business Operator with the Financial Services Agency of Japan offers different investment management services in Japan. PGIMREJ is a Japanese real estate property supervisor that is registered with the Kanto Local Finance Bureau of Japan. In Hong Kong, information is supplied by PGIM (Hong Kong) Limited, a regulated entity with the Securities & Futures Commission in Hong Kong to expert financiers as specified in Section 1 of Part 1 of Schedule 1 of the Securities and Futures Ordinance (Cap. 571). In Singapore, details is provided by PGIM (Singapore) Pte. Ltd. ("PGIM Singapore"), a managed entity with the Monetary Authority of Singapore under a Capital Markets Services License to perform fund management and an exempt financial adviser. This product is provided by PGIM Singapore for the basic info of "institutional investors" pursuant to Section 304 of the Securities and Futures Act 2001 of Singapore (the "SFA") and "recognized financiers" and other relevant individuals in accordance with the conditions specified in Section 305 of the SFA. In South Korea, details is issued by PGIM, Inc., which is licensed to provide discretionary financial investment management services straight to South Korean qualified institutional investors on a cross-border basis. In Australia, info is issued by PGIM (Australia) Pty Ltd ("PGIM Australia") for the general info of its wholesale customers (as defined in the Corporations Act 2001). PGIM Australia is an Australian monetary services ("AFS") licence holder (AFS licence number 544946). The information is offered to wholesale financiers in accordance with Schedule 1, Clause 3 of the Financial Markets Conduct Act 2013 in New Zealand. To invest as a wholesale investor in New Zealand, investors need to fit the criteria as set out in the Financial Markets Conduct Act 2013. In China, the details is offered at your demand and is not intended as financial investment advice or a suggestion about managing or investing possessions.

In Canada, pursuant to the global adviser registration exemption in National Instrument 31-103, PGIM, Inc. is notifying you that: (1) PGIM, Inc. is not registered in Canada and is recommending you in dependence upon an exemption from the adviser registration requirement under National Instrument 31-103; (2) PGIM, Inc.'s jurisdiction of home is New Jersey, U.S.A.; (3) there may be problem implementing legal rights against PGIM, Inc. because it is resident outside of Canada and all or substantially all of its assets may be situated beyond 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.

This information is not intended as financial investment suggestions and is not a recommendation about managing or investing possessions or a deal or solicitation in regard of any service or products to anyones who are prohibited from getting such information under the laws applicable to their place of citizenship, residence or residence. In offering these materials, PGIM is not acting as your fiduciary. These products represent the views, viewpoints and suggestions of the author(s) regarding the financial conditions, asset classes, securities, companies or financial instruments referenced herein. Certain info has been obtained from sources that PGIM thinks to be dependable as of the date presented; however, PGIM can not guarantee the accuracy of such information, assure its completeness, or warrant such info will not be altered. This details, including forecasts and forecasts, is present since the date of issuance (or an earlier referenced date) and goes through change without notification. PGIM has no obligation to upgrade such info; nor do we make any express or implied warranties or representations regarding the completeness or accuracy or accept responsibility for errors. PGIM and its affiliates might develop and release research that is independent of, and various than, the recommendations contained herein. References to specific securities are for illustrative functions only and are not meant and must not be translated as recommendations to buy, hold, or sell such securities.