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In the UK, info is issued by PGIM Limited with authorized workplace: Grand Buildings, 1-3 Strand, Trafalgar Square, London, WC2N5HR. PGIM Limited is authorised and controlled by the Financial Conduct Authority ("FCA") of the United Kingdom (Firm Reference Number 193418). In the European Economic Area ("EEA"), info is provided by PGIM Netherlands B.V. with registered 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 running on the basis of a European passport. In particular EEA countries, info is, where permitted, presented by PGIM Limited in reliance of provisions, exemptions or licenses readily available to PGIM Limited under momentary approval plans following the exit of the United Kingdom from the European Union. These products are released by PGIM Limited and/or PGIM Netherlands B.V. to persons who are expert clients as specified under the guidelines of the FCA and/or to individuals who are expert customers as defined in the pertinent regional implementation of Directive 2014/65/EU (MiFID II). In Italy, information is offered by PGIM Limited authorized to run in Italy by Commissione Nazionale per le Società e la Borsa (CONSOB). In Japan, details is offered 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 various financial investment management services in Japan. PGIMREJ is a Japanese genuine estate possession manager that is registered with the Kanto Local Finance Bureau of Japan. In Hong Kong, information is supplied by PGIM (Hong Kong) Limited, a managed 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 issued 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 material is issued 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 appropriate individuals in accordance with the conditions defined in Section 305 of the SFA. In South Korea, details is provided by PGIM, Inc., which is certified to supply discretionary investment management services straight to South Korean certified institutional investors on a . In Australia, information is provided by PGIM (Australia) Pty Ltd ("PGIM Australia") for the basic information 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 offered 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 should fit the requirements as set out in the Financial Markets Conduct Act 2013. In China, the information is offered at your demand and is not planned as financial investment guidance or a suggestion about managing or investing assets.

In Canada, pursuant to the global adviser registration exemption in National Instrument 31-103, PGIM, Inc. is informing you that: (1) PGIM, Inc. is not registered in Canada and is recommending 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 problem 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 may be situated outside of Canada; and (4) the name and address of the agent for service of process 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.
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Prudential Financial, Inc. of the United States is not affiliated in any way with Prudential plc, integrated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom.

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

These products are for educational or academic functions just.

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

The info contained herein is offered by PGIM, the principal property management organization of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its global subsidiaries. PGIM, Inc. is a financial investment consultant signed up with the U.S. Securities and Exchange Commission (SEC). Registration with the SEC does not suggest a certain level of ability or training.

In the UK, info 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"), info is released 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 particular EEA countries, details is, where permitted, presented by PGIM Limited in dependence of provisions, exemptions or licenses offered to PGIM Limited under short-lived authorization arrangements following the exit of the United Kingdom from the European Union. These materials are issued by PGIM Limited and/or PGIM Netherlands B.V. to persons who are expert customers as specified under the rules of the FCA and/or to persons who are professional clients as defined in the appropriate regional application of Directive 2014/65/EU (MiFID II). In Italy, info is offered by PGIM Limited authorized 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 numerous financial investment management services in Japan. PGIMREJ is a Japanese property property manager that is signed up with the Kanto Local Finance Bureau of Japan. In Hong Kong, info is supplied by PGIM (Hong Kong) Limited, a controlled entity with the Securities & Futures Commission in Hong Kong to expert 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 regulated entity with the Monetary Authority of Singapore under a Capital Markets Services License to perform fund management and an exempt monetary advisor. This product is issued by PGIM Singapore for the basic details of "institutional financiers" pursuant to Section 304 of the Securities and Futures Act 2001 of Singapore (the "SFA") and "recognized financiers" and other relevant persons in accordance with the conditions specified in Section 305 of the SFA. In South Korea, info is issued by PGIM, Inc., which is accredited to offer discretionary financial investment management services directly to South Korean qualified institutional investors on a cross-border basis. In Australia, info is provided by PGIM (Australia) Pty Ltd ("PGIM Australia") for the basic info of its wholesale clients (as defined in the Corporations Act 2001). PGIM Australia is an Australian monetary services ("AFS") licence holder (AFS licence number 544946). The info 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 requirements as set out in the Financial Markets Conduct Act 2013. In China, the info is provided at your demand and is not meant as investment suggestions or a recommendation about handling or investing assets.

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 advising 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 difficulty enforcing legal rights against PGIM, Inc. because it is resident beyond 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 applicable 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 details is not intended as investment recommendations and is not a suggestion about handling or investing properties or an offer or solicitation in regard of any services or products to anybodies who are prohibited from receiving such information under the laws relevant to their place of citizenship, residence or house. In offering these materials, PGIM is not serving as your fiduciary. These products represent the views, viewpoints and suggestions of the author(s) concerning the financial conditions, property classes, securities, providers or monetary instruments referenced herein. Certain information has been acquired from sources that PGIM believes to be trustworthy since the date provided; nevertheless, PGIM can not guarantee the accuracy of such info, ensure its completeness, or warrant such information will not be altered. This information, including projections and projections, is present as of the date of issuance (or an earlier referenced date) and undergoes change without notification. PGIM has no commitment to update such details; nor do we make any express or implied guarantees or representations as to the completeness or accuracy or accept obligation for mistakes. PGIM and its affiliates might establish and publish research that is independent of, and various than, the suggestions consisted of herein. References to particular securities are for illustrative functions just and are not planned and must not be analyzed as recommendations to purchase, hold, or offer such securities.